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 ...