Core Viewpoint - NIO's Q3 2025 financial report shows record-high delivery volume, revenue, and gross margin, with significant reduction in losses and increased cash reserves, exceeding market expectations and indicating sustainable development potential [2][3][4]. Delivery and Revenue Performance - In Q3, NIO delivered 87,071 vehicles, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8%, setting a new record for quarterly deliveries [3]. - Revenue reached 21.79 billion yuan, up 16.7% year-on-year and 14.7% quarter-on-quarter, driven by increased delivery volume and optimized product mix [3]. - The overall gross margin improved to 13.9%, up 3.2 percentage points from the same period last year and 3.9 percentage points from the previous quarter, marking the highest level in three years [3]. Loss Reduction and Cash Flow - NIO's net loss for Q3 was 3.4805 billion yuan, a decrease of 31.2% year-on-year and 30.3% quarter-on-quarter. Non-GAAP net loss narrowed to 2.7351 billion yuan, down 34.1% year-on-year and 31.5% quarter-on-quarter [4]. - Cash reserves increased to 36.7 billion yuan, with positive operating cash flow and free cash flow, providing a solid foundation for future profitability [5]. Multi-Brand Strategy and Market Position - NIO's multi-brand strategy has successfully contributed to balanced growth, with deliveries from NIO, Ladao, and Firefly brands at 36,928, 37,656, and 12,487 vehicles respectively [5]. - The Ladao brand has become a growth driver, achieving 30,000 deliveries within 86 days of the Ladao L90's launch, while the NIO brand's new ES8 model set a record for deliveries of high-end electric vehicles [5]. Cost Control and Efficiency - R&D expenses decreased to 2.39 billion yuan, down 28.0% year-on-year, while sales, general, and administrative expenses increased slightly by 1.8% [6]. - NIO aims to control sales and administrative expenses to 12% of revenue, enhancing operational efficiency [6]. Q4 Outlook and Profitability Goals - NIO projects Q4 deliveries between 120,000 and 125,000 vehicles, with revenue guidance of 32.76 billion to 34.04 billion yuan, both setting new historical highs [7]. - The company aims for an 18% gross margin in Q4, driven by the delivery of high-margin models and continued cost optimization [7]. Market Challenges and Competitive Landscape - Price competition in the electric vehicle market poses a risk to gross margin, with recent price cuts from competitors impacting profitability [8]. - NIO's R&D expenses remain high at 15.8% of revenue, with a target to reduce this to 6%-7%, presenting a significant challenge [8]. Long-Term Strategy and International Expansion - NIO is focusing on international expansion, with plans for the Firefly brand to enter global markets, which could open new growth opportunities [9]. - The company continues to invest in key areas such as AI, ensuring efficiency in R&D while maintaining a strong focus on technological advancements [9].

NIOPhone拥有4款性能版，色彩与蔚来汽车车身同源；2款旗舰版，色彩与蔚来汽车内饰同源；以及特 别版本EPedition。 NIOPhone搭载SkyUI，主打纯净清爽。李斌称0系统广告，0商业预装。 李斌表示，NIOPhone是为蔚来车主而生：可以代替车钥匙，一台手机多车操控，没电关机后48小时内 仍可解锁；还专门增加了车控键，30项功能可一键直达；手机与车机可实现应用跨端融合，比如游戏、 会议等。 售价方面，性能版6499元，旗舰版6899元，EPedition版7499元。 在今日的NIO IN 2023蔚来创新科技日上，蔚来手机NIOPhone正式亮相。 蔚来创始人、董事长、CEO李斌介绍，NIOPhone定位是一部旗舰手机，搭载高通骁龙8Gen2领先版，最 高16GB+1T内存组合可选。 NIOPhone配备6.81英寸屏幕，支持1-120Hz可变刷新率；搭载5000万像素广角+超广角+潜望长焦后置三 摄；配备5200mAh电池，支持66W有线快充+50W无线快充。 ...

| 恒瑞医药 | 73.550 | 4.55% | | --- | --- | --- | | HK 1276 | | | | 康方生物 | 120.600 | 3.97% | | HK 9926 | | | | 三生制药 | 31.580 | 3.75% | | HK 1530 | | | | 翰森制药 | 40.500 | 1.71% | | HK 3692 | | | | 药明康德 | 108.700 | 1.40% | | HK 2359 | | | 11月26日，港股恒生指数收盘涨0.13%，恒生科技指数涨0.11%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 25928.08c | 33.53 | 0.13% | 2071亿 | | HSTECH 恒生科技 | | 5618.36c | 6.33 | 0.11% | 717亿 | | HSBIO | 恒生生物科技 | 15798.53c 194.58 | | 1.25% | 112亿 | | HSCEI | 恒生中国企 ...

（图片来源：摄图网） 2025年11月25日，蔚来公布了其第三季度财报，交出了一份历史最佳成绩单，多项指标创下新高。财报显 示，蔚来在2025年第三季度共交付87,071台，同比增长40.8%，环比增长20.8%，创下历史新高。营收方面同 样表现出色，三季度营收达到217.9亿元，同比增长16.7%，环比增长14.7%，也刷新了历史纪录。三季度综 合毛利率为13.9%，整车毛利率为14.7%，均创近三年新高，产品和服务盈利能力显著增强。此外，三季度 现金储备达到367亿元，环比大幅增长近百亿，还实现了正向经营性现金流和自由现金流，财务状况进一步 优化。 基于三季度的良好表现，蔚来对四季度给出了乐观的交付和营收指引。四季度交付指引为120,000台至 125,000台，同比增长65.1%至72.0%;营收指引为327.6亿元至340.4亿元，同比增长66.3%至72.8%，均有望再 创历史新高。 不过，蔚来目前仍处于亏损状态，Q3净亏损34.8亿元，但较之前已大幅收窄超30%。按照Q3的水平简单估 算，蔚来距离盈利似乎只差35个亿。 政策的变化也进一步加剧了市场竞争。2026年起新能源汽车购置税从全额免税调整为 ...

来源：滚动播报 香港恒生指数收涨0.13%，恒生科技指数涨0.11%。禾赛涨超5%，美团涨超5%；知乎跌超8%，蔚来、 万科企业跌超6%。 ...

Core Insights - NIO reported Q3 2025 revenue of 21.79 billion yuan, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1][2] - The net loss for Q3 was 3.48 billion yuan, narrowing by 31.2% year-on-year and 30.3% quarter-on-quarter [1][2] - The company aims to achieve profitability in Q4 2025, with a revenue guidance of 32.76 billion to 34.04 billion yuan, representing a year-on-year growth of 66.3% to 72.8% [3][7] Financial Performance - Q3 automotive sales revenue reached 19.20 billion yuan, up 15.0% year-on-year and 19.0% quarter-on-quarter [4][2] - Gross margin for Q3 was 13.9%, compared to 10.7% in Q3 2024, with automotive gross margin at 14.7% [6][2] - The company’s cash reserves increased to 36.7 billion yuan, up nearly 10 billion yuan from the previous quarter [1] Delivery and Production - NIO achieved a record delivery volume of 87,071 vehicles in Q3, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [4][5] - The company expects Q4 deliveries to range between 120,000 and 125,000 vehicles, a year-on-year increase of 65.1% to 72% [4][7] Strategic Outlook - NIO's CEO expressed confidence in achieving profitability in Q4, driven by high-margin models such as the new ES8 and L90 [3][9] - The company plans to launch new models in 2026, aiming for a gross margin of 20% by optimizing costs and focusing on high-end electric vehicles [10][9] - The penetration rate of electric vehicles in the high-end market (over 300,000 yuan) has increased from 12% to 18% in 2023, indicating significant growth potential [9][10]

Core Insights - NIO reported a record high revenue of approximately 21.79 billion yuan for Q3 2025, marking a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1][2] - The net loss narrowed to 3.48 billion yuan, a reduction of 31.2% year-on-year and 30.3% quarter-on-quarter [1][2] - Cash reserves increased significantly to 36.7 billion yuan, with positive operating cash flow and free cash flow achieved [1] Financial Performance - Automotive sales revenue reached 19.22 billion yuan, up 15% year-on-year and 19% quarter-on-quarter [2][6] - Gross margin for automotive sales improved to 14.7%, compared to 13.1% in Q3 2024 and 10.3% in Q2 2025, reflecting a 440 basis points increase [2][6] - Total revenue for Q3 2025 was 21.79 billion yuan, with a gross profit of 3.02 billion yuan, resulting in a gross margin of 13.9% [2][6] Delivery and Production - NIO delivered approximately 87,071 vehicles in Q3 2025, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [4][5] - The company aims to deliver between 120,000 to 125,000 vehicles in Q4 2025, representing a year-on-year growth of 65.1% to 72% [2][3] Future Outlook - The company targets a gross margin of around 18% for Q4 2025, with the new ES8 model expected to exceed a 20% gross margin [4][7] - NIO's CEO expressed confidence in achieving profitability in Q4 2025 and aims for full-year profitability in 2026 [3][9] - The company plans to launch five new large vehicles in 2026, aligning product offerings with market trends [11][13] R&D and Operational Efficiency - R&D expenses for Q3 2025 were 2.39 billion yuan, down 28% year-on-year and 20.5% quarter-on-quarter [7][8] - The company is focused on enhancing operational efficiency and has seen improvements in Q3 2025 [8]

Core Insights - NIO reported a record high revenue of RMB 21.7939 billion for Q3 2025, a year-on-year increase of 16.7% [1] - The net loss attributable to NIO's ordinary shareholders was RMB 3.6608 billion, a decrease of 28.8% year-on-year [1] - The gross margin improved to 13.9%, up 3.2 percentage points from the same period last year [1] Financial Performance - NIO's total automotive sales for Q3 reached RMB 19.2023 billion, reflecting a 15.0% year-on-year growth [3] - The company delivered a total of 87,100 vehicles in Q3, marking a 40.8% increase year-on-year [3] - Cash and cash equivalents, restricted cash, short-term investments, and long-term deposits amounted to RMB 36.7 billion, an increase of approximately RMB 10 billion from the previous quarter [1][4] Market Position and Strategy - NIO's three brands (NIO, Ladao, and Firefly) have created a synergistic effect, covering price ranges from RMB 100,000 to 800,000 [3] - The company is increasingly entering the high-end mass market, competing with companies like Xiaomi and Tesla [3] - NIO's CEO highlighted strong growth driven by the competitiveness of its products across different market segments [3] Cost Management and Future Outlook - R&D expenses decreased by 28.0% year-on-year to RMB 2.3906 billion, attributed to organizational optimization [4] - Selling, general, and administrative expenses rose by 1.8% year-on-year to RMB 4.1847 billion due to increased marketing activities [4] - NIO expects vehicle deliveries for Q4 to be between 120,000 and 125,000, representing a year-on-year growth of 65.1% to 72.0% [5] Profitability Expectations - The company aims to achieve profitability in Q4, with strong orders for high-margin models like the new ES8 [5] - Gross margin for Q4 is projected to reach around 18%, with the new ES8 expected to exceed 20% [5] - NIO's ability to achieve profitability will depend on its sales performance and cost control in the upcoming quarter [5]

Core Viewpoint - The market response to NIO's latest financial report has been pessimistic despite the company's claims of delivering a strong performance, with stock prices declining significantly after the report was released [2][3]. Financial Performance - NIO reported a revenue of 21.79 billion yuan for the third quarter, representing a year-on-year increase of 16.7% [3]. - The gross profit for the quarter was 3.0246 billion yuan, resulting in a gross margin of 13.9% [3]. - The net loss for the quarter was 3.4805 billion yuan, contributing to a total loss exceeding 15 billion yuan for the year [3]. Future Guidance - NIO expects fourth-quarter deliveries to be between 120,000 and 125,000 units, a reduction of nearly 20% from previous guidance [3]. - Despite lowering the performance forecast, NIO's chairman remains optimistic about achieving profitability in the fourth quarter, citing strong orders for the new ES8 model [3]. Analyst Opinions - Analysts from CMB International expressed caution, noting that while NIO's gross margin exceeded expectations, the weak sales guidance for the fourth quarter suggests continued net losses [4]. - CMB International raised its forecast for NIO's fourth-quarter gross margin to 17.1% but still anticipates a net loss of 1.6 billion yuan under GAAP [4]. Market Competition - There is a divergence in expectations for next year, with NIO's chairman projecting a gross margin increase to around 20% due to new vehicle launches and cost control measures [5]. - CMB International, however, highlighted that achieving strong sales in a competitive market is crucial for maintaining profitability, as many Chinese manufacturers struggle to sustain a 20% gross margin [6].

Core Viewpoint - NIO reported its Q3 2025 financial results, highlighting delivery growth, improved gross margins, and cautious guidance for Q4 due to subsidy reductions [1][2][3] Delivery Performance - In Q3 2025, NIO delivered 87,071 vehicles, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1] - The latest guidance indicates total deliveries for Q4 will range between 120,000 to 125,000 vehicles, representing a year-on-year growth of 65.1% to 72% [1] Financial Results - NIO's revenue for Q3 2025 was 21.7939 billion yuan, up 16.7% year-on-year and 14.7% quarter-on-quarter [2] - The net loss narrowed to 3.4805 billion yuan, a decrease of 31.2% year-on-year and 30.3% quarter-on-quarter [2] - The overall gross margin was 13.9%, with vehicle gross margin at 14.7%, both reaching a three-year high [2] Management Insights - CEO Li Bin stated that operational efficiency in management, sales, and R&D will improve in Q4, aiming for the company's first Non-GAAP quarterly profit [3] - Li expressed optimism for a gross margin increase to 20% next year, supported by cost reductions in the supply chain and expense management [3] Product Strategy - NIO plans to launch three new large SUV models in 2026, including the ES9 and ES7, which are expected to enhance sales and gross margins [4] - The company has a commitment to mitigate the impact of tax policy changes on customers, particularly for the new ES8 model [4]