Key Takeaways NIO posted a Q3 loss of 21 cents per ADS with revenues rising 15.1% year over year.Deliveries hit 87,071 vehicles, boosting sales and lifting vehicle and gross margins.NIO sees Q4 deliveries of 120,000-125,000 and revenues of $4.60B-$4.78B.NIO Inc. (NIO) reported a loss per American Depositary Share (ADS) of 21 cents in the third quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of 24 cents. The company had incurred a loss of 36 cents in the year-ago quarter.This China-base ...

Core Viewpoint - NIO's Q3 2025 financial report shows significant improvement in performance, with revenue and gross margin steadily increasing, and losses narrowing. The founder and chairman expressed confidence in achieving profitability in Q4, supported by high-margin vehicle models [1][4]. Financial Performance - Q3 2025 revenue reached 21.79 billion yuan, a year-on-year increase of 16.7% [3] - Gross margin was 13.9%, up nearly 4 percentage points quarter-on-quarter, with vehicle gross margin at 14.7%, the highest in nearly three years [3] - Q3 net loss was 3.4805 billion yuan, a decrease of 31.2% year-on-year and 30.3% quarter-on-quarter [3] - Adjusted net loss (non-GAAP) was 2.7351 billion yuan, down 38% year-on-year and 33.7% quarter-on-quarter [3] Delivery and Sales - In Q3, NIO delivered 87,071 vehicles, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [3] - The average revenue per vehicle was approximately 220,500 yuan based on 19.2 billion yuan in automotive sales [3] - Q4 delivery guidance is set between 120,000 and 125,000 vehicles, a downward adjustment from the previous target of 150,000 vehicles [5] Cost Management and Efficiency - Sales, general, and administrative expenses for Q3 were 4.1847 billion yuan, a year-on-year increase of 1.8% [3] - R&D expenses decreased by 28% year-on-year and 20.5% quarter-on-quarter, attributed to organizational optimization and cyclical adjustments in design and development costs [3] - The company aims to reduce sales, general, and administrative expenses to 10% of total revenue [6] Future Outlook - NIO plans to launch three large vehicles next year, relying on high-margin models to drive growth [6] - The target for Q4 is to achieve an 18% vehicle gross margin, with the new ES8 model expected to exceed a 20% gross margin [6] - The company is focusing on the high-end electric vehicle market and aims to capture market share in regions with significant growth potential [6][7] Strategic Challenges - The key challenge for NIO is balancing sales, production capacity, and strategy to ensure long-term sustainable development [7] - The company has a cash reserve of 36.7 billion yuan, which provides a buffer for strategic adjustments, but needs to accelerate the profitability of value-added services like battery swapping [7]

Core Viewpoint - Morgan Stanley expresses a positive outlook on NIO's profitability prospects, expecting the company to achieve profitability in Q4 of this year driven by high-priced new model deliveries, ongoing cost control, and improved operational efficiency [1] Group 1: Profitability Outlook - NIO is anticipated to reach a profitability inflection point by 2026, supported by the launch of new models, strict cost management, and enhanced operational capabilities [1] - The current stock price adjustment presents a favorable entry point for investors, with the next key observation being the market response to new models during the April 2026 Beijing Auto Show [1] Group 2: Financial Performance - NIO's Q3 2025 financial report indicates record highs in delivery volume, revenue capacity, and overall gross margin [1] - The revenue guidance for Q4 is projected to be between 32.76 billion and 34.04 billion yuan, representing a year-on-year growth of 66.3% to 72.8%, setting a new record and leading among new car manufacturers [1]

NIO Inc. (NYSE:NIO) announced on Wednesday that it is making its Thailand debut through a new market partnership with Thonburi Group.The move marks another step in Nio's Southeast Asia strategy, with Onvo and Firefly slated to enter the Thailand market via its Thonburi partnership, according to CnEV Post, which cited local media.The partner operates one of Southeast Asia's most established Mercedes-Benz assembly facilities through its automotive arm.Also Read: NIO And Li Auto Fall As Beijing Tightens Grip O ...

Upgrades - Argus upgraded Herbalife (HLF) to Buy from Hold, citing a Q3 earnings beat and raising FY25 EPS view by $0.03 to $2.15 and FY26 view by $0.04 to $2.64 [2] - JPMorgan upgraded Atmus Filtration (ATMU) to Overweight from Neutral with a price target increase to $60 from $53, following the proposed acquisition of Koch Filter [2] - Morgan Stanley upgraded Amentum (AMTM) to Equal Weight from Underweight, raising the price target to $35 from $20, indicating a more balanced risk/reward at current share levels [3] - Northland upgraded NetApp (NTAP) to Outperform from Market Perform, increasing the price target to $137 from $120, after reporting revenue growth of 4% year-over-year in fiscal Q2 and guidance for 5% growth in the second half of FY26 [3] - Deutsche Bank upgraded Autodesk (ADSK) to Buy from Hold, raising the price target to $375 from $345, following "very healthy" Q3 results described as one of the "cleanest" quarterly prints in recent years [4] Downgrades - Macquarie downgraded Nio (NIO) to Neutral from Outperform, lowering the price target to $5.30 from $6.70, after issuing "weak" Q4 volume guidance of 122,500 units at the midpoint [5] - Craig-Hallum downgraded PagerDuty (PD) to Hold from Buy, reducing the price target to $15 from $20, noting a fundamental change in end markets negatively affecting PagerDuty [5] - UBS downgraded Biohaven (BHVN) to Neutral from Buy, with a price target decrease to $11 from $26, citing multiple R&D and regulatory setbacks impacting confidence in its pipeline [5] - Bernstein downgraded Ambev (ABEV) to Market Perform from Outperform, setting a price target of $2.88, attributing the downgrade to valuation concerns as shares rose 16% year-to-date [5] - RBC Capital downgraded Morgan Stanley Direct Lending (MSDL) to Sector Perform from Outperform, lowering the price target to $18 from $19, suggesting lower net interest income return on equity expectations for 2026 [5]

NIO Q3 2025 Earnings Call Summary Company Overview - **Company**: NIO Inc. - **Industry**: Smart Electric Vehicles (EVs) Key Highlights Deliveries and Growth - NIO achieved record deliveries in Q3 2025, delivering **87,071 smart EVs**, a **40.8% year-over-year increase** [2][4] - October 2025 saw a **92.6% year-over-year increase** with **40,397 units** delivered, marking three consecutive months of record deliveries [2][4] - Q4 2025 deliveries are projected to reach between **120,000 to 125,000 vehicles**, representing a **65.1% to 72% year-over-year increase** [2][5] Financial Performance - Total revenues in Q3 2025 reached **RMB 21.8 billion**, a **60.7% year-over-year increase** [3][19] - Vehicle gross margin rose to **14.7%**, with overall gross margin at **13.9%**, the highest in nearly three years [2][6] - Non-GAAP operating loss narrowed by over **30% quarter-over-quarter**, with both operating and free cash flow turning positive [2][6][24] Product Launches and Demand - NIO launched several new products, including the **Umbo L90** and the all-new **ES8**, both experiencing strong demand [2][7] - The **ES6 SUV** reached a milestone of **300,000 cumulative deliveries** in October [2][10] - The **Umbo L90** delivered over **33,000 units** in three months, leading the large battery electric SUV segment [2][8] Strategic Commitments - NIO is committed to a battery electric vehicle roadmap featuring chargeable, swappable, and upgradable batteries [2][9] - The Omni brand has led the high-end small electric vehicle market in sales volume, expanding into global markets [2][11] - Advancements in smart driving technology include the introduction of the **new world model (NWM)**, featuring a closed-loop training system [2][12] Market Position and Future Outlook - NIO completed a **$1.16 billion equity financing**, strengthening its balance sheet for long-term R&D and user services [3][16] - The company anticipates a vehicle gross margin of around **18%** in Q4 2025, driven by strong demand for high-margin products like the ES8 [26][27] - NIO aims for full-year profitability on a non-GAAP basis in 2026, supported by increasing BEV penetration in the premium segment [35][40] Operational Efficiency - R&D expenses were **RMB 2.4 billion**, reflecting a decrease of **20-28% year-over-year** due to organizational optimization [22] - Selling, General, and Administrative (SG&A) expenses were **RMB 4.2 billion**, up **1.8% year-over-year** [22] Global Expansion Plans - NIO is expanding its global market presence, transitioning from a direct-to-customer model to a partnership-based approach [49] - The **Firefly** product will lead global market entry, with plans to introduce additional models in various regions [49][50] Market Trends - The overall penetration rate for new energy vehicles reached **55%** in Q3 2025, with BEV sales growing by **26% year-over-year** [37] - NIO's strategy includes leveraging new models and enhancing operational efficiencies to capture market share in the growing BEV segment [36][40] Conclusion NIO's strong performance in Q3 2025, marked by record deliveries and improved financial metrics, positions the company favorably for future growth. The commitment to innovation, strategic product launches, and global expansion efforts are expected to drive continued success in the competitive smart EV market.

25 November 2025 | 7:49PM CST Equity Research NIO Inc. (NIO): 3Q25 First Take: Operating profit beat on higher vehicle margin, 4Q25 volume/revenue guidance below expectation Exhibit 1: Nio 3Q25 result summary Nio reported 3Q25 result with total revenue slightly below expectation but operating profit beat, mainly attributed to higher vehicle gross margin from greater-than-expected BOM cost reduction. However, 4Q25 volume and revenue guidance was below expectation, with vehicle sales volume of 120k-125k units ...

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]