Zhi Tong Cai Jing·2025-11-25 11:02Core Insights - NIO-SW (09866) reported Q3 2025 revenue of RMB 21.7939 billion (USD 3.0614 billion), a year-on-year increase of 16.7% [1] - Gross profit was approximately RMB 3.025 billion, up 50.7% year-on-year [1] - Net loss was RMB 3.4805 billion (USD 488.9 million), a reduction of 31.2% year-on-year [1] Revenue and Sales Performance - Automotive sales revenue reached RMB 19.2023 billion (USD 2.6973 billion), a 15.0% increase compared to Q3 2024 [1] - The automotive gross margin improved to 14.7%, compared to 13.1% in Q3 2024 and 10.3% in Q2 2025 [1] - Total vehicle deliveries for Q3 2025 were 87,071 units, representing a 40.8% increase year-on-year and a 20.8% increase from Q2 2025 [1] Strategic Developments - The company is collaborating closely with supply chain partners to enhance production capacity, expecting total deliveries in Q4 to range between 120,000 to 125,000 units, a year-on-year increase of 65.1% to 72.0% [1] - The new NIO ES8 set a record for the fastest delivery of over 10,000 units in the Chinese market for electric vehicles priced above RMB 400,000 [1] - The Lada L90 has maintained the top sales position for large pure electric SUVs for three consecutive months, while the Firefly brand has quickly gained a leading position in the high-end small electric vehicle market [1] Financial Health - The automotive gross margin increased to 14.7% in Q3 2025, the highest level in three years, indicating improved product and service profitability [2] - The company achieved positive operating cash flow, remaining positive even after capital expenditures [2] - With the support of an $1.16 billion equity issuance, the company has established a more robust balance sheet for sustainable long-term growth [2]