全文|蔚来Q3业绩会实录：对实现第四季度盈利有信心

Core Viewpoint - NIO reported Q3 2025 revenue of 21.7939 billion yuan, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7%, with a net loss of 3.4805 billion yuan, reducing losses by 31.2% year-on-year and 30.3% quarter-on-quarter [1] Financial Performance - Total revenue for Q3 2025 was 21.7939 billion yuan, reflecting a 16.7% year-on-year growth and a 14.7% quarter-on-quarter growth [1] - Net loss for the quarter was 3.4805 billion yuan, which is a 31.2% reduction in losses compared to the same quarter last year and a 30.3% reduction compared to the previous quarter [1] - Adjusted net loss, not in accordance with US GAAP, was 2.7351 billion yuan, a 38.0% year-on-year reduction and a 33.7% quarter-on-quarter reduction [1] Management Insights - Management expressed confidence in achieving profitability in Q4 2025 despite a downward revision of delivery targets to 120,000-125,000 units due to the impact of subsidy reductions [2][5] - The company anticipates a significant increase in the sales and delivery of high-margin models like the new ES8 in Q4, which is expected to contribute to an overall gross margin improvement [3][10] - Cost control measures have been effective, with operational efficiency improving across sales, management, and R&D expenses [4][12] Market Trends - The market is shifting towards pure electric vehicles (BEVs), with a notable increase in market penetration, particularly in the high-end segment [10][11] - The penetration rate of BEVs in the high-end market (vehicles priced above 300,000 yuan) has increased from 12% last year to 18% in Q3 2025 [10] - The company plans to launch three new large vehicles in 2026, which are expected to enhance sales and profitability [11][24] Future Outlook - The company aims for a gross margin of around 20% in 2026, supported by the introduction of new high-margin models and improved supply chain efficiencies [13][24] - NIO is focusing on expanding its product line in the mainstream family market, with plans to introduce more models priced between 100,000 to 300,000 yuan [20][21] - The company is adapting its overseas market strategy by partnering with local distributors to enhance its global presence [19]