第三季度业绩缓解担忧，李斌重申对第四季度盈利有信心

Core Insights - NIO reported a record high revenue of RMB 21.7939 billion for Q3 2025, a year-on-year increase of 16.7% [1] - The net loss attributable to NIO's ordinary shareholders was RMB 3.6608 billion, a decrease of 28.8% year-on-year [1] - The gross margin improved to 13.9%, up 3.2 percentage points from the same period last year [1] Financial Performance - NIO's total automotive sales for Q3 reached RMB 19.2023 billion, reflecting a 15.0% year-on-year growth [3] - The company delivered a total of 87,100 vehicles in Q3, marking a 40.8% increase year-on-year [3] - Cash and cash equivalents, restricted cash, short-term investments, and long-term deposits amounted to RMB 36.7 billion, an increase of approximately RMB 10 billion from the previous quarter [1][4] Market Position and Strategy - NIO's three brands (NIO, Ladao, and Firefly) have created a synergistic effect, covering price ranges from RMB 100,000 to 800,000 [3] - The company is increasingly entering the high-end mass market, competing with companies like Xiaomi and Tesla [3] - NIO's CEO highlighted strong growth driven by the competitiveness of its products across different market segments [3] Cost Management and Future Outlook - R&D expenses decreased by 28.0% year-on-year to RMB 2.3906 billion, attributed to organizational optimization [4] - Selling, general, and administrative expenses rose by 1.8% year-on-year to RMB 4.1847 billion due to increased marketing activities [4] - NIO expects vehicle deliveries for Q4 to be between 120,000 and 125,000, representing a year-on-year growth of 65.1% to 72.0% [5] Profitability Expectations - The company aims to achieve profitability in Q4, with strong orders for high-margin models like the new ES8 [5] - Gross margin for Q4 is projected to reach around 18%, with the new ES8 expected to exceed 20% [5] - NIO's ability to achieve profitability will depend on its sales performance and cost control in the upcoming quarter [5]