Sou Hu Cai Jing·2025-11-26 07:33Core Insights - NIO reported a record high revenue of approximately 21.79 billion yuan for Q3 2025, marking a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1][2] - The net loss narrowed to 3.48 billion yuan, a reduction of 31.2% year-on-year and 30.3% quarter-on-quarter [1][2] - Cash reserves increased significantly to 36.7 billion yuan, with positive operating cash flow and free cash flow achieved [1] Financial Performance - Automotive sales revenue reached 19.22 billion yuan, up 15% year-on-year and 19% quarter-on-quarter [2][6] - Gross margin for automotive sales improved to 14.7%, compared to 13.1% in Q3 2024 and 10.3% in Q2 2025, reflecting a 440 basis points increase [2][6] - Total revenue for Q3 2025 was 21.79 billion yuan, with a gross profit of 3.02 billion yuan, resulting in a gross margin of 13.9% [2][6] Delivery and Production - NIO delivered approximately 87,071 vehicles in Q3 2025, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [4][5] - The company aims to deliver between 120,000 to 125,000 vehicles in Q4 2025, representing a year-on-year growth of 65.1% to 72% [2][3] Future Outlook - The company targets a gross margin of around 18% for Q4 2025, with the new ES8 model expected to exceed a 20% gross margin [4][7] - NIO's CEO expressed confidence in achieving profitability in Q4 2025 and aims for full-year profitability in 2026 [3][9] - The company plans to launch five new large vehicles in 2026, aligning product offerings with market trends [11][13] R&D and Operational Efficiency - R&D expenses for Q3 2025 were 2.39 billion yuan, down 28% year-on-year and 20.5% quarter-on-quarter [7][8] - The company is focused on enhancing operational efficiency and has seen improvements in Q3 2025 [8]