过去11年持续做两件事 市场拐点的到来，恰恰印证了蔚来长期主义战略的前瞻性。"作为业内少数坚持只做纯电的汽车公司， 蔚来过去11年持续做两件事，一是持续投入纯电技术研发，二是持续完善充换电体系，专注于让加电比 加油更方便。"李斌表示。 这两大方向的深耕细作，既构建了蔚来不可替代的竞争壁垒，也让用户价值落地为可感知的产品与体 验。在技术研发层面，蔚来构建了12项全栈技术的技术体系，三大品牌共享研发成果，显著降低单车型 研发成本。旗舰车型ET9搭载自研5nm高阶智驾芯片、线控转向、全主动悬架、全域900V高压架构等15 项领先技术；全新ES8上市89天交付破3万，40万元级高价车型持续推动毛利提升；ES6累计销量也已突 破30万辆。 在新能源汽车市场从高速增长迈向高质量发展的关键节点，技术路线的选择与市场格局的变迁成为行业 关注的核心。日前，蔚来创始人、董事长、CEO李斌在接受北京商报记者专访时表示，任何技术路线的 终极归宿都是用户价值。在他看来，过去增程、插混车型的崛起是充换电基础设施不完善时的阶段性选 择。如今市场结构已发生深刻变革，纯电拐点已至，纯电大三排SUV的黄金时代正在到来。面向未来， 蔚来将继续围绕 ...

在新能源汽车市场从高速增长迈向高质量发展的关键节点，技术路线的选择与市场格局的变迁成为行业 关注的核心。日前，蔚来创始人、董事长、CEO李斌在接受北京商报记者专访时表示，任何技术路线的 终极归宿都是用户价值。在他看来，过去增程、插混车型的崛起是充换电基础设施不完善时的阶段性选 择。如今市场结构已发生深刻变革，纯电拐点已至，纯电大三排SUV的黄金时代正在到来。面向未来， 蔚来将继续围绕技术和补能体系持续创新，不断为用户创造价值：继续坚决投入基础设施建设，目标到 2030年充换电站均突破1万座。 纯电大三排SUV黄金时代正在到来 "蔚来始终坚持只做纯电，基于一个底层逻辑：任何技术路线，最终都要回到用户价值。"李斌的这句 话，既是蔚来11年发展的核心准则，也是新能源汽车行业的竞争本质。在他看来，过去几年增程和插混 车型的快速增长，并非技术路线的终极胜利，而是特定阶段市场需求的客观反映。"核心原因在于当时 充换电基础设施尚不充分，可油可电暂为用户带去更好的综合体验，这是不同技术在不同阶段满足用户 需求的结果。" 同时，蔚来正在发力补能体，希望打通用户体验的"最后一公里"。截至2025年11月，蔚来在全球累计建 成换电 ...

Core Insights - November wholesale vehicle sales reached 1.706 million units, a year-on-year increase of 18.5% and a month-on-month increase of 5.8%, with a penetration rate of 56.9%, up 1.6 percentage points from the previous month [1] - Retail sales in November totaled 1.321 million units, reflecting a year-on-year growth of 4.0% and a month-on-month growth of 3.0%, with a penetration rate of 59.4%, up 2.2 percentage points from the previous month [1] - Exports in November amounted to 284,000 units, showing a significant year-on-year increase of 255.0% and a month-on-month increase of 19.3%, with a penetration rate of 47.3%, up 3.1 percentage points from the previous month [1] Sales Data by Manufacturer - Tesla sold 86,700 units in November, including 13,600 units exported [3] - BYD's sales reached 474,900 units, with 128,100 units exported, including various models such as Qin DMI (15,700 units) and Dolphin (31,000 units) [3] - SAIC-GM-Wuling sold 107,800 units, with 12,500 units exported, including 53,600 units of Hongguang MINI [3] - NIO sold 36,300 units, with 6,000 units of ES6 [3] - Li Auto sold 33,200 units, with L9 contributing 2,200 units [3] - XPeng sold 36,700 units, with 5,100 units exported [3] - Leap Motor sold 70,300 units, with 7,200 units of C11 [3] - Chery sold 111,600 units, with 48,100 units exported [3] - GAC Aion sold 38,300 units, with 4,100 units exported [3] - Geely sold 187,800 units, with 15,600 units exported [3] - Volkswagen ID sold 4,800 units [3] - Great Wall sold 40,000 units, with 4,500 units exported [3] - SAIC Passenger Cars sold 42,000 units, with 10,800 units exported [3] - Changan sold 107,000 units, with 4,200 units exported [3] - AITO sold 51,700 units [3] - Xiaomi sold 46,200 units, with 12,500 units of Xiaomi SU7 [3]

周四，新能源车中概股盘前普涨，蔚来(NIO.US)、小鹏汽车(XPEV.US)涨逾3%，理想汽车(LI.US)涨逾 1%。财报显示，蔚来三季度整车毛利率已达 14.7%，并有望在四季度进一步提升至 18% 左右。蔚来 CFO曲玉透露：三季度，ES6 和 EC6 的毛利率均已达到或超过 25%；ET5、ET5T 和乐道 L90 的毛利率 在 15%-20% 之间；三代 ES8 的毛利率也达到 20%。 展望明年，蔚来有着极为明确的产品规划，明年蔚来将会推出三款大车，其中包括ES9、ES7、乐道 L80，将纯电大三排市场彻底打透，并延续蔚来产品领先的优势能力持续提升高毛利产品占比，在李斌 的预计中，2026年蔚来的综合毛利率有希望达到20%。 ...

Core Viewpoint - Chinese electric vehicle stocks experienced a pre-market surge, with NIO, Xpeng Motors, and Li Auto showing significant gains, indicating positive market sentiment towards the sector [1] Financial Performance - NIO reported a gross margin of 14.7% for Q3, with expectations to increase to around 18% in Q4 [1] - The gross margins for NIO's ES6 and EC6 models reached or exceeded 25%, while the ET5, ET5T, and Ladao L90 models had margins between 15% and 20% [1] - The third-generation ES8 model achieved a gross margin of 20% [1] Future Outlook - NIO has a clear product roadmap for next year, planning to launch three large vehicles, including the ES9, ES7, and Ladao L80, targeting the pure electric large three-row market [1] - The company aims to enhance its product mix by increasing the proportion of high-margin products, with a projected overall gross margin of 20% by 2026 according to CEO Li Bin [1]

Investment Rating - The report assigns an "Outperform" rating for the automotive industry, indicating a positive outlook compared to the broader market [2][4]. Core Insights - NIO reported a record high revenue of 52.84 billion yuan for the first three quarters of 2025, with a year-on-year growth of 14.8%. The third quarter revenue reached 21.79 billion yuan, marking a historical peak with a gross margin of 13.9%. The company anticipates delivering between 120,000 to 125,000 vehicles in Q4 2025, representing a year-on-year increase of 65.1% to 72.0% [2]. - The financial indicators show improvement, with a net loss of 3.66 billion yuan in Q3 2025, a reduction from previous periods. The cash reserves increased to 36.7 billion yuan, supported by a successful equity financing of 1.16 billion USD in September [2]. - The product structure has been optimized, with the L90 model becoming a key sales driver, contributing 24.8% of total deliveries in Q3 2025. The company plans to launch three high-end models in 2026 to enhance overall profitability [2]. Summary by Sections Financial Performance - In Q3 2025, NIO's revenue was 21.79 billion yuan, a 16.7% increase year-on-year, with automotive sales revenue at 19.2 billion yuan, up 15.0% year-on-year and 19.0% quarter-on-quarter. The overall gross margin improved from 10.3% in Q2 to 14.7% in Q3 [2]. - The adjusted operating loss narrowed to 2.78 billion yuan, and R&D expenses decreased by 28.0% year-on-year to 2.39 billion yuan [2]. Market Strategy - NIO is enhancing its charging and battery swap infrastructure, with 1,850 battery swap stations and 2,420 supercharging stations established globally by the end of Q3 2025. The company is shifting its overseas strategy from rapid expansion to improving service efficiency and sales capabilities [2]. - The focus on Southeast Asia and the Middle East markets will involve a light-asset cooperation model to mitigate capital expenditure and policy risks [2]. Investment Recommendations - The report suggests focusing on leading smart vehicle companies that are establishing user experience barriers through advanced technology. Recommended companies include Xiaomi Group, XPeng Motors, Li Auto, and NIO [2].

Core Insights - NIO Inc. is positioned for significant growth due to a strong vehicle lineup and expansion beyond luxury models, although challenges such as subsidy phaseouts and rising operating costs may hinder progress [1][6][8] Vehicle Lineup and Growth - NIO's expanding vehicle portfolio, including models like ES6, ET5T, ES8, and others, is driving delivery growth, with expectations of 40,000 ES8 units sold in 2025, primarily in Q4 [2][4] - The introduction of the ONVO brand and Firefly brand is expected to enhance volume, with ONVO's L60 model delivering 33,000 units in its first three months and Firefly delivering over 26,000 units in its first six months [3][8] Margin Improvement - Vehicle margins improved to 14.7% in Q3 2025 from 13.1% in Q3 2024, with expectations to reach 20% overall due to new model launches and cost synergies [4][8] Battery Swap Technology - NIO's battery swap technology, part of its BaaS strategy, provides a competitive advantage, with over 3,641 swap stations and more than 27,000 chargers installed [5] Challenges and Risks - The phaseout of trade-in and replacement subsidies is expected to dampen demand, particularly affecting lower-priced models like ONVO L60 and L90 [6][8] - Rising SG&A expenses, which increased by 1.8% year-over-year, are anticipated to continue due to increased sales and marketing efforts [7][8] - NIO's long-term debt to capital ratio stands at 0.82, significantly higher than the industry average of 0.27, limiting financial flexibility [8][9]

Core Insights - Hefei's internet industry remains vibrant, driven by precise policies, continuous output from universities, and a unique "investment-led" model [1] - Six standout companies representing different development directions have been identified in Hefei's internet landscape [1] Company Summaries 1. Juming Technology - Juming Technology is a significant internet platform in Anhui, ranking among the top three in national domain services [3] - The company aims to become a leading enterprise in Anhui's internet industry, expanding its business into various fields including digital marketing, AI applications, and cybersecurity [3] - Juming Technology hosted the "Digital Empowerment · All-domain Growth" event, promoting digital marketing collaboration [3] 2. Sensing Data - Sensing Data is a leading data intelligence service provider, offering a product matrix that includes analysis and marketing clouds [4] - The company enables local clients to achieve full-link data intelligence transformation through comprehensive data integration [4] 3. NIO Inc. - NIO Inc. focuses on the research and production of smart electric vehicles, with a diverse product line including models like ET5 and ES6 [5] - The company has established a production base in Hefei and emphasizes continuous technological innovation and user experience [5] 4. Keda Intelligent - Keda Intelligent is a leader in smart vehicle equipment and new energy solutions, focusing on integrated solutions for energy storage and charging [6][7] - The company produces 20% of the new charging piles in China and is deeply involved in the robotics industry [6][7] 5. Huami Technology - Huami Technology is a global leader in smart wearable health technology, with a comprehensive health ecosystem built on self-developed chips and cloud platforms [8] - The company has shipped over 200 million health devices and continues to expand its market share in smartwatches globally [8]

Core Viewpoint - NIO is projected to face net losses in FY26-27E despite a better-than-expected gross profit margin (GPM) in 3Q25, with doubts about achieving sustainable profitability compared to peers [1][2]. Financial Performance - NIO's 3Q25 revenue met prior forecasts, with GPM exceeding projections by approximately 3.2 percentage points, attributed to higher margins from models like ES6, EC6, ET5, and ET5T [2]. - The net loss for 3Q25 was RMB3.66 billion, which was about RMB890 million narrower than previous forecasts, aided by lower SG&A and R&D expenses totaling around RMB120 million less than estimates [2]. Sales Guidance and Projections - The sales guidance for 4Q25 is set at 120,000-125,000 units, lower than the previous target of 150,000 units announced during the 2Q25 earnings call [2]. - A breakeven in 4Q25 is deemed unlikely, with management showing increased caution compared to earlier projections [2]. - The estimated GPM for 4Q25 has been revised up to 17.1%, but a GAAP net loss of RMB1.6 billion and a non-GAAP net loss of RMB0.7 billion are still anticipated due to expected sales volume growth of over 40% [2]. Competitive Landscape - Management's assumption of achieving profitability in FY26E relies on a vehicle GPM of 20%, which is contingent on strong sales volume and competitive pricing in a highly competitive Chinese auto market [2]. - The current market dynamics suggest that maintaining high margins is challenging, as few automakers in China can sustain a GPM of 20% [2]. Valuation and Target Price - The HOLD rating is maintained, with target prices for ADR/H-share reduced from US$7.00/HK$55.00 to US$6.40/HK$50.00, reflecting a valuation of 0.8x the revised FY26E sales [2]. - Key risks to the rating and target price include fluctuations in sales volume and margins, as well as potential sector re-rating [2].

NIO Q3 2025 Earnings Call Summary Company Overview - **Company**: NIO Inc. - **Industry**: Smart Electric Vehicles (EVs) Key Highlights Deliveries and Growth - NIO achieved record deliveries in Q3 2025, delivering **87,071 smart EVs**, a **40.8% year-over-year increase** [2][4] - October 2025 saw a **92.6% year-over-year increase** with **40,397 units** delivered, marking three consecutive months of record deliveries [2][4] - Q4 2025 deliveries are projected to reach between **120,000 to 125,000 vehicles**, representing a **65.1% to 72% year-over-year increase** [2][5] Financial Performance - Total revenues in Q3 2025 reached **RMB 21.8 billion**, a **60.7% year-over-year increase** [3][19] - Vehicle gross margin rose to **14.7%**, with overall gross margin at **13.9%**, the highest in nearly three years [2][6] - Non-GAAP operating loss narrowed by over **30% quarter-over-quarter**, with both operating and free cash flow turning positive [2][6][24] Product Launches and Demand - NIO launched several new products, including the **Umbo L90** and the all-new **ES8**, both experiencing strong demand [2][7] - The **ES6 SUV** reached a milestone of **300,000 cumulative deliveries** in October [2][10] - The **Umbo L90** delivered over **33,000 units** in three months, leading the large battery electric SUV segment [2][8] Strategic Commitments - NIO is committed to a battery electric vehicle roadmap featuring chargeable, swappable, and upgradable batteries [2][9] - The Omni brand has led the high-end small electric vehicle market in sales volume, expanding into global markets [2][11] - Advancements in smart driving technology include the introduction of the **new world model (NWM)**, featuring a closed-loop training system [2][12] Market Position and Future Outlook - NIO completed a **$1.16 billion equity financing**, strengthening its balance sheet for long-term R&D and user services [3][16] - The company anticipates a vehicle gross margin of around **18%** in Q4 2025, driven by strong demand for high-margin products like the ES8 [26][27] - NIO aims for full-year profitability on a non-GAAP basis in 2026, supported by increasing BEV penetration in the premium segment [35][40] Operational Efficiency - R&D expenses were **RMB 2.4 billion**, reflecting a decrease of **20-28% year-over-year** due to organizational optimization [22] - Selling, General, and Administrative (SG&A) expenses were **RMB 4.2 billion**, up **1.8% year-over-year** [22] Global Expansion Plans - NIO is expanding its global market presence, transitioning from a direct-to-customer model to a partnership-based approach [49] - The **Firefly** product will lead global market entry, with plans to introduce additional models in various regions [49][50] Market Trends - The overall penetration rate for new energy vehicles reached **55%** in Q3 2025, with BEV sales growing by **26% year-over-year** [37] - NIO's strategy includes leveraging new models and enhancing operational efficiencies to capture market share in the growing BEV segment [36][40] Conclusion NIO's strong performance in Q3 2025, marked by record deliveries and improved financial metrics, positions the company favorably for future growth. The commitment to innovation, strategic product launches, and global expansion efforts are expected to drive continued success in the competitive smart EV market.