每经记者｜李星 每经编辑｜陈柯名 裴健如 10月20日，《每日经济新闻》记者从蔚来方面了解到，蔚来董事长、CEO李斌在最近一次针对中高层人员的内部会议上表示，今年第四季度盈利是必须实 现的一件事。 "实现季度盈利是我们整个团队证明运营效率、经营能力必须交出的答卷，也是我们必须实现的一件事情。这不是为了做给别人看，而是公司实现长期可 持续发展的基石。"李斌强调。 在李斌看来，蔚来要在四季度盈利的前提是做好三件事：第一，做好重点车型营销；第二，供应链要保供与降本；第三，按时交付高质量软件版本。"四 季度就是踏踏实实卖车，踏踏实实把降本措施落实到位，踏踏实实把用户体验搞好。"李斌称。 在此之前，李斌就曾在多个公开场合明确，公司有信心在四季度实现盈利。 今年3月，李斌在蔚来2024年度财报电话会上曾公开表示，"从今年第二季度开始，公司业绩报表可以看到改善；第三季度持续深化成本费用的控制。蔚来 有信心在第四季度实现单季度盈利的目标"。 随着乐道L90和蔚来全新ES8上市，蔚来逐渐走出"低谷"。官方数据显示，蔚来在第三季度（7~9月）累计交付新车超8.7万辆，符合其对三季度的交付指引 预期。 图片来源：每经记者 李星 摄 ...

Core Insights - NIO held an internal meeting on October 17, where founder and CEO Li Bin emphasized the importance of achieving profitability in Q4 2025 [1] - The meeting aimed to rally the team towards meeting the profitability target, which Li Bin has publicly reiterated multiple times over the past year [1] - The VAU (Vision and Action) framework is used by NIO for goal and process management, with Li Bin reviewing past results and setting new targets each quarter [1] Group 1 - The meeting was attended by mid-to-senior level employees, focusing on the Q4 profitability goal [1] - Li Bin stated that achieving profitability is a critical measure of the company's operational efficiency and management capability [1] - There are approximately seventy days left to meet the Q4 2025 profitability deadline [1]

Core Viewpoint - NIO's Chairman and CEO Li Bin emphasized the necessity of achieving profitability in the fourth quarter as a foundation for the company's long-term sustainable development [1][2]. Group 1: Profitability Goals - Li Bin stated that achieving quarterly profitability is essential for demonstrating operational efficiency and management capability [1]. - The company aims to deliver 150,000 vehicles across its three brands in the fourth quarter, with a monthly target of 50,000 vehicles [7]. - Li Bin expressed confidence in achieving profitability in the fourth quarter, citing improvements in performance since the second quarter [2]. Group 2: Strategic Focus Areas - To achieve profitability, the company must focus on three key areas: effective marketing of key models, ensuring supply chain stability and cost reduction, and timely delivery of high-quality software versions [1]. - Li Bin highlighted the importance of maximizing vehicle sales in the fourth quarter due to anticipated demand fluctuations in the following quarter [7]. Group 3: Organizational Changes and Efficiency - The company is undergoing organizational changes to enhance efficiency, including the implementation of the CBU (Core Business Unit) operational mechanism [6]. - Li Bin clarified that the CBU initiative is aimed at improving efficiency and return rates rather than merely cutting costs [6]. - The company is committed to increasing vehicle sales as the primary means of achieving profitability, rather than solely relying on cost-cutting measures [6].

Group 1 - The Ministry of Finance and other departments have adjusted the duty-free shopping policy for travelers in Hainan, expanding the range of duty-free goods from 45 to 47 categories, including pet products and small appliances [2] - Domestic products such as clothing, ceramics, and coffee are now allowed to be sold in duty-free shops, with VAT and consumption tax exemptions [2] - The age requirement for duty-free shopping has been raised from 16 to 18 years [2] - Travelers leaving the island can enjoy the duty-free policy, with purchases counting towards an annual limit of 100,000 RMB, with no restrictions on the number of transactions [2] - Island residents with departure records can purchase duty-free goods without limit within the same calendar year [2] Group 2 - In the first three quarters, "specialized, refined, and innovative" small giant enterprises saw an 8.2% year-on-year increase in sales revenue, with high-tech manufacturing firms experiencing an 11.8% growth [3] Group 3 - The world's first mid-infrared solar magnetic field observation system (AIMS telescope) has been officially launched, filling a gap in international solar magnetic field observation [4] - The AIMS telescope, built at an altitude of 4,000 meters, achieved significant technological breakthroughs and improved measurement precision to better than 10 Gauss [4] Group 4 - The Longcheng urban agglomeration has been approved as a new "national-level urban agglomeration," increasing the total to 18 in the country [4] Group 5 - Alibaba and Ant Group announced a joint investment of $925 million (approximately 6.6 billion RMB) to establish their Hong Kong headquarters [6] Group 6 - Meituan's core local business CEO reported that the average spending per customer in dine-in services has dropped to levels seen a decade ago, with 75% of new takeaway orders coming from the low-price segment [8] Group 7 - NIO responded to a lawsuit from Singapore's sovereign wealth fund, stating that the case is based on unfounded allegations from a short-seller report and that an independent investigation had cleared the company of any wrongdoing [9] Group 8 - Zhijie confirmed that it will use a batch of CATL batteries for certain vehicle models in October and November, with future batches switching to Zhongchuang ternary lithium batteries [10] Group 9 - Apple will participate in the Tmall Double 11 shopping festival, offering discounts on various products including the iPhone 17 Pro series [11] Group 10 - Cellnex has signed a deal to sell its French data center business for €391 million (approximately $458 million), indicating a strategic move in its operations [18]

"要是按大家报的订单数算，全国汽车年销量能轻松凑够一个亿！"蔚来汽车董事长李斌的这句调侃，戳破了当下汽车行业订单数据乱象的"虚假泡 沫"。 公开数据显示，2023年与2024年我国汽车年销量均稳定在3000余万辆水平。若以李斌的言论为参照进行推算，每1辆实际售出的汽车背后，可能潜藏 着3个"注水"订单。如此夸张的数字反差，狠狠撕碎了汽车圈"数字繁荣"的假象，也让订单数据造假、玩"文字游戏"等行业沉疴再度浮出水面，引发公众 对汽车市场真实生态的深度审视。 事实上，汽车行业的订单体系本就为数据"注水"提供了操作空间。盲订、大定、小订看似是消费者购车意向的体现，实则暗藏企业对订单数据的"精 妙操控"。在盲订阶段，车辆配置、售价等核心信息尚未明确，企业便以"提前下单享专属权益"为噱头吸引用户。尽管承诺"不满意可随时取消"，但真实 目的在于人为制造市场热度，为后续"高订单量"造势；在大定环节，消费者需支付3000至10000元不等的定金，多数企业会设置5天冷静期，这看似人性化 的设计背后，最能反映真实购车意愿的"退订率"数据，却鲜有企业主动公开，成为数据透明化的盲区；而水分最大的当属小订，由于缴纳金额低、对消费 者约束 ...

Core Insights - The automatic driving industry is experiencing a battle for narrative control over next-generation technologies, with companies like Li Auto and XPeng betting on VLA (Visual Language Action) as the future architecture, while Huawei criticizes it as a shortcut and promotes its own WA (World Behavior Architecture) [1][2][3] - The rapid emergence of jargon in the industry reflects the struggle for technological branding, as hardware becomes increasingly homogeneous and intelligent driving capabilities become the key differentiator [1][2][3] Group 1: Evolution of Terminology - Before 2022, the automatic driving industry's technical evolution was primarily defined by Tesla and Waymo, with terms being objective descriptions of specific functions [3] - Tesla's AI Day events in 2021 and 2022 significantly influenced the industry, introducing the BEV+Transformer architecture, which improved perception capabilities by integrating multiple camera inputs into a unified 3D view [3][4] - The transition to an "end-to-end" paradigm began in 2022, breaking down the barriers between perception and planning, with Tesla's FSD Beta V12 showcasing a large neural network that processes both simultaneously [5][6] Group 2: Technological Developments - Chinese automakers quickly adopted Tesla's advancements, with companies like XPeng and NIO implementing their own versions of the BEV+Transformer architecture for mass production [4][6] - The industry is moving towards a more integrated approach, with XPeng and Huawei adopting multi-stage end-to-end systems, while NIO is restructuring to focus on end-to-end development [7][8] - The introduction of VLA and world models into the automatic driving sector reflects a shift towards more sophisticated AI models that can understand and respond to complex driving scenarios [9][10][13] Group 3: Competitive Landscape - The competition in computing power is intensifying, with XPeng and Li Auto investing heavily in both vehicle and cloud computing capabilities, aiming to develop larger parameter models for their systems [11][12][36] - The VLA model, initially developed for robotics, is being adapted for automatic driving, with companies like Yuanrong Qixing leading the charge in applying this technology [10][31] - NIO and Huawei are taking a more aggressive approach by deploying world models directly in vehicles for real-time control, although the technology is still in the experimental stage [14][15] Group 4: Future Directions - The evolution of automatic driving terminology indicates a broader exploration of technology, with each new term representing a step in the industry's journey [16] - The ultimate success in the automatic driving sector may hinge on the ability to translate technological promises into tangible user experiences, rather than merely introducing new concepts [16]

Core Insights - The automatic driving industry is experiencing a battle for narrative control over next-generation technologies, with companies like Li Auto and XPeng betting on VLA (Visual Language Action) as the future architecture, while Huawei promotes its self-developed WA (World Behavior Architecture) [1][2][20] - The rapid emergence of jargon in the industry reflects the struggle for technological branding and user perception, as hardware and configurations become increasingly homogeneous [1][2][27] Group 1: Evolution of Technology - Before 2022, the evolution of automatic driving technology was primarily defined by Tesla and Waymo, with terminology focused on objective descriptions of specific functions [3] - Tesla's introduction of the BEV+Transformer architecture in 2021 marked a significant shift from rule-based systems to AI-driven approaches, enhancing perception capabilities [4][5][6] - The transition to an end-to-end paradigm was catalyzed by Tesla's AI DAY in 2022, which integrated perception and planning into a single neural network, significantly improving obstacle recognition [9][10] Group 2: Adoption of New Models - Chinese automakers quickly adopted Tesla's technology, with companies like XPeng and NIO implementing their own versions of the BEV+Transformer model for mass production [8][10] - The industry is moving towards end-to-end systems, with XPeng and Huawei initially adopting a multi-stage approach for safety reasons, before transitioning to fully integrated models [10][12] - The introduction of VLA and world models into automatic driving systems represents a new frontier, with companies like Yuanrong Qixing and NIO leading the charge in applying these concepts [17][20] Group 3: Competitive Landscape - The competition among companies is not only about technology but also about computational power, with XPeng and Li Auto investing heavily in cloud computing capabilities, boasting figures of 10 EFlops and over 13 EFlops respectively [18][19][55] - The race for computational resources extends to both vehicle and cloud platforms, with Tesla's Dojo and other companies ramping up their AI training capabilities [18][57] - The rapid evolution of VLA and world models is indicative of a broader trend where companies are leveraging advanced AI techniques to enhance their automatic driving systems [20][46] Group 4: Future Directions - The world model concept, initially used for simulation, is now being applied in real-time vehicle control by companies like NIO and Huawei, aiming for more predictive and human-like driving experiences [20][24][25] - The emergence of terms like VLA and world models highlights the industry's shift towards integrating language understanding and real-time decision-making into automatic driving systems [46][59] - The ultimate success in this competitive landscape may hinge on a company's ability to translate technological promises into tangible user experiences, rather than merely marketing jargon [30][29]

Core Insights - The 2025 list of the top 100 private enterprises in Anhui Province was released, showing total revenue exceeding 1.7 trillion yuan, a year-on-year increase of 2.64% [1] - The revenue threshold for inclusion in the list has risen to 6.17 billion yuan, setting a new record [1] Group 1: Top Companies - Lenovo's joint venture, Legend Technology, topped the list for the fifth consecutive year with a revenue of 118.7 billion yuan, becoming the first private enterprise in Anhui to surpass 100 billion yuan in revenue [3] - BYD in Hefei ranked second with a revenue of 101.9 billion yuan, marking a significant rise from third place last year [3] - Sunshine Power maintained third place with a revenue of 77.9 billion yuan, while its asset scale of 115.1 billion yuan was the highest among the top 100 companies [5] Group 2: Industry Contributions - The manufacturing sector accounted for 74.34% of the total revenue of the top 100 companies, amounting to 1.28 trillion yuan, with a compound annual growth rate of 7.20% since the 14th Five-Year Plan [7] - The automotive manufacturing sector saw a revenue growth of 26.71%, while the new generation information technology and new materials industries grew by 15.46% and 20.86%, respectively [7] Group 3: Research and Development - Total R&D investment reached 48.3 billion yuan, with a year-on-year increase of 4.27%, and an R&D intensity of 2.81% [9] - The top 100 companies employed 74,700 R&D personnel, a growth of 6.04%, and held 21,604 domestic valid invention patents [9] Group 4: Employment and Profitability - The total tax contribution of the top 100 companies was 38.5 billion yuan, creating 672,900 jobs, a year-on-year increase of 4.57% [13] - The net profit of the top 100 companies totaled 37.5 billion yuan, with 90 companies reporting profits and 54 companies experiencing year-on-year profit growth [13]

Core Insights - NIO aims to achieve profitability in Q4 2025, as emphasized by founder and CEO Li Bin during an internal meeting [1] - The company has outlined three core actions to reach this goal: focusing on key model marketing, ensuring supply chain stability, and delivering high-quality software updates [1][2] Group 1: Q4 Profitability Goals - Li Bin has identified the Q4 profitability target as a crucial measure of operational efficiency and business capability [1] - The target is seen as a "must-pass exam" for the team, highlighting its importance for the company's future [1] Group 2: Strategic Actions - The first action involves concentrating on marketing for key vehicle models to drive terminal sales growth [1] - The second action focuses on stabilizing the supply chain, particularly for the new ES8 model, which has seen demand exceed expectations, necessitating an increase in monthly production capacity to over 15,000 units by December [1] - The third action is to ensure timely and high-quality delivery of software versions, which remains essential for user experience despite no new vehicle launches in Q4, except for the L60 model [1] Group 3: Long-term Development - Li Bin has proposed a "three-year operational plan" to reflect on and enhance organizational capabilities [2] - He acknowledges progress in system capability but notes that there are still areas for improvement, emphasizing the need for a phase-wise summary and solidification of past practices to transform them into competitive advantages [2]

Core Viewpoint - The CEO of NIO, Li Bin, emphasized that achieving profitability in the fourth quarter is essential for the company's long-term sustainable development, highlighting the need for operational efficiency and business capability [1] Group 1: Profitability Strategy - The company aims to achieve fourth-quarter profitability by focusing on three key areas: effective marketing of key models, ensuring supply chain stability and cost reduction, and timely delivery of high-quality software versions [1] - Li Bin stated that profitability should be achieved through increased vehicle sales rather than merely cutting costs, indicating a sustainable approach to growth [1] Group 2: Resource Management - Li Bin clarified that the CBU (Complete Built Unit) initiative is misunderstood as a cost-cutting measure; instead, it is intended to enhance efficiency, output, and return rates [1] - He emphasized the importance of understanding the relationship between investment and output, suggesting that proper resource management can prevent financial shortages [1]