NIO 3Q25: Beat or Beware?

SG Visual Research 图解研报

$蔚来-SW(09866)$

$蔚来(NIO.SI)$

NIO’s 3Q25 results came in stronger on margins, but the bigger picture remains challenging.

Gross margin beat expectations, yet net loss was still RMB 3.66bn.

Management also cut 4Q guidance and is less confident about breakeven this year.

Competition in China’s EV SUV market is intensifying, and NIO may need price cuts when its new L-series arrives.

Key question now:

Can NIO protect margins and recover volume in early 2026?

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