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， ...

11月25日晚间，蔚来汽车发布财报称，2025年第三季度净亏损为人民币34.805亿元人民币（约合4.889亿 美元），同比收窄31.2%，环比收窄30.3%。调整后净亏损（非公认会计准则）为人民币27.351亿元人民 币（3.842亿美元），同比收窄38.0%，环比收窄33.7%。 蔚来创始人、董事长、CEO李斌在业绩交流会上表示，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。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，但公司对实现四季度盈利还是有信心，主要还是基于ES8等高毛利的车型订单非常强 劲，对毛利总额的影响在预期的范围之内。 截至发稿，蔚来美股盘前涨超2%，此前一度大涨近9%。 编辑｜钉钉 三季度综合毛利率13.9%，创近三年来新高。截至2025年9月30日，三季度现金储备367亿元。 ...

业绩利好密集来袭。 今日晚间，受业绩利好刺激，多只明星中概股股价在美股盘前交易中直线拉升。其中，阿里巴巴一度大涨近5%，蔚来汽车一度大涨超9%，小马智行一度 大涨超11%。 阿里巴巴最新发布的财报显示，云智能集团成为业绩亮点，2026财年第二财季贡献营收同比激增34%至398.2亿元，超出市场预期，AI相关产品收入连续9 个季度实现三位数同比增长。阿里巴巴集团首席财务官徐宏表示，过去4个季度，阿里巴巴在AI+云基础设施的资本开支约1200亿元。 阿里巴巴最新发布 11月25日晚间，阿里巴巴公布了2026财年第二财季(对应自然年2025年7—9月)财报，其中显示，第二财季实现营收2477.95亿元（单位：人民币，下同）， 市场预估为2452亿元，同比增长4.8%；云智能集团收入为398.2亿元，同比增长34%，市场预估为379.9亿元；调整后净利润为103.5亿元，低于市场预估的 168亿元；调整后息税折旧及摊销前利润为172.6亿元，低于预估的193亿元。 受此影响，阿里巴巴股价在美股盘前交易中一度大涨近5%。 | BABA 阿里巴巴 | | | | | --- | --- | --- | --- | | 收 ...

【#蔚来李斌称有信心实现四季度盈利#】11月25日，蔚来创始人、董事长、CEO李斌在2025年三季度财 报电话会上表示，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。相对较低价格车型虽受到置换补贴退坡影响，但对公司整体毛利的影响在预期范围之 内。 ...

11月25日晚间，蔚来创始人、董事长、CEO李斌在业绩交流会上表示，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。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，但公司对实现四季度盈利还是有信心，主要还是基于ES8等高毛利的车型订 单非常强劲，对毛利总额的影响在预期的范围之内。（第一财经记者 葛慧） (本文来自第一财经) ...

Financial Data and Key Metrics Changes - In Q3 2025, the company delivered 87,071 smart EVs, representing a year-over-year growth of 40.8% [5] - Total revenues reached RMB 21.8 billion, an increase of 16.7% year over year and 14.7% quarter over quarter [25] - Vehicle sales were RMB 19.2 billion, up 15% year over year and 19% quarter over quarter [25] - Overall gross margin improved to 13.9%, the highest in nearly three years, compared to 10.7% in Q3 last year [9][26] - Non-GAAP operating loss was narrowed by 30% quarter over quarter, with positive operating cash flow and free cash flow generated in Q3 [10][28] Business Line Data and Key Metrics Changes - The vehicle gross margin improved to 14.7%, compared to 13.1% in Q3 last year and 10.3% last quarter [26] - Other sales reached RMB 6.2 billion, up 31.2% year over year but down 9.8% quarter over quarter [25][26] - The ONVO brand's L90 delivered over 33,000 units in three months since its launch, leading the large battery electric SUV segment [13] - The All-New ES8 surpassed 10,000 deliveries within just 41 days, making it a top seller in the premium large three-row SUV segment [12] Market Data and Key Metrics Changes - In October, the company delivered 40,397 smart EVs, up 92.6% year over year, marking three consecutive months of record-high deliveries [8] - The penetration rate of battery electric vehicles (BEV) in the premium segment increased from 12% last year to 18% in Q3 this year [67] - The sales volume of BEV models increased by 33% year over year, while range-extended vehicles decreased by 10% [66] Company Strategy and Development Direction - The company remains committed to a battery electric vehicle roadmap featuring chargeable, swappable, and upgradable batteries [11] - The strategy includes leveraging full-stack R&D capabilities across 12 key tech areas to meet diverse user needs [11] - The company plans to introduce five new large models next year, targeting the premium segment and aiming for a vehicle gross margin of around 20% [71][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving quarterly break-even in Q4 despite challenges from the phase-out of trade-in subsidies [31] - The company anticipates strong demand for high-margin products like the all-new ES8, which is expected to drive profitability [32] - Management noted that the overall impact of the purchasing tax phase-out on gross profit is limited, with confidence in maintaining sales momentum [50] Other Important Information - The company completed a total of $1.16 billion in equity financing, strengthening its balance sheet for long-term commitments [19] - The global charging and swapping network operates 3,641 power swap stations, providing over 92 million swaps [18] - The company has established a partnership for a chip joint venture to enhance its technology capabilities [84] Q&A Session Summary Question: Break-even target and delivery guidance - Management remains confident in achieving quarterly break-even in Q4 despite a lower delivery guidance of 120,000-125,000 units due to market challenges [31][34] Question: Volume targets and new model schedule - Management expects to achieve a monthly run rate of 50,000 units in the first half of next year, supported by new model launches [42] Question: 2026 outlook and purchasing tax impact - The company anticipates limited impact from the purchasing tax phase-out, with a focus on maintaining competitive pricing strategies [46][50] Question: Expense control and R&D spending - R&D expenses are expected to remain around RMB 2 billion per quarter, with a focus on improving efficiency [53][55] Question: Margin drivers in Q3 - The vehicle gross margin improvement in Q3 was driven by cost reductions and the sales of high-margin products like the L90 [81] Question: Chip joint venture details - The joint venture aims to leverage chip design capabilities and sell solutions to other clients, with opportunities in both automotive and non-automotive industries [84]

NIO (NYSE:NIO) Q3 2025 Earnings Call November 25, 2025 07:00 AM ET Company ParticipantsNick Lai - Stock AnalysWilliam Li - CEORay Chen - Head of Investor RelationsNone - TranslatorStanley Yu Qu - CFOBen Wang - Managing Director and Senior ResearchConference Call ParticipantsNone - AnalystTim Hsiao - Stock AnalystJim Chang - AnalystMing Hsun Lee - Managing Director and Senior Equity AnalystYuqian Ding - Stock AnalystPaul Gong - Stock AnalystOperatorHello, ladies and gentlemen. Thank you for standing by for N ...

Financial Data and Key Metrics Changes - In Q3 2025, total revenues reached RMB 21.8 billion, an increase of 16.7% year-over-year and 14.7% quarter-over-quarter [22] - Vehicle sales amounted to RMB 19.2 billion, up 15% year-over-year and 19% quarter-over-quarter, driven by higher deliveries [22] - Overall gross margin improved to 13.9%, compared to 10.7% in Q3 last year and 10% last quarter, reflecting higher vehicle margin and better profitability in sales of parts and services [23] - Non-GAAP operating loss narrowed by 30% quarter-over-quarter, with positive operating cash flow and free cash flow generated in Q3 [8][26] Business Line Data and Key Metrics Changes - The company delivered 87,071 smart EVs in Q3 2025, representing a year-over-year growth of 40.8% [4] - In October, deliveries reached 40,397 smart EVs, up 92.6% year-over-year, marking three consecutive months of record-high deliveries [6] - The ONVO brand's L90 model delivered over 33,000 units in three months since its launch, leading the large battery electric SUV segment [10] - The Firefly brand has established itself as a benchmark in the high-end small EV market, with plans for global expansion [11] Market Data and Key Metrics Changes - The penetration rate of battery electric vehicles (BEVs) in the premium segment increased from 12% last year to 18% in Q3 2025 [56] - In October, BEV sales volume in the large three-row SUV segment ranked first for the first time, with 39,000 units sold compared to 24,000 for range-extended vehicles [55] - The overall new energy vehicle market saw a penetration rate of 55% in Q3, driven by the growth of BEVs [55] Company Strategy and Development Direction - The company remains committed to a battery electric vehicle roadmap featuring chargeable, swappable, and upgradable batteries [8] - NIO plans to introduce five new large models next year, targeting the premium segment and aiming for a vehicle gross margin of around 20% [60] - The company is shifting its global market strategy from direct selling to a partnership-based model, starting with the Firefly brand for international expansion [87] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving quarterly break-even in Q4 despite challenges from the phase-out of trade-in subsidies [29] - The company anticipates strong demand for high-margin products like the all-new ES8, which is expected to drive sales and profitability [30] - Management expects to achieve full-year profitability on a non-GAAP basis in 2026, supported by market trends and product competitiveness [54] Other Important Information - NIO completed a total of $1.16 billion in equity financing in September, strengthening its balance sheet [16] - The company has built a global charging and swapping network with 3,641 power swap stations and over 27,000 chargers [14] Q&A Session Summary Question: What is the impact of the lower delivery guidance on the break-even target? - Management remains confident in achieving quarterly break-even in Q4 despite the lower delivery guidance due to market challenges [29] Question: When can the company achieve a monthly run rate of 50,000 units? - Management expects to achieve a monthly run rate of 50,000 units in the first half of next year, driven by new model launches and improved sales capacity [39] Question: How will the company handle the upcoming purchase tax changes? - The impact of the purchase tax changes is expected to be limited, as most users opt for battery subscription models, which are exempt from the tax [43] Question: What is the outlook for R&D expenses moving forward? - R&D expenses are expected to remain around RMB 2 billion per quarter, with a focus on improving efficiency and maintaining competitiveness [47] Question: What is the strategy for overseas expansion? - The company is transitioning to a partnership-based model for global market entry, starting with the Firefly brand [87]

Group 1: Company Performance - Best Buy reported Q3 revenue of $9.67 billion, a year-over-year increase of 2.7%, with adjusted diluted EPS of $1.40 compared to $1.26 in the same period last year [1] - RoboSense achieved total revenue of approximately 407 million yuan in Q3, with LiDAR sales volume increasing by 34.0% year-over-year [2] - Alibaba's instant retail business generated revenue of 22.906 billion yuan in Q2 of FY2026, marking a 60% year-over-year growth [3][5] - Xiaomi repurchased 2.5 million shares for over 100 million HKD, with a total of 24 million shares repurchased this month [4] - NIO reported Q3 revenue of 21.79 billion yuan, a 16.7% year-over-year increase, with vehicle deliveries reaching 87,071 units, up 40.8% [8] - Zhihu's Q3 revenue was 659 million yuan, with a non-GAAP operating loss narrowing by 16.3% year-over-year [11] Group 2: Market Developments - Nokia announced its intention to delist from the Paris Stock Exchange, effective December 31, 2025 [2] - The Singapore National AI Program has shifted from using Meta's model to Alibaba's Qwen open-source architecture [13] - The U.S. investment consulting firm predicts that TSMC's market value could surpass Apple's by 2030, driven by AI demand [16] Group 3: New Products and Innovations - Huawei officially launched its first Harmony OS 2-in-1 tablet, the MatePad Edge, starting at 5,999 yuan [15] - Tuya Smart reported Q3 revenue of $82.5 million, marking the ninth consecutive quarter of year-over-year growth [6]

报告期内，蔚来交付汽车87071台，同比增长40.8%，环比增长20.8%，创历史新高。其中，蔚来品牌的 高端智能电动汽车交付36928辆，乐道品牌的家庭智能电动汽车交付37656辆，萤火虫品牌的智能电动高 端小车交付12487辆。 11月25日，蔚来集团(09866.HK)发布2025年三季度财报称，三季度公司营收217.9亿元，同比增长 16.7%；净亏损为34.81亿元，同比收窄31.2%；归属于蔚来普通股股东的净亏损为36.608亿元，同比收 窄28.8%。 据蔚来创始人李斌介绍，蔚来ES8创下在中国40万元以上纯电动汽车交付量破万的最快纪录，乐道 L90 连续三个月保持大型纯电SUV销量第一。 其中，小鹏汽车三季度普通股股东应占净亏损为3.8亿元，同比收窄79%；小米智能电动汽车及AI等创 新业务分部首次实现单季度经营盈利，经营收益达7亿元，其中智能电动汽车总收入创下283亿元的历史 新高，占该分部总收入的98%；零跑汽车第三季度权益持有人应占净利润则为1.5亿元，而上年同期为 亏损6.9亿元。 针对后期市场情况，乘联分会秘书长崔东树曾表示，今年四季度车市在政策引导和高增长基础上有望延 续平稳增长势 ...