Xpeng Motors-W (09868.HK) Hot Stock Analysis: Performance Breakthroughs, AI Layout, and Partnership Upgrade

Xpeng Motors-W (09868.HK) became a hot stock in Hong Kong in 2025, driven by a combination of factors including significant performance improvement, breakthroughs in AI technology, upgraded strategic cooperation, and favorable industry policies [0].

• Performance
  : Q3 deliveries reached 116,007 units (YoY +149.3%), revenue was RMB 20.38 billion (YoY +101.8%), gross margin was 20.1%, and cash reserves stood at RMB48.33 billion [5], all record highs.
• AI Technology Layout
  : Launched the second-generation VLA, Robotaxi, new IRON humanoid robot, and flying car; repositioned as an “explorer of mobility in the physical AI world” [8], with AI technology becoming a core competency.
• Strategic Cooperation
  : Cooperation with Volkswagen expanded from pure electric to fuel and plug-in hybrid models; Q1 technical service revenue reached RMB1.44 billion with a gross margin of 66.4% [0], and the value of the partnership continues to be unlocked.
• Stock Price and Valuation
  : In 2025, the stock price rose from over HK$40 to over HK$100, with a single-day increase of nearly 18% on November 11; market capitalization surpassed Geely Auto to reach HK$202.2 billion [6].
• Product Cycle
  : MONA M03 has exceeded 10,000 units in monthly sales for 11 consecutive months; G7 received over 30,000 orders in its first month; X9 Super Extended Range version was launched, initiating the dual technology route of “pure electric + super extended range” [0].
• Industry Background
  : The 2025 China Automobile Industry Research Report [10] points out that smart electric vehicles are the future development direction, and Xpeng’s technical layout aligns with industry trends.

1. AI-Driven Value Reconstruction
   : AI technology not only enhances product competitiveness but also achieves high-margin revenue through technical services (e.g., Volkswagen partnership), driving the company’s transformation from a traditional automaker to a technology enterprise [0][7].
2. Market Coverage of Dual Technology Routes
   : The “pure electric + super extended range” strategy effectively covers different consumer groups, alleviates range anxiety, and enhances market adaptability [0].
3. Valuation System Upgrade
   : Market recognition of its AI layout (Morgan Stanley expects AI contributions to appear in Q2 2026 [2]) has driven the valuation shift from traditional automaker to technology enterprise; surpassing Geely Auto in market capitalization is an important milestone [6].

• Opportunities
  : AI technology commercialization (e.g., Robotaxi, humanoid robot) has huge potential [2][8]; strong product pipeline supports future sales growth; multiple major banks give buy ratings with target price range of HK$105-195 [1][2][4].
• Risks
  : Intensified competition in the smart electric vehicle market; uncertainty in the commercialization of cutting-edge technologies (e.g., flying cars); macroeconomic fluctuations may affect consumer demand.
• Priorities
  : Short-term focus on Q4 results and AI technology implementation progress; long-term tracking of cooperation expansion and new business monetization capabilities.

The hot stock performance of Xpeng Motors-W (09868.HK) stems from its breakthroughs in three aspects: performance, technology, and cooperation. Q3 results verified the improvement in the company’s operational efficiency; AI layout opens up long-term growth space; upgraded cooperation with Volkswagen provides a stable source of high-margin revenue. Multiple institutions (CMB International [1], Morgan Stanley [2], Daiwa [3], Bank of America Securities [4], Shenwan Hongyuan [9]) giving buy ratings reflect market confidence in its future development, but investors need to pay attention to the progress of technology commercialization and market competition risks [0][6].