NIO INC.(9866HK)：COMPETITION LIKELY UNDERESTIMATED DESPITE 3Q BEAT

机构：招银国际 研究员：Ji SHI/Wenjing DOU/Austin Liang Maintain HOLD. Despite 3Q25 GPM beat, we still project a net loss in 4Q25. We think that management's key assumption for FY26E underestimates competition and sales cannibalization. We project net losses in FY26- 27E to narrow significantly, but sustainable profits are in doubt, in our view, which means NIO's profitability still trails its peers. 3Q25 GPM beat with weak 4Q25 sales guidance. NIO's 3Q25 revenue was in line with our prior forecast while its GPM was ab ...