The 2025 XPeng Motors Spring Launch Conference will be held tomorrow evening at 19:00, during which the highly anticipated 2025 models G6 and G9 will be officially released.

XPeng's stock price has risen over 260% since last year's low, and the financial report for the third quarter is also quite good: the gross margin exceeded market expectations by 150 million, while R&D expenses were lower than market expectations by 200 million, leading to an operating profit loss that was better than market expectations by 470 million. Tomorrow, Dolphin Research will focus on tracking the information from the Spring Launch Conference, and additionally, the release of XPeng's fourth-quarter financial report next Tuesday. As we mentioned in the third quarter interpretation, more attention needs to be paid in the fourth quarter to: ① whether the explosive sales momentum of the third quarter can continue: that is, whether the explosive-selling models M03 and P7+ can smoothly ramp up production capacity in the fourth quarter; ② whether the gross margin of the automotive business can continue to recover with the increasing proportion of M03 in the fourth quarter.