November 25, 2025 05:14 PM GMT NIO Inc. | Asia Pacific Upbeat margin guidance - One step closer to breakeven? Key Takeaways NIO plans to launch three new large-size SUVs - NIO ES9, ES7, and Onvo L80 - in 2Q-3Q26 to support higher volume growth in 2026. Management targets 20% GPM in 2026 on the back of supply chain cost savings, scale, and a favorable product mix. As NIO ES6, EC6, and ES8 all come with 20%+ GPM, management is confident it can maintain its group GPM target even if promotions widen slightly am ...

蔚来正站在盈利的关键节点。最新财报数据显示，公司2025年三季度收入217.9亿元，同比增长16.7%； 综合毛利率13.9%，环比增长了近4个百分点，整车毛利率14.7%，创近三年新高。 三季度公司销售、一般及行政费用为41.847亿元，同比增长1.8%；研发费用为23.906亿元，同比下降 28%，环比下降20.5%。蔚来表示，研发费用下降主要得益于组织优化带来的研发职能人员成本精减， 以及新产品、新技术开发进入不同阶段后设计开发费用的周期性调整。 11月25日，蔚来2025年三季度财报显示，公司业绩呈现明显改善态势。营收、毛利率均稳步提升，亏损 幅度持续收窄。蔚来创始人、董事长李斌在业绩电话会上重申，对四季度实现盈利充满信心，高毛利车 型将成核心支撑。值得注意的是，蔚来披露的四季度交付量指引为12万—12.5万辆之间，与此前目标相 比有所下调。在业内人士看来，蔚来在四季度实现盈利存在可能性。蔚来现阶段的核心挑战是销量、产 能与战略之间的平衡，要实现长期健康发展仍需完善产品矩阵，并确保高端车型产能的稳定性。 | 119 | | --- | | NIO Inc. Reports Unaudited Thir ...

Core Insights - NIO's Q3 2025 financial report shows record high deliveries and revenue, with a strong guidance for Q4, indicating robust growth momentum in a challenging market [1][2][3] Group 1: Financial Performance - In Q3 2025, NIO delivered 87,071 vehicles, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8%, achieving a revenue of 21.79 billion yuan, which is a 14.7% quarter-on-quarter growth [1][2] - The gross margin for vehicles rose to 14.7%, and the overall gross margin reached 13.9%, indicating significant improvements in cost control and supply chain management [2] - NIO's cash reserves increased to 36.65 billion yuan, with both operating cash flow and free cash flow turning positive, reflecting enhanced self-sustainability [2] Group 2: Q4 Guidance - NIO expects to deliver between 120,000 and 125,000 vehicles in Q4, with projected revenue between 32.758 billion and 34.039 billion yuan, leading among new energy vehicle manufacturers [3] - The CEO, Li Bin, stated that the company aims for an 18% gross margin in Q4, with significant increases in the delivery and margin of the new ES8 model [3] Group 3: Strategic Developments - NIO's multi-brand strategy has shown strong synergy, with stable delivery figures across its three brands in October, enhancing market coverage in various price segments [4] - The introduction of high-margin models, particularly the L90 from the LeDao brand, has contributed to the improvement in gross margins [4] Group 4: Infrastructure and User Experience - As of November 25, 2025, NIO has established 8,386 charging facilities, including 3,581 battery swap stations, maintaining the industry's leading position [5] - The rapid deployment of over 1,000 highway battery swap stations within 2,429 days enhances user experience and alleviates range anxiety, particularly for long-distance travel [5] Group 5: Future Outlook - The CEO has set a target for the company to achieve profitability in the next year, with an expected gross margin of 20% by 2026, driven by product optimization and operational efficiency [6] - NIO is positioned to maintain its leadership in the new energy vehicle sector, particularly in the high-end electric vehicle market, due to its competitive advantages and ongoing investments in product, technology, and service [7]

摩根士丹利认为，尽管蔚来四季度交付指引相对保守，但在产品结构优化和规模效应推动下，整车毛利 率有望显著改善。 11月26日，据追风交易台消息，大摩在最新研报中对蔚来三季度财报给予积极评价，认为公司虽然下调 四季度交付指引至12-12.5万辆，但整车毛利率有望达到18%，凸显盈利能力持续改善。 研报称，蔚来三季度净亏损收窄至37亿元人民币，好于摩根士丹利预期的43亿元亏损，主要得益于整车 毛利率环比提升4.4个百分点至14.7%。公司四季度营收指引为328-340亿元人民币，环比增长50-56%， 暗示平均售价将实现高个位数增长，主要受益于ES8和乐道L90等高毛利率车型销量占比提升。 摩根士丹利分析师Tim Hsiao领衔的团队指出，预计四季度整车毛利率达到18%，非整车业务收入和毛 利率也将环比改善。蔚来管理层重申四季度实现非美国通用会计准则(non-GAAP)盈亏平衡目标，尽管 交付量指引低于此前预期。 该行维持蔚来"增持"评级，目标价9美元，较当前股价有57%的上涨空间。 2026年展望：目标20%毛利率 大摩表示，整车毛利率从二季度的10.3%提升至14.7%，高于其预期的13%。 分析师认为，这主要 ...

Core Insights - NIO Inc. reported a record high in multiple key metrics for 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][2] - The company generated revenue of 21.79 billion yuan, marking a quarter-on-quarter growth of 14.7%, also a historical high [1][2] - NIO's Q4 guidance indicates expected vehicle deliveries of 120,000 to 125,000 units and revenue between 32.758 billion and 34.039 billion yuan, positioning it as a leader among new energy vehicle manufacturers [1][3] Financial Performance - In Q3 2025, NIO achieved a gross margin of 14.7% and a comprehensive gross margin of 13.9%, reflecting significant improvements in cost control and supply chain management [2] - The company reported positive operating cash flow and free cash flow, with cash reserves increasing to 36.65 billion yuan, indicating enhanced self-sustainability [2] Q4 Guidance and Market Position - NIO's Q4 revenue guidance is the highest among new energy vehicle companies, showcasing strong growth momentum and competitive market positioning [3] - CEO Li Bin stated that the company aims for an 18% gross margin in Q4, with expectations for the new ES8 model to significantly boost deliveries and margins [3] Brand Strategy and Product Optimization - NIO's multi-brand strategy, including the "NIO, Ladao, and Firefly" brands, has shown effective market coverage across different price segments, with stable delivery numbers in October [4] - The introduction of high-margin models, such as the Ladao L90, has contributed to improved gross margins, with further optimization expected from the upcoming ES8 deliveries [4] Energy Network and User Experience - As of November 25, 2025, NIO has established 8,386 charging facilities, including 3,581 battery swap stations, maintaining a leading position in the industry [5] - The "3-minute battery swap" service alleviates range anxiety for users, particularly during long-distance travel, enhancing the overall user experience [5] Future Outlook - Looking ahead, NIO aims for profitability in 2026, with a projected gross margin of 20%, driven by product structure optimization and operational efficiency improvements [6] - The company is expected to maintain its leading position in the new energy vehicle sector, particularly in the high-end electric vehicle market [7]

Core Viewpoint - NIO's Q3 2025 financial report shows record-high delivery volume, revenue, and gross margin, with significant reduction in losses and increased cash reserves, exceeding market expectations and indicating sustainable development potential [2][3][4]. Delivery and Revenue Performance - In Q3, NIO delivered 87,071 vehicles, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8%, setting a new record for quarterly deliveries [3]. - Revenue reached 21.79 billion yuan, up 16.7% year-on-year and 14.7% quarter-on-quarter, driven by increased delivery volume and optimized product mix [3]. - The overall gross margin improved to 13.9%, up 3.2 percentage points from the same period last year and 3.9 percentage points from the previous quarter, marking the highest level in three years [3]. Loss Reduction and Cash Flow - NIO's net loss for Q3 was 3.4805 billion yuan, a decrease of 31.2% year-on-year and 30.3% quarter-on-quarter. Non-GAAP net loss narrowed to 2.7351 billion yuan, down 34.1% year-on-year and 31.5% quarter-on-quarter [4]. - Cash reserves increased to 36.7 billion yuan, with positive operating cash flow and free cash flow, providing a solid foundation for future profitability [5]. Multi-Brand Strategy and Market Position - NIO's multi-brand strategy has successfully contributed to balanced growth, with deliveries from NIO, Ladao, and Firefly brands at 36,928, 37,656, and 12,487 vehicles respectively [5]. - The Ladao brand has become a growth driver, achieving 30,000 deliveries within 86 days of the Ladao L90's launch, while the NIO brand's new ES8 model set a record for deliveries of high-end electric vehicles [5]. Cost Control and Efficiency - R&D expenses decreased to 2.39 billion yuan, down 28.0% year-on-year, while sales, general, and administrative expenses increased slightly by 1.8% [6]. - NIO aims to control sales and administrative expenses to 12% of revenue, enhancing operational efficiency [6]. Q4 Outlook and Profitability Goals - NIO projects Q4 deliveries between 120,000 and 125,000 vehicles, with revenue guidance of 32.76 billion to 34.04 billion yuan, both setting new historical highs [7]. - The company aims for an 18% gross margin in Q4, driven by the delivery of high-margin models and continued cost optimization [7]. Market Challenges and Competitive Landscape - Price competition in the electric vehicle market poses a risk to gross margin, with recent price cuts from competitors impacting profitability [8]. - NIO's R&D expenses remain high at 15.8% of revenue, with a target to reduce this to 6%-7%, presenting a significant challenge [8]. Long-Term Strategy and International Expansion - NIO is focusing on international expansion, with plans for the Firefly brand to enter global markets, which could open new growth opportunities [9]. - The company continues to invest in key areas such as AI, ensuring efficiency in R&D while maintaining a strong focus on technological advancements [9].

NIOPhone拥有4款性能版，色彩与蔚来汽车车身同源；2款旗舰版，色彩与蔚来汽车内饰同源；以及特 别版本EPedition。 NIOPhone搭载SkyUI，主打纯净清爽。李斌称0系统广告，0商业预装。 李斌表示，NIOPhone是为蔚来车主而生：可以代替车钥匙，一台手机多车操控，没电关机后48小时内 仍可解锁；还专门增加了车控键，30项功能可一键直达；手机与车机可实现应用跨端融合，比如游戏、 会议等。 售价方面，性能版6499元，旗舰版6899元，EPedition版7499元。 在今日的NIO IN 2023蔚来创新科技日上，蔚来手机NIOPhone正式亮相。 蔚来创始人、董事长、CEO李斌介绍，NIOPhone定位是一部旗舰手机，搭载高通骁龙8Gen2领先版，最 高16GB+1T内存组合可选。 NIOPhone配备6.81英寸屏幕，支持1-120Hz可变刷新率；搭载5000万像素广角+超广角+潜望长焦后置三 摄；配备5200mAh电池，支持66W有线快充+50W无线快充。 ...

（图片来源：摄图网） 2025年11月25日，蔚来公布了其第三季度财报，交出了一份历史最佳成绩单，多项指标创下新高。财报显 示，蔚来在2025年第三季度共交付87,071台，同比增长40.8%，环比增长20.8%，创下历史新高。营收方面同 样表现出色，三季度营收达到217.9亿元，同比增长16.7%，环比增长14.7%，也刷新了历史纪录。三季度综 合毛利率为13.9%，整车毛利率为14.7%，均创近三年新高，产品和服务盈利能力显著增强。此外，三季度 现金储备达到367亿元，环比大幅增长近百亿，还实现了正向经营性现金流和自由现金流，财务状况进一步 优化。 基于三季度的良好表现，蔚来对四季度给出了乐观的交付和营收指引。四季度交付指引为120,000台至 125,000台，同比增长65.1%至72.0%;营收指引为327.6亿元至340.4亿元，同比增长66.3%至72.8%，均有望再 创历史新高。 不过，蔚来目前仍处于亏损状态，Q3净亏损34.8亿元，但较之前已大幅收窄超30%。按照Q3的水平简单估 算，蔚来距离盈利似乎只差35个亿。 政策的变化也进一步加剧了市场竞争。2026年起新能源汽车购置税从全额免税调整为 ...

作者丨彭鑫 编辑丨安安 11月25日，蔚来发布2025年第三季度财报。 数据显示，今年Q3营收为217.9亿元，同比增长16.7%，环比增长14.7%；净亏损为34.8亿元，同比收窄31.2%，环比收窄30.3%；经调整净亏损为27.4亿元， 同比收窄38.0%，环比收窄33.7%；截至今年三季度末，公司现金储备为367亿元，较上季度增长近百亿元。 | | 2025年 | 2025年 | 2024年 | | | --- | --- | --- | --- | --- | | | | 第三季度 第二季度 第三季度 | | 變動 | | | | | | 環比 | | 汽車銷售額 | 19.202.3 | 16.136.1 16.697.6 | | 19.0% | | 汽車毛利率 | 14.7% | 10.3% | 13.1% | 440bp | | 收入總額 | 21.793.9 | 19.008.7 | 18.673.5 | 14.7% | | 毛利 | 3.024.6 | 1.897.5 | 2.007.4 | 59.4% | | 毛利率 | 13.9% | 10.0% | 10.7% | 390bp | | ...

Core Insights - NIO reported a record high revenue of approximately 21.79 billion yuan for Q3 2025, marking a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1][2] - The net loss narrowed to 3.48 billion yuan, a reduction of 31.2% year-on-year and 30.3% quarter-on-quarter [1][2] - Cash reserves increased significantly to 36.7 billion yuan, with positive operating cash flow and free cash flow achieved [1] Financial Performance - Automotive sales revenue reached 19.22 billion yuan, up 15% year-on-year and 19% quarter-on-quarter [2][6] - Gross margin for automotive sales improved to 14.7%, compared to 13.1% in Q3 2024 and 10.3% in Q2 2025, reflecting a 440 basis points increase [2][6] - Total revenue for Q3 2025 was 21.79 billion yuan, with a gross profit of 3.02 billion yuan, resulting in a gross margin of 13.9% [2][6] Delivery and Production - NIO delivered approximately 87,071 vehicles in Q3 2025, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [4][5] - The company aims to deliver between 120,000 to 125,000 vehicles in Q4 2025, representing a year-on-year growth of 65.1% to 72% [2][3] Future Outlook - The company targets a gross margin of around 18% for Q4 2025, with the new ES8 model expected to exceed a 20% gross margin [4][7] - NIO's CEO expressed confidence in achieving profitability in Q4 2025 and aims for full-year profitability in 2026 [3][9] - The company plans to launch five new large vehicles in 2026, aligning product offerings with market trends [11][13] R&D and Operational Efficiency - R&D expenses for Q3 2025 were 2.39 billion yuan, down 28% year-on-year and 20.5% quarter-on-quarter [7][8] - The company is focused on enhancing operational efficiency and has seen improvements in Q3 2025 [8]