XPeng, Inc. Class A (HK:9868)
:9868
Want to see HK:9868 full AI Analyst Report?
Top Page
XPeng, Inc. Class A
(9868)
Select Model
Select Model
Rating:56Neutral
Price Target:
HK$71.00
▲(1.87% Upside)
Action:ReiteratedDate:04/21/26
The score is driven mainly by improving fundamentals (rapid growth, margin recovery, and positive 2025 operating/free cash flow) and a constructive earnings-call outlook with strong guidance and technology milestones. These positives are tempered by still-negative operating profitability and materially higher leverage, while technicals are neutral-to-weak and valuation is constrained by negative earnings and no dividend data.
Positive Factors
Rapid revenue growth & margin recovery
Sustained top-line scale and expanding gross margins reflect improving unit economics as production and mix shift. Durable margin recovery reduces reliance on subsidies and supports path to operating leverage, making future profitability more attainable if volume momentum persists.
Negative Factors
Material rise in leverage
A sharp increase in leverage while the company remains near breakeven elevates refinancing and liquidity risk. Higher interest and principal obligations reduce cash available for R&D or expansion and make execution sensitive to any slowdown in cash generation or margin progress.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth & margin recovery
Sustained top-line scale and expanding gross margins reflect improving unit economics as production and mix shift. Durable margin recovery reduces reliance on subsidies and supports path to operating leverage, making future profitability more attainable if volume momentum persists.
Read all positive factors
XPeng, Inc. Class A (9868) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$122.67B
Dividend YieldN/A
Average Volume (3M)15.59M
Price to Earnings (P/E)―
Beta (1Y)1.30
Revenue Growth88.09%
EPS Growth80.63%
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 Ratio1.51
Price to Book (P/B)4.47
Price to Sales (P/S)1.82
P/FCF Ratio27.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$95.21Price Target Upside36.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering19
EPS Forecast (FY)-0.33
Revenue Forecast (FY)HK$110.57B
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 primarily makes money by selling smart EVs to customers, recognizing revenue from vehicle sales and related arrangements. A typical vehicle transaction can include the car itself plus bundled or separately priced components such as options/u...
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
46
Neutral
Balance Sheet
54
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 60.29B | 74.73B | 40.87B | 30.68B | 26.86B | 20.99B |
| Gross Profit | 9.49B | 14.10B | 5.85B | 451.15M | 3.09B | 2.62B |
| EBITDA | -3.92B | -4.30B | -2.91B | -8.02B | -7.58B | -3.94B |
| Net Income | -4.28B | -1.11B | -5.79B | -10.38B | -9.14B | -4.86B |
Balance Sheet | ||||||
| Total Assets | 92.43B | 103.21B | 82.71B | 84.16B | 71.49B | 65.65B |
| Cash, Cash Equivalents and Short-Term Investments | 33.87B | 38.92B | 32.72B | 31.67B | 31.22B | 39.72B |
| Total Debt | 30.67B | 30.78B | 15.94B | 15.39B | 12.83B | 5.05B |
| Total Liabilities | 62.09B | 72.83B | 51.43B | 47.83B | 34.58B | 23.50B |
| Stockholders Equity | 30.34B | 30.38B | 31.27B | 36.33B | 36.91B | 42.15B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 4.91B | -4.44B | -1.36B | -12.91B | -5.41B |
| Operating Cash Flow | 0.00 | 8.26B | -2.01B | 956.16M | -8.23B | -1.09B |
| Investing Cash Flow | 0.00 | -7.33B | -1.26B | 631.17M | 4.85B | -33.08B |
| Financing Cash Flow | 0.00 | 514.76M | 669.32M | 8.02B | 6.00B | 14.63B |
XPeng, Inc. Class A Technical Analysis
Neutral
69.70
Price Trends
69.77
Negative
74.05
Negative
77.94
Negative
Market Momentum
-0.87
Negative
49.85
Neutral
67.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9868, the sentiment is Neutral. The current price of 69.7 is below the 20-day moving average (MA) of 69.78, below the 50-day MA of 69.77, and below the 200-day MA of 77.94, indicating a bearish trend. The MACD of -0.87 indicates Negative momentum. The RSI at 49.85 is Neutral, neither overbought nor oversold. The STOCH value of 67.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 3 New Risks
1.
We and certain of our directors and officers may be named as defendants in one or several shareholder class action lawsuits. Q4, 2023
2.
We recorded a significant amount of indefinite-lived intangible assets and goodwill in connection with our acquisitions, and we may incur material impairment charges to our indefinite-lived intangible assets and goodwill if the recoverability of these assets become substantially reduced. Q4, 2023
3.
We have entered into collaborations, and may establish or seek collaborations, and we may not timely realize the benefits of such arrangements. Q4, 2023
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$242.71B | 9.90 | 18.03% | 1.95% | 43.98% | -0.46% | |
64 Neutral | HK$1.01T | 24.33 | 14.29% | 1.55% | 3.62% | -22.00% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$173.19B | 24.70 | 10.49% | 3.41% | 17.13% | -18.63% | |
60 Neutral | HK$124.08B | -5.74 | -984.82% | ― | 33.63% | 36.31% | |
56 Neutral | HK$122.67B | -122.26 | -3.77% | ― | 88.09% | 80.63% | |
52 Neutral | HK$142.33B | 107.16 | 1.55% | ― | -22.22% | -86.30% |
* Consumer Cyclical Sector Average
HK:9868
XPeng, Inc. Class A
61.60
-12.00
-16.30%
HK:1211
BYD Co
103.70
-18.75
-15.31%
HK:0175
Geely Automobile Holdings
21.78
5.63
34.87%
HK:2333
Great Wall Motor Co
11.88
0.91
8.29%
HK:2015
Li Auto, Inc. Class A
67.00
-27.25
-28.91%
HK:9866
NIO Inc. Class A
48.28
15.13
45.64%
XPeng, Inc. Class A Corporate Events
XPeng Issues 2.26 Million RSUs to Employees Under 2025 Incentive Plan
Apr 17, 2026
XPeng has granted 2,256,962 restricted share units to 69 employees under its 2025 Share Incentive Scheme, with no single grantee receiving more than 1% of the company’s issued shares over a 12‑month period. The RSUs, which carry no pur...
XPeng Files 2025 Annual Report With U.S. SEC
Apr 16, 2026
XPeng Inc. announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission, fulfilling its overseas regulatory and disclosure obligations. The filing, which un...
XPeng Boosts Deliveries and Sets Aggressive Growth Strategy in Latin America
Apr 1, 2026
XPeng Inc., a Chinese smart electric vehicle maker listed in Hong Kong, designs and sells battery electric and range-extended electric vehicles, positioning itself as a key player in the global EV industry. The company is steadily expanding its in...
XPeng to Change Chinese Corporate and Stock Short Name in April 2026
Mar 27, 2026
XPeng Inc. will change its Chinese name for identification purposes from “小鵬汽車有限公司” to “小鵬集團” with effect from April 1, 2026, while retaini...
XPeng Narrows Loss as 2025 Deliveries and Revenue Surge on AI-Driven EV Growth
Mar 20, 2026
XPeng reported a sharp acceleration in scale for 2025, with vehicle deliveries surging 125.9% year-on-year to 429,445 units and total revenue climbing 87.7% to RMB76.72 billion, driven by robust vehicle sales and an expanding retail and charging f...
XPeng Turns Profitable as 2025 Deliveries and Revenue Surge
Mar 20, 2026
XPeng reported strong fourth-quarter 2025 results, delivering 116,249 vehicles and lifting quarterly revenue to RMB22.25 billion, up 38.2% year-on-year, while gross margin improved to 21.3% and vehicle margin to 13.0%. The company achieved its fir...
XPeng Sets March 20 Board Meeting and Earnings Call for 2025 Results
Mar 5, 2026
XPeng Inc. has scheduled a board meeting for March 20, 2026 to review and approve its fourth-quarter 2025 and full-year 2025 financial results, along with their public release. The timing signals that investors and stakeholders will soon gain a de...
XPeng Posts February Deliveries and Accelerates Global P7+ Rollout
Mar 2, 2026
XPeng Inc. reported deliveries of 15,256 vehicles in February 2026, underscoring its continued scale in the competitive electric vehicle market. The company is targeting young families worldwide with intelligent, spacious models designed to differ...
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...
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.