Xin Lang Ke Ji·2025-11-25 15:02Core Insights - NIO reported total revenue of 21.7939 billion yuan for Q3 2025, representing a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1] - The net loss for the quarter was 3.4805 billion yuan, a reduction of 31.2% year-on-year and 30.3% quarter-on-quarter [1] - Adjusted net loss, not in accordance with US GAAP, was 2.7351 billion yuan, showing a year-on-year reduction of 38.0% and a quarter-on-quarter reduction of 33.7% [1] Financial Performance - The company achieved a gross margin of 14.7% for Q3, exceeding its own expectations [3] - For Q4, the company anticipates a gross margin of around 18%, driven by strong orders for high-margin models like the new ES8 [3] - The overall gross margin is expected to improve significantly in Q4 compared to Q3, despite some impact from the decline in replacement subsidies [3] Sales and Delivery Outlook - Management has set a Q4 delivery target of 120,000 to 125,000 units, a decrease of approximately 20% from the previous target of 150,000 units [2] - The company remains confident in achieving profitability in Q4, despite challenges posed by the reduction in replacement subsidies and seasonal demand fluctuations [2][4] - The company believes it can reach a monthly sales volume of 50,000 units in the first half of next year, supported by the launch of three new models [5] Cost Management - The company has seen improvements in operational efficiency, which is expected to continue into Q4, positively impacting sales, management, and R&D expenses [4] - There are no major marketing activities planned for Q4, allowing for better control over expenses [4]