Di Yi Cai Jing Zi Xun·2025-11-27 09:01Core Viewpoint - NIO Inc. reported a net loss of 3.481 billion yuan in Q3, a significant reduction of over 30% year-on-year and quarter-on-quarter, with a vehicle gross margin of 14.7%, exceeding market expectations and previous guidance [2][5] Financial Performance - The company achieved a gross margin of 14.7% in Q3, up 4.4 percentage points from the previous quarter, and a comprehensive gross margin of 13.9%, reflecting a 3.9 percentage point increase [5] - NIO's Q3 vehicle deliveries totaled 87,071 units, with the L90 model contributing 21,572 units, accounting for 24.76% of total deliveries [4] - The CFO indicated that the gross margin improvement was driven by increased sales and the introduction of high-margin models like the L90 and the new ES8, which has a gross margin of approximately 20% [5] Market Outlook - NIO set its Q4 delivery guidance at 120,000 to 125,000 units, with revenue expectations between 32.76 billion and 34.04 billion yuan, which is lower than previous optimistic forecasts [6][10] - Analysts expressed mixed views on NIO's future, with some raising gross margin forecasts while others anticipated continued net losses due to high operational costs [7][8] - The company aims to reduce sales and management expenses to 10% of revenue in Q4, down from 41.84 billion yuan in Q3 [6] Industry Context - The decline in delivery guidance is attributed to a reduction in demand following the phasing out of vehicle replacement subsidies, impacting the entire industry [10][11] - CEO Li Bin emphasized the importance of maintaining stable pricing to uphold brand value and consumer confidence amid a challenging market environment [11]