Zhong Guo Jing Ying Bao·2025-12-03 05:56Core Viewpoint - NIO's CEO Li Bin expressed confidence in achieving profitability in Q4 2025, supported by the company's recent Q3 financial report, indicating a significant reduction in losses and record-high revenue [2][4]. Financial Performance - NIO reported Q3 revenue of 21.79 billion yuan, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7%, marking a historical high [2][3]. - The net loss for Q3 was 3.481 billion yuan, a substantial year-on-year reduction of 31.2%, while the adjusted net loss was 2.735 billion yuan, down 38% year-on-year [4]. - The gross margin for Q3 reached 13.9%, with vehicle gross margin at 14.7%, both representing the highest levels in nearly three years [2][4]. Sales and Deliveries - NIO delivered 87,100 vehicles in Q3, reflecting a year-on-year growth of 40.8% and a quarter-on-quarter growth of 20.8% [3]. - The increase in revenue was primarily driven by the rise in new vehicle deliveries, with automotive sales revenue reaching 19.2 billion yuan, up 15% year-on-year and 19% quarter-on-quarter [3]. Cash Flow and Cost Management - NIO achieved positive operating cash flow in Q3, indicating the company's ability to generate self-sustaining cash [3]. - Cash reserves increased to 36.7 billion yuan by the end of Q3, a nearly 10 billion yuan increase from the previous quarter [3]. - R&D expenses decreased by 28% year-on-year and 20.5% quarter-on-quarter, reflecting effective cost control measures [4]. Product Strategy and Market Trends - NIO plans to launch three new large vehicles next year, aiming to align product offerings with market trends and consumer preferences [5][6]. - The new ES8 model has seen strong sales, achieving 10,000 deliveries within 41 days of its launch, setting a new record in the over 400,000 yuan electric vehicle market [5]. - The company anticipates that the sales of large vehicles will significantly contribute to overall gross margin growth, with a target gross margin of around 20% by 2026 [6].