业绩符合市场预期，改革成效持续兑现。公司3Q25 交付87,071辆，实现营收217.9 亿元。综合毛利率环 比+3.9ppt 至13.9%，汽车毛利率环比+4.4ppt 至14.7%，创下公司1Q23 以来季度最好水平，主因推进降 本及L90 占比提升，其他毛利率继续保持转正为7.8%。3Q 研发和销管费用分别为23.9/41.9 亿元，研发 费用环比下降约6 亿元，销管费用环比有所增长主要受新车型周期带动，整体费用率环比-6.5ppt 至 30.2%。Non-GAAP 净亏损27亿元，3Q 公司改革成效持续兑现，业绩符合市场和我们预期。 强产品周期持续，4Q月销有望再创新高。公司指引4Q交付12-12.5 万辆，保持高水平。行至2026 年， 我们继续看好公司本轮产品周期和内部经营改善：现有5566 车型有望通过100 度电标配调整，支持销量 回升。我们认为，公司启动内部CBU改革后（Cell Business Unit），三个品牌定位清晰，布局日趋完 善。2026年公司计划2-3Q推出ES9/ES7/L80 三款SUV车型，我们预计公司继续发力站稳纯电大车市场； 此外，萤火虫加速推进全球化。 已实现现金 ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $37.3 million, an increase of 101% compared to $18.5 million in Q3 2024, primarily driven by the inclusion of Greenbrook operations following the acquisition [16][19] - On an adjusted pro forma basis, revenue increased by 11% year-over-year [16] - Gross margin decreased to 45.9% from 75.6% in the prior year quarter, mainly due to the lower margin of Greenbrook's clinic business [18][19] - Net loss for Q3 2025 was $9.4 million or $0.13 per share, compared to a net loss of $13.3 million or $0.44 per share in the prior year [19] Business Line Data and Key Metrics Changes - Revenue from Greenbrook clinics was $21.8 million, up 25% on an adjusted pro forma basis compared to the prior year [6][18] - NeuroStar business revenue was $15.5 million, with system revenue at $3.5 million and treatment session revenue at $10.5 million [16][19] - NeuroStar treatment session utilization grew 11% year-over-year, indicating strong demand despite a decrease in treatment session revenue due to customer inventory adjustments [17][18] Market Data and Key Metrics Changes - SPRAVATO volumes increased sequentially in Q3 compared to Q2, with 84 of 89 eligible clinics now offering the therapy [8][18] - The company is optimizing its SPRAVATO offering by adjusting billing methods based on state and payer reimbursement dynamics [8][22] Company Strategy and Development Direction - The company is focused on integrating and optimizing operations post-Greenbrook acquisition, aiming to improve efficiencies and capture full value from combined businesses [5][15] - Strategic partnerships, such as with Elite DNA and Transformations Care Network, are expected to expand NeuroStar's footprint and enhance treatment access [23][24] - The company is committed to operational excellence and cash optimization, with initiatives like self-check-in kiosks and AI integration to improve patient experience and reduce costs [12][13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute on priorities and create value for patients and shareholders, highlighting strong momentum in the Greenbrook integration and operational improvements [15][25] - The company anticipates achieving positive cash flow from operations in Q4 2025, with projected revenue guidance of $40 million to $43 million [20][22] Other Important Information - The company has received additional funding under its existing debt agreement, strengthening its cash position [20] - New York State Medicaid began covering NeuroStar TMS therapy for adults with major depressive disorder, expanding access to over 5 million members [15] Q&A Session Summary Question: What is driving the growth dynamics between Greenbrook and NeuroStar sites? - Management noted that Greenbrook clinics saw nearly 28% growth year-over-year, driven by SPRAVATO and TMS segments, while NeuroStar's treatment utilization increased but did not translate to revenue growth due to inventory adjustments [28][29] Question: What changed regarding gross margin expectations post-Greenbrook merger? - Management explained that the lower gross margin is due to the inclusion of Greenbrook's lower-margin clinic business, while NeuroStar's cost structure remains stable [30][31] Question: Can operational efficiencies be quantified in terms of cost savings? - Management indicated that while specific savings have not been quantified, investments in automation and technology are expected to drive long-term efficiencies [35][38] Question: How is the adolescent indication performing and what role does the provider connection program play? - Management reported an uptick in adolescent patient starts, largely driven by the provider connection network, which has increased awareness among primary care physicians [56][57]