Ge Long Hui·2025-11-28 04:11Core Viewpoint - The company reported a significant improvement in its Q3 2025 performance, with revenue growth and a reduction in net losses, indicating a positive trend in sales and profitability driven by new vehicle launches [1][2][3] Group 1: Q3 2025 Performance - The company achieved revenue of 21.79 billion yuan in Q3 2025, representing a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1] - The net loss attributable to shareholders was 3.66 billion yuan, showing an improvement of 28.8% year-on-year and quarter-on-quarter [1] - Non-GAAP net loss was 2.74 billion yuan, with year-on-year improvement of 38.0% and quarter-on-quarter improvement of 56.4% [1] Group 2: Sales and Profitability - The company sold 87,000 vehicles in Q3 2025, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1] - Automotive business revenue rose to 19.20 billion yuan, up 15.0% year-on-year and 19.0% quarter-on-quarter [1] - The overall gross margin reached 13.9%, with the automotive gross margin at 14.7%, both achieving recent highs due to effective cost reductions and improved margins on key models [1] Group 3: Q4 2025 Outlook - The company expects to deliver between 120,000 to 125,000 vehicles in Q4 2025, representing a year-on-year growth of 65.1% to 72.0% [2] - Projected revenue for Q4 2025 is between 32.76 billion yuan and 34.04 billion yuan, indicating a year-on-year increase of 66.3% to 72.8% [2] - The gross margin is anticipated to rise to 18% in Q4 2025, with a forecast of achieving breakeven in net profit for the quarter [2] Group 4: 2026 Projections - The company plans to launch three new large models in 2026, with expectations of reaching a monthly sales peak of over 50,000 units for five models [3] - The projected annual sales for 2026 could reach 600,000 units, supported by ongoing strong performance from the ES8 and L90 models [3] - The company maintains a stable R&D expense guidance of 2 billion yuan per quarter, focusing on efficiency and core technology improvements [3]