蔚来最新财报亏损收窄，李斌：对Q4盈利仍有信心

Core Viewpoint - NIO reported a net loss of RMB 3.4805 billion (approximately USD 488.9 million) for Q3 2025, a year-over-year reduction of 31.2% and a quarter-over-quarter reduction of 30.3% [1] - The adjusted net loss (non-GAAP) was RMB 2.7351 billion (USD 384.2 million), showing a year-over-year decrease of 38.0% and a quarter-over-quarter decrease of 33.7% [1] - The gross margin for Q3 reached 13.9%, the highest in nearly three years, with cash reserves amounting to RMB 36.7 billion as of September 30, 2025 [1] Financial Performance - The company experienced a significant reduction in net losses compared to previous periods, indicating improved financial health [1] - The adjusted net loss also reflects a positive trend, suggesting better operational efficiency [1] - The gross margin increase to 13.9% highlights the company's ability to enhance profitability despite challenges [1] Market Impact - The reduction in subsidies for vehicle replacements has significantly impacted the market, particularly affecting lower-priced models like the L90 and L60 [1] - Despite these challenges, the company remains confident in achieving profitability in Q4, driven by strong orders for high-margin models such as the ES8 [1] - The stock price of NIO saw an increase of over 2% in pre-market trading, indicating positive market sentiment following the earnings report [1]