Automobile Manufacturers

XPENG-W

Financial Analysis

01211

002594

BYDDF

81211

BYDDY

N6FD

TOYOF

09868

XPEV

HYDD

$BYD COMPANY(01211.HK) released its 2025 Q4 results after the HK close on the evening of Mar. 27 (Beijing time). Key points:1) Revenue beat but driven by BYD Electronics; auto sales revenue in line: In Q4, total revenue was RMB 237.7bn, slightly above the RMB 236.7bn consensus, mainly on strong QoQ growth in non-core businesses, notably BYD Electronics.Auto sales revenue was RMB 181.5bn, in line with expectations, but vehicle ASP continued to trend down.2) Vehicle ASP still on a downward path: Vehicle ASP remains on a downward trajectory.In Q4...

BOYD Gaming

BYD COMPANY

BYD Company Limited

BYD COMPANY-R

BYD Company

TM ADR US

Toyota Motor

Toyota

XPeng

BYD HK SDR 10to1

BYD: Crown Lost; A 'Toyota' Abroad Next?

Today’s Key News Recap

09988

BABA

89988

NVDA

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02050

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XIACY

HBBD

0323 | Dolphin Focus. Macro/Industry.1) On Mar. 21 (local time), Trump issued a 48-hour ultimatum to Iran to fully open the Strait of Hormuz or face strikes on its power plants. Iran responded that if its power facilities are attacked, it would shut the strait entirely.The Middle East conflict is a direct shock to the global energy supply chain. Higher oil prices will lift inflation, forcing the Fed to keep rates higher for longer and compressing growth-stock valuations.Gold's safe-haven appeal is being offset near term by rate expectations. Profit-taking after the prior rally has triggered technical selling, magnifying the decline...

BABA-W

Alibaba

BABA-WR

NVIDIA

Sanhua

SANHUA

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

Alibaba HK SDR 5to1

HK & A-Shares Rout; Gold Hammered | Daily News Recap---

Xpeng

Conference Minutes

VWAPY

IRON

VWAGY

TSLA

2026 overseas delivery target to double YoY.Intl revenue to account for over 20% of total.

Volkswagen

Disc Medicine

Tesla

XPEV (4Q25 Trans): Iron robot targets >1,000 units/month by end-2026---

Q4 core auto biz: revenue up, no profit improvement.

XPEV: All Hype, No Profits — Still the 'Tesla of the East'?---

XPeng 4Q25 First Take: Overall, headline results looked strong, with revenue, GPM and profit beating expectations. Net profit turned positive for the first time since listing, in line with prior guidance. Peel back the sheen, though, and underlying performance in the core auto biz and the forward guide point to mounting pressure. The outlook reads cautious. ① High-margin services and Gov. subsidies flattered core auto weakness; revenue beat was driven by 'VW collaboration' and carbon-credit income boosting services/other: Total revenue reached RMB 22.3bn (vs. RMB 20.8bn est.). Auto sales revenue was RMB 19.1bn (+30% YoY, vs. RMB 18.4bn est.), helped by mix upgrade from higher X9 contribution lifting ASP, and a rising share of higher-ASP export models. The largest upside came from 'services and other' revenue.It jumped QoQ by RMB 0.85bn to RMB 3.2bn (well above the RMB 2.35bn est.). We estimate this reflects milestone recognition from the E/E architecture R&amp;D services with Volkswagen, plus carbon-credit gains tied to export growth. ② Core auto gross margin missed: Total GPM was 21.3% in Q4 (+120bps QoQ, vs. 20.5% est.), lifted mainly by high-margin tech services. By contrast, the core auto sales GPM was just 13%, roughly flat QoQ and below the 13.9% consensus. Despite a higher mix of the margin-richer X9, auto GPM failed to meet expectations. Rising per-unit manufacturing costs — early supply-chain/capacity ramp costs and higher battery costs — likely offset mix benefits. ③ Positive net profit lacks quality; core operations still bleeding: While net profit turned positive, it relied heavily on RMB 0.84bn of 'other gains' (mainly one-off Gov. subsidies). Ex these non-recurring items, XPeng would still have posted a net loss in Q4. On a more telling basis of core operating profit (GP minus core Opex), Q4 was RMB -0.93bn, worse than Q3's RMB -0.82bn. Despite higher GP QoQ, a sharp QoQ increase in S&amp;M, G&amp;A and R&amp;D (the three Opex lines) capped profit release. Most importantly, the 1Q26 guidance. It is the key focus. ④ Guidance under the 'one model, two powertrains' launch cycle fell short: It disappointed vs. expectations. Versus Q4's mixed print, the 1Q guide is notably weak. The tone is soft. Delivery guide is weak, failing to show a new-model surge: 1Q deliveries are guided to 61k–66k, well below the 84k the market expected. With Jan (~20k) and Feb (~15k) known, the implied Mar run-rate is only 26k–31k.Given dense 1Q launches of G6/P7+/G7/X9 range-extended 'super' trims plus annual refreshes for BEVs (the full rollout of the 'one model, two powertrains' strategy), this pace suggests the new-model effect is underwhelming vs. expectations. Revenue guide implies ASP pressure; price war bites. 1Q revenue is guided to RMB 12.2bn–13.28bn. Ex services/other, the implied ASP is roughly RMB 155k–165k per vehicle, with the top end only flat vs. Q4 and below the RMB 170k the market expected. Even with a further mix lift from the high-end X9, overall ASP still falls short, likely due to heavier promotions and discounting. $XPeng(XPEV.US) $XPENG-W(09868.HK)

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0319 | Dolphin Research Watchlist: 🐬 Macro/Industry 1) On Mar 18 (ET), the Fed kept the benchmark rate unchanged at 3.50%-3.75%. The latest dot plot now points to just one cut in 2026 (25bps), a sharp pullback from the prior 2–3 cuts.Powell struck a hawkish tone at the presser, saying the oil spike driven by Middle East tensions is feeding into core inflation. He also confirmed that if a successor is not confirmed by Congress in time, he would stay on as 'acting chair'...

Micron Tech

HWORLD-S

H World

Samsung Electronics 

TENCENT

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

NONGFU SPRING

Coinbase

Xiaomi MiMo model scores a hat-trick; COIN targets AI payments with stablecoins | Daily News Recap

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LARK

03750

HCCD

300750

BYTED

09866

KBAB

0309 | Dolphin Research Focus: 🐬 Macro/Industry 1) Middle East tensions escalated, sending Brent intraday close to $120/bbl. Nasdaq futures fell 2.32%, while VIX futures rose 7.28%.G7 finance ministers were set to hold an emergency meeting at 20:30 BJT on Mon, aiming to coordinate with the IEA to release oil reserves to steady prices. After the headlines, crude pulled back quickly.The move can cap prices in the short run and help stabilize risk sentiment. However, drawdowns are only a stopgap. If the conflict drags on, supply risks persist and energy and tech could see choppy swings...

Landmark Bancorp

CATL

CATL HK SDR 30to1

ByteDance

NIO-SW

NIO Inc. USD OV

NIO Inc

KraneShares 2x Long BABA Daily ETF

Global Mkts Roiled by Oil Spike; Tencent's 'Little Lobster' Wildcard Debuts | Daily News Recap

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BEKE

02319

CIADY

0225 | Dolphin Research Key Watch: 🐬 Macro/Industry 1) Today, Hong Kong Financial Sec. Paul Chan unveiled the FY2026/27 Budget, focused on I&amp;T and finance, with measures to support the AI industry, advance RMB internationalization, improve livelihoods, and develop the Northern Metropolis. On hard tech, the HKSAR Gov. will set up a HK$10 bn I&amp;T Industry Co-investment Fund, targeting strategic areas including life sciences &amp; healthcare, AI and robotics. The Budget projects Hong Kong GDP growth of 2.5%-3.5% in 2026...

Meta Platforms

BEKE-W

Kimball Electron

MENGNIU DAIRY

Mengniu Dairy

Unity Software

HK Budget Ups I&T; META, AMD Seal 100bn-Class Compute Deal | Daily News Recap

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Feb 6 | Dolphin Research focus: 🐬 Stock 1, $BABA-W(09988.HK) Alibaba's Qwen app launched a 'Spring Festival RMB 3bn free-order' campaign today. The first wave centers on AI one-line prompts to order milk tea for free.Notably, WeChat further blocked today the promo passwords for red-envelope campaigns run by both Alibaba Qwen and Tencent Yuanbao. As a result, those keywords can no longer be copied or recognized in private or group chats.The move aims to protect WeChat's platform ecosystem and curb over-marketing that disrupts user experience. It also helps defend its social-traffic moat...

Amazon

Roblox

LI AUTO-W

Li Auto

DingDong

MEITUAN

MEITUAN-WR

Meituan HK SDR 5to1

Meituan

Alibaba Qwen's Lunar New Year free-order promo was blocked by WeChat; Nio surged after its first-ever quarterly profit | Daily News Recap

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0112 | Dolphin Research Focus: 🐬 Stock 1, $CHINA LIT(00772.HK) jumped 10%+ today. The move was driven by a deep AIGC tie-up with Shengshu Tech.Its 'Yuewen Comic-Drama Assistant' fully integrated the multimodal LLM 'Vidu'. AI now spans the end-to-end creation workflow to cut costs, boost efficiency, and strengthen visual IP monetization, aligning with the industrialization of AI content.This should accelerate the conversion of online-literature IP into comic-dramas and short-form series, opening new growth avenues. Sentiment was also helped by a rebound in China and AI names on the day...

CHINA LIT

KUAISHOU-W

KUAISHOU-WR

XPEV's Aeroht files for IPO confidentially; AI theme takes off｜Daily News Recap

FactSet: XPeng's 2026 EPS Estimate Revised Upward

XPeng Announces 2026 XPeng MONA M03 Launch Party on April 2

XPeng Announces Launch Date For 2026 XPeng MONA M03

XPeng Inc. to Change Chinese Name to XPeng Group

XPeng Automotive's X9 Officially Launched in Thailand and Achieved Global Delivery of 55,000 Units

XPeng Enters Mexican Market and Announces Latin America Strategy

Zincne Power Begins Mass Production of Aviation Batteries for Xpeng Hitian Flying Cars

Barclays Downgrades XPeng's Price Target to $16 Per Share

XPeng Motors XPeng X9 Achieves 55,000th Global Delivery at Bangkok Motor Show

China Merchants Securities International Downgrades XPeng's Sales and Profit Forecasts

Goldman Sachs Raises Profit Forecast for XPeng and Maintains Buy Rating

FactSet: Xpeng's target price median cut by 4.01%

CLSA Ups Xpeng's 2026-2027 Revenue Forecast and Target Price

JPMorgan Remains Bullish on XPeng's 2026 Prospects, Maintains Outperform Rating

Goldman Sachs Sees Positive Financial Performance for XPeng in Q4 2025

CICC Maintains Overweight Industry Rating and Target Price for XPeng

Citibank cuts Xpeng's target price to HKD100 and maintains buy rating

Nomura Downgrades XPeng's Target Price to HKD 94

XPeng Chairman Announces AI R&D Investment to Reach 700 Million Yuan

XPeng CEO Reveals Robot Mass Production and Autonomous Driving Goals

STARCOIN GROUP

PUXING ENERGY

KNOWLEDGE ATLAS

EASY SMART GP

XL2CSOPSMSN-U

XL2CSOPSMSN

PPS INT'L

JINXUN RESOURCE

WORLD SUPER

MADISON HLDG

XPENG-W (09868.HK, XPEV.US) Q4 2025 Earnings Conference Call

XPENG-W (09868.HK, XPEV.US) Q3 2025 Earnings Conference Call

XPENG-W (09868.HK, XPEV.US) Q2 2025 Earnings Conference Call

XPENG-W (09868.HK, XPEV.US) Q1 2025 Earnings Conference Call

XPENG-W (09868.HK, XPEV.US) Fourth Quarter and Full Year 2024 Earnings Conference Call

XPENG-W(09868.HK)

XPENG-W Stock Performance Chart