Xin Lang Cai Jing·2025-11-25 12:05Core Insights - NIO-SW (09866) reported a net loss of RMB 34.805 billion (approximately USD 4.889 billion) for Q3 2025, a year-on-year decrease of 31.2% and a quarter-on-quarter decrease of 30.3% [1] - Adjusted net loss (non-GAAP) was RMB 27.351 billion (USD 3.842 billion), down 38.0% year-on-year and down 33.7% quarter-on-quarter [1] - The comprehensive gross margin for Q3 reached 13.9%, marking a three-year high [1] Financial Performance - Revenue for Q3 2025 was RMB 217.9 billion, representing a year-on-year growth of 16.7% [1] - The number of new vehicle deliveries in Q3 was 87,071, reflecting a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1] - Cash reserves as of September 30, 2025, stood at RMB 36.7 billion [1] Future Outlook - The company expects vehicle deliveries for Q4 2025 to be between 120,000 and 125,000 units [1]