此外，蔚来第三季度的研发费用为23.906亿元，同比下降28.0%，主要由于组织优化带来的研发职能人 员成本下降，以及新产品及新技术不同开发阶段所带来的设计及开发费用下降；第三季度的销售、一般 及行政费用为41.847亿元，同比增长1.8%，主要由于新产品推出相关的销售及营销活动增加。 【文/观察者网 潘昱辰 编辑/高莘】11月25日，蔚来披露2025年第三季度财报。今年第三季度，蔚来收 入总额为人民币217.939亿元，同比增长16.7%，创历史新高；归属于蔚来普通股股东的净亏损为36.608 亿元，同比下降28.8%；毛利率为13.9%，比上年同期增加3.2个百分点。 截至2025年9月30日，蔚来现金及现金等价物、受限制现金、短期投资及长期定期存款为367亿元，比上 季度末增加约100亿元，但流动负债仍超过流动资产。 截至11月25日美股收盘，蔚来股价跌4.35%，报收5.5美元；截至11月26日发稿，蔚来港股股价跌 6.32%，报43.84港元。不过据《华尔街日报》11月25日报道，自今年7月乐道L90推出以来，蔚来港股股 价上涨了35%。 2025广州车展蔚来展台 视觉中国 具体来看，蔚来今年第三季 ...

研发、销售及行政运营效率持续提升，non GAAP经营亏损环比收窄30%。Q3公司经营现金流与自由现金流均转正。 蔚来坚持"可充、可换、可升级"的纯电路线，依托12大技术领域全栈自研，三大品牌精准满足多细分市场用户需求，新产品竞争力获市场认可。 近期， 智能驾驶方面： 一、 李斌 Q3公司交付智能电动车87,071台，同比增长40.8%。 本季度我们推出两款大型三排座纯电SUV：ONVO L90与全新蔚来ES8，两款车型凭借综合竞争力获得用户高度认可，需求稳健。 同时，Firefly品牌覆盖更广价格区间，满足多元需求，三大品牌共同推动交付量显著增长。 10月公司交付40,397台智能电动车，同比增长92.6%，连续三个月创月度交付新高。 Q4预计总交付量12万-12.5万台，同比增65.1%-72%，再创季度新高。 财务方面，得益于持续降本，Q3整车毛利率提升至14.7%，其他销售毛利率7.8%，综合毛利率13.9%，为近三年最高，体现产品与服务竞争力增强。 蔚来发布全球首个世界模型NWM，不仅理解预测真实世界，更具备闭环训练能力，行业趋势正加速向世界模型演进。 接下来我们将为搭载NX9031及NVIDIA ...

【导读】蔚来公司交出"史上最强"三季报，预计2025年第四季度营收创新高 中国基金报记者 邱德坤 又有一家头部造车新势力，交出"史上最强"三季报。 11月25日晚间，蔚来公司发布的2025年三季报显示，公司2025年第三季度的营收创新高，达217.9亿 元，并且亏损金额大幅收窄。 11月17日，小鹏汽车、零跑汽车发布2025年三季报，均称是其"史上最强"三季报，其中小鹏汽车的季度 亏损大幅收窄，零跑汽车实现连续季度盈利。 来源：蔚来公司2025年三季报 2025年第三季度，蔚来公司的交付量创新高，达8.7万辆，同比增长40.8%，环比增长20.8%。 规模效应进一步凸显 汽车业务毛利率持续提升 财报显示，蔚来公司2025年第三季度的营收由两部分组成，分别是汽车销售收入、其他销售收入，其中 汽车销售收入在总营收的占比超88%。 2025年第三季度，蔚来公司的汽车销售收入为192.0亿元，同比增长15.0%，环比增长19.0%，主要是交 付量增长所致。 | | 2025年 | 2025年 | 2024年 | | | | --- | --- | --- | --- | --- | --- | | | | | 第三季 ...

【导读】蔚来公司交出 " 史上最强 " 三季报，预计 2025 年第四季度营收创新高 中国基金报记者 邱德坤 又有一家头部造车新势力，交出 " 史上最强 " 三季报。 11 月 25 日晚间，蔚来公司发布的 2025 年三季报显示，公司 2025 年第三季度的营收创新高，达 217.9 亿元，并且亏损金额大幅收 窄。 1 1 月 1 7 日，小 鹏 汽 车 、 零 跑 汽 车 发 布 2 0 2 5 年 三 季 报，均 称 是 其 " 史 上 最 强 " 三 季 报，其 中 小 鹏 汽 车 的 季 度 亏 损 大 幅 收 窄，零 跑 汽 车 实 现 连 续 季 度 盈 利 。 规模效应进一步凸显 汽车业务毛利率持续提升 财报显示，蔚来公司 2025 年第三季度的营收由两部分组成，分别是汽车销售收入、其他销售收入，其中汽车销售收入在总营收的占比超 88% 。 2025 年第三季度，蔚来公司的汽车销售收入为 192.0 亿元，同比增长 15.0% ，环比增长 19.0% ，主要是交付量增长所致。 | | 2025年 | 2025年 | 2025年 | 2024年 | | --- | --- | --- | --- ...

Core Viewpoint - GAC and Huawei are deepening their collaboration to launch high-end electric vehicles under the "Qijing" brand, with two models priced around 300,000 yuan set to debut in 2024 [1][3]. Group 1: Collaboration Details - The two new models will include a mid-to-large pure electric sedan launching in Q2 2024 and an SUV in Q3 2024, targeting the 300,000 yuan new energy vehicle market [1][3]. - The partnership aims to leverage "GAC manufacturing + Huawei intelligence" to capture market share in the competitive 300,000 yuan segment [3][5]. - GAC and Huawei had previously initiated the AH8 project in 2021 but shifted to a supplier relationship in March 2023 before re-establishing their collaboration [3][5]. Group 2: Strategic Developments - In November 2022, GAC and Huawei signed a strategic cooperation agreement to develop smart vehicles, focusing on product development, marketing, and ecosystem services [5][6]. - GAC announced a 1.5 billion yuan investment to establish the GH project company for deeper collaboration with Huawei, which has since integrated its teams with GAC for product development [5][8]. - The newly formed Huawang Automotive will serve as the platform for the Qijing brand, with a focus on independent sales channels rather than Huawei's retail stores [6][8]. Group 3: Market Positioning and Challenges - The collaboration is seen as a response to GAC's need for transformation amid declining sales and performance pressures, initiating a three-year "Panyu Action" plan [4][5]. - The 300,000 yuan price segment is highly competitive, with significant players like Tesla and Li Auto already established, and new entrants expected to emerge [9][10]. - GAC's new brand faces challenges, including the need for independent dealership channels and the impact of upcoming changes in government subsidy policies for electric vehicles priced above 300,000 yuan [9][10].

Group 1 - The State Council will hold a press conference on September 22 to discuss the achievements of the financial industry during the "14th Five-Year Plan" period, with key figures from the central bank and financial regulatory bodies in attendance [1] - Berkshire Hathaway has confirmed the complete sale of its stake in BYD, which was initially acquired in 2008 for $230 million, resulting in a remarkable gain of approximately 3890% over 17 years [1] Group 2 - Premier Li Qiang emphasized the importance of China and the U.S. working together as partners for mutual development during a meeting with a U.S. congressional delegation [2] - The China Science and Technology Development Strategy Research Institute reported an increase in China's comprehensive technology innovation score to 80.20, up by 1.77 points from the previous year, with significant growth in technology investment and output [2] Group 3 - As of September 18, the market's margin financing and securities lending balance reached 24,024.65 billion yuan, with A-share market daily trading volume exceeding 30 billion yuan multiple times this year [3] - The number of new A-share accounts opened in August was 2.6503 million, representing a month-on-month increase of 34.97% and a year-on-year increase of 165% [3] Group 4 - Over 1,000 A-share companies have been investigated by institutions in September, with over 300 institutions conducting research on leading robotics company Huichuan Technology [4] - More than 400 foreign institutions have conducted research on A-share companies since the third quarter, with some institutions conducting over 40 investigations [4] Group 5 - Goldman Sachs believes the current rally in Chinese stocks is sustainable due to improved market participant structure, reasonable valuation levels, and a lower margin balance relative to market capitalization compared to 2015 [5] - The Federal Reserve's recent interest rate cut is expected to shift focus from inflation to economic growth, potentially increasing foreign capital inflow into A-shares and Hong Kong stocks [5] Group 6 - Domestic stock private equity institutions have increased their average positions to 78.04%, the highest level this year, with 60.02% of private equity firms holding over 80% of their capital [6] - CITIC Securities suggests that the current industry selection framework should focus on resources, new productivity, and overseas expansion, with a shift in resource stocks towards dividend attributes [6] Group 7 - The number of securities analysts has surpassed 6,162, marking a historical high, with over 400 new analysts added this year [7] Group 8 - Various companies have made significant announcements, including Sunflower's acquisition of a semiconductor materials company and the planned control changes at several firms [9] Group 9 - The National Energy Administration reported that China has completed the installation of over 62.365 million kilowatts of pumped storage power stations, exceeding the target set for the "14th Five-Year Plan" [10] - The civil aviation sector achieved a record high in transportation turnover, reaching 15.18 billion ton-kilometers in August, a year-on-year increase of 8% [11]

Core Insights - NIO Day 2025 was held in Hangzhou with the theme "Grow with the Light," showcasing NIO's latest products and technological innovations [1][4] - The event featured over 700 NIO users and creators, highlighting user stories and community engagement [2] Product Launches - The new ES8, a flagship SUV, was officially launched with prices starting at 406,800 CNY for the six-seat luxury version and 298,800 CNY with BaaS battery rental [2][3] - The ET9 Horizon Special Edition was also launched, starting at 818,000 CNY, with deliveries set to begin at the end of September [3] Technological Innovation - The third-generation ES8 is noted as the first electric SUV to complete three iterations, representing a decade of technological innovation by NIO [3] - The ET9 Horizon Special Edition integrates advanced design and technology, aiming to redefine the standards for high-end electric vehicles [3] Market Positioning - NIO's founder, Li Bin, emphasized that 2025 marks a turning point as the high-end electric vehicle market accelerates its transition to pure electric models [4] - The company aims to leverage over ten years of technological innovation to meet user demands with high-quality products and services [4]

Core Viewpoint - NIO's new ES8 pricing strategy reflects improved cost management and technology advancements, positioning the brand competitively without sacrificing profitability [1] Pricing Strategy - The new NIO ES8 starts at 408,600 yuan, with a battery rental option starting at 298,800 yuan [1] - Previous models had higher prices due to elevated battery and technology costs, but recent advancements have allowed for reduced pricing [1] - The current pricing is designed to maintain a reasonable profit margin while clarifying the brand's market positioning among its three product lines [1]

Core Insights - NIO officially launched the new ES8 model, positioning it as a flagship SUV with advanced technology features [1][2] - The ES8 features a high-performance audio system and a spacious interior, claiming the largest legroom and headroom in its class [1] - The vehicle is equipped with a 900V high-voltage architecture and a 102 kWh battery, offering a CLTC range of 635 km [2] Group 1 - The new NIO ES8 is equipped with a 27-speaker sound system with a peak power of 4082W and a 6G amplifier [1] - The vehicle's interior boasts a maximum trunk space of 547 liters and a front trunk space of 230 liters, comparable to mainstream MPVs [1] - The ES8 includes a high-performance AI driving chip and a comprehensive vehicle operating system, with ongoing updates for new features [1] Group 2 - The starting price for the new NIO ES8 is 406,800 yuan, with a battery rental option starting at 298,800 yuan [2] - The vehicle will be available in three configurations: 7-seat luxury version, 6-seat luxury version, and 6-seat signature version [2] - Deliveries for the new ES8 will officially begin on September 21 [2]

Core Insights - NIO's founder, chairman, and CEO Li Bin announced the launch of the new NIO ES8 at the NIO Day 2025 event, positioning it as a flagship SUV for all scenarios [1] - The new ES8 has exceeded market expectations in its performance over the past month, indicating a shift from extended-range three-row SUVs to pure electric three-row SUVs [1] - The transition is driven by advancements in charging and battery swap networks, as well as the development of pure electric technology, marking a qualitative change in the market [1] - NIO has invested over 18 billion yuan in charging and battery swap infrastructure and over 60 billion yuan in research and development over the past decade [1] - The interior space of the new ES8 is comparable to mainstream MPVs, accommodating six people and twelve luggage without difficulty [1]