【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 ...

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元，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。 此外，乐道L90上市86天交付破30,000台，firefly萤火虫达成第30,000台交付里程碑。 10月份，蔚来公司交付新车40,397台，同比增长92.6%。其中，蔚来品牌交付新车17,143台；乐道品牌交付新车17,342台；firefly萤火虫 品牌交付新车5,912台。截至目前，蔚来公司已累计交付新车913,182台。其中，蔚来品牌累计交付新车779,319台；乐道品牌累计交付新 车107,621台；firefly ...

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]

"汽车行业的竞争已进入'决赛阶段'，而蔚来非常幸运今天还能在'决赛圈'里。"2025广州车展期间，蔚 来董事长李斌在接受《每日经济新闻》记者采访时称。 官方数据显示，2025年10月，蔚来交付了40397辆汽车，同比增长 92.6%。李斌认为，蔚来10月交付量 的提升，证明了公司长期坚持研发与基础设施投入的价值。 在李斌看来，"决赛圈"的竞争将延续5~10年。"5年时间能看清基本轮廓，10年时间才能进入稳态。蔚来 要做的是活下去，慢慢来，通过体系化变革提升竞争力。"李斌表示。 萤火虫右舵车型将在泰国和新加坡开启交付 当前，蔚来正加速推进其全球化战略。李斌表示，蔚来品牌过去因定位高端，能够进入的市场比较少。 现在随着乐道与Firefly萤火虫两大新品牌的推出，公司将加速全球化布局。 "我们改变了进入全球市场的方式，将原直营全体系渠道布局方式调整为与本地伙伴合作，借助他们的 销售服务网络进行销售。"李斌表示，这比原来的直营全体系更能控制投入，且能够加快市场进入速 度。 在本届广州车展上，firefly萤火虫右舵车型亮相。"firefly萤火虫正加速全球布局，右舵版车型即将在泰 国、新加坡市场开启交付。"李斌称，f ...

Core Insights - The core viewpoint of the article highlights the launch of the Firefly right-hand drive version at the 2025 Guangzhou Auto Show, with NIO's cumulative domestic delivery reaching 30,000 units, and plans to enter the Singapore and Thailand markets [2][3]. Group 1: Company Developments - NIO's founder and CEO, Li Bin, stated that the smart electric vehicle industry is entering a "final stage" of competition, indicating that NIO is positioned within this competitive landscape [2]. - Li Bin acknowledged that while NIO's current position differs from initial plans, the company remains committed to its strategic direction in core technologies and its "rechargeable, replaceable, and upgradable" energy system [2]. - The Firefly model is presented not just as a vehicle but as a lifestyle, with the launch of the "Project Glow" initiative aimed at co-creating a brand spirit with users [2]. Group 2: Market Expansion - NIO has established partnerships in Thailand with the Thonburi Group and in Singapore with Wearnes Automotive Group [3]. - The company has expanded its presence in Europe, entering markets such as the Netherlands, Norway, Belgium, and Denmark, with plans to cover a total of 17 countries across Europe, North America, and Southeast Asia [3].

Group 1 - The newly elected academicians include Lian Yubo from BYD and Wu Kai from CATL, highlighting the recognition of their contributions to the industry [6] - The total number of academicians in the Chinese Academy of Sciences is now 908, while the Chinese Academy of Engineering has 1002 academicians [5] Group 2 - Times United showcased its 45Ah large cylindrical lithium iron phosphate battery at a trade fair, attracting interest from international buyers due to its strong adaptability and stable performance [7][8] - Guoxuan High-Tech successfully delivered its UC standard battery cells to Volkswagen, marking a deepening collaboration with the automaker [9] Group 3 - Xindongda announced a strategic partnership with Shangfei Aviation, positioning itself in the low-altitude trillion-yuan market for electric vertical takeoff and landing aircraft [10] - Chuangneng New Energy officially entered the lightweight power market through a strategic alliance with Tianji Lithium Battery [10] Group 4 - As of October 14, 2025, there are 17,300 lithium battery-related companies in China, with 61.48% established between 5 to 10 years ago [11] - The lithium battery industry in China has formed a relatively stable market structure, with significant concentrations in first-tier cities and regions like South China and East China [11] Group 5 - Envision released a global AI-driven power system aimed at promoting green industrial transformation [12] - Funeng Technology has developed ultra-large capacity energy storage cells, enhancing the lifespan and cost-effectiveness of energy storage solutions [13] Group 6 - EVE Energy signed a strategic cooperation agreement with Huabao New Energy to advance solid-state battery technology [14] - The price of petroleum coke has surged to a historical high, with expectations of further increases due to potential refinery maintenance [16] Group 7 - Zhongwei Co. officially listed on the Hong Kong Stock Exchange, becoming the first A+H stock in the lithium battery materials sector with a market value of 49.424 billion [17] - The price of vinyl carbonate (VC) has increased over 200% due to supply constraints, with current prices exceeding 155,000 yuan per ton [18] Group 8 - Shengtun Group's 200,000-ton lithium iron phosphate project has been signed, with a total investment of 5.9 billion yuan [19] - Lithium carbonate futures have surpassed 100,000 yuan per ton for the first time since June 2024, leading to a rebound in related stocks [20] Group 9 - LG Chem secured a contract worth 3.76 trillion Korean won (approximately 25.7 billion USD) for cathode materials from a U.S. client [21] - Shengxin Lithium Energy announced a framework agreement with Huayou Holdings for the procurement of 221,400 tons of lithium salt products from 2026 to 2030 [22] Group 10 - Shangtai Technology signed a contract for a 200,000-ton anode material project in Shanxi, with an expected annual output value of 6 billion yuan [23] - Fengyuan Co. has successfully entered mass production of high-pressure dense lithium iron phosphate products [25] Group 11 - Tianci Materials expects its annual electrolyte sales to reach 720,000 tons in 2025, exceeding its initial target [26] - A recent analysis ranked the net profits of lithium battery equipment companies, with the top three being Putailai, Xian Dao Intelligent, and Dazhu Laser [28][30] Group 12 - Liyuanheng launched a quality monitoring system for ultrasonic welding, enhancing battery manufacturing reliability [31] - Xian Dao Intelligent introduced an integrated solution for solid-state battery formation, addressing key challenges in the process [32][33] Group 13 - A network of battery recycling points has been established in 14 cities in Liaoning Province to facilitate the disposal of used electric bicycle batteries [35] - A 40,000-ton lithium battery recycling project in Shandong has begun the approval process, with an investment of 300 million yuan [36] Group 14 - A project in Anhui for processing 20,000 tons of waste lithium batteries is nearing implementation [37] - A new battery recycling project in Zhejiang aims to optimize the reuse of 25,000 tons of lithium batteries [39] Group 15 - A project in Hubei for the comprehensive regeneration of 120,000 tons of lithium iron phosphate black powder has been announced [40] - XPeng Motors has launched its first mass-produced land carrier vehicle, marking a significant step in its production capabilities [42] Group 16 - NIO's CEO announced the milestone of 30,000 domestic users for the Firefly model, with plans for international expansion [43] - Evergrande Auto's two subsidiaries have been taken over by Guangzhou state-owned assets, indicating a shift in ownership [44] Group 17 - Xiaomi Auto has achieved a remarkable milestone of producing 500,000 vehicles in just 1 year and 7 months, setting a record in the industry [45] - GAC Group has completed the pilot production line for solid-state batteries, paving the way for mass manufacturing [46] Group 18 - BYD has applied for a patent for a multi-gun charging method, enhancing vehicle compatibility with various charging systems [47] - Star Motion Era, a company specializing in embodied intelligence, has secured nearly 1 billion yuan in A+ round financing [48]

firefly萤火虫还与广东文旅合作，以早茶文化为创意灵感，用虾饺、肠粉、叉烧包等广州特色美食，打 造秀色可餐的茶点涂装车。上市半年，firefly萤火虫迅速形成独特的改装文化，通过多元的主题定制涂 装与创意设计，让每一款车都成为个性与态度的表达。 为了让更多用户体验firefly萤火虫的魅力，firefly萤火虫联合芝麻信用、SUPEREV超级电动共同响应"芝 麻800·先试"倡议，推出国内首个信用订阅用车服务——"firefly萤火虫7日汽车订阅"。这是一种全新的 体验方式，让了解和选择firefly萤火虫的过程，变得更轻松。 本报讯 （记者刘钊）11月21日，firefly萤火虫携右舵车、全新用户优秀设计改装车亮相广州国际车展， 与蔚来品牌同台展出。蔚来创始人、董事长、CEO李斌在车展现场正式公布了firefly萤火虫的国内交付 进度与全球市场布局新进展。李斌介绍，今年11月份，firefly萤火虫迎来第三万名用户。同时，右舵版 本整装待发，即将登陆新加坡和泰国市场。 firefly萤火虫不只是一款车，更是一种自在发光的生活方式。它自品牌发布之初就同步发起"project glow 一起发光计划"，携手 ...

Core Insights - Firefly has showcased its right-hand drive model at the 2025 Guangzhou International Auto Show, with 30,000 units already delivered in China [1] - The right-hand drive version is set to enter the Singapore and Thailand markets, with partnerships established with local groups for market expansion [1] - Firefly is also expanding into 17 countries, including several in Europe and Southeast Asia [1] - A new subscription service called "Firefly 7-Day Car Subscription" has been launched in collaboration with Sesame Credit and SUPEREV to enhance user experience [1] - NIO has officially launched two special editions of the ET9 model, priced from 818,000 yuan, with a battery-as-a-service (BaaS) option starting at 710,000 yuan [3] Market Expansion - Firefly is entering the Singapore market in partnership with Wearnes Automotive and the Thailand market with Thonburi Group [1] - The company plans to expand into a total of 17 markets, including countries like the Netherlands, Norway, Belgium, Denmark, Greece, Austria, and Portugal [1] Product Offerings - The right-hand drive Firefly model is part of the company's strategy to cater to international markets [1] - The newly launched NIO ET9 special editions are positioned at a premium price point, indicating a focus on high-end consumers [3] - The BaaS model for the ET9 offers a flexible purchasing option, appealing to a broader customer base [3]

Core Insights - A revolution in automotive consumption is occurring, shifting from ownership to experience, with credit becoming a key factor in this transition [2][5][33] Group 1: Automotive Subscription Model - The collaboration between NIO's firefly, Ant Group's Sesame Credit, and SUPEREV marks a significant milestone in the automotive industry, transitioning from traditional vehicle ownership to a credit subscription model [5][10] - The "firefly 7-day car subscription" service allows users to experience the vehicle without high upfront costs or complex application processes, promoting a more accessible way to engage with automotive products [3][11] - Automotive subscription is characterized by flexibility, allowing users to change or terminate services as needed, and offers a diverse vehicle selection while reducing overall costs through bundled services [8][10] Group 2: Market Trends and Growth - The global automotive subscription market is projected to grow significantly, with estimates suggesting it will reach $30.29 billion by 2029, reflecting a compound annual growth rate (CAGR) of 30.5% [10] - In China, the automotive subscription market is expected to reach $2.08 billion by 2030, with a CAGR of 28.6% from 2025 to 2030, indicating strong growth potential in this sector [10][11] Group 3: Consumer Behavior and Preferences - The subscription model aligns with the younger generation's shift from asset ownership to service enjoyment, enhancing the user experience and increasing the lifetime value of customers [11][18] - The "firefly 7-day car subscription" provides a comprehensive experience, allowing users to validate their purchasing decisions through a trial period, which can lead to higher conversion rates [13][25] Group 4: Strategic Collaboration - The partnership aims to create a new consumer ecosystem characterized by high credit, quality, and experience, leveraging Sesame Credit's trust foundation, firefly's product performance, and SUPEREV's innovative subscription model [18][20] - The collaboration is designed to attract high-value consumers who prioritize quality and are open to exploring new consumption models, thereby enhancing user engagement and loyalty [20][30] Group 5: Future Outlook - The subscription model is expected to evolve, potentially expanding to include various vehicle types and services, creating a comprehensive lifestyle membership system that integrates travel and quality living [31][32] - As the model proves viable in the high-end market, it may extend to broader consumer segments, fostering acceptance of vehicle usage rights and enhancing the overall automotive consumption landscape [32][33]

11月21日，firefly萤火虫携右舵车、全新用户优秀设计改装车亮相广州国际车展，与蔚来品牌同台展 出。 firefly萤火虫正加速全球布局。记者现场获悉，firefly萤火虫右舵版实车在本次车展亮相，即将登陆新加 坡、泰国等市场。 在泰国市场，蔚来将与成立于1941年的企业Thonburi集团合作；此前蔚来已宣布与新加坡高端汽车集团 Wearnes Automotive合作拓展新加坡市场。此外，firefly萤火虫也已进入荷兰、挪威、比利时、丹麦、希 腊、奥地利、葡萄牙等国家，并计划陆续拓展至欧美、东南亚共17国市场。 广州车展，firefly萤火虫展出用户设计改装作品。还与广东文旅合作，以早茶文化为创意灵感，用虾 饺、肠粉、叉烧包等广州特色美食，打造秀色可餐的茶点涂装车。 蔚来创始人、董事长、CEO李斌在车展现场正式公布了firefly萤火虫的国内交付进度与全球市场布局新 进展。李斌介绍，11月，firefly萤火虫迎来第3万名用户。同时，右舵版本整装待发，即将登陆新加坡和 泰国市场。 firefly萤火虫致力于"为全球用户造最好的小车"，依托蔚来公司十年技术积累，以全新的理念和用户体 验引领高端小车进 ...