Group 1 - NIO released its Q3 financial report, achieving a revenue of 21.79 billion yuan, a year-on-year increase of 16.7%, and delivered 87,081 new vehicles, a year-on-year increase of 40.8% [1][2] - The gross margin reached a new high of 13.9%, the highest in three years, with a cash reserve of 36.7 billion yuan at the end of the quarter [1][6] - NIO's fourth-quarter delivery guidance is set between 120,000 to 125,000 vehicles, and as of October 31, the company has established 3,614 battery swap stations and 4,801 charging stations globally [1] Group 2 - Hesai Technology launched its self-developed high-performance intelligent main control chip for LiDAR, named Fermi C500, based on RISC-V architecture, along with the world's only photon isolation safety technology [7][11] - By November 2025, Hesai is expected to have 16 self-developed chips certified for automotive use, with a cumulative delivery of 185 million units, ranking first globally [9] Group 3 - Pony.ai officially launched its seventh-generation Robotaxi, which is the world's first L4 level fully autonomous driving Robotaxi model based on automotive-grade SoC chips [12][13] - The seventh-generation Robotaxi, which began road testing in June, has a design lifespan of 600,000 kilometers and a total cost of the autonomous driving suite reduced by 70% compared to the previous generation [15] - Pony.ai has over 720 mass-produced Robotaxi vehicles operating in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, aiming to transform daily commuting with the rapid development of autonomous driving services [18]

Core Viewpoint - NIO's third-quarter financial results show significant growth across key metrics, indicating strong operational performance and market demand for its electric vehicles [2][3]. Financial Performance - NIO delivered 87,071 vehicles in Q3, marking a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8%, achieving a historical high [2][7]. - Revenue for Q3 reached 21.79 billion RMB, up 16.7% year-on-year and 14.7% quarter-on-quarter, also a historical high [2][7]. - The net loss for Q3 was 3.4805 billion RMB (approximately 488.9 million USD), which narrowed by 31.2% year-on-year and 30.3% quarter-on-quarter [2]. Profitability and Cash Flow - The comprehensive gross margin for Q3 was 13.9%, the highest in nearly three years, indicating improved profitability in products and services [3][7]. - The vehicle gross margin reached 14.7%, also a near three-year high [3][7]. - NIO's cash reserves increased to 36.7 billion RMB, with a significant quarter-on-quarter growth of nearly 10 billion RMB, achieving positive operating cash flow and free cash flow [3][8]. Future Guidance - For Q4, NIO expects to deliver between 120,000 and 125,000 vehicles, representing a year-on-year growth of 65.1% to 72.0% [3][9]. - Revenue guidance for Q4 is projected to be between 32.76 billion and 34.04 billion RMB, indicating a year-on-year growth of 66.3% to 72.8% [3][9]. Infrastructure Development - As of October 31, NIO has built a total of 3,614 battery swap stations, 4,801 charging stations, and 27,396 charging piles globally, leading among domestic automakers in infrastructure development [3][10]. Product Demand and Technology - The launch of the L90 model saw over 10,000 deliveries in its first month, making it the fastest-selling model in NIO's history, with production capacity aiming for 15,000 units by October [3]. - The new ES8 model has exceeded market demand expectations, with production plans being adjusted upwards monthly [3]. - NIO's self-developed core technologies, including the NX9031 smart driving chip and 900V high-performance electric drive system, are enhancing product competitiveness while reducing R&D and manufacturing costs [3].

25日晚间，美股三大指数开盘涨跌不一，截至北京时间22：45左右，道指涨0.26%，标普500指数跌0.30%，纳指跌0.86%。 美国科技巨头涨跌互现，脸书、苹果、谷歌涨超1%，亚马逊跌超1%，微软跌近2%，特斯拉跌超2%，甲骨文跌超4%，股价跌至五个多月以来最低水平。 英伟达跌幅扩大至6.4%，创9月17日以来新低，总市值跌至4.15万亿美元，较历史最高点跌去1万亿美元。据智通财经报道，谷歌人工智能芯片TPU获Meta 洽购，价值数十亿美元。 现货黄金短线跳水，维持在4100美元/盎司关口附近。国际原油盘中直线跳水，WTI原油、布伦特原油期货双双跌超2%。 消息面上，俄乌局势迎来关键进展。据央视新闻报道，有一位美国官员表示，乌克兰已同意一项结束与俄罗斯冲突的协议，目前仅剩"一些小细节"尚未敲 定。与此同时，乌克兰总统泽连斯基表示，仍有许多工作要做。 对于后市油价表现，多数机构并不乐观。摩根大通大宗商品研究主管娜塔莎·卡内娃指出，如果不进行干预，全球石油市场明年将面临每日280万桶的过 剩，2027年则面临每日270万桶的过剩。"在这些条件下，布伦特油价可能在2026年跌破60美元，到2026年第四季度跌至 ...

记者丨黎雨桐 编辑丨江佩霞 25日晚间，美股三大指数开盘涨跌不一，截至北京时间22：45左右，道指涨0.26%，标普500指数跌0.30%，纳指跌0.86%。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 46570.01 | 22675.74 | 6685.13 | | +121.74 +0.26% | -196.27 -0.86% | -19.99 -0.30% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7730.16 | 24848.25 | 6715.75 | | +3.93 +0.05% | -100.00 -0.40% | -5.50 -0.08% | 消息面上， 俄乌局势迎来关键进展。据央视新闻报道， 有一位美国官员表示，乌克兰已同意一项结束与俄罗斯冲突的协议，目前仅剩"一些小 细节"尚未敲定。与此同时，乌克兰总统泽连斯基表示，仍有许多工作要做。 蔚来跌超4%， 蔚来发布2025年三季度财报。蔚来公司三季度交付87,071台，同比增长40.8%，环比增长20.8%，创历史新高。三季度营收 217.9亿元，同比增长16.7%， ...

Core Insights - NIO reported significant growth in Q3 2025, with vehicle deliveries and revenue increasing both year-on-year and quarter-on-quarter, alongside improved profitability and a record guidance for Q4 [1][2] 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% [1] - The company achieved revenue of 21.79 billion yuan, up 16.7% year-on-year and 14.7% quarter-on-quarter [1] - Net loss narrowed to 3.48 billion yuan, a decrease of 31.2% from 5.06 billion yuan in the same quarter of 2024 and a 30.3% reduction from 4.99 billion yuan in Q2 2025 [1] - Gross margin improved to 13.9%, the highest in nearly three years, with vehicle gross margin reaching 14.7%, up 4.4 percentage points from the previous quarter [1] Q4 Guidance - NIO expects Q4 2025 vehicle deliveries to range between 120,000 and 125,000 units, with total revenue projected between 32.76 billion and 34.04 billion yuan, both representing historical highs [2] Long-term Strategy - The company aims for profitability in 2026, focusing on the high-end electric vehicle market with plans to launch multiple new models in 2026 [3] - NIO anticipates that the penetration rate of electric vehicles in the high-end market (over 300,000 yuan) will continue to grow, having increased from 12% last year to 18% in Q3 2025 [3] - The company plans to leverage high-margin models to boost overall gross margin, targeting a gross margin of 20% by 2026 [3] Market Impact and Policy Response - The recent reduction in vehicle replacement subsidies has impacted lower-priced models, but NIO has committed to policy support for existing orders [3] - The upcoming half reduction in new energy vehicle purchase tax is expected to have a limited impact on NIO due to the BaaS battery rental model [4]

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

专题：聚焦2025年第三季度美股财报 蔚来（NYSE： NIO； HKEX： 9866； SGX： NIO）今日发布了截至9月30日的2025年第三季度财报： 总营收为217.939亿元，同比增长16.7%，环比增长14.7%。净亏损34.805亿元，同比减亏31.2%，环比减 亏30.3%。不按美国通用会计准则，调整后的净亏损为27.351亿元，同比减亏38.0%，环比减亏33.7%。 详见： 蔚来第三季度营收218亿元 经调净亏损27亿元 财报发布后，蔚来创始人、董事长、CEO李斌，CFO曲玉等高管出席了随后召开的电话会议，对财报进 行了解读，并回答了分析师提问。 以下是分析师问答环节部分内容： 摩根士丹利分析师Tim Hsiao：我的第一个问题有关公司的盈亏平衡目标。我们注意到在近期的新闻 里，管理层给出的第四季度预期交付量为12万到12.5万台，比管理层之前设定的15万台目标下降了约 20%。我的问题是，在当前情况下，公司第四季度的盈亏平衡目标会受到怎样的影响？考虑到季节性需 求和政策环境的不确定性，管理层预计销量何时才能回到单月5万台的水平？ 李斌：实现第四季度盈利我们还是有信心的，同时这也是我们的 ...

| 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 46627.40 | 179.13 | 0.39% | | 纳斯达克指数 | 22789.42 | -82.59 | -0.36% | | 标普500 | 6700.93 | -4.19 | -0.06% | 科技股涨跌互现，谷歌涨2.6%，再创历史新高；博通涨超2%。AMD跌逾6%，英伟达跌超4%。 中概股多数上涨，小马智行涨超5%，禾赛科技涨逾4%，蔚来跌超2%。 编辑｜钉钉 来源：第一财经 11月25日，美股三大指数开盘涨跌不一，道指涨0.39%，标普500指数跌0.06%，纳斯达克综合指数跌 0.36%。 ...

NIO Inc. (NYSE: NIO) reported mixed Q3 2025 results before the bell on Tuesday, beating earnings expectations while missing on revenue. ...

四季度置换补贴退坡对市场产生了比较大的影响，整个行业应该不会产生像去年一样的翘尾效应。 【#李斌称蔚来高毛利车型订单非常强劲#】#李想称一半全尺寸SUV在致敬理想L9##李想称不介意友商 抄袭理想i6#蔚来汽车今日发布了三季度财报。在之后的电话财报会议上，蔚来董事长李斌表示： 而蔚来三季度财报显示，三季度交付87,071台，同比增长40.8%，环比增长20.8%；三季度营收217.9亿 元，同比增长16.7%，环比增长14.7%，均创历史新高。 三季度综合毛利率13.9%，创近三年来新高。四季度交付指引120,000台至125,000台，同比增长65.1%至 72.0%。 若蔚来四季度达成交付指引，且毛利率增加至18%，意味着蔚来将首次达成季度盈利的目标。（快科 技） 对于蔚来公司来说，主要的影响在于乐道L90和L60等低价车型，但蔚来有信心实现四季度盈利，目前 在售的高毛利车型例如蔚来全新ES8，订单非常强劲，库存订单充足。 李斌进一步解释道，公司在四季度目标达到18%左右的整车毛利率，全新ES8交付量在四季度会有大的 跃升，全新ES8的毛利率将超过20%，毛利总额相比Q3比会有显著增长。 此外，李斌指出， ...