1月6日，蔚来（09866.HK/NIO.US）第100万台量产车下线。蔚来创始人、董事长、CEO李斌宣布，蔚来正迈入以高质量增长为核心目标的第三发展阶 段。 下线仪式后，李斌与蔚来联合创始人、总裁秦力洪接受了红星资本局等媒体的群访，复盘2025年的经营情况，并介绍了公司2026年的战略与目标。 保持创业心态 争取未来每年销量增长40%-50% 从公司成立到第100万台量产车下线，蔚来用了11年，后半程的50万台耗时17个月。对于下一个100万台，李斌提出争取能早一点，"看看 能不能用十七八个月完成"。 对于2025年的销量情况，李斌表示："虽然和年初的目标有一些差距，但是总的来说还是实现了战略性目标。" 李斌称，2025年下半年开始，蔚来进入第三个发展阶段。第一阶段是从公司成立到2021年，销量增速基本保持在100%；第二阶段是从 2022年到2025年上半年，发展不达预期，销量增速在30%-40%；2025年下半年销量增速，超过全年47%的销量增速。 对于2026年，李斌表示"不会给到单年的具体目标"。不过蔚来希望在第三个增长周期，实现每年增长40%-50%。如果按照年增速40%计 算，蔚来2035年的销 ...

日前，L90已连续多月交付过万，因此原计划今年上市的L80因L90市场表现超预期而推迟，预计将于明 年一二季度推出。但面对今年年底置换补贴退坡、明年新能源车购置税征收、竞品频出与市场下沉等多 重挑战，乐道也将面临新的考验。 最新数据显示，11月乐道品牌共交付11,794台，环比下滑32%。 沈斐坦言目前最大挑战仍是"怎么能够多卖一点车"，核心在于提升品牌知名度和团队组织能力。俞斌补 充，产品层面将持续围绕家庭用户需求迭代，通过例如L90黑骑士版这类特别版车型"保持市场活力"， 而软件层面年底将为所有车主推送端到端智能驾驶升级。 面对越来越多品牌涌入"大三排SUV"赛道并主打增程方案，乐道汽车管理层立场鲜明：不追随眼下火热 的大电池增程路线，而是坚持"可充可换可升级"的纯电体系。乐道产品体验负责人、助理副总裁俞斌从 产品定义周期分析，今天市场产品的差异"代表的是三年前各个车厂做出的判断"。 沈斐则算了一笔经济账：增程系统增加重量、成本并侵占空间，在充电桩数量已比五六年前增长5-10倍 的今天，为极低频的长途需求常年背负一套系统"对用户来说其实不是很好的体验点"。他提出，换电模 式下，用户可选择一块"合理容量"的 ...

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 ...

Core Viewpoint - The company reported a significant improvement in its Q3 2025 performance, with revenue growth and a reduction in net losses, indicating a positive trend in sales and profitability driven by new vehicle launches [1][2][3] Group 1: Q3 2025 Performance - The company achieved revenue of 21.79 billion yuan in Q3 2025, representing a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1] - The net loss attributable to shareholders was 3.66 billion yuan, showing an improvement of 28.8% year-on-year and quarter-on-quarter [1] - Non-GAAP net loss was 2.74 billion yuan, with year-on-year improvement of 38.0% and quarter-on-quarter improvement of 56.4% [1] Group 2: Sales and Profitability - The company sold 87,000 vehicles in Q3 2025, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1] - Automotive business revenue rose to 19.20 billion yuan, up 15.0% year-on-year and 19.0% quarter-on-quarter [1] - The overall gross margin reached 13.9%, with the automotive gross margin at 14.7%, both achieving recent highs due to effective cost reductions and improved margins on key models [1] Group 3: Q4 2025 Outlook - The company expects to deliver between 120,000 to 125,000 vehicles in Q4 2025, representing a year-on-year growth of 65.1% to 72.0% [2] - Projected revenue for Q4 2025 is between 32.76 billion yuan and 34.04 billion yuan, indicating a year-on-year increase of 66.3% to 72.8% [2] - The gross margin is anticipated to rise to 18% in Q4 2025, with a forecast of achieving breakeven in net profit for the quarter [2] Group 4: 2026 Projections - The company plans to launch three new large models in 2026, with expectations of reaching a monthly sales peak of over 50,000 units for five models [3] - The projected annual sales for 2026 could reach 600,000 units, supported by ongoing strong performance from the ES8 and L90 models [3] - The company maintains a stable R&D expense guidance of 2 billion yuan per quarter, focusing on efficiency and core technology improvements [3]

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]

Core Insights - The article emphasizes the importance of strategic planning, branding, design, and advanced technology in the automotive industry, particularly in the context of electric vehicles [1] - Historical challenges faced by companies include execution issues related to efficiency and cost, defining second-generation products, and market conditions unfavorable for high-end electric vehicles [1] - A turnaround is noted with the introduction of the L60, which is the first vehicle on the third-generation platform, achieving energy efficiency and lightweight design comparable to Tesla, while addressing previous negative impacts of battery swapping on vehicle design [1] - The L90 has successfully established the brand position of LeDao as a quality family car, while the ES8 has demonstrated strong competitive features and differentiation from the L90, solidifying its presence in the high-end market [1] Future Pathways - In 2026, the focus will be on leveraging the advantages of the 3.0 platform for larger vehicles, with models like L80 and ES7 aiming to provide unique rear-seat experiences that are currently lacking in the market [2] - In 2027, the strategy will involve addressing the 5566 model size by enhancing driving experience through features like active suspension, which will be implemented in models such as ES6 and ET7, potentially offering a market-first experience [2]