作者丨彭鑫 综合毛利率、整车毛利率均创近三年来新高。其中，综合毛利率为13.9%；整车毛利率为14.7%。产品 和服务盈利能力显著增强。今年四季度营收指引327.6亿元至340.4亿元，同比增长66.3%至72.8%。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。 交付量方面，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。四季度交付指引为 120,000台至125,000台，同比增长65.1%至72.0%。 或受此消息影响，截至发稿，蔚来美股盘前涨2.09%，报5.870美元/股。 编辑丨安安 11月25日，蔚来发布2025年第三季度财报。数据显示，今年Q3营收217.9亿元，同比增长16.7%，环比 增长14.7%，创历史新高。 ...

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38.0%，环比下降 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。 今年三季度，蔚来营收217.9亿元，同比增长16.7%；交付新车87071辆，同比增长40.8%，环比增长 20.8%。预计2025年四季度的汽车交付量将在120000—125000辆之间。 来源：观点地产网 观点网讯：11月25日，蔚来-SW（09866）发布了2025年第三季度的业绩公告。 根据公告，蔚来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），同比下降 31.2%，环比下降30.3%。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

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。 ...

格隆汇11月25日｜蔚来(NIO.US)盘前直线拉升，一度涨超9%，现涨幅收窄至逾4%。消息面上，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；营收217.9亿元，同比增长16.7%，环比增长14.7%，创历史新高；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；整车毛利率14.7%，创近三年新高；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。 展望未来，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。 ...

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，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。 ...

Core Insights - NIO-SW (09866) reported record-high deliveries and revenue for Q3 2025, with significant year-on-year and quarter-on-quarter growth [1] Financial Performance - Q3 deliveries reached 87,071 units, representing a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1] - Q3 revenue amounted to 21.79 billion yuan, showing a year-on-year growth of 16.7% and a quarter-on-quarter growth of 14.7% [1] - The comprehensive gross margin for Q3 was 13.9%, the highest in nearly three years, indicating improved profitability in products and services [1] - The vehicle gross margin for Q3 was 14.7%, also the highest in nearly three years [1] - Cash reserves reached 36.7 billion yuan, a significant increase of nearly 10 billion yuan quarter-on-quarter, achieving positive operating cash flow and free cash flow [1] Future Guidance - For Q4, the delivery guidance is set between 120,000 to 125,000 units, reflecting a year-on-year growth of 65.1% to 72.0% [1] - Revenue guidance for Q4 is projected to be between 32.76 billion yuan to 34.04 billion yuan, indicating a year-on-year growth of 66.3% to 72.8% [1]

每经AI快讯，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，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。 ...

| NIO 蔚来 | | | | --- | --- | --- | | 5 750 + +0.170 +3.05% | | 收盘价 11/24 16:00 美东 | | 5.930 t 0.180 +3.13% | | 盘前价 11/25 04:09 美东 | | 三 7 24 5 8 9 日 9 | | ● 快捷交易 | | 最高价 5.860 | 开盘价 5.780 | 成交量 5245.07万 | | 最低价 5.710 | | | | 平均价 5.795 | 市盈率ITM 亏损 | 总市值 142.22亿 (m) | | 振 幅 2.69% | 市盈率(静) 亏损 | 总股本 24.73亿 | | 换手率 2.96% | 市净率 -83.333 | 流通值 102亿 | | 52周最高 8.020 | 委 比 -72.41% | 流通股 17.74亿 | | 52周最低 3.020 | 量 比 0.92 | 每 手 1股 | | 历史最高 66.990 | 股息TTM -- | 换股比率 1.00 | | 历史最低 1.190 S | 股息率TIM -- | | | 昨收价 5.580 | | 成交 ...

Group 1 - The article discusses the recent challenges faced by Xiaomi and its founder Lei Jun, drawing parallels with NIO's CEO Li Bin, highlighting the shifting dynamics in the Chinese electric vehicle (EV) industry [2][3] - The narrative emphasizes the dual nature of "traffic" in the EV sector, where it can both elevate and harm reputations, as seen in the contrasting experiences of Li Bin and Lei Jun [4][5] - Xiaomi's initial success in pre-orders for its SU7 and YU7 models is overshadowed by safety incidents, leading to a rapid decline in public perception and trust [6][15] Group 2 - The article contrasts the testing approaches of Li Bin and Lei Jun, noting that Li Bin's hands-on, transparent methods have garnered public trust, while Lei Jun's marketing-driven approach has led to skepticism [7][10] - The narrative points out that while both CEOs engage in showcasing their products, the public's reaction varies significantly based on their perceived authenticity and the outcomes of their demonstrations [11][12] Group 3 - The article highlights a shift in consumer priorities within the EV market, with safety now taking precedence over smart features, posing a significant challenge for Xiaomi [14][15] - It notes that Xiaomi's vehicles are facing declining resale values, indicating concerns about their long-term reliability and market perception [15][16] Group 4 - The piece discusses the broader implications for the EV industry, suggesting that the focus is shifting from marketing and traffic to safety and compliance, driven by regulatory changes [16][17] - It concludes that both Lei Jun and Xiaomi must navigate these challenges by prioritizing safety and rebuilding consumer trust, similar to the journey taken by NIO [18][19]

Group 1 - NIO's CEO Li Bin expressed optimism about achieving profitability in Q4, stating that expenses were managed in Q3 and that sales and gross margins have improved compared to previous models. He humorously noted that the team needs to sell more cars to support this goal [2][2][2] - NIO delivered a record 40,397 vehicles in October 2025, marking a 92.6% year-on-year increase, bringing the total deliveries to 913,182 vehicles as of October 31, 2025 [2][2][2] Group 2 - New Oriental employees released a song criticizing the company, highlighting issues such as excessive reporting requirements and poor management. The song ended on a note of resilience, emphasizing the importance of hard work despite grievances [4][4][4] - Yu Minhong, the founder of New Oriental, acknowledged the song and commented on the need for employees to express their frustrations while also focusing on survival [4][4][4] Group 3 - Gree's entry into the refrigerator market faced skepticism, with CEO Dong Mingzhu asserting that being a latecomer does not equate to merely following trends. She emphasized Gree's commitment to high standards and quality in all its products [6][6][6] - The company is facing competition from Xiaomi, with discussions around the competitive landscape between the two brands [6][6][6] Group 4 - ZhiYuan Robotics, co-founded by former Huawei executive Deng Taihua and tech influencer "ZhiHuiJun," recently completed a share reform, indicating potential plans for an IPO. Notable investors include Ma Huateng and Wang Chuanfu [7][7][7] - The company has developed several robot families and is part of a growing trend of domestic robotics firms preparing for public offerings [7][7][7] Group 5 - Meituan launched its first AI IDE product, CatPaw, which is currently in public beta. The product aims to assist programmers with features like code completion and project debugging [9][9][9] - CatPaw has seen significant internal adoption within Meituan, with over 95% penetration among developers and an AI-generated code rate exceeding 50% [10][10][10] Group 6 - Douyin clarified that rumors about penalizing sellers for pricing Moutai below market value are false, stating that the platform is focused on combating false advertising and ensuring fair pricing practices [12][12][12] - The platform has already taken action against over 100 products and restricted 52 merchants for engaging in suspicious pricing behaviors [12][12][12] Group 7 - GAC Group appointed Chen Jiacai, former president of overseas business at Seres, to lead its international business expansion, reflecting the company's rapid growth in overseas sales [13][13][13] - GAC's overseas sales increased by 67.6% last year, with a significant rise in exports of its self-owned brands [13][13][13] Group 8 - Intel is suing a former engineer for allegedly stealing 18,000 confidential files before disappearing. The engineer had attempted to download sensitive data prior to his termination [35][35][35] - The lawsuit highlights ongoing concerns about data security and employee conduct within the tech industry [35][35][35] Group 9 - OpenAI plans to sell computing power directly to other companies, aiming to compete with major cloud service providers like Amazon and Microsoft. The company anticipates annual revenue exceeding $20 billion by 2025 [37][37][37] - This strategy is part of OpenAI's broader goal to establish itself as a significant player in the cloud computing market, leveraging its investments in AI infrastructure [38][38][38] Group 10 - SanDisk announced a 50% price increase for NAND flash memory chips, marking its third price hike this year, driven by high demand from AI data centers and supply chain constraints [40][40][40] - This price adjustment is expected to impact the broader storage market, prompting other manufacturers to reassess their pricing strategies [40][40][40]