本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【蔚来李斌：汽车行业迈入决赛，未来专注汽车业务】11月27日，蔚来创始人、董事长、CEO李斌称， 汽车行业已进入决赛阶段。他预计2030年竞争格局会相对清晰，2035年有望形成稳定局面。 李斌表 示，未来很长时间，蔚来会专注汽车业务。他认为人形机器人等业务有挖掘潜能，但汽车年销三千万辆 的市场，仍有巨大增量空间待蔚来深耕。 ...

Core Insights - NIO reported a strong performance in Q3 2025, with vehicle deliveries reaching 87,071 units, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1] - Revenue for Q3 2025 was 21.79 billion yuan, reflecting a year-on-year growth of 16.7% and a quarter-on-quarter growth of 14.7%, marking record highs for both delivery volume and revenue [1][2] - The company achieved a gross margin of 14.7% for vehicles and a comprehensive gross margin of 13.9%, the highest levels in nearly three years [1][2] - NIO's cash reserves increased significantly to 36.65 billion yuan, indicating improved operational health with positive operating cash flow and free cash flow [1][2] Q4 Guidance - NIO provided optimistic guidance for Q4, expecting to deliver between 120,000 and 125,000 vehicles, with projected revenue between 32.76 billion and 34.04 billion yuan, representing a year-on-year growth of 66.3% to 72.8% [3] - The company aims for a vehicle gross margin of around 18% in Q4, with expectations for a significant increase in the delivery volume of the new ES8 model [3] Brand Strategy and Market Position - NIO's three-brand strategy ("NIO," "Lao Dao," and "Firefly") has shown significant results, with October deliveries of 17,143 units for NIO, 17,342 units for Lao Dao, and 5,912 units for Firefly, indicating strong competitive advantages across different market segments [4] - The company plans to launch three new large vehicles next year, enhancing its product lineup and aligning with market trends [4] Market Trends - The penetration rate of pure electric vehicles in the passenger car market reached 55% in Q3, with pure electric vehicle sales growing by 26% year-on-year, while range-extended and plug-in hybrid models saw declines [6] - In the high-end market, the penetration rate of pure electric vehicles is rapidly increasing, with significant growth potential identified in the segment priced above 300,000 yuan [6] Infrastructure Development - NIO has established a comprehensive energy infrastructure with 8,386 charging facilities, including 3,581 battery swap stations and 4,805 charging stations, leading the industry in scale [7] - The rapid deployment of battery swap stations enhances user experience and alleviates range anxiety, providing a competitive edge over traditional automakers [7] Future Outlook - The company aims to achieve profitability in the upcoming year, with expectations for large vehicles to contribute significantly to overall sales and gross margin growth [8] - NIO's focus on high-quality development and sustainable growth positions it well within the evolving automotive industry landscape [8]

Core Insights - The domestic new energy vehicle market is experiencing intensified competition and rapid technological iteration, leading to significant performance differentiation among leading new forces in the automotive sector [2] Company Performance Summary NIO - NIO reported a total delivery of 87,100 vehicles in Q3, a year-on-year increase of 40.8%, with revenue reaching 21.79 billion yuan, up 16.7% year-on-year [4] - The company narrowed its net loss to 3.48 billion yuan, a reduction of 31.2% compared to the previous year, and aims for profitability in Q4 with a delivery guidance of 120,000 to 125,000 vehicles [4] Xpeng - Xpeng achieved a record delivery of 116,000 vehicles in Q3, a year-on-year increase of 149.3%, with revenue surpassing 20 billion yuan for the first time, reaching 20.38 billion yuan, up 101.8% year-on-year [5] - The net loss was reduced to 380 million yuan, down 78.9% from the previous year, and the company aims for overall breakeven in Q4 [5] Li Auto - Li Auto reported a total delivery of 93,211 vehicles in Q3, a year-on-year decline of 39%, with revenue of 27.4 billion yuan, down 36.2% year-on-year, marking its first loss in nearly three years with a net loss of 624.4 million yuan [6] - The company anticipates a Q4 delivery of 100,000 to 110,000 vehicles, with revenue expected to be between 26.5 billion and 29.2 billion yuan [6] Leap Motor - Leap Motor achieved revenue of 19.45 billion yuan in Q3, nearly doubling year-on-year, and reported a net profit of 150 million yuan, marking consecutive quarters of profitability [8] - The company delivered 173,852 vehicles, leading the new forces in sales, and plans to accelerate its global expansion [8] Xiaomi - Xiaomi's automotive division achieved its first quarterly profit with an operating income of 700 million yuan, contributing to a total revenue of 290 billion yuan, up 199% year-on-year [9] - The company delivered 108,796 vehicles in Q3 and aims to exceed 400,000 vehicle deliveries for the full year [9]

格隆汇11月27日｜据澎湃，蔚来创始人、董事长、CEO李斌表示，当下，汽车行业已经迈入决赛阶段； 2030年，竞争格局将相对清晰；2035年，有望形成相对稳定的局面。在未来相当长的时期之内，蔚来都 会专注汽车业务。在他看来，人形机器人等业务的潜能确实值得挖掘，但中国汽车市场每年三千万辆左 右的总量亦是一片汪洋大海，其中仍有巨大增量空间有待蔚来去深耕细作。 ...

Core Viewpoint - NIO's CEO Li Bin emphasizes that the company will not pursue sales volume at the expense of profitability, focusing instead on the profitability of each vehicle sold [1] Group 1: Profitability Focus - NIO is strictly calculating the profitability of each vehicle, utilizing a national scheduling mechanism to track sales costs and gross margins monthly [1] - The company is not discussing price cuts to increase sales volume this year and will continue this approach into next year [1] - Li Bin highlights that the profitability of selling three vehicles can vary significantly, with some models generating substantial profits while others may incur losses [1]

2025.11.27 本文字数：2562，阅读时长大约5分钟 作者 |第一财经 葛慧 11月25日，在公司成立11周年的这天，蔚来汽车（NIO.U，9986.HK）创始人、董事长、CEO李斌在给 员工讲完话以后，签发了今年Q3的财报。 公司净亏损34.81亿元，同比环比收窄幅度均在三成以上；卖车毛利率 14.7%，环比大幅上行4.4个百分 点，高于前期指引，也高于市场预期的 12.9%。 财报发布后，美股盘前一度涨超8%，但此后一路下行，美股当日收跌4.35%，次日港股收跌。低于预期 的交付指引成为市场对于蔚来Q4盈利的最大担忧。 在26日的媒体沟通会上，李斌对第一财经等媒体回应称，交付指引的下降主要是因为置换补贴政策退坡 导致的需求下降，这对整个行业都产生了影响。但他也强调，蔚来会"聚焦主业、踏实卖车"。 尽管按非通用会计准则口径，蔚来在Q4仍有超过27亿元的亏损有待化解，但李斌依旧自信，甚至 称"2026年实现全年盈利"。但对于这场四季度盈利关键战，蔚来是否已及时转身，答案或许在一个多月 后初现端倪。 L90成为毛利率"扛鼎者" 今年一季度，偿债能力和财务报表的持续恶化，让蔚来汽车一度步入"至暗时刻"。当 ...

Core Viewpoint - NIO's Q3 financial results showed a significant reduction in net losses and an increase in gross margin, but concerns over Q4 delivery guidance have led to a decline in stock prices [1][4][5] Financial Performance - NIO reported a net loss of 34.81 billion yuan in Q3, a year-on-year and quarter-on-quarter reduction of over 30% [1] - The vehicle gross margin reached 14.7%, up 4.4 percentage points from the previous quarter, exceeding prior guidance and market expectations of 12.9% [1][3] - The overall gross margin for Q3 was 13.9%, an increase of 3.9 percentage points quarter-on-quarter [3] Delivery and Sales Structure - NIO delivered a total of 87,071 vehicles in Q3, with the L90 model contributing 21,572 units, accounting for 24.76% of total deliveries [2] - The delivery guidance for Q4 is set at 120,000 to 125,000 vehicles, with revenue expectations between 32.76 billion and 34.04 billion yuan [4][5] - In October, NIO delivered 40,397 vehicles, indicating a need for an average of 40,000 to 42,000 vehicles in November and December to meet Q4 guidance [4] Market Outlook and Analyst Predictions - Analysts have mixed views on NIO's future, with some raising Q4 gross margin forecasts while still predicting significant net losses [5][6] - Citigroup lowered its target price for NIO's U.S. stock from $8.60 to $6.90, while maintaining a "buy" rating [5] - JPMorgan believes NIO could achieve profitability in Q4 and anticipates a turning point in 2026 [6] Industry Challenges - NIO's CEO Li Bin highlighted a decline in demand due to the reduction of vehicle replacement subsidies, affecting the entire industry [1][7] - The company is focusing on maintaining stable prices to uphold brand value and consumer confidence amid market uncertainties [8] - Li emphasized the importance of operational efficiency and a commitment to core business practices to achieve sustainable profitability [8]

Investment Rating - The report maintains a "Buy" rating for NIO, indicating a positive outlook for the company's stock performance over the next 6-12 months [4]. Core Insights - NIO's total revenue for Q3 2025 increased by 16.7% year-on-year and 14.7% quarter-on-quarter, reaching 21.79 billion RMB, with a gross margin of 13.9% [1][2]. - The company is expected to turn profitable in Q4 2025, with management guiding for a delivery volume of 120,000 to 125,000 vehicles and a gross margin of 18% [2][4]. - The introduction of new models and expansion into international markets, along with a joint venture for chip supply, may create new profit models for NIO [3]. Summary by Sections Financial Performance - In Q3 2025, NIO's vehicle deliveries rose by 40.8% year-on-year and 20.8% quarter-on-quarter to 87,000 units, with automotive revenue increasing by 15.0% year-on-year to 19.20 billion RMB [2]. - Non-GAAP net loss narrowed by 37.3% year-on-year to 2.76 billion RMB [1][2]. Cost Management - R&D expense ratio decreased by 6.6 percentage points year-on-year to 8.9%, while SG&A expense ratio fell by 2.8 percentage points to 18.0% [2]. Future Projections - The report projects a Non-GAAP net loss of approximately 12.8 billion RMB for 2025, with expectations of a return to profitability in 2026 with a net profit of 266 million RMB [4][5]. - Revenue is expected to grow significantly, with a forecast of 84.35 billion RMB for 2025 and 132.83 billion RMB for 2026, reflecting a growth rate of 28.3% and 57.5% respectively [5][9]. Market Positioning - NIO is set to launch three new mid-to-large SUVs in 2026, which may enhance its market presence and sales performance [3]. - The company is also expanding its international footprint through partnerships and new product offerings, which could further drive growth [3].

来源：上海证券报·中国证券网 上证报中国证券网讯 11月27日，恒生指数高开0.07%，恒生科技指数跌0.10%。蔚来跌超2%，百度集团 跌超1%。 ...

（来源：钛媒体APP） 在很长一段时间里，蔚来在汽车圈更像是一个特立独行的特长生，甚至是带着些许浪漫主义色彩的"文 科生"。 它的用户服务无微不至，可以写进任何一本商学院的MBA教材；它的NIO House开在东方广场这种最昂 贵的地段，提供着高情绪价值的社交体验；它的换电执念曾被无数精算师视为财务黑洞，被嘲笑为堂吉 诃德式的冲锋。 来源：市场资讯 而它的创始人李斌，更是因为2019年的那场至暗时刻，被媒体贴上过"最惨的人"的标签。那时候的蔚 来，仿佛总是在谈论梦想、蓝天和远方，却唯独在谈论"赚钱"这件事上显得有些羞涩。 然而，在蔚来11周岁生日这天发布的2025年Q3财报，似乎让我们嗅到了一种截然不同的气息。那个曾 经充满理想主义、甚至带着些许"挥金如土"气质的蔚来，正在迅速蜕变成一个精明、务实、甚至有些锱 铢必较的"理科生"。 面对媒体关于生日发财报是不是"故意的"调侃，李斌虽然笑着否认，但他随后对财报亮点的拆解，也不 再沉醉于单纯的规模叙事，而是将经营的颗粒度对准了更本质的指标。 用他话总结来看就是，"少玩花活，多干实事。" 这句话听起来朴实无华，但其背后支撑的数据却逐渐乐观起来：Q3营收创历史新高达到 ...