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]

Financial Performance - In Q2 2025, the total revenue reached RMB 19.0087 billion (USD 2.6535 billion), representing a 9.0% increase year-over-year and a 57.9% increase quarter-over-quarter [1] - The gross profit for Q2 2025 was RMB 1.8975 billion (USD 264.9 million), up 12.4% from Q2 2024 and 106.3% from Q1 2025, with a gross margin of 10.0% compared to 9.7% in Q2 2024 and 7.6% in Q1 2025 [1] - The net loss for Q2 2025 was RMB 4.9948 billion (USD 697.2 million), a decrease of 1.0% from Q2 2024 and a 26.0% decrease from Q1 2025 [1] Vehicle Deliveries - The total vehicle deliveries in Q2 2025 were 72,056 units, marking a 25.6% increase year-over-year and a 71.2% increase quarter-over-quarter [2] - The breakdown of deliveries included 47,132 units from the NIO brand, 17,081 units from the Ladao brand, and 7,843 units from the Firefly brand [2] - For Q3 2025, the company expects vehicle deliveries to be between 87,000 and 91,000 units, representing a year-over-year growth of approximately 40.7% to 47.1% [2] Market Insights and Strategic Initiatives - The Ladao L90 and the new NIO ES8 have received positive market feedback, indicating strong sales momentum [2][3] - The company is implementing cost reduction and efficiency measures, which have begun to show results, with a significant reduction in non-GAAP operating losses [3] - The CFO noted that the company is entering a structural turning point in its financial performance, indicating a positive cycle of improvement [3]

Core Insights - NIO-SW (09866) reported a revenue of 16.1361 billion yuan for the second quarter ending June 30, 2025, representing a year-on-year increase of 2.9% [1] - Total revenue reached 19.0087 billion yuan, up 9% year-on-year [1] - The net loss was 4.9948 billion yuan, a decrease of 1% compared to the previous year [1] Delivery Performance - The company delivered 72,056 smart electric vehicles in the second quarter, marking a year-on-year growth of 25.6% [1] - For the third quarter, NIO expects total deliveries to reach between 87,000 and 91,000 vehicles, indicating a year-on-year increase of 40.7% to 47.1%, which would set a new historical high for the company [1] Product and Market Strategy - The new models, L90 and the all-new ES8, received positive market feedback, reinforcing overall sales growth momentum [1] - The company aims to redefine the large three-row SUV market competition through continuous technological innovation and a multi-brand strategy, accelerating the transition to a predominantly electric vehicle era [1] Financial Performance - Cost reduction and efficiency measures have begun to yield results, with non-GAAP operating losses narrowing by over 30% quarter-on-quarter, excluding organizational optimization costs [2] - The company is experiencing a structural financial turning point, entering a virtuous cycle of continuous financial improvement [2]

[Cover and Company Information](index=1&type=section&id=Cover%20and%20Company%20Information) This section includes disclaimers, the company's weighted voting rights structure, and an overview of its unaudited Q2 2025 results [Disclaimer and Weighted Voting Rights Structure](index=1&type=section&id=Disclaimer%20and%20Weighted%20Voting%20Rights%20Structure) The report begins with a disclaimer from HKEX regarding the announcement's content and details the company's weighted voting rights structure with Class C shares having 8 votes per share, advising investors of potential risks - The Hong Kong Stock Exchange takes no responsibility for the contents of this announcement and makes no representation as to its accuracy or completeness[1](index=1&type=chunk) - The company's share capital includes Class A ordinary shares (one vote per share) and Class C ordinary shares (eight votes per share), cautioning investors about the potential risks of investing in companies with weighted voting rights structures[1](index=1&type=chunk) [Company Overview](index=1&type=section&id=Company%20Overview) NIO Group released its unaudited second-quarter 2025 results, provided as an interim report to shareholders under HKEX Listing Rule 13.48(1) and accessible on specified websites - NIO Group released its unaudited Q2 2025 results, provided as an interim report to shareholders for the six months ended June 30, 2025[3](index=3&type=chunk) - The Q2 2025 results are available on the Hong Kong Stock Exchange website www.hkexnews.hk and the company's website http://ir.nio.com[3](index=3&type=chunk) [Q2 2025 Performance Highlights](index=2&type=section&id=Q2%202025%20Performance%20Highlights) This section summarizes the company's operational and financial performance for the second quarter of 2025, including key delivery metrics, financial results, recent developments, and management commentary [Operating Highlights](index=2&type=section&id=Operating%20Highlights) Q2 2025 vehicle deliveries reached 72,056 units, a 25.6% increase year-over-year and 71.2% quarter-over-quarter, encompassing NIO, Onvo, and Firefly brand models Vehicle Deliveries | Metric | Q2 2025 | Q2 2024 | YoY Growth | Q1 2025 | QoQ Growth | | :--- | :--- | :--- | :--- | :--- | :--- | | Vehicle Deliveries | 72,056 vehicles | 57,373 vehicles | 25.6% | 42,094 vehicles | 71.2% | - Deliveries included **47,132** premium smart electric vehicles from the NIO brand, **17,081** smart electric family vehicles from the Onvo brand, and **7,843** smart electric premium compact cars from the Firefly brand[6](index=6&type=chunk) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) Q2 2025 vehicle sales and total revenue both grew, with gross margin improving to 10.0%, while operating and net losses significantly narrowed quarter-over-quarter, including adjusted figures Key Financial Metrics (RMB millions) | Metric (RMB millions) | Q2 2025 | Q2 2024 | YoY Change | Q1 2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Vehicle Sales | 16,136.1 | 15,679.6 | 2.9% | 9,939.3 | 62.3% | | Vehicle Margin | 10.3% | 12.2% | –190 basis points | 10.2% | 10 basis points | | Total Revenue | 19,008.7 | 17,446.0 | 9.0% | 12,034.7 | 57.9% | | Gross Profit | 1,897.5 | 1,688.7 | 12.4% | 919.6 | 106.3% | | Gross Margin | 10.0% | 9.7% | 30 basis points | 7.6% | 240 basis points | | Operating Loss | (4,908.9) | (5,209.3) | -5.8% | (6,418.1) | -23.5% | | Adjusted Operating Loss (Non-GAAP) | (4,040.8) | (4,698.5) | -14.0% | (5,947.2) | -32.1% | | Net Loss | (4,994.8) | (5,046.0) | -1.0% | (6,750.0) | -26.0% | | Adjusted Net Loss (Non-GAAP) | (4,126.7) | (4,535.2) | -9.0% | (6,279.1) | -34.3% | [Recent Developments](index=3&type=section&id=Recent%20Developments) NIO's deliveries continued to grow in July and August 2025, with cumulative deliveries exceeding 830,000 vehicles, while Q2 gross profit and margin significantly improved, operating and net losses narrowed, and cash reserves remained strong, alongside new product launches and a RMB 20 billion capital injection into NIO China Vehicle Deliveries | Metric | July 2025 | August 2025 | Cumulative as of August 31, 2025 | | :--- | :--- | :--- | :--- | | Vehicle Deliveries | 21,017 vehicles | 31,305 vehicles | 838,036 vehicles | - Q2 2025 gross profit was **RMB 1.8975 billion**, a **12.4% increase** year-over-year and a **106.3% increase** quarter-over-quarter[11](index=11&type=chunk) - As of June 30, 2025, cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits totaled **RMB 27.2 billion (USD 3.8 billion)**[11](index=11&type=chunk) - The smart large-space flagship SUV, Onvo L90, was officially launched on July 31, 2025, with user deliveries commencing immediately[12](index=12&type=chunk) - The premium flagship SUV, NIO All-New ES8, was officially launched on August 21, 2025, with pre-orders open and deliveries expected to begin in late September[13](index=13&type=chunk) - NIO signed a definitive agreement to inject **RMB 20 billion** into NIO China, increasing its controlling equity interest in NIO China to **91.8%** upon completion[14](index=14&type=chunk) [Management Commentary](index=4&type=section&id=Management%20Commentary) NIO CEO William Li noted strong Q2 delivery growth and positive market reception for Onvo L90 and All-New ES8, projecting record Q3 deliveries, while CFO Steven Feng highlighted the effectiveness of cost-reduction efforts and a structural financial turning point - William Li, Founder, Chairman, and CEO of NIO, stated that **72,056** smart electric vehicles were delivered in Q2 2025, representing a **25.6% year-over-year increase**[15](index=15&type=chunk) - Total deliveries for Q3 are projected to be between **87,000 and 91,000 vehicles**, a **40.7% to 47.1% year-over-year increase**, setting a new company record[15](index=15&type=chunk) - Steven Feng, CFO of NIO, noted that comprehensive cost-reduction and efficiency-improvement measures have begun to yield results, with Non-GAAP operating loss narrowing by over **30% quarter-over-quarter** excluding organizational optimization expenses[15](index=15&type=chunk) [Q2 2025 Financial Performance Details](index=5&type=section&id=Q2%202025%20Financial%20Performance%20Details) This section provides a detailed breakdown of the company's Q2 2025 financial results, focusing on revenue, gross margin, operating loss, net loss, and earnings per share [Revenue and Gross Margin](index=5&type=section&id=Revenue%20and%20Gross%20Margin) Q2 2025 saw growth in total revenue and vehicle sales, with other sales increasing significantly by 62.6%, gross profit rose 12.4%, and gross margin improved to 10.0%, though vehicle margin slightly decreased due to product mix changes Revenue and Gross Margin (RMB millions) | Metric (RMB millions) | Q2 2025 | Q2 2024 | YoY Change | Q1 2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 19,008.7 | 17,446.0 | 9.0% | 12,034.7 | 57.9% | | Vehicle Sales | 16,136.1 | 15,679.6 | 2.9% | 9,939.3 | 62.3% | | Other Sales | 2,872.6 | 1,766.3 | 62.6% | 2,095.4 | 37.1% | | Cost of Sales | 17,111.1 | 15,757.3 | 8.6% | 11,115.2 | 53.9% | | Gross Profit | 1,897.5 | 1,688.7 | 12.4% | 919.6 | 106.3% | | Gross Margin | 10.0% | 9.7% | 30 basis points | 7.6% | 240 basis points | | Vehicle Margin | 10.3% | 12.2% | –190 basis points | 10.2% | 10 basis points | - The increase in other sales was primarily due to higher revenue from used car sales, technology research and development services, sales of parts and accessories, vehicle after-sales services, and energy solutions[17](index=17&type=chunk) - The decrease in vehicle margin compared to Q2 2024 was mainly due to changes in product mix, partially offset by lower unit material costs[17](index=17&type=chunk) [Operating Loss](index=6&type=section&id=Operating%20Loss) Q2 2025 operating loss decreased by 5.8% year-over-year and 23.5% quarter-over-quarter, driven by reductions in R&D expenses and selling, general, and administrative expenses, primarily due to changes in new product development phases, lower depreciation and amortization, and organizational optimization Operating Loss and Expenses (RMB millions) | Metric (RMB millions) | Q2 2025 | Q2 2024 | YoY Change | Q1 2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Loss | (4,908.9) | (5,209.3) | -5.8% | (6,418.1) | -23.5% | | Adjusted Operating Loss (Non-GAAP) | (4,040.8) | (4,698.5) | -14.0% | (5,947.2) | -32.1% | | R&D Expenses | (3,007.0) | (3,218.5) | -6.6% | (3,181.4) | -5.5% | | Selling, General & Administrative Expenses | (3,964.9) | (3,757.5) | 5.5% | (4,400.8) | -9.9% | - The decrease in R&D expenses was primarily due to lower design and development costs associated with different development stages of new products and technologies, as well as reduced depreciation and amortization expenses[20](index=20&type=chunk) - The quarter-over-quarter decrease in selling, general and administrative expenses was mainly due to lower personnel costs and marketing and promotional expenses, primarily attributable to the company's comprehensive organizational optimization measures in marketing and other support functions[20](index=20&type=chunk) [Net Loss and Earnings Per Share/ADS](index=6&type=section&id=Net%20Loss%20and%20Earnings%20Per%20Share%2FADS) Q2 2025 net loss decreased by 1.0% year-over-year and 26.0% quarter-over-quarter, with net loss attributable to ordinary shareholders slightly increasing by 0.3% year-over-year, and basic and diluted net loss per share of RMB 2.31 (Non-GAAP RMB 1.85) showing improvement from prior periods Net Loss and EPS/ADS (RMB millions) | Metric (RMB millions) | Q2 2025 | Q2 2024 | YoY Change | Q1 2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Loss | (4,994.8) | (5,046.0) | -1.0% | (6,750.0) | -26.0% | | Adjusted Net Loss (Non-GAAP) | (4,126.7) | (4,535.2) | -9.0% | (6,279.1) | -34.3% | | Net Loss Attributable to NIO Ordinary Shareholders | (5,141.3) | (5,126.4) | 0.3% | (6,891.1) | -25.4% | | Basic and Diluted Net Loss Per Share (RMB) | (2.31) | (2.50) | -7.6% | (3.29) | -29.8% | | Adjusted Basic and Diluted Net Loss Per Share (Non-GAAP, RMB) | (1.85) | (2.21) | -16.4% | (3.01) | -38.6% | [Financial Position](index=7&type=section&id=Financial%20Position) This section details the company's balance sheet as of June 30, 2025, highlighting cash reserves, liquidity, and management's assessment of its ability to continue as a going concern [Balance Sheet](index=7&type=section&id=Balance%20Sheet) As of June 30, 2025, the company held RMB 27.2 billion in cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits; despite accumulated losses and current liabilities exceeding current assets, management believes financial resources are sufficient for the next 12 months of operations based on business plans and financing capabilities Cash and Equivalents | Metric | As of June 30, 2025 | | :--- | :--- | | Cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits | RMB 27.2 billion (USD 3.8 billion) | - The company has incurred losses since its inception, with current liabilities exceeding current assets and negative shareholders' equity as of June 30, 2025[23](index=23&type=chunk) - Management believes that the company's financial resources, including available cash, cash generated from operations, and available credit facilities, will be sufficient to support its continuous operations for the next twelve months[23](index=23&type=chunk) [Business Outlook](index=7&type=section&id=Business%20Outlook) NIO projects Q3 2025 vehicle deliveries to be between 87,000 and 91,000 units, representing a 40.7% to 47.1% year-over-year increase, with total revenue expected to range from RMB 21.812 billion to RMB 22.876 billion, a 16.8% to 22.5% year-over-year increase Q3 2025 Outlook | Metric | Q3 2025 Forecast | YoY Growth | | :--- | :--- | :--- | | Vehicle Deliveries | 87,000 to 91,000 vehicles | 40.7% to 47.1% | | Total Revenue | RMB 21.812 billion to RMB 22.876 billion (USD 3.045 billion to USD 3.193 billion) | 16.8% to 22.5% | - This business outlook reflects the company's current and preliminary view on business and market conditions, which are subject to change[24](index=24&type=chunk) [Conference Call Information](index=7&type=section&id=Conference%20Call%20Information) This section provides details for the Q2 2025 earnings conference call, including timing, webcast access, and replay options [Conference Call Details](index=7&type=section&id=Conference%20Call%20Details) Company management will host an earnings conference call on September 2, 2025, at 8:00 AM US Eastern Time, with webcast and replay options available, along with dial-in numbers and registration links - The conference call will be held on **September 2, 2025, at 8:00 AM US Eastern Time** (8:00 PM Beijing/Hong Kong/Singapore Time on September 2, 2025)[25](index=25&type=chunk) - A live webcast and replay of the conference call will be available on the company's investor relations website at https://ir.nio.com/news-events/events[25](index=25&type=chunk) - Participants are required to register in advance to receive dial-in numbers, a conference passcode, and a unique access PIN[25](index=25&type=chunk) [Conference Call Replay](index=8&type=section&id=Conference%20Call%20Replay) A replay of the conference call will be accessible via provided international dial-in numbers and a PIN code until September 9, 2025 Replay Dial-in Numbers | Region | Phone Number | | :--- | :--- | | United States: | +1-855-883-1031 | | Hong Kong, China: | +852-800-930-639 | | Mainland China: | +86-400-1209-216 | | Singapore: | +65-800-1013-223 | | International: | +61-7-3107-6325 | | Replay PIN: | 10049790 | - The replay of the conference call will be available via the provided phone numbers until **September 9, 2025**[27](index=27&type=chunk) [Company Profile](index=8&type=section&id=Company%20Profile) NIO Group, founded in November 2014, is a pioneer and leader in the global smart electric vehicle market, committed to co-creating a sustainable future, with a vision to be a user enterprise leading in technology and experience, operating three brands: NIO, Onvo, and Firefly, targeting premium, family, and premium compact car segments respectively - NIO Group, founded in **November 2014**, is committed to co-creating a sustainable and better future, fulfilling its mission of 'Blue Sky Coming'[28](index=28&type=chunk) - NIO's vision is to be a user enterprise leading in technology and experience, distinguishing itself through continuous technological breakthroughs and innovation, ultimate products and services, and a co-growing community[28](index=28&type=chunk) - The company's brands include NIO, focusing on premium smart electric vehicles; Onvo, targeting smart electric family vehicles; and Firefly, offering smart electric premium compact cars[28](index=28&type=chunk) [Safe Harbor Statement](index=8&type=section&id=Safe%20Harbor%20Statement) This press release contains forward-looking statements under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, which involve inherent risks and uncertainties that could cause actual results to differ materially from expectations, and the company undertakes no obligation to update any such statements - This press release contains statements that may constitute 'forward-looking' statements within the meaning of the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995[29](index=29&type=chunk) - Forward-looking statements involve inherent risks and uncertainties, and various factors could cause actual results to differ materially from those contained in any forward-looking statement[29](index=29&type=chunk) - Except as required by applicable law, NIO undertakes no obligation to update any forward-looking statements[29](index=29&type=chunk) [Non-GAAP Reconciliation](index=9&type=section&id=Non-GAAP%20Reconciliation) This section provides reconciliations of Non-GAAP financial measures to their most directly comparable GAAP measures, explaining the adjustments made to better reflect underlying business trends [Explanation of Non-GAAP Measures](index=9&type=section&id=Explanation%20of%20Non-GAAP%20Measures) The company uses Non-GAAP measures such as adjusted cost of sales, R&D expenses, SG&A expenses, operating loss, net loss, and EPS to evaluate operating performance and inform financial decisions, by excluding non-cash or non-recurring items like share-based compensation and organizational optimization expenses, to better reflect underlying business trends - The company uses Non-GAAP measures such as adjusted cost of sales, R&D expenses, selling, general and administrative expenses, operating loss, net loss, and basic and diluted net loss per share/ADS to evaluate its operating performance and for financial and operational decision-making[30](index=30&type=chunk) - Non-GAAP financial measures, by excluding share-based compensation expenses, organizational optimization expenses, and accretion of redeemable non-controlling interests, help identify underlying business trends and enhance the overall understanding of the company's past performance and future prospects[30](index=30&type=chunk) - Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP[31](index=31&type=chunk) [Q2 2025 Non-GAAP Reconciliation](index=18&type=section&id=Q2%202025%20Non-GAAP%20Reconciliation) In Q2 2025, adjusted operating loss and net loss were significantly lower than GAAP losses after excluding share-based compensation and organizational optimization expenses, with basic and diluted net loss per share adjusted from RMB 2.31 to RMB 1.85 Q2 2025 Non-GAAP Reconciliation (RMB thousands) | Metric (RMB thousands) | GAAP | Share-based Compensation | Organizational Optimization Expenses | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | :--- | | Cost of Sales | (17,111,142) | 12,867 | 54,282 | (17,043,993) | | R&D Expenses | (3,007,032) | 302,620 | 215,532 | (2,488,880) | | Selling, General & Administrative Expenses | (3,964,921) | 110,688 | 172,074 | (3,682,159) | | Operating Loss | (4,908,858) | 426,175 | 441,888 | (4,040,795) | | Net Loss | (4,994,801) | 426,175 | 441,888 | (4,126,738) | | Net Loss Attributable to NIO Ordinary Shareholders | (5,141,307) | 426,175 | 441,888 | (4,124,870) | | Basic and Diluted Net Loss Per Share/ADS (RMB) | (2.31) | 0.19 | 0.20 | (1.85) | [Q1 2025 Non-GAAP Reconciliation](index=19&type=section&id=Q1%202025%20Non-GAAP%20Reconciliation) In Q1 2025, adjusted operating loss and net loss narrowed compared to GAAP losses, with basic and diluted net loss per share adjusted from RMB 3.29 to RMB 3.01 Q1 2025 Non-GAAP Reconciliation (RMB thousands) | Metric (RMB thousands) | GAAP | Share-based Compensation | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | | Operating Loss | (6,418,128) | 470,939 | (5,947,189) | | Net Loss | (6,750,033) | 470,939 | (6,279,094) | | Basic and Diluted Net Loss Per Share/ADS (RMB) | (3.29) | 0.21 | (3.01) | [Q2 2024 Non-GAAP Reconciliation](index=19&type=section&id=Q2%202024%20Non-GAAP%20Reconciliation) In Q2 2024, adjusted operating loss and net loss narrowed compared to GAAP losses, with basic and diluted net loss per share adjusted from RMB 2.50 to RMB 2.21 Q2 2024 Non-GAAP Reconciliation (RMB thousands) | Metric (RMB thousands) | GAAP | Share-based Compensation | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | | Operating Loss | (5,209,298) | 510,753 | (4,698,545) | | Net Loss | (5,045,983) | 510,753 | (4,535,230) | | Basic and Diluted Net Loss Per Share/ADS (RMB) | (2.50) | 0.25 | (2.21) | [H1 2025 Non-GAAP Reconciliation](index=20&type=section&id=H1%202025%20Non-GAAP%20Reconciliation) In H1 2025, adjusted operating loss and net loss were significantly lower than GAAP losses after excluding share-based compensation and organizational optimization expenses, with basic and diluted net loss per share adjusted from RMB 5.56 to RMB 4.81 H1 2025 Non-GAAP Reconciliation (RMB thousands) | Metric (RMB thousands) | GAAP | Share-based Compensation | Organizational Optimization Expenses | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | :--- | | Operating Loss | (11,326,986) | 897,114 | 441,888 | (9,987,984) | | Net Loss | (11,744,834) | 897,114 | 441,888 | (10,405,832) | | Basic and Diluted Net Loss Per Share/ADS (RMB) | (5.56) | 0.41 | 0.20 | (4.81) | [H1 2024 Non-GAAP Reconciliation](index=20&type=section&id=H1%202024%20Non-GAAP%20Reconciliation) In H1 2024, adjusted operating loss and net loss narrowed compared to GAAP losses, with basic and diluted net loss per share adjusted from RMB 5.07 to RMB 4.60 H1 2024 Non-GAAP Reconciliation (RMB thousands) | Metric (RMB thousands) | GAAP | Share-based Compensation | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | | Operating Loss | (10,603,371) | 792,164 | (9,811,207) | | Net Loss | (10,230,560) | 792,164 | (9,438,396) | | Basic and Diluted Net Loss Per Share/ADS (RMB) | (5.07) | 0.39 | (4.60) | [Exchange Rate Information](index=10&type=section&id=Exchange%20Rate%20Information) All RMB to USD conversions in this announcement are made at an exchange rate of RMB 7.1636 to USD 1.00, which is the noon buying rate on June 30, 2025, as reported by the Federal Reserve Board's H.10 statistical release - All conversions from RMB to USD in this announcement are made at an exchange rate of **RMB 7.1636 to USD 1.00**[33](index=33&type=chunk) - This exchange rate is the noon buying rate on **June 30, 2025**, as set forth in the H.10 statistical release of the Federal Reserve Board[33](index=33&type=chunk) [Investor and Media Contacts](index=10&type=section&id=Investor%20and%20Media%20Contacts) This section provides contact information for investor relations and media relations, including email addresses and a link to the company's investor relations website - Investor Relations contact email: **ir@nio.com**[35](index=35&type=chunk) - Media Relations contact email: **global.press@nio.com**[35](index=35&type=chunk) - For more information, visit: **http://ir.nio.com**[34](index=34&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's unaudited condensed consolidated financial statements, including the balance sheet and comprehensive loss statement, for the periods ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, the company's total assets were RMB 100.046 billion, a decrease from year-end 2024, with reduced current assets and slightly increased non-current assets, while total liabilities slightly decreased, current liabilities still exceeded current assets, and shareholders' equity remained negative Condensed Consolidated Balance Sheets (RMB thousands) | Metric (RMB thousands) | As of December 31, 2024 | As of June 30, 2025 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total Current Assets | 61,886,043 | 52,507,971 | (9,378,072) | | Total Non-Current Assets | 45,718,569 | 47,537,874 | 1,819,305 | | **Total Assets** | **107,604,612** | **100,045,845** | **(7,558,767)** | | **Liabilities** | | | | | Total Current Liabilities | 62,311,024 | 62,281,587 | (29,437) | | Total Non-Current Liabilities | 31,787,045 | 31,148,294 | (638,751) | | **Total Liabilities** | **94,098,069** | **93,429,881** | **(668,188)** | | Total Mezzanine Equity | 7,441,997 | 7,734,861 | 292,864 | | Total Shareholders' Equity/(Deficit) | 6,064,546 | (1,118,897) | (7,183,443) | - As of June 30, 2025, cash and cash equivalents were **RMB 7,111,459 thousands**, a significant decrease from **RMB 19,328,920 thousands** as of December 31, 2024[36](index=36&type=chunk) - As of June 30, 2025, NIO Group's shareholders' equity was a **deficit of RMB 1,118,897 thousands**[38](index=38&type=chunk) [Condensed Consolidated Statements of Comprehensive Loss](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Q2 2025 total revenue increased by 9.0% year-over-year, with gross profit up 12.4%, while operating and net losses significantly narrowed quarter-over-quarter, and basic and diluted net loss per share was RMB 2.31; for H1 2025, total revenue grew 13.5% and gross profit 29.4%, but operating and net losses expanded For the Three Months Ended June 30, 2025 (RMB thousands): | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Total Revenue | 19,008,665 | 17,445,968 | 12,034,729 | | Total Cost of Sales | (17,111,142) | (15,757,253) | (11,115,175) | | Gross Profit | 1,897,523 | 1,688,715 | 919,554 | | Operating Loss | (4,908,858) | (5,209,298) | (6,418,128) | | Net Loss | (4,994,801) | (5,045,983) | (6,750,033) | | Net Loss Attributable to NIO Ordinary Shareholders | (5,141,307) | (5,126,370) | (6,891,061) | | Basic and Diluted Net Loss Per Share (RMB) | (2.31) | (2.50) | (3.29) | For the Six Months Ended June 30, 2025 (RMB thousands): | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Revenue | 31,043,394 | 27,354,604 | | Total Cost of Sales | (28,226,317) | (25,178,158) | | Gross Profit | 2,817,077 | 2,176,446 | | Operating Loss | (11,326,986) | (10,603,371) | | Net Loss | (11,744,834) | (10,230,560) | | Net Loss Attributable to NIO Ordinary Shareholders | (12,032,368) | (10,384,288) | | Basic and Diluted Net Loss Per Share (RMB) | (5.56) | (5.07) | - Total other comprehensive income for Q2 2025 was **RMB 184,568 thousands**, primarily from foreign currency translation adjustments[40](index=40&type=chunk) [Reconciliation Between US GAAP and IFRS](index=21&type=section&id=Reconciliation%20Between%20US%20GAAP%20and%20IFRS) This section provides a reconciliation statement between US GAAP and IFRS, detailing significant differences in financial data preparation for the company as a secondary listing issuer on the HKEX [Reconciliation Overview](index=21&type=section&id=Reconciliation%20Overview) As a secondary listing issuer on the HKEX, NIO is required to provide a reconciliation statement between US GAAP and IFRS to reflect significant differences in financial data preparation under the two accounting standards - As a secondary listing issuer on the Hong Kong Stock Exchange, the company is required to include a reconciliation statement in its annual financial statements for the first full financial year commencing on or after January 1, 2022, and in all subsequent financial statements[49](index=49&type=chunk) - PricewaterhouseCoopers, the company's Hong Kong auditor, has performed a limited assurance engagement on the reconciliation statement[49](index=49&type=chunk) - The reconciliation statement aims to illustrate the impact of significant differences between the group's unaudited interim condensed consolidated financial information prepared under U.S. GAAP and IFRS accounting standards[50](index=50&type=chunk) [Condensed Consolidated Statements of Comprehensive Loss Reconciliation](index=22&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss%20Reconciliation) For H1 2025, net loss under US GAAP was RMB 11.745 billion, adjusted to RMB 11.587 billion under IFRS; for H1 2024, US GAAP net loss was RMB 10.231 billion, adjusted to RMB 7.574 billion under IFRS, with key adjustments including share-based compensation, convertible bonds, interest expense, and accrued warranty For the Six Months Ended June 30, 2025 (RMB thousands): | Metric | US GAAP | Share-based Compensation | Convertible Bonds | Interest Expense | Leases | Accrued Warranty | IFRS | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cost of Sales | (28,226,317) | 10,547 | – | – | 82,627 | 10,372 | (28,122,771) | | Operating Loss | (11,326,986) | 524,671 | – | – | 279,541 | 10,372 | (10,512,402) | | Net Loss | (11,744,834) | 524,671 | (12,290) | (292,864) | (3,083) | (61,987) | (11,586,876) | For the Six Months Ended June 30, 2024 (RMB thousands): | Metric | US GAAP | Share-based Compensation | Convertible Bonds | Derivative Financial Instruments Call Spread Options | Leases | Accrued Warranty | IFRS | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cost of Sales | (25,178,158) | 15,686 | – | – | 85,798 | 126,786 | (24,949,888) | | Operating Loss | (10,603,371) | 348,812 | – | – | 210,702 | 126,786 | (9,917,071) | | Net Loss | (10,230,560) | 348,812 | 2,531,375 | (49,838) | (89,060) | 53,241 | (7,574,096) | - IFRS adjustments led to a significant reduction in H1 2024 net loss, primarily due to the fair value changes of convertible bonds[54](index=54&type=chunk) [Condensed Consolidated Balance Sheets Reconciliation](index=26&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20Reconciliation) As of June 30, 2025, total assets under US GAAP were RMB 100.046 billion, adjusted to RMB 100.116 billion under IFRS; shareholders' equity shifted from a deficit under US GAAP to a positive value under IFRS, mainly due to adjustments for convertible bonds, redeemable non-controlling interests, and accumulated deficit As of June 30, 2025 (RMB thousands): | Metric | US GAAP | Convertible Bonds | Redeemable Non-Controlling Interests | Leases | Accrued Warranty | IFRS | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 100,045,845 | – | 500,000 | (429,495) | – | 100,116,350 | | Total Liabilities | 93,429,881 | (2,078,740) | 8,234,861 | – | (638,775) | 98,947,227 | | Total Shareholders' Equity | (1,118,897) | 2,078,740 | – | (429,495) | 638,775 | 1,169,123 | As of December 31, 2024 (RMB thousands): | Metric | US GAAP | Convertible Bonds | Redeemable Non-Controlling Interests | Leases | Accrued Warranty | IFRS | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 107,604,612 | – | 500,000 | (426,412) | – | 107,678,200 | | Total Liabilities | 94,098,069 | (2,002,800) | 7,941,997 | – | (700,762) | 99,336,504 | | Total Shareholders' Equity | 6,064,546 | 2,002,800 | – | (426,412) | 700,762 | 8,341,696 | - Under IFRS, redeemable non-controlling interests are reclassified as financial liabilities, leading to an increase in liabilities, with corresponding adjustments made to accumulated deficit and capital reserve[58](index=58&type=chunk)[60](index=60&type=chunk) [Explanation of Reconciliation Adjustments](index=28&type=section&id=Explanation%20of%20Reconciliation%20Adjustments) This section details the accounting treatment differences between US GAAP and IFRS for items such as share-based compensation, convertible bonds, derivative financial instruments, redeemable non-controlling interests, available-for-sale debt securities, equity securities, leases, accrued warranty, and software, which necessitate financial statement adjustments - Share-based compensation: US GAAP allows for the use of the straight-line method for expense recognition, while IFRS requires a graded vesting method[63](index=63&type=chunk) - Convertible bonds: US GAAP measures at amortized cost, while IFRS designates them as fair value through profit or loss[64](index=64&type=chunk) - Redeemable non-controlling interests: US GAAP classifies as mezzanine equity, while IFRS initially recognizes them as financial liabilities at the present value of the redemption amount[66](index=66&type=chunk) - Leases: US GAAP recognizes operating lease expenses on a straight-line basis, while IFRS depreciates right-of-use assets typically on a straight-line basis and measures lease liability interest expense using the effective interest method[69](index=69&type=chunk) - Accrued warranty: US GAAP allows for not discounting provisions, while IFRS measures at the present value of expected cash flows and recognizes interest expense[70](index=70&type=chunk) - Software: US GAAP records software within property, plant and equipment, while IFRS presents it under the intangible assets category[71](index=71&type=chunk) [Appendix: Corporate Governance and Shareholder Protection](index=31&type=section&id=Appendix%3A%20Corporate%20Governance%20and%20Shareholder%20Protection) This appendix covers the company's weighted voting rights structure, the role of its Nomination and ESG Committee, and specific shareholder protection mechanisms during its Hong Kong listing period [Weighted Voting Rights Structure](index=31&type=section&id=Weighted%20Voting%20Rights%20Structure) NIO Group employs a weighted voting rights structure where founder Mr. William Li holds voting control through Class C ordinary shares (8 votes per share), despite not having a majority economic interest; this structure aims to support long-term strategy, but investors should be aware of potential risks, including misaligned interests between WVR beneficiaries and overall shareholders - The company is controlled by a weighted voting rights structure, where Class A ordinary shareholders have one vote per share, and Class C ordinary shareholders have **eight votes per share**[72](index=72&type=chunk) - Founder Mr. William Li exercises voting control over the company through Originalwish Limited, mobike Global Ltd., and NIO Users Limited, which hold Class C ordinary shares[72](index=72&type=chunk) - As of June 30, 2025, Mr. William Li collectively held **16,971,207 Class A ordinary shares** and **148,500,000 Class C ordinary shares**, representing approximately **36.6% of the voting rights** for shareholder resolutions, excluding certain reserved matters[73](index=73&type=chunk) - Class C ordinary shareholders may convert their Class C ordinary shares into Class A ordinary shares at a **one-to-one ratio**[75](index=75&type=chunk) - Weighted voting rights terminate under specific circumstances, such as the death of the WVR beneficiary, their cessation as a board member, or the transfer of beneficial ownership of Class C ordinary shares[78](index=78&type=chunk) [Nomination and ESG Committee](index=33&type=section&id=Nomination%20and%20ESG%20Committee) NIO has established a Nomination and ESG Committee, composed entirely of independent directors, responsible for overseeing corporate governance policies, managing conflicts of interest, reviewing board structure and member selection, providing training, and reporting regularly to ensure company operations align with the best interests of all shareholders - The company has established a Nomination and ESG Committee in compliance with HKEX Listing Rules 8A.27, 8A.28, and 8A.30, with all members being independent directors (Ms. Long Yu, Mr. Li Tingbin, and Mr. Wu Hai), and Ms. Long Yu serving as Chair[80](index=80&type=chunk) - The committee's responsibilities include reviewing and overseeing corporate governance policies and practices, managing conflicts of interest with WVR beneficiaries, reviewing director and senior management training, and identifying and interviewing board candidates[80](index=80&type=chunk)[82](index=82&type=chunk) - The Nomination and ESG Committee has confirmed to the Board that it believes the company has implemented sufficient corporate governance measures to manage potential conflicts of interest and ensure that the company's operations and management are consistently in the best interests of all shareholders[81](index=81&type=chunk) [Shareholder Protection During HK Listing Period](index=35&type=section&id=Shareholder%20Protection%20During%20HK%20Listing%20Period) During the "Relevant Period" of its secondary listing on the HKEX, the company is subject to certain restrictions and shareholder protection provisions under Chapter 8A of the HKEX Listing Rules; after this period, some protections will no longer apply, the NIO User Trust will gain director nomination rights, and the Board will be authorized to approve share splits or issue new share classes with enhanced voting rights, requiring investors to note potential risks - During the 'Relevant Period' of its secondary listing on the Hong Kong Stock Exchange, the company may only have one class of shares with enhanced or weighted voting rights, and the proportion of Class C ordinary shares to total issued shares cannot be further increased[85](index=85&type=chunk) - After the Relevant Period, HKEX Listing Rules 8A.07, 8A.09, and other provisions will no longer apply, and the NIO User Trust will have the right to nominate one director to the Board[84](index=84&type=chunk) - After the Relevant Period, the company's directors will also have the right, among other things, to authorize share splits or designate new classes of shares with enhanced voting rights or issue preferred shares[84](index=84&type=chunk) - Investors are urged to note the potential risks associated with a possible change in listing venue, for example, if the company's shares are no longer traded on the Hong Kong Stock Exchange, investors may lose the shareholder protection mechanisms provided under the relevant HKEX Listing Rules[84](index=84&type=chunk) - Scenarios in which the company may cease to be secondarily listed on the Hong Kong Stock Exchange include voluntary delisting, a majority of trading shifting to the Hong Kong Stock Exchange market, primary conversion, overseas delisting, or delisting by the Hong Kong Stock Exchange/SFC[86](index=86&type=chunk)[87](index=87&type=chunk)

2025年7月31日，蔚来的智能大空间旗舰SUV乐道L90正式上市，并开始交付。 2025年8月21日，蔚来的旗舰高端SUV蔚来全新ES 8正式亮相，并接受预订，预计将于9月下旬开始用户 交付。 2025年第二季度，蔚来交付了72056辆汽车，同比增长25.6%，环比增长71.2%。 9月2日下午消息，蔚来（NYSE： NIO； HKEX： 9866； SGX： NIO）今日发布了截至6月30日的2025 年第二季度财报：总营收为190.087亿元，同比增长9.0%，环比增长57.9%。净亏损49.948亿元，同比减 亏1.0%，环比减亏26.0%。不按美国通用会计准则，调整后的净亏损为41.267亿元，同比减亏9.0% ，环 比减亏34.3%。 其中，公司高端智能电动汽车品牌NIO的交付量为47132辆，面向家庭的智能电动车品牌ONVO的交付 量为17081辆，而2025年4月正式上市并开始交付的智能电动高端小车"萤火虫"的交付量为7843辆。 蔚来在2025年7月交付了21017辆汽车，在8月交付了31305辆。 截至2025年8月31日，蔚来2025年累计车 辆交付量达到166472辆，迄今累计车辆交付 ...

北京商报讯（记者 蔺雨葳）9月2日，蔚来发布2025年二季度财报。公司二季度交付汽车7.2万辆，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%，环比增长57.9%，综合毛利率为 10%，现金储备272亿元，研发投入30.1亿。 ...

北京时间9月2日，蔚来发布2025年二季度财报： （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 截至北京时间9月2日18:14，蔚来美股盘前涨2.5%，此前一度跌约20%。 出品： 21财经客户端 南财快讯工作室 值得一提的是，昨日（9月1日），蔚来刚公布了8月交付成绩单： 蔚来公司交付新车31305台，同比增长55.2%，创历史新高。其中，蔚来品牌交付新车10525台；乐道品 牌交付新车16434台；firefly萤火虫品牌交付新车4346台。截至目前，蔚来公司已累计交付新车838036 台。其中，蔚来品牌累计交付新车748448台；乐道品牌累计交付新车75033台；firefly萤火虫品牌累计交 付新车14555台。乐道L90上市首月交付10575台，是蔚来公司历史上销量破万最快的车型。 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%，环比显著提升。 二季度现金储备272亿元。 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. ...

"希望到今年年底，蔚来和乐道两个品牌体量要相当，对公司整体经营的贡献也要相当。" 随着8月交付量的公布，蔚来汽车对乐道品牌体量的设想似乎正在逐步兑现。 昨日蔚来汽车公告称，该公司在8月份交付新车31305台，同比增长55.2%。其中，乐道品牌交付16434 辆新车，占比52.5%，成为蔚来汽车8月销量增长的贡献主力。 在今年4月的上海车展期间，蔚来汽车联合创始人、总裁秦力洪在接受第一财经采访时表示，希望到今 年年底，蔚来和乐道两个品牌体量要相当，对公司整体经营的贡献也要相当。 乐道L90是蔚来汽车今年寄望最深的两款车之一，于8月1日正式上市，首月交付10575台。此前有接近 蔚来人士称，新车发布后第一个月的销量对于后续销售势能十分关键，有助于观察第一个完整月的销 量，方便及时调整后续的库存准备。 在最近的成都车展上，秦力洪表示，目前乐道品牌把L90放在短期第一重点，交付上也会有所优先。而 随着接下来ES8+L90两款大三排SUV的生产更复杂，零部件更多，秦力洪表示，希望市场能给每个产品 100天，看产能爬坡、交付、执行是不是进步了。 在上述展会上，秦力洪表示，"蔚来现在进入了聚气重新上升的阶段，但远远没有到开 ...

来源：智通财经 9月2日，蔚来发布2025年二季度财报。蔚来公司二季度交付7.21万台，同比增长25.6%，环比增长 71.2%；营收190.1亿元，同比增长9%，环比增长57.9%；二季度综合毛利率10%，环比显著提升；现金 储备272亿元，现金储备环比增长。 蔚来方面表示，三季度交付指引为8.7万台至9.1万台，同比增长40.7%至47.1%；三季度营收指引为218.1 亿元至228.8亿元，均创历史新高。 ...