Di Yi Cai Jing·2025-11-25 13:44Core Insights - NIO reported a net loss of RMB 34.805 billion (approximately USD 4.889 billion) for Q3 2025, a year-over-year reduction of 31.2% and a quarter-over-quarter reduction of 30.3% [1] - Adjusted net loss (non-GAAP) was RMB 27.351 billion (USD 3.842 billion), showing a year-over-year decrease of 38.0% and a quarter-over-quarter decrease of 33.7% [1] - The comprehensive gross margin reached 13.9%, marking a three-year high [1] - As of September 30, 2025, the company had cash reserves of RMB 367 billion [1] Industry Impact - The reduction in replacement subsidies in Q4 is expected to significantly impact the market, with the industry unlikely to experience the same tail effect as last year [1] - The main impact on NIO is anticipated to come from lower-priced models such as the L90 and L60, although the company remains confident in achieving profitability in Q4 [1] - Strong orders for high-margin models like the ES8 are expected to positively influence the overall gross margin [1]