NIO-SW (09866) has issued a positive profit alert, forecasting an adjusted operating profit between approximately RMB 700 million (about USD 100 million) and RMB 1.2 billion (about USD 172 million) for the fourth quarter of 2025. This marks the company's first quarterly adjusted operating profit on a non-GAAP basis, which excludes share-based compensation expenses. This result represents a significant turnaround compared to the adjusted operating loss of RMB 55.436 billion reported for the same period in 2024. The projected profit for Q4 2025 is primarily attributed to three key factors: (i) sustained growth in vehicle deliveries during the quarter; (ii) improved automotive margin driven by a favorable product mix; and (iii) the ongoing implementation of comprehensive cost reduction and efficiency enhancement measures. Additionally, on a GAAP basis, the company expects to report an operating profit ranging from approximately RMB 200 million (about USD 29 million) to RMB 700 million (about USD 100 million) for the fourth quarter of 2025.