香港2026年3月20日 /美通社/ -- 2025年，國內環保行業在複雜嚴峻的內外部環境中步入轉型與深度的重塑期。作為中國環境行業的龍頭企業，光大環境（00257.HK）迎來了深化「兩化一型」（科技化、國際化、生態型）發展戰略的關鍵之年，也是公司「十五五」謀篇佈局的重要節點。

面對行業新週期，光大環境聚焦主責主業，以「建設具有中國特色的世界一流環境綜合服務商」為目標，推動「二次創業」落地。年內，公司首次構建了以「總體規劃引領、5項子規劃與5項專項規劃支撐」的「十五五」戰略規劃體系，為新一輪高質量發展明確路徑與抓手。

戰略實施成效：「兩化一型」逐步落地

回顧年度內，光大環境在科技創新、全球佈局與生態構建三大維度均取得突破性進展。

科技化：創新機制持續完善，關鍵技術取得突破
公司圍繞價值鏈關鍵環節推進創新能力建設，將科技作為產業發展的核心驅動力。在機制層面，完善覆蓋科研全流程的制度體系，持續推進「揭榜掛帥」等科研管理機制。在研發攻關方面，圍繞生物質高值化利用等重點方向取得進展，形成100噸/日垃圾制炭工藝包及飛灰回爐協同處理工藝包，自主研發的微型垃圾焚燒爐及成套裝備亦完成製造。

在成果轉化方面，沼氣高效協同垃圾焚燒製取生物天然氣技術，已實現商業化應用，助力公司拓展生物天然氣外售業務；水冷振動爐排生物質鍋爐選擇性催化還原（SCR）高塵脫硝技術取得突破；廢舊動力電池高效熱解關鍵技術及有價組分回收成套裝備入選國家級目錄，並助力打造江蘇首個電池回收全產業鏈示範項目。在數智化建設方面，渣吊無人值守等智慧電廠技術在多個項目中推廣，「裝備雲服」平台的上線，初步構建起裝備技術產品全流程數字化服務體系。

國際化：重點區域佈局深化，輕資產模式逐步成型
回顧年度內，光大環境穩步推進國際化佈局。在市場拓展方面，堅持輕重並舉：成功取得烏茲別克斯坦2個垃圾發電項目，實現了中亞市場突破；於埃及、泰國、馬來西亞等市場落實多項輕資產業務，裝備銷售合同金額再創新高，技術與服務出海模式逐步成熟。此外，公司設立越南、印尼及中亞代表處，推動海外拓展組織架構從項目投資向技術、裝備與標準出海的「輕資產」模式轉型。

截至2025年12月31日，集團業務分佈已拓展至國內24個省、自治區、直轄市及1個特別行政區，海外市場佈局德國、波蘭、越南、烏茲別克斯坦等16個國家。

生態型：構建多層次合作網絡，推動產業鏈協同
回顧年度內，光大環境圍繞「生態型」發展，推進產業、能源與社會三個方面的生態構建。在產業生態層面，推動產業鏈延伸與內部協同，拓展供熱供汽、生物天然氣供應等垃圾發電協同服務，成功打造動力電池回收技術與裝備等市場化產品。在能源生態方面，依托「虛擬電廠」平台開展電力交易，售電業務用戶規模持續擴大；「零碳園區」逐步形成綜合能源解決方案能力。在社會生態方面，推動國家級環保裝備製造業創新中心建設，打造「產學研用」一體化平台；與政府部門、協會機構及各界夥伴達成戰略合作，逐步構建多方共贏的合作網絡。

回顧年度內，光大環境收益近275.21億港元，其中，運營服務收益占比持續提升，約198.33億港元，同比增長2%；建造服務收益約27.22億港元。運營服務收益占總收益比重已增至72%，顯示業務結構持續改善。

「十五五」戰略引領：錨定目標，穩步推進

展望未來，光大環境將努力將「十五五」戰略規劃高質量落地，推動固廢、泛水、清潔能源三大領域、五大業務板塊的協同發展，將戰略藍圖轉化為可持續的增長動能。

• 搶佔綠色關鍵技術制高點（科技化）： 圍繞規劃設定的創新目標，重點攻堅飛灰資源化、生物質高值化利用等關鍵技術，升級智慧運營平台與數據治理水平，提升技術對經營效率的實際貢獻。
• 穩步推進全球佈局（國際化）：落實規劃中的全球佈局，深耕中亞、東南亞等重點區域，加快從項目投資到技術、裝備與標準出海的模式升級，推動國際業務的本地化與規模化發展。
• 構建互利共贏產業鏈生態（生態型）： 依據規劃指引，強化產業鏈協同，通過綜合解決方案創造價值，打造「零碳園區」、虛擬電廠等標桿項目，持續構建具有韌性的產業生態圈。

在推進戰略落地的同時，公司也將持續強化風險防控，重點攻堅應收賬款回收，嚴守安全生產底線，確保增長有質量、發展可持續，為股東創造長期價值，為建設美麗中國持續貢獻「光大力量」。

• The Company achieved a positive net profit of RMB0.38 billion in the fourth quarter of 2025, recorded a positive net profit for a single quarter for the first time.
• Cash position^[i] was RMB47.66 billion (US$6.81 billion) as of December 31, 2025
• Quarterly total revenues were RMB22.25 billion, a 38.2% increase year-over-year
• Quarterly gross margin was 21.3%, an increase of 6.9 percentage points over the same period of 2024
• Quarterly vehicle margin was 13.0%, an increase of 3.0 percentage points over the same period of 2024
• Full year vehicle deliveries reached 429,445, a 125.9% increase year-over-year
• Full year revenues reached RMB76.72 billion, an 87.7% increase year-over-year
• Full year gross margin was 18.9%, an increase of 4.6 percentage points year-over-year

GUANGZHOU, China, March 20, 2026 /PRNewswire/ -- XPeng Inc. ("XPENG" or the "Company," NYSE: XPEV and HKEX: 9868), a leading global AI mobility technology company, today announced its unaudited financial results for the three months and fiscal year ended December 31, 2025.

Operational and Financial Highlights for the Three Months Ended December 31, 2025

• Total deliveries of vehicles were 116,249 for the fourth quarter of 2025, representing an increase of 27.0% from 91,507 in the corresponding period of 2024.
• XPENG's physical sales network had a total of 721 stores, covering 255 cities as of December 31, 2025.
• XPENG self-operated charging station network reached 3,159 stations, including 2,108 XPENG ultra-fast charging stations as of December 31, 2025.
• Total revenues were RMB22.25 billion (US$3.18 billion) for the fourth quarter of 2025, representing an increase of 38.2% from the same period of 2024, and an increase of 9.2% from the third quarter of 2025.
• Revenues from vehicle sales were RMB19.07 billion (US$2.73 billion) for the fourth quarter of 2025, representing an increase of 30.0% from the same period of 2024, and an increase of 5.6% from the third quarter of 2025.
• Gross margin was 21.3% for the fourth quarter of 2025, compared with 14.4% for the same period of 2024 and 20.1% for the third quarter of 2025.
• Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 13.0% for the fourth quarter of 2025, compared with 10.0% for the same period of 2024 and 13.1% for the third quarter of 2025.
• Net profit was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025. Excluding share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, non-GAAP net profit was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.
• Net profit attributable to ordinary shareholders of XPENG was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared a loss of with RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025. Excluding share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, non-GAAP net profit attributable to ordinary shareholders of XPENG was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.
• Basic and diluted net profit per American depositary share (ADS) were both RMB0.40 (US$0.06) and basic and diluted net profit per ordinary share were both RMB0.20 (US$0.03) for the fourth quarter of 2025. Each ADS represents two Class A ordinary shares.
• Non-GAAP basic and diluted net profit per ADS were RMB0.53 (US$0.08) and RMB0.52 (US$0.07), respectively, and non-GAAP basic and diluted net profit per ordinary share were both RMB0.26 (US$0.04) for the fourth quarter of 2025.
• Cash position was RMB47.66 billion (US$6.81 billion) as of December 31, 2025, compared with RMB41.96 billion as of December 31, 2024.

Management Commentary

"In 2025, XPENG delivered a total of 429,445 vehicles, representing a 125.9% year-over-year increase. We continue to push the boundaries of Physical AI, accelerating the mass production and commercialization of product innovations as we expand our global footprint," said Mr. Xiaopeng He, Chairman and CEO of XPENG. "I believe XPENG is at a historical inflection point for Physical AI applications. Our goal is not only to grow our global market share of AI-defined vehicles and bridge the gap from L2+ assisted driving to L4 autonomous driving, but also to bring our second-generation VLA model to international markets and achieve scale production of advanced humanoid robots."

"In the fourth quarter of 2025, XPENG's gross margin reached 21.3%, reaching a new record high, with net profit hitting RMB0.38 billion. By leveraging a business model driven by technological leadership, we have established a profitability path that sets us apart from traditional automakers," added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. "Our cash on hand of RMB47.66 billion at 2025 year-end provides a solid foundation for our unwavering investment in Physical AI R&D."

Recent Developments

Deliveries in January and February 2026

• Total deliveries were 20,011 vehicles in January 2026.
• Total deliveries were 15,256 vehicles in February 2026.
• As of February 28, 2026, year-to-date total deliveries were 35,267 vehicles.

Deployment Progress and Technological breakthroughs of VLA 2.0 Intelligent Driving System

During XPENG's "The Future" VLA Media Experience Day on March 2, 2026, the company unveiled the architecture and deployment plan for its VLA 2.0 intelligent driving system.

Unaudited Financial Results for the Three Months Ended December 31, 2025

Total revenues were RMB22.25 billion (US$3.18 billion) for the fourth quarter of 2025, representing an increase of 38.2% from RMB16.11 billion for the same period of 2024 and an increase of 9.2% from RMB20.38 billion for the third quarter of 2025.

Revenues from vehicle sales were RMB19.07 billion (US$2.73 billion) for the fourth quarter of 2025, representing an increase of 30.0% from RMB14.67 billion for the same period of 2024, and an increase of 5.6% from RMB18.05 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries.

Revenues from services and others were RMB3.18 billion (US$0.45 billion) for the fourth quarter of 2025, representing an increase of 121.9% from RMB1.43 billion for the same period of 2024 and an increase of 36.7% from RMB2.33 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from (i) technical research and development services ("technical R&D services") rendered to a car manufacturer (the "Manufacturer") with the successful achievement of certain key milestones in the current quarter, under the agreement entered into with the Manufacturer; (ii) parts and accessories sales in line with higher accumulated vehicle sales; and (iii) carbon credit trading.

Cost of sales was RMB17.51 billion (US$2.50 billion) for the fourth quarter of 2025, representing an increase of 27.1% from RMB13.78 billion for the same period of 2024 and an increase of 7.6% from RMB16.28 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly in line with vehicle deliveries as described above.

Gross margin was 21.3% for the fourth quarter of 2025, compared with 14.4% for the same period of 2024 and 20.1% for the third quarter of 2025.

Vehicle margin was 13.0% for the fourth quarter of 2025, compared with 10.0% for the same period of 2024 and 13.1% for the third quarter of 2025. The year-over-year increase was primarily attributable to the ongoing cost reduction and improvement in product mix of models.

Services and others margin was 70.8% for the fourth quarter of 2025, compared with 59.6% for the same period of 2024 and 74.6% for the third quarter of 2025. The year-over-year increase was primarily attributable to the aforementioned revenue from technical R&D services, parts and accessories sales and carbon credit trading.

Research and development expenses were RMB2.87 billion (US$0.41 billion) for the fourth quarter of 2025, representing an increase of 43.2% from RMB2.01 billion for the same period of 2024 and an increase of 18.3% from RMB2.43 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models and technologies as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB2.79 billion (US$0.40 billion) for the fourth quarter of 2025, representing an increase of 22.7% from RMB2.28 billion for the same period of 2024 and an increase of 12.0% from RMB2.49 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the higher commission to the franchised stores related to sales volume and the launch of new models. The year-over-year increase was further due to higher marketing and advertising expenses.

Other income, net was RMB0.84 billion (US$0.12 billion) for the fourth quarter of 2025, representing an increase of 327.5% from RMB0.20 billion for the same period of 2024 and an increase of 498.6% from RMB0.14 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the increase in receipt of government subsidies.

Fair value gain (loss) on derivative liability relating to the contingent consideration was gain of RMB0.04 billion (US$0.01 billion) for the fourth quarter of 2025, compared with gain of RMB0.20 billion for the same period of 2024 and loss of RMB0.07 billion for the third quarter of 2025. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. ("DiDi")'s smart auto business.

Loss from operations was RMB0.04 billion (US$0.01 billion) for the fourth quarter of 2025, compared with RMB1.56 billion for the same period of 2024 and RMB0.75 billion for the third quarter of 2025.

Non-GAAP profit from operations, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.08 billion (US$0.01 billion) for the fourth quarter of 2025, compared with a loss of RMB1.62 billion for the same period of 2024 and a loss of RMB0.52 billion for the third quarter of 2025.

Net profit was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025.

Non-GAAP net profit, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.

Net profit attributable to ordinary shareholders of XPENG was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025.

Non-GAAP net profit attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.

Basic and diluted net profit per ADS were both RMB0.40 (US$0.06) for the fourth quarter of 2025, compared with RMB1.40 basic and diluted net loss per ADS for the fourth quarter of 2024 and RMB0.40 basic and diluted net loss per ADS for the third quarter of 2025.

Non-GAAP basic and diluted net profit per ADS were RMB0.53 (US$0.08) and RMB0.52 (US$0.07) for the fourth quarter of 2025, respectively, compared with RMB1.47 non-GAAP basic and diluted net loss per ADS for the fourth quarter of 2024 and RMB0.16 non-GAAP basic and diluted net loss per ADS for the third quarter of 2025.

Balance Sheets

As of December 31, 2025, the Company had cash position of RMB47.66 billion (US$6.81 billion), compared with RMB41.96 billion as of December 31, 2024 and RMB48.33 billion as of September 30, 2025.

Unaudited Financial Results for the Fiscal Year Ended December 31, 2025

Total revenues were RMB76.72 billion (US$10.97 billion) for fiscal year of 2025, representing an increase of 87.7% from RMB40.87 billion for the prior year.

Revenues from vehicle sales were RMB68.38 billion (US$9.78 billion) for fiscal year of 2025, representing an increase of 90.8% from RMB35.83 billion for the prior year. The year-over-year increase was mainly attributable to higher deliveries.

Revenues from services and others were RMB8.34 billion (US$1.19 billion) for fiscal year of 2025, representing an increase of 65.6% from RMB5.04 billion for the prior year. The year-over-year increase was primarily attributable to the increased revenues from (i) technical R&D services rendered to the Manufacturer with the successful achievement of certain key milestones in the current period, under the agreement entered into with the Manufacturer; (ii) parts and accessories sales in line with higher accumulated vehicle sales; and (iii) carbon credit trading.

Cost of sales was RMB62.25 billion (US$8.9 billion) for fiscal year of 2025, representing an increase of 77.7% from RMB35.02 billion for the prior year. The year-over-year increase was mainly in line with vehicle deliveries as described above.

Gross margin was 18.9% for fiscal year of 2025, compared with 14.3% for the prior year.

Vehicle margin was 12.8% for fiscal year of 2025, compared with 8.3% for the prior year. The year-over-year increase was primarily attributable to the ongoing cost reduction and improvement in product mix of models.

Services and others margin was 68.2% for fiscal year of 2025, compared with 57.2% for the prior year. The year-over-year increase was primarily attributable to the aforementioned revenue from technical R&D services, parts and accessories sales and carbon credit trading.

Research and development expenses were RMB9.49 billion (US$1.36 billion) for fiscal year of 2025, representing an increase of 47.0% from RMB6.46 billion for the prior year. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and technologies as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB9.40 billion (US$1.34 billion) for fiscal year of 2025, representing an increase of 36.8% from RMB6.87 billion for the prior year. The year-over-year increase was primarily due to the higher commission to the franchised stores driven by higher sales volume, higher marketing and advertising expenses and higher employee compensation as a result of the growth in number of employees.

Other income, net was RMB1.76 billion (US$0.25 billion) for fiscal year of 2025, representing an increase of 198.9% from RMB0.59 billion for the prior year. The year-over-year increase was primarily due to the increase in receipt of government subsidies.

Fair value gain (loss) on derivative liability relating to the contingent consideration was loss of RMB0.12 billion (US$0.02 billion) for fiscal year of 2025, compared with gain of RMB0.23 billion for the prior year. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. ("DiDi")'s smart auto business.

Loss from operations was RMB2.77 billion (US$0.40 billion) for fiscal year of 2025, compared with RMB6.66 billion for the prior year.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB2.09 billion (US$0.30 billion) for fiscal year of 2025, compared with RMB6.42 billion for the prior year.

Net loss was RMB1.14 billion (US$0.16 billion) for fiscal year of 2025, compared with RMB5.79 billion for the prior year.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.46 billion (US$0.07 billion) for fiscal year of 2025, compared with RMB5.55 billion for the prior year.

Net loss attributable to ordinary shareholders of XPENG was RMB1.14 billion (US$0.16 billion) for fiscal year of 2025, compared with RMB5.79 billion for the prior year.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.46 billion (US$0.07 billion) for fiscal year of 2025, compared with RMB5.55 billion for the prior year.

Basic and diluted net loss per ADS were both RMB1.20 (US$0.17) for fiscal year of 2025, compared with RMB6.12 for the prior year.

Non-GAAP basic and diluted net loss per ADS were both RMB0.48 (US$0.07) for fiscal year of 2025, compared with RMB5.87 for the prior year.

Business Outlook

For the first quarter of 2026, the Company expects:

• Deliveries of vehicles to be between 61,000 and 66,000, representing a year-over-year decrease of approximately 29.79% to 35.11%.
• Total revenues to be between RMB12.20 billion and RMB13.28 billion, representing a year-over-year decrease of approximately 16.01% to 22.84%.

The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 20, 2026 (8:00 PM Beijing/Hong Kong Time on March 20, 2026).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title:               XPENG Fourth Quarter and Fiscal Year 2025 Earnings Conference Call
Pre-registration link: https://s1.c-conf.com/diamondpass/10052981-bng765.html

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until March 27, 2026, by dialing the following telephone numbers:

About XPENG

XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers' mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company's Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP (loss) profit from operations, non-GAAP net (loss) profit, non-GAAP net (loss) profit attributable to ordinary shareholders, non-GAAP basic (loss) profit per weighted average number of ordinary shares and non-GAAP basic (loss) profit per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net (loss) profit or other consolidated statements of comprehensive (loss) profit data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about XPENG's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG's goal and strategies; XPENG's expansion plans; XPENG's future business development, financial condition and results of operations; the trends in, and size of, China's EV market; XPENG's expectations regarding demand for, and market acceptance of, its products and services; XPENG's expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG's filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For Investor Enquiries
IR Department
XPeng Inc.
E-mail: [email protected]

Jenny Cai
Piacente Financial Communications
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: [email protected]

For Media Enquiries
PR Department
XPeng Inc.
E-mail: [email protected]

HORIZONROBOT-W (09660.HK) is preparing the next-generation intelligent driving chip series, J7, with the highest performance version J7P aiming to notably surpass NVIDIA's (NVDA.US) Thor-X in computing power, with plans for mass production next year, LatePost Auto reported.

Furthermore, the company's new chip product for cockpit-driving integration is named "Starry Sky" (literal translation of "星空"), supporting localization of large cabin models, and is planned to be released in April this year, with mass production within the year.
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Nvidia (NVDA.US) will sell 1 million GPU chips and other series products, including Spectrum network chips and Groq chips, to Amazon (AMZN.US)'s cloud computing division AWS from this year until the end of 2027.

Both companies stated earlier this week that AWS had reached an agreement to purchase 1 million GPUs, but the specific transaction timeline was not disclosed at that time.
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Tesla (TSLA.US) is seeking to purchase equipment worth a total of US$2.9 billion from Chinese suppliers like MAXWELL (300751.SZ) for the production of solar panels and batteries, Reuters quoted sources as saying. This is part of a plan to add 100 gigawatts of solar power capacity in the US.

Previously, Tesla's CEO Elon Musk stated that solar energy could meet all of the US' electricity needs, including the demand from a growing number of data centers.

It is reported that MAXWELL will be one of the main equipment suppliers for this plan, and has applied for an export license from China's Ministry of Commerce (MOC). Other potential suppliers include S.C NEW ENERGY (300724.SZ) and LAPLACE (688726.SH).
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In February 2026, China's auto exports totaled 672,000 units, down 1.4% MoM but up 52.4% YoY, continuing a rapid expansion trend, according to data released by the China Association of Automobile Manufacturers (CAAM).

Among them, a total of 282,000 new energy vehicles (NEVs) were exported, down 6.6% MoM but up 110% YoY, making them stand out among others.

In 2M26, China's cumulative auto exports grew by 48.4% YoY to 1.352 million units, while NEV exports surged 110% YoY to 583,000 units, reflecting a year-on-year increase of 110%.
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When asked about the controversy involving Anthropic and the US Department of Defense contract, NVIDIA (NVDA.US) CEO Jensen Huang stated on Thursday that the tech industry should avoid exaggerating risks when discussing AI to prevent unnecessary panic that could hinder technological development.

Huang believed that the greatest national security risk the US faces in the AI field is the slowdown in adoption due to public anger, fear, or doubt, which could cause the country to fall behind competitors.

Despite the controversy, Huang still painted a bullish picture of Anthropic's prospects, predicting that its revenue could surpass USD1 trillion by 2030, and viewed the company's management forecasts to be conservative.
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AASTOCKS Financial News
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The escalation of the Middle East conflict and the market's digestion of the decisions by the US and European central banks to keep interest rates intact weighed down on US bourse Thursday. The DJIA settled down 203 points or 0.4%, at 46,021. The Nasdaq closed down 61 points or 0.3%, at 22,090. The S&P 500 ended down 18 points or 0.3%, at 6,606.

Micron (MU.US) retreated by 3.8% after announcing quarterly results, with 2FQ profits beating. BABA-W (09988.HK) (BABA.US) reported a 67% slump in non-GAAP net profit for 3FQ, way worse than forecast, and its US ADR closed down 7.1%.

Major techs waned broadly, with Tesla (TSLA.US) down 3.2% as its FSD system faced an upgraded investigation in the US. NVIDIA (NVDA.US) and Meta (META.US) fell about 1%, while Amazon (AMZN.US) and Apple (AAPL.US) declined by less than 1%.
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Highlights:

• Service revenue reached RMB 347.7 billion. Net profit^[1] was RMB 20.8 billion. Free cash flow^[2] reached RMB 36.0 billion, representing a year-on-year increase of 28.5%.
• Investment efficiency was enhanced, with annual capital expenditure (CAPEX) amounting to RMB 54.2 billion. CAPEX to service revenue ratio fell to 16%. Looking ahead to 2026, CAPEX is expected to be approximately RMB 50 billion, of which investment in computing power will account for more than 35%.
• The Company has always attached great importance to shareholder returns. The Board of Directors proposed a final dividend^[3] of RMB 0.1329 per share (pre-tax). Together with the interim dividend already paid, the total dividend for the full year of 2025 reached RMB 0.417 per share (pre-tax), representing an increase of 3.1% year-on-year, with the dividend payout ratio increasing to 61.3%.

HONG KONG, March 19, 2026 /PRNewswire/ -- China Unicom (Hong Kong) Limited and its subsidiaries ("China Unicom" or the "Company") (HKEx: 0762) is pleased to announce today its 2025 annual results.

In 2025, China Unicom adhered to the keynote of "Preserve and Innovate, Steady and Far-Reaching", making solid strides in high-quality development. Service revenue reached RMB 347.7 billion. Net profit was RMB 20.8 billion. Return on equity^[4] (ROE) reached 5.7%. Free cash flow reached RMB 36.0 billion, representing a year-on-year increase of 28.5%. Corporate governance continued to improve, and the Company was named "Most Honoured Telecommunications Company" by Extel (formerly Institutional Investor) for ten consecutive years. While achieving growth in operating results, the Company attaches great importance to shareholder returns. The Board of Directors proposed a final dividend of RMB 0.1329 per share (pre-tax). Together with the interim dividend already paid, the total dividend for the full year of 2025 reached RMB 0.417 per share (pre-tax), representing an increase of 3.1% year-on-year, with the dividend payout ratio increasing to 61.3%.

Seizing opportunities from the new round of technological and industrial innovation, the Company implemented "AI+" initiatives. Revenue contribution from strategic emerging industries reached over 86%. The computing power business revenue ratio^[5] reached 15.4%, representing an increase of 1.1 percentage points over the previous year. International business revenue recorded a year-on-year increase of over 9%. By deepening co-build co-share and building an ultra-lean network, over RMB 1.3 billion in operating costs were saved annually. Investment efficiency was enhanced, with annual CAPEX amounting to RMB 54.2 billion. CAPEX to service revenue ratio fell to 16%. Looking ahead to 2026, CAPEX is expected to be approximately RMB 50 billion, of which investment in computing power will account for more than 35%.

Total connectivity subscriber scale exceeded 1.2 billion

The Company is committed to improving the breadth and depth of its network coverage. Thanks to the implementation of special initiatives such as "Signal Upgrade" and the deepening of co-build co-share, the Company's mobile network population coverage rate exceeded 99%, and 5G-A base stations were deployed in more than 330 cities. The Company promoted the capacity expansion of gigabit broadband and the upgrade of 10-gigabit broadband, and launched pre-commercial trial of 10-gigabit optical fibre networks in more than 100 cities. It made deployments in frontier fields such as 6G and quantum communications, and launched quantum-secure leased lines.

The Company actively expanded connectivity scenarios. Its total connectivity subscriber scale^[6] exceeded 1.2 billion, representing an increase of 110 million over the previous year. Among these, the net addition of mobile and broadband subscribers exceeded 20 million. The penetration rate of integrated subscribers exceeded 78% with their ARPU remaining at above RMB 100. The number of IoT connections exceeded 700 million, and the Company consolidated its leading advantage in the Internet of Vehicles (IoV) market. After obtaining the operating permit for satellite mobile communication services, the Company actively promoted the scale development of satellite direct-to-device applications.

AI revenue^[7] increased by 147% year-on-year

The Company is committed to providing faster and more precise computing power services, strengthening its resource buildout at the "Eastern Data, Western Computing" hub nodes and in green computing-power coordination demonstration provinces. The number of standard cabinets^[8] exceeded 1.10 million, seven 100MW-grade AIDC campuses have been built, and the scale of intelligent computing reached 45 EFLOPS. The Company accelerated the construction of the new "Eight Vertical and Eight Horizontal" backbone optical fibre cable network, adding more than 9,000 kilometres to achieve the interconnection of computing power hub nodes. Data centre revenue was RMB 28.1 billion, up by 8.5% year-on-year.

Unicom Cloud is accelerating its evolution towards AI Cloud. The Company deepened hyperscale intelligent cloud-native implementations, enhanced its centralised orchestration and allocation capabilities, and built a new computing power business model of "applications + models + resources". It supported the construction of government clouds for over 180 provinces and municipalities as well as the digital and intelligent transformation of nearly 400,000 corporate customers. Unicom Cloud revenue^[9] increased by 5.2% year-on-year. The Company established national pilot bases for AI application and launched the UniAI Wanxiang data engineering platform, the UniAI MaaS platform, and the UniAI Wanwu intelligent agent platform. With these platforms, it formed over 400 TB of high-quality datasets, offered over 140 mainstream models, and gathered more than 10,000 developers to help customers rapidly build intelligent agent applications. AI revenue increased by 147% year-on-year.

Cloud-AI products served more than 300 million users

The Company is committed to promoting the integrated innovation of digital technologies such as 5G and AI to create differentiated products. In the consumer market, by creating the smart home hub "UniBOX Tongtong", the Company continuously enhanced the new experience of digital smart living. Its Cloud-AI products served more than 300 million users, with revenue increasing by over 11% year-on-year. In the government and enterprise market, the Company deeply supported the construction of new industrialisation and digital government. It upgraded its "5G + Industrial Internet" product system, and its Gewu Industrial Internet Platform was consecutively named as a national Class-A cross-industry and cross-domain platform. It strengthened integrated IoV operation, serving more than 95 million vehicles. In the field of digital government, it iterated key products such as economic development platform, AI call centre (AICC), and "Labour Connect" smart governance platform to help enhance the government's economic regulation, administrative services, and labour governance.

The first and the only enterprise in China to pass the highest-level DSMM accreditation

The Company is committed to building a more robust and stronger security system. It promoted AI-powered security as well as the security of AI, achieving deep integration of artificial intelligence and data security. It was the first and the only enterprise to pass the highest-level accreditation of the national Data Security Maturity Model (DSMM). It built a network security product system around its "Mogong" security operation service platform, providing customised solutions and creating a growth driver for its security business. It also launched the Unicom Security Guardian product, serving 210 million users.

要點︰

• 服務收入達到人民幣3,477億元，純利^[1]為人民幣208億元，自由現金流^[2]達到人民幣360億元，按年增長28.5%。
• 提升投資效能，全年資本開支為人民幣542億元，佔服務收入比例降至16%。展望2026年，預計資本開支約在人民幣500億元左右，其中算力投資佔比將超過35%。
• 公司始終高度重視股東回報，董事會建議派發末期股息^[3]每股人民幣0.1329元（含稅），連同已派發的中期股息，2025年全年股息合計每股人民幣0.417元（含稅），按年提升3.1%，派息率提升至61.3%。

香港2026年3月19日 /美通社/ -- 中國聯合網絡通信（香港）股份有限公司及其子公司（「中國聯通」或「公司」）（香港聯交所編號：0762）今天欣然公佈2025年度業績。

2025年，中國聯通堅持「守正創新、行穩致遠」主基調，高質量發展邁出堅實步伐。服務收入達到人民幣3,477億元，純利為人民幣208億元，淨資產收益率^[4]達到5.7%，自由現金流達到人民幣360億元，按年增長28.5%。企業管治持續完善，公司獲Extel（原《機構投資者》(Institutional Investor)）連續十年評為「最受尊崇電信企業」。在實現經營業績增長的同時，公司高度重視股東回報，董事會建議派發末期股息每股人民幣0.1329元（含稅），連同已派發的中期股息，2025年全年股息合計每股人民幣0.417元（含稅），按年提升3.1%，派息率提升至61.3%。

搶抓新一輪科技和產業創新機遇，落實「人工智能+」行動，戰略性新興產業收入佔比超過86%，算力業務收入^[5]佔比達到15.4%，較上年提升1.1個百分點，國際業務收入按年增幅超過9%。透過深化共建共享、打造極簡網絡，年化節省營運成本超過人民幣13億元。提升投資效能，全年資本開支為人民幣542億元，佔服務收入比例降至16%。展望2026年，預計資本開支約在人民幣500億元左右，其中算力投資佔比將超過35%。

連接用戶總量突破12億

公司致力完善網絡覆蓋的廣度與深度。透過落實「信號升格」等專項行動及深化共建共享，移動網絡人口覆蓋率超過99%，5G-A基站部署超過330個城市。推進千兆寬帶擴容和萬兆寬帶升級，在100多個城市試點商用萬兆光網。佈局6G、量子通信等前沿領域，推出量子安全專線。

拓展連接場景，用戶總量^[6]突破12億，較上年增長1.1億，其中移動和寬帶用戶淨增超過 2,000 萬戶，融合業務滲透率超過78%、融合套餐ARPU保持人民幣百元以上。物聯網規模突破7億，並在車聯網市場鞏固領先優勢。在獲得衛星移動通信業務經營許可後，公司積極推動手機直連衛星應用規模化發展。

人工智能收入^[7]按年增長147%

公司致力提供更快更準的算力服務，於「東數西算」樞紐節點和綠色算電協同示範省加強資源佈局，標準機架^[8]規模超過110萬架，建成 7 個百兆瓦級 AIDC 園區，智算規模達到45 EFLOPS。加快建設新「八縱八橫」骨幹光纜網，新增超過9,000公里，以實現算力樞紐節點的互聯互通。數據中心收入人民幣281億元，收入按年增長8.5%。

聯通雲正加快向AI雲演進，深化超大規模智能雲原生實踐，提升統一編排調度能力，構建「應用+模型+資源」的算力經營新模式，服務180多個省市政務雲建設及近40萬企業客戶的數智轉型，聯通雲收入^[9]按年增長5.2%。建設國家人工智能應用中試基地，推出元景萬象數據工程平台、元景MaaS平台、元景萬悟智能體平台，積累超過400TB高質量數據集，提供140多種業界主流模型，匯聚萬餘名開發者，助力廣大客戶快速構建智能體應用。人工智能收入按年增長147%。

雲智產品服務3億多用戶

公司致力推進5G、AI等數字技術融合創新，打造差異化產品。在公眾市場，透過打造家庭智能中樞「智家通通」，持續提升數智生活新體驗，雲智產品服務3億多用戶，收入按年增長超過11%。在政企市場，深度服務新型工業化與數字政府建設。升級「5G+工業互聯網」產品體系，格物工業互聯網平台連續入選國家A級雙跨平台。加強車聯網一體化營運，服務超過9,500萬車輛。在數字政府領域，迭代經濟運行平台、智能熱線AICC、「基層通」智慧治理平台等重點產品，助力政府經濟調節、政務服務、基層治理水平提升。

成為全國首家且唯一通過DSMM最高級評價企業

公司致力構築更牢更強的安全防護體系。推進安全 AI 化和 AI 安全化，實現人工智能與數據安全的深度融合，成為首個且唯一通過國家數據安全能力成熟度模型（DSMM）最高等級認證的企業。構建以「墨攻」安全運營服務平台為核心的網絡安全產品體系，提供定製化解決方案，打造安全業務增長極。推出聯通安全管家產品，服務2.1億用戶。

本新聞稿中所包含的某些陳述可能被視為「預測性陳述」。這些預測性陳述涉及已知和未知的風險、不確定性及其他因素，可能導致本公司的實際表現、財務狀況和經營業績與預測性陳述中所暗示的將來表現、財務狀況和經營業績有重大出入。此外，公司將不會更新這些預測性陳述。本公司及其董事、僱員和代理均不會承擔倘因任何預測性陳述不能實現或變得不正確而引致的任何責任。