Major Events - LeMo Technology (02539) plans to globally issue 5.5556 million shares, expected to be listed on December 3 [1] - Jinyan Gaoling New Materials (02693) starts its public offering today, introducing four cornerstone investors including Pingmei Hong Kong and Chuangli Hong Kong, with a total subscription of HKD 76.2193 million [1] - UBTECH (09880) intends to acquire a 7% stake in Wuxi Youqi for CNY 130 million [1] - Kangsheng Global (09960) announces that Wuhan Kangshengda plans to acquire a 40% stake in Huaxi Kangshengda for CNY 12.396 million [1] - China Communication Signal (03969) has won ten significant projects from September to October, with a total investment of approximately CNY 2.539 billion [1] - Lide Education (01449) issues a profit warning, expecting an annual after-tax comprehensive loss not exceeding CNY 75 million, marking a shift from profit to loss year-on-year [1] Operating Performance - NIO-SW (09866) reports third-quarter results with a gross profit of approximately CNY 3.025 billion, a year-on-year increase of 50.7% [1] - Alibaba-W (09988) releases second-quarter results, with a net profit attributable to shareholders of CNY 20.99 billion, a year-on-year decrease of 52% [1] - Zhihu-W (02390) announces third-quarter results with total revenue of CNY 659 million, accelerating its transformation into an AI-native community [1] - Chow Tai Fook (01929) publishes interim results, with profit attributable to shareholders of HKD 2.534 billion, a year-on-year increase of 0.16% [1] - Pony.ai-W (02026) reports third-quarter results with total revenue of approximately USD 25.4 million, a year-on-year increase of 72% [1]

Core Insights - NIO reported significant growth in Q3 2025, with vehicle deliveries and revenue increasing both year-on-year and quarter-on-quarter, alongside improved profitability and a record guidance for Q4 [1][2] Financial 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 company achieved revenue of 21.79 billion yuan, up 16.7% year-on-year and 14.7% quarter-on-quarter [1] - Net loss narrowed to 3.48 billion yuan, a decrease of 31.2% from 5.06 billion yuan in the same quarter of 2024 and a 30.3% reduction from 4.99 billion yuan in Q2 2025 [1] - Gross margin improved to 13.9%, the highest in nearly three years, with vehicle gross margin reaching 14.7%, up 4.4 percentage points from the previous quarter [1] Q4 Guidance - NIO expects Q4 2025 vehicle deliveries to range between 120,000 and 125,000 units, with total revenue projected between 32.76 billion and 34.04 billion yuan, both representing historical highs [2] Long-term Strategy - The company aims for profitability in 2026, focusing on the high-end electric vehicle market with plans to launch multiple new models in 2026 [3] - NIO anticipates that the penetration rate of electric vehicles in the high-end market (over 300,000 yuan) will continue to grow, having increased from 12% last year to 18% in Q3 2025 [3] - The company plans to leverage high-margin models to boost overall gross margin, targeting a gross margin of 20% by 2026 [3] Market Impact and Policy Response - The recent reduction in vehicle replacement subsidies has impacted lower-priced models, but NIO has committed to policy support for existing orders [3] - The upcoming half reduction in new energy vehicle purchase tax is expected to have a limited impact on NIO due to the BaaS battery rental model [4]

Core Insights - NIO reported total revenue of 21.7939 billion yuan for Q3 2025, representing a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1] - The net loss for the quarter was 3.4805 billion yuan, a reduction of 31.2% year-on-year and 30.3% quarter-on-quarter [1] - Adjusted net loss, not in accordance with US GAAP, was 2.7351 billion yuan, showing a year-on-year reduction of 38.0% and a quarter-on-quarter reduction of 33.7% [1] Financial Performance - The company achieved a gross margin of 14.7% for Q3, exceeding its own expectations [3] - For Q4, the company anticipates a gross margin of around 18%, driven by strong orders for high-margin models like the new ES8 [3] - The overall gross margin is expected to improve significantly in Q4 compared to Q3, despite some impact from the decline in replacement subsidies [3] Sales and Delivery Outlook - Management has set a Q4 delivery target of 120,000 to 125,000 units, a decrease of approximately 20% from the previous target of 150,000 units [2] - The company remains confident in achieving profitability in Q4, despite challenges posed by the reduction in replacement subsidies and seasonal demand fluctuations [2][4] - The company believes it can reach a monthly sales volume of 50,000 units in the first half of next year, supported by the launch of three new models [5] Cost Management - The company has seen improvements in operational efficiency, which is expected to continue into Q4, positively impacting sales, management, and R&D expenses [4] - There are no major marketing activities planned for Q4, allowing for better control over expenses [4]

Market Overview - On November 25, US stock indices opened mixed, with the Dow Jones Industrial Average up by 0.39%, the S&P 500 down by 0.06%, and the Nasdaq Composite down by 0.36% [1] Index Performance - Dow Jones Industrial Average: Current price at 46,627.40, up by 179.13 points, representing a 0.39% increase [2] - Nasdaq Index: Current price at 22,789.42, down by 82.59 points, representing a 0.36% decrease [2] - S&P 500: Current price at 6,700.93, down by 4.19 points, representing a 0.06% decrease [2] Sector Performance - Technology stocks showed mixed results, with Google up by 2.6%, reaching a new all-time high, and Broadcom rising over 2%. However, AMD fell by more than 6%, and Nvidia dropped over 4% [2] - Chinese concept stocks mostly rose, with Xiaoma Zhixing up over 5%, Hesai Technology up more than 4%, while NIO fell by over 2% [2]

| 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 46627.40 | 179.13 | 0.39% | | 纳斯达克指数 | 22789.42 | -82.59 | -0.36% | | 标普500 | 6700.93 | -4.19 | -0.06% | 编辑 ｜ 钉钉 中概股多数上涨，小马智行涨超5%，禾赛科技涨逾4%，蔚来跌超2%。 11月25日，美股三大指数开盘涨跌不一，道指涨0.39%，标普500指数跌0.06%，纳斯达克综合指数 跌0.36%。 科技股涨跌互现，谷歌涨2.6%，再创历史新高；博通涨超2%。AMD跌逾6%，英伟达跌超4%。 ...

Core Insights - NIO's chairman Li Bin stated that the decline in replacement subsidies in Q4 will significantly impact the market, but the company remains confident in achieving profitability in Q4 due to strong orders for high-margin models like the new ES8 [1][2] - The company aims for a vehicle gross margin of around 18% in Q4, with the new ES8 expected to exceed a gross margin of 20% [1][2] Financial Performance - In Q3, NIO delivered 87,071 vehicles, representing a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1] - Q3 revenue reached 21.79 billion yuan, marking a year-on-year growth of 16.7% and a quarter-on-quarter growth of 14.7%, both setting historical highs [1] - The overall gross margin for Q3 was 13.9%, the highest in nearly three years [2] Future Guidance - NIO's delivery guidance for Q4 is set between 120,000 to 125,000 vehicles, indicating a year-on-year growth of 65.1% to 72.0% [2] - Achieving the Q4 delivery target and increasing the gross margin to 18% would allow NIO to reach its goal of quarterly profitability for the first time [2]

Core Insights - NIO reported a net loss of RMB 34.805 billion (approximately USD 4.889 billion) for Q3 2025, a year-over-year reduction of 31.2% and a quarter-over-quarter reduction of 30.3% [1] - Adjusted net loss (non-GAAP) was RMB 27.351 billion (USD 3.842 billion), showing a year-over-year decrease of 38.0% and a quarter-over-quarter decrease of 33.7% [1] - The comprehensive gross margin reached 13.9%, marking a three-year high [1] - As of September 30, 2025, the company had cash reserves of RMB 367 billion [1] Industry Impact - The reduction in replacement subsidies in Q4 is expected to significantly impact the market, with the industry unlikely to experience the same tail effect as last year [1] - The main impact on NIO is anticipated to come from lower-priced models such as the L90 and L60, although the company remains confident in achieving profitability in Q4 [1] - Strong orders for high-margin models like the ES8 are expected to positively influence the overall gross margin [1]

【#蔚来李斌称有信心实现四季度盈利#】11月25日，蔚来创始人、董事长、CEO李斌在2025年三季度财 报电话会上表示，有信心实现四季度盈利，目前在售的高毛利车型例如蔚来全新ES8，订单非常强劲， 库存订单充足。相对较低价格车型虽受到置换补贴退坡影响，但对公司整体毛利的影响在预期范围之 内。 ...

蔚来创始人、董事长、CEO李斌在业绩交流会上表示，四季度置换补贴退坡对市场产生了比较大的影 响，整个行业应该不会产生像去年一样的翘尾效应。对于蔚来公司来说，主要的影响在于乐道L90和 L60等低价车型，但公司对实现四季度盈利还是有信心，主要还是基于ES8等高毛利的车型订单非常强 劲，对毛利总额的影响在预期的范围之内。 截至发稿，蔚来美股盘前涨超2%，此前一度大涨近9%。 编辑 ｜ 钉钉 11月25日晚间，蔚来汽车发布财报称，2025年第三季度净亏损为人民币34.805亿元人民币（约合 4.889亿美元），同比收窄31.2%，环比收窄30.3%。调整后净亏损（非公认会计准则）为人民币 27.351亿元人民币（3.842亿美元），同比收窄38.0%，环比收窄33.7%。 三季度综合毛利率13.9%，创近三年来新高。截至2025年9月30日，三季度现金储备367亿元。 ...

在新能源汽车渗透率不断提升、车险需求多样化的背景下，越来越多的车企加速布局保险领域，将车险业务深度融入自身全产业链。11月24日， 北京商报记者注意到，北京法巴天星财产保险股份有限公司（以下简称"法巴天星财险"）已于10月17日正式获批开业，标志着这家融合了国际保 险巨头、中国造车新势力与欧洲汽车金融巨头的跨界险企，正式登陆中国车险市场。 由于小米集团的深度参与和生态赋能，该公司被业界视作"小米车险"的真正落地，也成为继深圳比亚迪财产保险有限公司（以下简称"比亚迪财 险"）之后，搅动新能源车险市场的第二条"鲶鱼"。在新能源车加速普及、车主对车险高保费吐槽持续发酵的当下，这场带着科技与产业基因的跨 界布局，能否打破现有定价桎梏、破解行业发展痛点，成为市场关注的核心焦点。 三方巨头加持 回溯法巴天星财险筹建历程，2024年10月，监管部门正式发文同意筹建，历经一年时间的筹备打磨，这家备受瞩目的合资财险公司终于如愿拿到 开业批文，并将接受北京金融监管局的属地监督管理。 法巴天星财险的开业，是新能源车企扎堆入局保险业的一个缩影。 近些年，多家新能源车企通过收购或成立保险经纪公司、保险公司尝试进军保险行业。例如，202 ...