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。 ...

Core Insights - The overall foot traffic in the automotive industry increased significantly during the National Day holiday, with over 72% of surveyed stores reporting an uptick in customer visits, particularly in the new energy vehicle (NEV) segment, which outperformed traditional fuel vehicles [1][4]. Group 1: Foot Traffic Performance - 74% of NEV stores reported an increase in foot traffic, slightly higher than the 65% of fuel vehicle stores [4]. - Among the stores reporting increased foot traffic, 58% experienced an increase of up to 30%, while 42% saw an increase greater than 30% [4]. - The highest reported increase in foot traffic was from Hongmeng Zhixing stores, with 89% of 31 surveyed stores indicating an uptick [4]. Group 2: Consumer Purchase Intent - Consumer purchase intent showed signs of recovery, with 52% of respondents indicating an increase in purchase willingness during the holiday [6]. - 96% of stores noted that the reduction in vehicle replacement subsidies significantly impacted consumer purchase intent, with over 60% reporting a clear effect [8][10]. - The end of full exemption policies by the end of 2025 has led consumers to become more decisive about their vehicle purchase timelines [11]. Group 3: Influencing Factors on Consumer Behavior - The reduction in replacement subsidies was identified as a primary factor affecting consumer purchase intent, with 77% of stores citing it as a key influence [9]. - New model releases have attracted consumer attention away from price reductions and added features, becoming the leading factor in purchase decisions [15]. - The effectiveness of promotional strategies, such as celebrity endorsements, varied, with some stores questioning their necessity [14][15]. Group 4: Brand Strategies - Different brands are targeting distinct demographics with their marketing strategies, with traditional brands favoring established celebrities and new energy brands opting for younger stars [16]. - The introduction of tax policies by manufacturers has had mixed feedback, with 59% of sales reporting average effectiveness and 28% noting significant impact [15].