XPeng, Inc. Class A (HK:9868)
:9868
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XPeng, Inc. Class A
(9868)
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Rating:53Neutral
Price Target:
HK$68.00
▲(0.37% Upside)
Action:ReiteratedDate:11/19/25
XPeng's overall stock score is driven by strong revenue growth and positive technical indicators, suggesting potential upward momentum. However, the company's ongoing profitability challenges and negative valuation metrics significantly weigh down the score. The earnings call provided some optimism with improved gross margins and reduced net loss, but increased expenses and declining vehicle margins remain concerns.
Positive Factors
Strong Revenue Growth
Sustained, double-digit revenue growth (Q3 +101.8% YoY) signals robust product-market fit and successful scaling of sales operations. Over the next 2–6 months this growth can further dilute fixed costs, fund R&D and geographic expansion, and underwrite moves toward operating leverage.
Negative Factors
Continued Net Losses
XPeng remains unprofitable despite improvements, meaning retained earnings cannot fund growth internally. Persistent losses constrain the firm’s ability to self-finance capex and R&D, increasing reliance on external capital and elevating execution risk if market financing tightens over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Sustained, double-digit revenue growth (Q3 +101.8% YoY) signals robust product-market fit and successful scaling of sales operations. Over the next 2–6 months this growth can further dilute fixed costs, fund R&D and geographic expansion, and underwrite moves toward operating leverage.
Read all positive factors
XPeng, Inc. Class A (9868) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$129.45B
Dividend YieldN/A
Average Volume (3M)15.59M
Price to Earnings (P/E)―
Beta (1Y)1.32
Revenue Growth86.21%
EPS Growth51.50%
CountryHK
Employees15,364
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)0.46
Shares Outstanding1,565,746,200
10 Day Avg. Volume13,798,139
30 Day Avg. Volume15,593,674
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)2.66
Price to Sales (P/S)2.04
P/FCF Ratio-18.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$97.22Price Target Upside43.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering18
EPS Forecast (FY)-0.28
Revenue Forecast (FY)HK$112.13B
XPeng, Inc. Class A Business Overview & Revenue Model
Company Description
XPeng Inc. designs, develops, manufactures, and markets smart electric vehicles in the People's Republic of China. It offers SUVs under the G3 and G3i names; four-door sports sedans under the P7 name; and family sedans under the P5 name. The compa...
How the Company Makes Money
XPeng generates revenue primarily through the sale of electric vehicles, which constitutes its main revenue stream. The company sells its vehicles directly to consumers and also through a network of dealerships. In addition to vehicle sales, XPeng...
XPeng, Inc. Class A Earnings Call Summary
Earnings Call Date:Mar 20, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational momentum and notable technology milestones—record deliveries (+126% YoY), material margin improvement (FY gross margin +4.6 ppt), first quarterly net profit (RMB 0.38 billion), robust cash position (RMB 47.66 billion) and rapid scale-up of AI hardware/software (Turing SoC shipments, VLA 2.0 rollout, IRON robot program). Management outlined ambitious 2026 expansion targets (four new models, overseas doubling, robot/robotaxi commercialization) and continued elevated R&D investment. Risks include elevated R&D and SG&A spend, a still-small operating loss, heavy compute and infrastructure requirements, and regulatory and execution risks tied to full autonomy and humanoid robot commercialization. On balance, the highlights—strong growth, improving margins, positive quarterly profitability, and tangible AI technology commercialization—outweigh the lowlights, though the company faces meaningful execution and capital-intensity risks moving forward.Positive Updates
Record Annual Deliveries and Strong Volume Growth
Annual deliveries reached 429,445 units, up 126% year-over-year, indicating a major scale-up in production and sales.
Negative Updates
High R&D and SG&A Spend
Q4 2025 R&D expenses were RMB 2.87 billion, up 43.2% year-over-year and 18.3% quarter-over-quarter; SG&A expenses were RMB 2.79 billion, up 22.7% year-over-year and 12.0% quarter-over-quarter, reflecting higher development, marketing and store commission costs.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Deliveries and Strong Volume Growth
Annual deliveries reached 429,445 units, up 126% year-over-year, indicating a major scale-up in production and sales.
Read all positive updates
Company Guidance
XPeng guided Q1 2026 deliveries of 61,000–66,000 units and revenue of RMB 12.2–13.2 billion, with March deliveries expected to rise sequentially 69%–101% month‑over‑month; for 2026 the company plans to launch 4 new global models (including the 6‑seat GX with preorders in Q3 2026), double overseas deliveries year‑over‑year with international revenue contributing >20% of total, expand to 680 overseas stores and ultrafast chargers in 10 international markets, target Turing SoC shipments of nearly 1 million units (after >200,000 shipped to date), scale on‑edge model parameters to ~20 billion (aiming for ~25x average miles‑per‑takeover and ~50x safety‑critical miles‑per‑takeover), begin robotaxi pilot passenger operations in H2 2026, target IRON humanoid robot mass production by end‑2026 with >1,000 monthly units, and raise physical‑AI R&D investment to RMB 7 billion to drive Q‑on‑Q volume growth and H2 year‑over‑year growth that outpaces the industry.XPeng, Inc. Class A Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
55
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 60.29B | 40.87B | 30.68B | 26.86B | 20.99B | 5.84B |
| Gross Profit | 9.49B | 5.85B | 451.15M | 3.09B | 2.62B | 265.99M |
| EBITDA | -3.92B | -2.91B | -8.02B | -7.58B | -3.94B | -2.27B |
| Net Income | -4.28B | -5.79B | -10.38B | -9.14B | -4.86B | -2.73B |
Balance Sheet | ||||||
| Total Assets | 92.43B | 82.71B | 84.16B | 71.49B | 65.65B | 44.71B |
| Cash, Cash Equivalents and Short-Term Investments | 33.87B | 32.72B | 31.67B | 31.22B | 39.72B | 33.01B |
| Total Debt | 30.67B | 15.94B | 15.39B | 12.83B | 5.05B | 2.29B |
| Total Liabilities | 62.09B | 51.43B | 47.83B | 34.58B | 23.50B | 10.28B |
| Stockholders Equity | 30.34B | 31.27B | 36.33B | 36.91B | 42.15B | 34.43B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -4.44B | -1.36B | -12.91B | -5.41B | -1.50B |
| Operating Cash Flow | 0.00 | -2.01B | 956.16M | -8.23B | -1.09B | -139.77M |
| Investing Cash Flow | 0.00 | -1.26B | 631.17M | 4.85B | -33.08B | -4.41B |
| Financing Cash Flow | 0.00 | 669.32M | 8.02B | 6.00B | 14.63B | 34.33B |
XPeng, Inc. Class A Technical Analysis
Negative
67.75
Price Trends
70.97
Negative
76.45
Negative
78.15
Negative
Market Momentum
-0.97
Positive
42.77
Neutral
18.53
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9868, the sentiment is Negative. The current price of 67.75 is below the 20-day moving average (MA) of 72.34, below the 50-day MA of 70.97, and below the 200-day MA of 78.15, indicating a bearish trend. The MACD of -0.97 indicates Positive momentum. The RSI at 42.77 is Neutral, neither overbought nor oversold. The STOCH value of 18.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9868.
XPeng, Inc. Class A Risk Analysis
XPeng, Inc. Class A disclosed 115 risk factors in its most recent earnings report. XPeng, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
XPeng, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$258.31B | 9.90 | 18.03% | 1.95% | ― | ― | |
66 Neutral | HK$177.87B | 12.11 | 11.66% | 3.41% | 7.93% | -12.94% | |
64 Neutral | HK$977.57B | 24.33 | 14.29% | 1.55% | 22.94% | 10.22% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$146.56B | 107.16 | 1.55% | ― | -10.21% | -54.95% | |
53 Neutral | HK$129.45B | -122.26 | -9.33% | ― | 86.21% | 51.50% | |
40 Underperform | HK$109.32B | -5.74 | -984.82% | ― | 14.73% | 2.81% |
* Consumer Cyclical Sector Average
HK:9868
XPeng, Inc. Class A
67.75
0.40
0.59%
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103.90
-5.03
-4.62%
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10.12
73.91%
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22.38%
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XPeng, Inc. Class A Corporate Events
XPeng Kicks Off 2026 With Strong Deliveries and Aggressive Global Expansion
Feb 2, 2026
XPeng Inc., a Chinese smart EV maker, delivered 20,011 vehicles in January 2026, underscoring its growing scale in the global electric vehicle market and highlighting the environmental benefits of its fleet through significant projected reductions...
XPeng Grants 1.31 Million RSUs to Employees Under 2025 Share Incentive Scheme
Jan 16, 2026
XPeng has granted 1,309,838 restricted share units (RSUs), representing an equal number of new Class A ordinary shares, to 69 employees under its 2025 Share Incentive Scheme, with none of the grantees being directors, senior executives or substant...
XPeng Sets Out Board Composition and Committee Roles to Strengthen Governance
Jan 1, 2026
XPeng Inc. has outlined the composition of its board of directors, led by Chairman and Chief Executive Officer Xiaopeng He as the sole executive director, alongside one non-executive director and four independent non-executive directors. The compa...
XPeng Doubles Annual EV Deliveries and Expands Global Footprint in 2025
Jan 1, 2026
XPeng reported delivering 37,508 smart EVs in December 2025, up 2% year-on-year, bringing total 2025 deliveries to 429,445 units, a 126% increase from the prior year and underscoring the company’s rapid scale-up in production and sales. Over...
XPeng Inc. Reports Robust Growth in November 2025 Vehicle Deliveries and Unveils New AI Innovations
Dec 1, 2025
XPeng Inc. reported a significant increase in vehicle deliveries for November 2025, with 36,728 smart EVs delivered, marking a 19% year-on-year growth. The company’s cumulative deliveries from January to November 2025 reached 391,937 units, ...
XPeng Inc. Appoints Yudong Chen as Independent Non-Executive Director
Nov 17, 2025
XPeng Inc. has announced the appointment of Mr. Yudong Chen as an independent non-executive director, effective January 1, 2026. Mr. Chen brings extensive experience from his previous roles in various companies, including Bosch and Delphi Automoti...
XPeng Inc. Reports Robust Q3 2025 Financial Growth Amid Expanding EV Market
Nov 17, 2025
XPeng Inc. reported significant growth in its third-quarter financial results for 2025, with a 101.8% increase in total revenues year-over-year, reaching RMB20.38 billion. The company also saw a substantial rise in vehicle deliveries, up 149.3% fr...
XPeng Inc. Schedules Board Meeting and Earnings Call for Q3 Results
Nov 5, 2025
XPeng Inc. has announced a board meeting scheduled for November 17, 2025, to discuss and approve the company’s third-quarter results for the period ending September 30, 2025. The company will also host an earnings conference call on the same...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.