Financial Data and Key Metrics Changes - In Q2 2025, total revenues reached ¥19 billion, an increase of 9% year over year and 57.9% quarter over quarter [38] - Vehicle sales were ¥16.1 billion, up 2.9% year over year and 62.3% quarter over quarter [38] - Vehicle gross margin was 10.3%, compared to 12.2% in Q2 last year and 10.2% last quarter [39] - Overall gross margin was 10%, down from 39.7% in Q2 last year but up from 7.6% last quarter [39] - Non-GAAP operating loss narrowed more than 30% quarter over quarter [10] Business Line Data and Key Metrics Changes - The company delivered 72,056 smart electric vehicles in Q2, a 25.6% increase year over year [5] - The ONVO L90 achieved a historical high of 10,575 deliveries in its first full month [18] - Over 10,000 Firefly vehicles were delivered within three months, making it the best-selling model in the high-end small EV market [21] Market Data and Key Metrics Changes - NIO's power swap network includes 3,542 stations worldwide, with over 1,000 on highways in China [26] - The company has provided over 84 million swaps to users, significantly reducing range anxiety [26] - The market for large three-row battery electric SUVs is growing, with a 39% year-over-year increase in the BEV segment [120] Company Strategy and Development Direction - The company is focusing on a multi-brand strategy to capture greater market shares across various segments [34] - Continuous investment in technology innovation and infrastructure is expected to enhance market competitiveness [28] - The launch of the all-new ES8 and ONVO L90 is anticipated to drive the transition towards full electrification in the large SUV market [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a substantial improvement in financial performance due to rising sales and improving gross margins [35] - The company aims for a quarterly non-GAAP break-even target in Q4 2025 [59] - The competitive landscape is shifting towards battery electric vehicles, with a growing user acceptance and demand for large SUVs [120] Other Important Information - R&D expenses were ¥3 billion, a decrease of 6.6% year over year and 5.5% quarter over quarter [39] - SG&A expenses were ¥4 billion, up 5.5% year over year but down 9.9% quarter over quarter [40] - The company operates 176 NIO Houses and 416 NIO Spaces, along with 388 service centers [24] Q&A Session Summary Question: Updates on ES8 and L90's capacity ramp and delivery targets - Management confirmed that they expect to achieve a monthly delivery target of 50,000 units across all brands in Q4 2025, with specific targets for the L90 and ES8 [45][46] Question: Gross profit margin expectations for Q4 - Management anticipates vehicle gross margins to improve to 16% to 17% in Q4, with specific targets of 20% for the L90 and ES8 [49][50] Question: R&D and SG&A expense guidance for Q3 and Q4 - R&D expenses are expected to remain around ¥2 billion per quarter, while SG&A expenses are targeted to be within 10% of sales revenue in Q4 [59][62] Question: New model pipeline for 2026 - Management confirmed plans for three large SUV models and emphasized that no new models will be launched in 2025 due to capacity constraints [97][100] Question: Impact of the 100 kWh battery on financials - The introduction of the 100 kWh battery as a standard configuration is expected to have a positive impact on sales leads without major changes to vehicle margins [107][108] Question: Cost savings from self-developed chips - Management indicated that while the cost savings per unit from in-house developed chips are not directly tied to delivery volumes, the overall cost structure remains competitive [111][112]

Core Viewpoint - NIO's CFO Qu Yu announced during the Q2 2025 earnings call that the company aims to achieve full quarterly deliveries of the L90 and the new ES8 in Q4, with a target gross margin of 16% to 17% to reach breakeven for the quarter [2] Group 1 - NIO plans to achieve complete quarterly deliveries of the L90 and new ES8 by Q4 [2] - The company targets a gross margin of 16% to 17% for Q4 [2] - The goal is to reach breakeven for the quarter [2]

出品 | 搜狐财经 作者 | 王泽红 9月2日，蔚来汽车披露2025年二季度财报，二季度录得营收190.1亿元，同比增9%；净亏损49.95亿元，上年同期净亏损50.46亿元；归属普通股股东的净亏 损为51.41亿，同比扩大0.3%，较一季度环比缩窄25.4%。 财报显示，蔚来二季度综合毛利率10%，而去年同期为9.7%，2025年第一季度为7.6%。其中，汽车毛利率为10.3%，而去年同期为12.2%，2025年第一季度 为10.2%。 从整体来看，蔚来汽车上半年实现营收310.43亿元，去年同期为273.55亿元；净亏损117.45亿元，去年同期净亏损为103.84亿元；归属普通股股东的净亏损为 120.32亿元，去年同期为103.84亿元。 截至6月30日，蔚来汽车的应付贸易款与票据金额为349.51亿元；但现金储备为272亿元，包含现金及现金等价物、受限现金、短期投资和长期定期存款，现 金储备难以覆盖应付款规模。 蔚来汽车指出，其流动负债超过流动资产，股东权益为负。财报显示，截止6月底，其流动负债总额为622.82亿元，而流动资产为525.08亿元，股东权益总额 为-11.19亿元。 今年6月10日至 ...

Group 1 - NIO reported Q2 2025 delivery of 72,056 vehicles, representing a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [1][3] - Q2 revenue reached 19.01 billion yuan, up 9.0% year-on-year and up 57.9% quarter-on-quarter [1][3] - The overall gross margin for Q2 was 10.0%, showing significant improvement quarter-on-quarter [1][3] - The cash reserve for Q2 stood at 27.2 billion yuan, with a quarter-on-quarter increase [1][3] - R&D investment in Q2 amounted to 3.01 billion yuan [1] Group 2 - Q3 delivery guidance is set between 87,000 and 91,000 vehicles, indicating a year-on-year growth of 40.7% to 47.1% [1][4] - Q3 revenue guidance is projected to be between 21.81 billion and 22.88 billion yuan, both figures representing historical highs [4] Group 3 - As of August 31, NIO has built a total of 3,539 battery swap stations and 4,755 charging stations globally [4] - The new ES8 model was pre-sold starting from 416,800 yuan, with a battery-as-a-service (BaaS) option starting from 308,800 yuan [5] - The new ES8 is positioned as a high-end, all-scenario technology flagship SUV [5] Group 4 - NIO Day 2025 is scheduled to be held in Hangzhou, with the theme "Grow with the Light" [16][17] - The event will mark the official launch of the new ES8 [16] Group 5 - NIO achieved a milestone with the production of its 800,000th vehicle on July 24, showcasing the company's technological advancements and product innovation [19] - The company completed its plan for 1,000 highway battery swap stations, establishing a network connecting major cities [21][22]

Core Insights - NIO reported its Q2 2025 financial results, showing significant growth in vehicle deliveries and revenue, with a year-on-year delivery increase of 25.6% and a quarter-on-quarter increase of 71.2% [1][4][5] - The company achieved a revenue of 19.01 billion yuan in Q2 2025, reflecting a year-on-year growth of 9.0% and a quarter-on-quarter growth of 57.9% [1][5] - NIO's gross margin improved to 10.0% in Q2, with other sales gross margin reaching a record high of 8.2% [1][5] - Cash reserves increased to 27.2 billion yuan, with a notable rise from the previous quarter [1][5] - For Q3 2025, NIO provided delivery guidance of 87,000 to 91,000 vehicles, indicating a year-on-year growth of 40.7% to 47.1%, and revenue guidance of 21.81 billion to 22.88 billion yuan, both setting historical highs [1][5][6] Delivery and Revenue Performance - Q2 2025 vehicle deliveries totaled 72,056 units, marking a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [4][5] - Q2 2025 revenue reached 19.01 billion yuan, with a year-on-year growth of 9.0% and a quarter-on-quarter growth of 57.9% [1][5] Profitability Metrics - The overall gross margin for Q2 2025 was reported at 10.0%, showing a significant improvement from previous quarters [1][5] - The other sales gross margin turned positive, achieving a record high of 8.2% [1][5] Cash Reserves and R&D Investment - NIO's cash reserves stood at 27.2 billion yuan, reflecting an increase from the previous quarter [1][5] - The company invested 3.01 billion yuan in research and development during Q2 2025 [1] Future Guidance - NIO's Q3 2025 delivery guidance is set between 87,000 and 91,000 vehicles, which represents a year-on-year growth of 40.7% to 47.1% [1][5] - Revenue guidance for Q3 2025 is projected to be between 21.81 billion and 22.88 billion yuan, both figures marking historical highs for the company [1][5][6]

蔚来公司二季度交付72056台，同比增长25.6%，环比增长71.2%。二季度营收190.1亿元，同比增长 9.0%，环比增长57.9%。二季度综合毛利率10.0%，现金储备272亿元，研发投入30.1亿。三季度交 付指引87000台至91000台，同比增长40.7%至47.1%，三季度营收指引218.1亿元至228.8亿元。 9月2日晚间，蔚来汽车发布财报信息，今年第二季度的净亏损为人民币49.948亿元（6.972亿美 元），较2024年第二季度收窄1.0%、较2025年第一季度收窄26.0%。 ...

Core Viewpoint - NIO Inc. reported strong financial results for Q2 2025, showing significant growth in revenue and profitability metrics, which has positively impacted its stock performance [1] Financial Performance - Q2 2025 revenue reached 19.01 billion yuan, representing a year-over-year increase of 9.0% and a quarter-over-quarter increase of 57.9% [1] - The overall gross margin for Q2 was 10.0%, showing a notable improvement from previous quarters [1] - The gross margin for other sales turned positive at 8.2%, marking a historical high for the company [1] - Cash reserves stood at 27.2 billion yuan, with a quarter-over-quarter increase [1] - R&D expenditure for Q2 was 3.01 billion yuan [1] Guidance and Projections - For Q3, NIO provided delivery guidance of 87,000 to 91,000 vehicles, which translates to a year-over-year growth of 40.7% to 47.1% [1] - Q3 revenue guidance is set between 21.81 billion yuan and 22.88 billion yuan, both figures representing historical highs for the company [1]

9月2日晚间，蔚来汽车发布财报信息，今年第二季度的净亏损为人民币49.948亿元（6.972亿美元），较 2024年第二季度收窄1.0%、较2025年第一季度收窄26.0%。 （文章来源：第一财经） ...

Core Viewpoint - NIO-SW (09866) reported a second-quarter performance for the period ending June 30, 2025, with automotive sales reaching 16.1361 billion yuan, a year-on-year increase of 2.9%, and total revenue of 19.0087 billion yuan, a year-on-year increase of 9%, while net loss was 4.9948 billion yuan, a year-on-year decrease of 1% [1][2] Group 1 - The company delivered 72,056 smart electric vehicles in the second quarter, representing a year-on-year growth of 25.6% [1] - The launch of the L90 and the new ES8 models received positive market feedback, further solidifying overall sales growth momentum [1] - The company expects total deliveries in the third quarter to reach between 87,000 and 91,000 vehicles, a year-on-year increase of 40.7% to 47.1%, marking a historical high for the company [1] Group 2 - The company has implemented comprehensive cost reduction and efficiency enhancement measures, resulting in a more than 30% quarter-on-quarter reduction in non-GAAP operating losses, excluding organizational optimization costs [2] - The company is experiencing a structural turning point in its financial performance, entering a virtuous cycle of continuous improvement [2]

格隆汇9月2日丨蔚来-SW(09866.HK)公告，2025年第二季度收入总额为人民币190.087亿元（26.535亿美 元），较2024年第二季度增长9.0%、较2025年第一季度增长57.9%。2025年第二季度的毛利为人民币 18.975亿元（2.649亿美元），较2024年第二季度增长12.4%、较2025年第一季度增长106.3%。2025年第 二季度的毛利率为10.0%，而2024年第二季度为9.7%、2025年第一季度为7.6%。 "于2025年第二季度，公司交付了72,056辆智能电动汽车，同比增长25.6%"，蔚来创始人、董事长兼首 席执行官李斌表示。"乐道L90及蔚来全新ES8获得市场热烈反响，进一步巩固了我们的整体销售增长势 头。受益于这一强劲需求，我们预计第三季度的总交付量将达到87,000至91,000辆，同比增长40.7%至 47.1%，创公司历史新高"。 "乐道L90和蔚来全新ES8凭藉卓越的产品体验获得了用户的广泛赞誉，体现了我们敏锐的市场洞察力和 精准的产品定义能力。凭藉持续的技术创新，充换电基础设施带来的长期战略优势，以及覆盖更广泛用 户群体的多品牌战略，该等车型将重新定 ...