Cai Jing Wang·2025-11-25 23:13Core Insights - NIO reported Q3 2025 financial results, achieving a record revenue of 21.79 billion yuan, representing a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1] - Both comprehensive gross margin and vehicle gross margin reached new highs in nearly three years, with comprehensive gross margin at 13.9% and vehicle gross margin at 14.7% [1] - The company provided Q4 revenue guidance of 32.76 billion to 34.04 billion yuan, indicating a year-on-year growth of 66.3% to 72.8% [1] - NIO's cash reserves increased significantly to 36.7 billion yuan, with positive operating cash flow and free cash flow [1] - The delivery volume for Q3 was 87,071 units, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8%, also a record high [1] - Q4 delivery guidance is set at 120,000 to 125,000 units, reflecting a year-on-year growth of 65.1% to 72.0% [1] Market Reaction - Following the financial report, NIO's stock price rose by 2.09% in pre-market trading, reaching $5.870 per share [2]