【DT新材料】 获悉，11月25日下午， 蔚来 发布了三季度财报。 四季度交付指引120,000台至125,000台，同比增长65.1%至72.0%；营收指引327.6亿元至340.4亿元，同比增长66.3%至72.8%， 两者均创历史新高。 补能基础设施建设方面，截止10月31日，蔚来已在全球累计建成3614座换电站、4801座充电站以及27396根充电桩，投建数量均为国内车企第一。 蔚来三季度的财务指标爆发性增长，与品牌销量激增和全栈技术落地密切相关。 此外，蔚来自研核心技术加速量产，神玑NX9031智驾芯片将搭载于新款ET5、ES6等车型，900V高性能电驱系统、天行全主动悬架等技术陆续上车，强化产品 竞争力的同时，也进一步摊薄了蔚来研发和制造成本。 目前，蔚来国内三大品牌的产能也正在持续扩容，到今年四季度，三大品牌月度产能目标合计将达到5.6万辆，为四季度冲击月销5万辆奠定基础。 数据显示，蔚来三季度财务指标全面提升，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。第三季度净亏损为人民币 ...

Core Insights - NIO reported record-high deliveries and revenue for Q3 2025, with 87,071 vehicles delivered, representing a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1][4] - The company's Q3 revenue reached 21.79 billion yuan, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1][4] - NIO's overall gross margin improved to 13.9%, and the vehicle gross margin reached 14.7%, both marking the highest levels in nearly three years [1][5] - Cash reserves increased significantly to 36.7 billion yuan, with positive operating cash flow and free cash flow achieved [1][6] Delivery and Revenue Guidance - For Q4 2025, NIO expects to deliver between 120,000 and 125,000 vehicles, which would represent a year-on-year growth of 65.1% to 72.0% [1][6] - Revenue guidance for Q4 is projected to be between 32.76 billion and 34.04 billion yuan, indicating a year-on-year increase of 66.3% to 72.8% [1][8] Infrastructure Development - As of October 31, NIO has established a total of 3,614 battery swap stations, 4,801 charging stations, and 27,396 charging piles globally, indicating ongoing infrastructure expansion [1][8]