格隆汇11月25日｜蔚来发布2025年三季度财报。蔚来公司三季度交付87,071台，同比增长40.8%，环比 增长20.8%，创历史新高。 三季度营收217.9亿元，同比增长16.7%，环比增长14.7%，创历史新高。 三季度综合毛利率13.9%，创近三年来新高，产品和服务盈利能力显著增强。 三季度现金储备367亿元，环比大幅增长近百亿，实现正向经营性现金流和自由现金流。 四季度交付指引120,000台至125,000台，同比增长65.1%至72.0%，创历史新高。营收指引327.6亿元至 340.4亿元，同比增长66.3%至72.8%，创历史新高。 三季度整车毛利率14.7%，创近三年新高。 ...

Core Viewpoint - The company has entered a new growth cycle, driven by strong delivery performance and brand expansion, with significant year-over-year growth expected in the upcoming quarter [5][6]. Financial Performance - In Q3, total revenue reached 21.8 billion RMB (3.06 billion USD), a year-over-year increase of 16.7% [4][5]. - The company delivered 87,071 smart electric vehicles, marking a 40.8% increase year-over-year [5][6]. - Gross profit amounted to 3.02 billion RMB, up 50.7% year-over-year, with an overall gross margin of 13.9%, significantly improved from 10.7% in the same period last year [4][5]. Delivery and Sales Growth - The company expects Q4 deliveries to range between 120,000 to 125,000 vehicles, representing a year-over-year growth of 65.1% to 72.0% [6]. - The delivery breakdown for Q3 shows that the high-end brand NIO delivered 36,928 vehicles, the family-oriented brand Lada delivered 37,656 vehicles, and the small high-end electric vehicle brand Firefly delivered 12,487 vehicles [11][12]. Cost Management and Profitability - Vehicle sales revenue reached 19.2 billion RMB, with a year-over-year growth of 15.0% and a quarter-over-quarter growth of 19.0% [13]. - The vehicle gross margin improved to 14.7%, up from 10.3% in the previous quarter, driven by reduced material costs despite a decline in average selling prices [14][15]. - R&D expenses decreased by 28.0% year-over-year and 20.5% quarter-over-quarter, attributed to organizational optimization and varying development stages of new products [16][17]. Operational Efficiency - The company reported an operating loss of 3.5 billion RMB, a reduction of 32.8% year-over-year and 28.3% quarter-over-quarter [18]. - Adjusted operating loss (non-GAAP) was 2.8 billion RMB, down 39.5% year-over-year and 31.3% quarter-over-quarter [18].

11月25日，蔚来发布2025年三季度财报。 蔚来公司三季度交付87,071台，同比增长40.8%，环比增长20.8%，创历史新高。三季度营收217.9亿元，同比增长16.7%，环比增长 14.7%，创历史新高。三季度综合毛利率13.9%，创近三年来新高，产品和服务盈利能力显著增强。 三季度整车毛利率14.7%，创近三年新高。三季度现金储备367亿元，环比大幅增长近百亿元，实现正向经营性现金流和自由现金流。 四季度交付指引120,000台至125,000台，同比增长65.1%至72.0%，创历史新高。营收指引327.6亿元至340.4亿元，同比增长66.3%至 72.8%，创历史新高。 此外，乐道L90上市86天交付破30,000台，firefly萤火虫达成第30,000台交付里程碑。 10月份，蔚来公司交付新车40,397台，同比增长92.6%。其中，蔚来品牌交付新车17,143台；乐道品牌交付新车17,342台；firefly萤火虫 品牌交付新车5,912台。截至目前，蔚来公司已累计交付新车913,182台。其中，蔚来品牌累计交付新车779,319台；乐道品牌累计交付新 车107,621台；firefly ...

Core Viewpoint - The rise of Maybach as a luxury car brand reflects societal emotions related to identity anxiety, wealth desire, and vanity, making it a symbol of success and status in contemporary culture [4][70]. Group 1: Brand History and Revival - Maybach is a relatively new brand, with its modern recognition only spanning about 20 years despite its historical roots dating back over a century [8]. - The brand was originally established in 1909 by Wilhelm Maybach and his son, producing high-performance cars until World War II halted production [9][11]. - In 2002, Mercedes-Benz revived the Maybach brand to compete with Rolls-Royce and Bentley, launching the Maybach 57 and 62 models, which catered to the Chinese market's preference for long-wheelbase vehicles [14][15][19]. Group 2: Market Positioning and Sales - The initial pricing of Maybach vehicles positioned them as symbols of extreme wealth, with prices ranging from 5.5 million to 6.1 million RMB, often exceeding 10 million RMB with options [19][35]. - Despite the brand's luxury image, Maybach struggled with sales, selling significantly fewer units than its competitors, Rolls-Royce and Bentley, leading to its discontinuation in 2013 after substantial financial losses [23][25]. - However, the brand's image remained strong in China, where it became associated with top-tier wealth, with half of the Maybachs sold before discontinuation being purchased by Chinese billionaires [26][21]. Group 3: Rebranding and Market Success - Mercedes-Benz successfully rebranded Maybach as a sub-brand, "Mercedes-Maybach," positioning it as a high-end version of the S-Class, which allowed for a more accessible price point starting at 1.438 million RMB [29][35]. - The new Maybach S-Class has seen significant success, with sales reaching 60,000 units from 2015 to 2021, two-thirds of which were sold in China [45][46]. - The brand's revival was strategically aimed at the Chinese market, with the global launch of the Maybach S600 taking place at the Guangzhou International Auto Show [46]. Group 4: Cultural Impact and Symbolism - Maybach has transcended its identity as merely a luxury vehicle, becoming a cultural symbol of success and wealth, often featured in social media and popular culture [56][60]. - The vehicle's association with influencers and celebrities has further solidified its status as a marker of success, leading to a unique cultural phenomenon where owning a Maybach is seen as a validation of one's achievements [64][66]. - The brand's appeal continues to grow, even amidst a downturn in the luxury car market, indicating that Maybach is experiencing a renaissance in its popularity [67].

Core Viewpoint - NIO Inc. reported strong Q3 2025 results, showcasing significant growth in deliveries, revenue, and profitability metrics, leading to a notable pre-market stock surge [1] Financial Performance - Q3 deliveries reached 87,071 units, marking a year-over-year increase of 40.8% and a quarter-over-quarter increase of 20.8%, achieving a historical high [1] - Revenue for Q3 was 21.79 billion yuan, reflecting a year-over-year growth of 16.7% and a quarter-over-quarter growth of 14.7%, also a historical high [1] - Comprehensive gross margin improved to 13.9%, the highest in nearly three years, indicating enhanced profitability in products and services [1] - Vehicle gross margin reached 14.7%, the highest in nearly three years [1] - Cash reserves increased to 36.7 billion yuan, a significant quarter-over-quarter growth of nearly 10 billion yuan, with positive operating cash flow and free cash flow [1] Future Outlook - For Q4, the delivery guidance is set between 120,000 to 125,000 units, representing a year-over-year growth of 65.1% to 72.0%, which would be a historical high [1] - Revenue guidance for Q4 is projected between 32.76 billion to 34.04 billion yuan, indicating a year-over-year growth of 66.3% to 72.8%, also a historical high [1]

Core Insights - NIO-SW reported a total revenue of RMB 21.7939 billion (USD 3.0614 billion) for Q3 2025, representing a year-on-year growth of 16.7% [1] - The gross profit was approximately RMB 3.025 billion, showing a year-on-year increase of 50.7% [1] - The net loss for the quarter was RMB 3.4805 billion (USD 488.9 million), which is a 31.2% reduction compared to the previous year [1] Revenue and Sales Performance - Automotive sales revenue reached RMB 19.2023 billion (USD 2.6973 billion), a 15.0% increase compared to Q3 2024 [1] - The automotive gross margin improved to 14.7%, up from 13.1% in Q3 2024 and 10.3% in Q2 2025 [1] - The total vehicle deliveries for Q3 2025 were 87,071 units, marking a 40.8% increase year-on-year and a 20.8% increase from Q2 2025 [1] Strategic Developments - The CEO highlighted strong growth momentum driven by the competitiveness of NIO, Lada, and Firefly brand products, which continue to gain user preference in their respective segments [1] - The company is collaborating closely with supply chain partners to enhance production capacity, with expected total deliveries in Q4 projected between 120,000 to 125,000 units, representing a year-on-year growth of 65.1% to 72.0% [1] - The new NIO ES8 set a record for the fastest delivery of over 10,000 units in the Chinese market for electric vehicles priced above RMB 400,000 [1] Financial Efficiency - The automotive gross margin increased to 14.7% in Q3 2025, the highest level in three years, indicating improved profitability of products and services [2] - The company achieved a positive operating cash flow, maintaining a positive cash flow after capital expenditures [2] - With the support of an $1.16 billion equity issuance, the company has established a more robust balance sheet to facilitate sustainable long-term growth [2]

Core Insights - NIO-SW (09866) reported Q3 2025 revenue of RMB 21.7939 billion (USD 3.0614 billion), a year-on-year increase of 16.7% [1] - Gross profit was approximately RMB 3.025 billion, up 50.7% year-on-year [1] - Net loss was RMB 3.4805 billion (USD 488.9 million), a reduction of 31.2% year-on-year [1] Revenue and Sales Performance - Automotive sales revenue reached RMB 19.2023 billion (USD 2.6973 billion), a 15.0% increase compared to Q3 2024 [1] - The automotive gross margin improved to 14.7%, compared to 13.1% in Q3 2024 and 10.3% in Q2 2025 [1] - Total vehicle deliveries for Q3 2025 were 87,071 units, representing a 40.8% increase year-on-year and a 20.8% increase from Q2 2025 [1] Strategic Developments - The company is collaborating closely with supply chain partners to enhance production capacity, expecting total deliveries in Q4 to range between 120,000 to 125,000 units, a year-on-year increase of 65.1% to 72.0% [1] - The new NIO ES8 set a record for the fastest delivery of over 10,000 units in the Chinese market for electric vehicles priced above RMB 400,000 [1] - The Lada L90 has maintained the top sales position for large pure electric SUVs for three consecutive months, while the Firefly brand has quickly gained a leading position in the high-end small electric vehicle market [1] Financial Health - The automotive gross margin increased to 14.7% in Q3 2025, the highest level in three years, indicating improved product and service profitability [2] - The company achieved positive operating cash flow, remaining positive even after capital expenditures [2] - With the support of an $1.16 billion equity issuance, the company has established a more robust balance sheet for sustainable long-term growth [2]

Market Overview - Major U.S. stock index futures are experiencing slight declines, with Dow futures down 0.09%, S&P 500 futures down 0.06%, and Nasdaq futures down 0.31% [1] Chinese Concept Stocks - Chinese concept stocks show mixed performance, with NIO rising nearly 8% after reporting 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. The Q4 revenue guidance is set between 32.76 billion yuan and 34.04 billion yuan, representing a year-on-year growth of 66.3% to 72.8% [1] - Alibaba rose 0.15%, Pinduoduo up 0.40%, NetEase up 0.57%, Ctrip up 0.24%, JD.com down 0.72%, and Baidu up 0.33% [1] Company Target Price Adjustments - Citigroup raised the target price for Gap Inc. from $23 to $25 while maintaining a "neutral" rating [1] Market Sentiment - Morgan Stanley's research team indicated that the adjustment in the U.S. stock market is nearing its end, noting that while the S&P 500 index has only retreated 5%, two-thirds of the top 1000 companies have seen declines exceeding 10% [1] Federal Reserve Policy Expectations - Expectations for a rate cut in December have significantly increased to 80.9%, following comments from Federal Reserve officials supporting a potential cut due to concerns over the job market [2] Tech Sector Developments - Google has begun selling TPU chip solutions to major clients like Meta, aiming to expand its AI chip market beyond cloud rental services, resulting in a more than 2% increase in Google's stock [2] - Nvidia's stock fell over 3% amid ongoing bearish sentiments from notable short-sellers [3] Company Performance Highlights - SanDisk is set to join the S&P 500 index on November 28, leading to a nearly 3% increase in its stock price [3] - Pony.ai reported a Q3 revenue of $25.4 million, a year-on-year increase of 72%, with its Robotaxi business generating 47.7 million yuan, up 89.5% year-on-year [3] Regulatory Actions - Poland's competition authority has initiated an antitrust investigation against Apple regarding its App Tracking Transparency policy, which may restrict third-party data collection for personalized advertising while benefiting Apple's own advertising services. Apple’s stock fell 0.3% following the announcement [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 2025年第三季度業績公告 我們謹此發佈我們截至 2025 年 第 三 季 度 的 未 經 審 計 財 務 業 績（「 2025 年 第三季度業績」）。2025 年第三季度業績可於香港聯合交易所有限公司網 站 www.hkexnews.hk 及本公司網站 ir.nio.com 查閱。 承董事會命 蔚來集團 創始人、董事 ...

转自：证券时报 人民财讯11月25日电，11月25日，蔚来发布2025年三季度财报。蔚来公司三季度交付8.71万台，同比增 长40.8%，环比增长20.8%，创历史新高；对应三季度营收217.9亿元，同比增长16.7%，环比增长 14.7%，创历史新高。同时，蔚来提供四季度交付指引为12万台至12.5万台，同比增长65.1%至72.0%， 将再创历史新高。 ...