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]

Key Takeaways NIO sees strong delivery and margin gains driven by new models and an expanding vehicle lineup.Launches of ONVO and Firefly brands boost volume, with early deliveries supporting growth momentum.Subsidy phaseouts, rising expenses and elevated debt weigh on demand, margins and flexibility.NIO Inc. (NIO) , often touted as the ‘Tesla of China’, is poised for a robust growth phase underpinned by a strong vehicle lineup. Its efforts to expand beyond its luxury lineup also bode well. However, the pha ...

Core Viewpoint - NIO's Q3 financial report shows a significant reduction in net losses and a positive cash flow, indicating a potential turnaround for the company as it aims for profitability in Q4 and a gross margin target of 20% by 2026 [2][4][17]. Financial Performance - In Q3, NIO reported a net loss of 34.8 billion yuan, a year-on-year decrease of approximately 30%, and an adjusted net loss of 27.4 billion yuan, improving by 33.7% quarter-on-quarter [2][3]. - Cash reserves reached 36.65 billion yuan, up from 26 billion yuan at the beginning of the year [3][4]. - The gross margin for vehicles in Q3 was 14.7%, with expectations to rise to around 18% in Q4 [4]. Product Strategy - NIO plans to launch three new large vehicles next year, including ES9, ES7, and L80, aiming to penetrate the pure electric large three-row market [4][9]. - The company emphasizes high-margin models, with ES6 and EC6 achieving gross margins of over 25% [4]. Market Challenges - The recent reduction in vehicle purchase subsidies has led to a significant drop in new orders in November, indicating a shift in consumer behavior towards a wait-and-see approach [5][6]. - NIO's strategy focuses on maintaining stable prices and delivering high-margin models to mitigate the impact of subsidy changes [6]. Operational Efficiency - NIO has shifted its focus from merely increasing sales volume to enhancing operational quality and efficiency, with a new emphasis on high ROI projects [7][8]. - The company has implemented a transparent supply chain and CBU mechanism, ensuring accountability across departments and improving overall operational efficiency [15][16]. Future Outlook - NIO's leadership expresses confidence in achieving full-year profitability, primarily driven by high-margin orders from the ES8 model [8][17]. - The company is committed to a long-term vision of focusing on electric vehicles, with plans to enhance its product line while maintaining a strong market presence [12][13].

业绩符合市场预期，改革成效持续兑现。公司3Q25 交付87,071辆，实现营收217.9 亿元。综合毛利率环 比+3.9ppt 至13.9%，汽车毛利率环比+4.4ppt 至14.7%，创下公司1Q23 以来季度最好水平，主因推进降 本及L90 占比提升，其他毛利率继续保持转正为7.8%。3Q 研发和销管费用分别为23.9/41.9 亿元，研发 费用环比下降约6 亿元，销管费用环比有所增长主要受新车型周期带动，整体费用率环比-6.5ppt 至 30.2%。Non-GAAP 净亏损27亿元，3Q 公司改革成效持续兑现，业绩符合市场和我们预期。 强产品周期持续，4Q月销有望再创新高。公司指引4Q交付12-12.5 万辆，保持高水平。行至2026 年， 我们继续看好公司本轮产品周期和内部经营改善：现有5566 车型有望通过100 度电标配调整，支持销量 回升。我们认为，公司启动内部CBU改革后（Cell Business Unit），三个品牌定位清晰，布局日趋完 善。2026年公司计划2-3Q推出ES9/ES7/L80 三款SUV车型，我们预计公司继续发力站稳纯电大车市场； 此外，萤火虫加速推进全球化。 已实现现金 ...

中金主要观点如下： 业绩符合市场预期，改革成效持续兑现 （原标题：中金：维持蔚来-SW(09866)跑赢行业评级 目标价62港元） 智通财经APP获悉，中金发布研报称，当前蔚来-SW(09866)美股及港股分别对应2026年0.7/0.8x P/S，维 持跑赢行业评级，港美股目标价分别为62港元/8美元，均对应2026年1.0x P/S，港股和美股分别较当前 股价存32%/46%的上行空间。公司公布3Q25业绩：营收为217.9亿元，整体业绩符合市场和该行预期。 在强劲的产品周期带动下，公司财报表示3Q经营性现金流和自由现金流均实现转正。此前公司于9月17 日完成11.6亿美元公开增发新股融资，所筹资金规划用于智能电动汽车核心技术的研发、新一代技术平 台及车型的开发、充换电基础设施的扩展，以及进一步优化公司资产负债表，增强资金实力，该行认为 公司安全垫持续提升。 风险提示：市场竞争加剧致需求不及预期，费用控制及换电合作不及预期。 公司3Q25交付87,071辆，实现营收217.9亿元。综合毛利率环比+3.9ppt至13.9%，汽车毛利率环比+4.4ppt 至14.7%，创下公司1Q23以来季度最好水平，主因推 ...

Core Insights - The report from CICC indicates that NIO's overall performance in Q3 surpassed industry expectations, with multiple key metrics aligning with market forecasts, showcasing the effectiveness of recent reforms and entering a strong product cycle [1] - Looking ahead to Q4, CICC is optimistic about NIO's continued positive operational momentum, with monthly delivery volumes expected to exceed previous highs [1] Company Performance - NIO's Q3 financial report revealed historic breakthroughs in delivery volumes, revenue capabilities, and overall gross margin [1] - The revenue guidance for Q4 is projected to reach between 32.76 billion to 34.04 billion yuan, representing a year-on-year growth of 66.3% to 72.8%, positioning NIO as a leader among new energy vehicle companies [1] Product Strategy - NIO currently has three clearly defined brands, and its product matrix is becoming increasingly comprehensive [1] - The company plans to launch three SUV models, ES9, ES7, and L80, by 2026 to further strengthen its competitiveness in the pure electric large vehicle segment [1]

25 November 2025 | 7:49PM CST Equity Research NIO Inc. (NIO): 3Q25 First Take: Operating profit beat on higher vehicle margin, 4Q25 volume/revenue guidance below expectation Exhibit 1: Nio 3Q25 result summary Nio reported 3Q25 result with total revenue slightly below expectation but operating profit beat, mainly attributed to higher vehicle gross margin from greater-than-expected BOM cost reduction. However, 4Q25 volume and revenue guidance was below expectation, with vehicle sales volume of 120k-125k units ...

Core Insights - NIO Inc. reported a record monthly delivery of 40,397 vehicles in October 2025, representing a year-over-year increase of 92.6% [1] - Year-to-date deliveries reached 241,618 vehicles, marking a 41.9% increase compared to the previous year [1] - Goldman Sachs raised its sales forecast for NIO from 2026 to 2030 by 6% to 11%, citing improved competitiveness of new models L90 and ES8 [1] Delivery Performance - October 2025 deliveries reached 40,397 units, a new monthly record [1] - Year-to-date deliveries as of early November 2025 totaled 241,618 units [1] - The year-over-year growth rates for October and year-to-date deliveries were 92.6% and 41.9%, respectively [1] Future Outlook - NIO plans to accelerate the delivery of the new ES8 model in November, with a projected 70% increase in production capacity compared to October [1] - The company is set to expand its product line by introducing two new models, L80 and ES9, along with a refreshed ES7 by 2026 [1] - The introduction of these new models is expected to further enhance sales momentum [1]

Core Viewpoint - Goldman Sachs has raised NIO's sales forecast for 2026 to 2030 by 6% to 11% due to the improved market competitiveness of new models like the L90 and ES8, which have driven continuous sales growth in the past quarter [1] Group 1 - The company has accelerated its new model product line rollout to 2026, planning to launch two new models, L80 and ES9, along with a facelifted model ES7, which is expected to further enhance sales momentum [1] - The firm now predicts that the company will achieve full-year non-GAAP EBIT breakeven by 2028, one year earlier than the previous forecast of 2029 [1] - The target price for the US stock has been raised from $4.3 to $7, while the target price for the H-shares has been increased from HKD 33.3 to HKD 55, maintaining a "Neutral" rating [1]