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。 ...

Core Viewpoint - The new energy vehicle market in China continues to thrive, with several new force car manufacturers reporting impressive sales figures in August, indicating a competitive landscape and the need for differentiation among products [2][3][7]. Group 1: Sales Performance - Leap Motor led the sales with 57,066 units delivered in August, achieving a year-on-year growth of over 88% and marking the second consecutive month of sales exceeding 50,000 units [2][3]. - Hongmeng Zhixing delivered 44,579 units, with a year-on-year increase of 32.3%, although it experienced a slight month-on-month decline of 1.8% [3][4]. - Xiaopeng Motors reported 37,709 units delivered, reflecting a significant year-on-year growth of 168.7% and a month-on-month increase of 2.7% [2][3]. - NIO delivered 31,305 units, marking a year-on-year growth of 55.2% and achieving a historical high in sales [3][4]. - Ideal Auto saw a decline in deliveries, with 28,500 units sold, falling below the 30,000 mark for the first time in three months [4]. Group 2: Market Trends - The overall sales of new energy vehicles reached approximately 1.1 million units in August, with a penetration rate of 56.7% in the narrow passenger vehicle market [7]. - The growth in the new energy vehicle sector is driven by the replacement of fuel vehicles and policies encouraging trade-ins [7]. - The market is characterized by a degree of instability, with some companies struggling to establish a stable brand image among consumers [7][8]. Group 3: Factors Influencing Sales - The success of new models significantly impacted sales, with vehicles like Leap B01 and Xiaopeng's new P7 receiving substantial market attention [5][6]. - Competitive pricing and technological advancements are key drivers for sales growth, with Leap Motor covering a price range of 60,000 to 200,000 yuan [5][7]. - Production capacity remains a critical factor, as some brands face limitations despite having sufficient orders, prompting investments in capacity expansion [6][8]. Group 4: Industry Challenges - New energy vehicle manufacturers face challenges such as insufficient production flexibility and tight cash flow [8]. - There is a noted issue of product homogeneity among new force car manufacturers, necessitating a focus on differentiation, particularly in vehicle stability and safety [8].

每经AI快讯，9月2日，蔚来汽车美股盘前跌幅收窄至3%，财报公布后一度下跌17%。 ...

报告称，三季度营收指引218.1亿元-228.8亿元，交付指引87000台-91000台。 此外，蔚来不断完善基础设施。截至8月31日，蔚来在全球已累计建成3539座换电站、4755座充电站和27146根充电桩， （校对/黄仁贵） 9月2日，蔚来发布第二季度财报称，二季度，公司实现营业收入190.1亿元，同比增长9%，环比增长57.9%；综合毛利率为10%，环比显著提升，其他销售 毛利率创新高。 二季度，公司交付汽车72056辆，同比增长25.6%，环比增长71.2%。 ...

蔚来美股盘前跌近9%。消息面上，蔚来发布2025年二季度财报，二季度营收190.1亿元，环比增长 57.9%。 (本文来自第一财经) ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Introduction and Key Highlights](index=1&type=section&id=Introduction%20and%20Key%20Highlights) NIO Inc. announced its unaudited financial results for the second quarter of 2025, showing significant growth in total revenue and vehicle deliveries, reflecting the company's leading position in the global smart electric vehicle market - NIO Inc. announced its unaudited financial results for the second quarter ended June 30, 2025, on September 2, 2025[2](index=2&type=chunk) Key Performance for Q2 2025 | Metric | Amount/Quantity | | :--- | :--- | | Total Quarterly Revenue | RMB 19,008.7 million (US$2,653.5 million) | | Quarterly Vehicle Deliveries | 72,056 units | [Operating Highlights](index=1&type=section&id=Operating%20Highlights) In Q2 2025, NIO's vehicle deliveries reached 72,056 units, marking a 25.6% year-over-year and 71.2% quarter-over-quarter increase, with contributions from NIO, ONVO, and FIREFLY brands Q2 2025 Vehicle Deliveries | Metric | 2025 Q2 | 2024 Q2 | 2025 Q1 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Vehicle Deliveries | 72,056 | 57,373 | 42,094 | +71.2% | +25.6% | | NIO Brand | 47,132 | - | - | - | - | | ONVO Brand | 17,081 | - | - | - | - | | FIREFLY Brand | 7,843 | - | - | - | - | [Financial Highlights](index=1&type=section&id=Financial%20Highlights) In Q2 2025, NIO's total revenue reached **RMB 19,008.7 million**, growing 9.0% year-over-year and 57.9% quarter-over-quarter, with gross margin improving to 10.0% and narrowed operating and net losses, indicating initial cost control effectiveness Key Financial Metrics for Q2 2025 | Metric (RMB Million) | 2025 Q2 | 2025 Q1 | 2024 Q2 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Vehicle Sales | 16,136.1 | 9,939.3 | 15,679.6 | +62.3% | +2.9% | | Vehicle Gross Margin | 10.3% | 10.2% | 12.2% | +10bp | -190bp | | Total Revenue | 19,008.7 | 12,034.7 | 17,446.0 | +57.9% | +9.0% | | Gross Profit | 1,897.5 | 919.6 | 1,688.7 | +106.3% | +12.4% | | Gross Margin | 10.0% | 7.6% | 9.7% | +240bp | +30bp | | Operating Loss | (4,908.9) | (6,418.1) | (5,209.3) | -23.5% | -5.8% | | Adjusted Operating Loss (Non-GAAP) | (4,040.8) | (5,947.2) | (4,698.5) | -32.1% | -14.0% | | Net Loss | (4,994.8) | (6,750.0) | (5,046.0) | -26.0% | -1.0% | | Adjusted Net Loss (Non-GAAP) | (4,126.7) | (6,279.1) | (4,535.2) | -34.3% | -9.0% | | Cash and Cash Equivalents (as of June 30) | 27.2 billion | - | - | - | - | [Recent Developments](index=2&type=section&id=Recent%20Developments) [Deliveries in July and August 2025](index=2&type=section&id=Deliveries%20in%20July%20and%20August%202025) NIO delivered 21,017 and 31,305 vehicles in July and August 2025, respectively, bringing cumulative deliveries to 166,472 for 2025 and 838,036 historically as of August 31 Deliveries in July and August 2025 | Month | Deliveries (Units) | | :--- | :--- | | July 2025 | 21,017 | | August 2025 | 31,305 | | Cumulative 2025 (as of Aug 31) | 166,472 | | Total Cumulative (as of Aug 31) | 838,036 | [New Product Launches](index=2&type=section&id=New%20Product%20Launches) NIO launched two new models: the ONVO L90, a smart large-space flagship SUV, officially listed and began deliveries on July 31, and the flagship premium SUV NIO All-New ES8, unveiled on August 21 with pre-orders open and deliveries expected in late September - ONVO L90, a smart large-space flagship SUV, was officially launched on July 31, 2025, with user deliveries commencing thereafter[10](index=10&type=chunk) - The NIO All-New ES8, a flagship premium SUV, was officially unveiled and made available for pre-order on August 21, 2025, with deliveries expected to begin in late September[11](index=11&type=chunk) [Strategic Investments](index=2&type=section&id=Strategic%20Investments) In July 2025, NIO signed an agreement to make an additional RMB 20 billion investment in NIO China, as per the previously announced Series B investment agreement, which will result in NIO holding a 91.8% controlling equity interest in NIO China upon completion - NIO signed a definitive agreement in July 2025 to exercise its right to make an additional investment of **RMB 20 billion** in NIO China[12](index=12&type=chunk) - Upon completion of this additional investment, NIO will hold a **91.8%** controlling equity interest in NIO China[12](index=12&type=chunk) [Management Comments](index=2&type=section&id=Management%20Comments) [CEO Comments](index=2&type=section&id=CEO%20Comments) William Bin Li, NIO's Founder, Chairman, and CEO, noted a 25.6% year-over-year increase in Q2 2025 deliveries, strong market reception for ONVO L90 and All-New ES8, and an anticipated record-high Q3 delivery volume of 87,000 to 91,000 units - In Q2 2025, the company delivered **72,056** smart electric vehicles, representing a **25.6%** year-over-year increase[13](index=13&type=chunk) - The strong market reception for ONVO L90 and NIO All-New ES8 has bolstered overall sales momentum[13](index=13&type=chunk) - Total deliveries for Q3 are projected to be between **87,000 and 91,000 units**, marking a **40.7% to 47.1%** year-over-year increase and a new company record[13](index=13&type=chunk) [CFO Comments](index=2&type=section&id=CFO%20Comments) Stanley Yu Qu, CFO, highlighted that comprehensive cost reduction and efficiency enhancement measures initiated in Q2 have shown initial results, with non-GAAP operating loss improving over 30% quarter-over-quarter, positioning the company near a financial inflection point towards a sustainable virtuous cycle and continuous performance improvement - Comprehensive cost reduction and efficiency enhancement measures have shown initial results starting from Q2[14](index=14&type=chunk) - Excluding organizational optimization expenses, non-GAAP operating loss improved by over **30%** quarter-over-quarter[14](index=14&type=chunk) - The company is approaching a financial inflection point, moving towards a sustainable virtuous cycle and continuous performance improvement[15](index=15&type=chunk) [Financial Results for the Second Quarter of 2025](index=3&type=section&id=Financial%20Results%20for%20the%20Second%20Quarter%20of%202025) [Revenues](index=3&type=section&id=Revenues) Total revenue for Q2 2025 was **RMB 19,008.7 million**, up 9.0% year-over-year and 57.9% quarter-over-quarter, driven by increased vehicle sales and other sales from used cars, R&D services, and after-sales services Q2 2025 Revenue Breakdown | Revenue Type (RMB Million) | 2025 Q2 | 2024 Q2 | 2025 Q1 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 19,008.7 | 17,446.0 | 12,034.7 | +9.0% | +57.9% | | Vehicle Sales | 16,136.1 | 15,679.6 | 9,939.3 | +2.9% | +62.3% | | Other Sales | 2,872.6 | 1,766.3 | 2,095.4 | +62.6% | +37.1% | - Vehicle sales growth was primarily due to increased deliveries, partially offset by a decrease in average selling price resulting from changes in product mix[18](index=18&type=chunk) - Other sales growth was mainly due to increased revenue from used car sales, technical research and development services, and sales of parts, accessories, and after-sales services[18](index=18&type=chunk) [Cost of Sales and Gross Margin](index=3&type=section&id=Cost%20of%20Sales%20and%20Gross%20Margin) Q2 2025 cost of sales was **RMB 17,111.1 million**, resulting in a gross profit of **RMB 1,897.5 million** and a gross margin of 10.0%, showing improvement from prior periods, while vehicle gross margin was 10.3% Q2 2025 Cost of Sales and Gross Margin | Metric (RMB Million) | 2025 Q2 | 2024 Q2 | 2025 Q1 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cost of Sales | 17,111.1 | 15,757.3 | 11,115.2 | +8.6% | +53.9% | | Gross Profit | 1,897.5 | 1,688.7 | 919.6 | +106.3% | +12.4% | | Gross Margin | 10.0% | 9.7% | 7.6% | +30bp | +240bp | | Vehicle Gross Margin | 10.3% | 12.2% | 10.2% | -190bp | +10bp | - The increase in cost of sales was primarily attributable to increased deliveries, partially offset by a decrease in material costs per vehicle[18](index=18&type=chunk) - The quarter-over-quarter increase in gross margin was mainly due to a positive mix effect from increased revenue from used cars and technical research and development services[18](index=18&type=chunk) - The year-over-year decrease in vehicle gross margin was primarily attributable to changes in product mix, partially offset by a decrease in unit material costs[18](index=18&type=chunk) [Operating Expenses](index=3&type=section&id=Operating%20Expenses) R&D expenses for Q2 2025 were **RMB 3,007.0 million**, down 6.6% year-over-year and 5.5% quarter-over-quarter due to reduced design and development costs, while SG&A expenses were **RMB 3,964.9 million**, reflecting organizational optimization Q2 2025 Operating Expenses | Expense Type (RMB Million) | 2025 Q2 | 2024 Q2 | 2025 Q1 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 3,007.0 | 3,218.5 | 3,181.4 | -6.6% | -5.5% | | Adjusted R&D Expenses (Non-GAAP) | 2,488.9 | 2,888.4 | 2,914.4 | -13.8% | -14.6% | | Selling, General & Administrative Expenses | 3,964.9 | 3,757.5 | 4,400.8 | +5.5% | -9.9% | | Adjusted Selling, General & Administrative Expenses (Non-GAAP) | 3,682.2 | 3,595.5 | 4,211.9 | +2.4% | -12.6% | - The decrease in R&D expenses was primarily due to reduced design and development costs for new products and technologies, as well as lower depreciation and amortization expenses[18](index=18&type=chunk) - The quarter-over-quarter decrease in selling, general and administrative expenses was primarily attributable to reduced personnel costs and marketing and promotional expenses, largely due to the company's comprehensive organizational optimization efforts[19](index=19&type=chunk) [Loss from Operations](index=4&type=section&id=Loss%20from%20Operations) Operating loss for Q2 2025 was **RMB 4,908.9 million**, decreasing 5.8% year-over-year and 23.5% quarter-over-quarter, with adjusted (non-GAAP) operating loss at **RMB 4,040.8 million**, demonstrating significant operational efficiency improvements Q2 2025 Operating Loss | Metric (RMB Million) | 2025 Q2 | 2024 Q2 | 2025 Q1 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Loss | (4,908.9) | (5,209.3) | (6,418.1) | -5.8% | -23.5% | | Adjusted Operating Loss (Non-GAAP) | (4,040.8) | (4,698.5) | (5,947.2) | -14.0% | -32.1% | [Net Loss and Earnings Per Share/ADS](index=4&type=section&id=Net%20Loss%20and%20Earnings%20Per%20Share%2FADS) Net loss for Q2 2025 was **RMB 4,994.8 million**, a 1.0% year-over-year and 26.0% quarter-over-quarter decrease, with adjusted (non-GAAP) net loss at **RMB 4,126.7 million**, and basic and diluted net loss per share/ADS narrowing to **RMB 2.31** Q2 2025 Net Loss and Earnings Per Share/ADS | Metric (RMB) | 2025 Q2 | 2024 Q2 | 2025 Q1 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Loss (Million) | (4,994.8) | (5,046.0) | (6,750.0) | -1.0% | -26.0% | | Adjusted Net Loss (Non-GAAP, Million) | (4,126.7) | (4,535.2) | (6,279.1) | -9.0% | -34.3% | | Net Loss Attributable to NIO's Ordinary Shareholders (Million) | (5,141.3) | (5,126.4) | (6,891.1) | +0.3% | -25.4% | | Basic and Diluted Net Loss Per Share/ADS | (2.31) | (2.50) | (3.29) | -7.6% | -29.8% | | Adjusted Basic and Diluted Net Loss Per Share/ADS (Non-GAAP) | (1.85) | (2.21) | (3.01) | -16.3% | -38.5% | [Financial Position](index=4&type=section&id=Financial%20Position) [Balance Sheet and Liquidity](index=4&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, NIO's cash, cash equivalents, restricted cash, short-term investments, and long-term time deposits totaled **RMB 27.2 billion (US$3.8 billion)**, with management confident in sufficient financial resources for the next twelve months despite current liabilities exceeding current assets Liquidity Metrics as of June 30, 2025 | Metric | Amount (RMB Million) | | :--- | :--- | | Cash and Cash Equivalents | 7,111,459 | | Restricted Cash | 9,260,268 | | Short-Term Investments | 10,689,430 | | Long-Term Time Deposits | (Not explicitly listed, but included in total) | | **Total** | **27,200,000 (27.2 billion)** | - As of June 30, 2025, the company's current liabilities exceeded its current assets, and shareholders' equity was negative[22](index=22&type=chunk) - Management believes that existing financial resources are sufficient to support continuous operations for the next twelve months, based on business plans, optimization of operating efficiency, working capital management, and the ability to raise funds from banks and other sources[22](index=22&type=chunk) [Business Outlook (Third Quarter 2025)](index=4&type=section&id=Business%20Outlook%20(Third%20Quarter%202025)) [Q3 2025 Outlook](index=4&type=section&id=Q3%202025%20Outlook) NIO anticipates Q3 2025 vehicle deliveries between **87,000 and 91,000 units**, representing a 40.7% to 47.1% year-over-year increase, with total revenue projected between **RMB 21,812 million and RMB 22,876 million**, up 16.8% to 22.5% Q3 2025 Business Outlook | Metric | Forecast Range | YoY Growth | | :--- | :--- | :--- | | Vehicle Deliveries | 87,000 to 91,000 units | 40.7% to 47.1% | | Total Revenue | RMB 21,812 million to RMB 22,876 million (US$3,045 million to US$3,193 million) | 16.8% to 22.5% | [Additional Information](index=5&type=section&id=Additional%20Information) [Conference Call Details](index=5&type=section&id=Conference%20Call%20Details) NIO management will host an earnings conference call on September 2, 2025, allowing investors to participate via live and archived webcast on the company's investor relations website or by pre-registering for dial-in numbers - The conference call will be held on September 2, 2025, at 8:00 AM U.S. Eastern Time[26](index=26&type=chunk) - A live and archived webcast will be available on the company's investor relations website at https://ir.nio.com/news-events/events[26](index=26&type=chunk) - Participants must pre-register via the link https://s1.c-conf.com/diamondpass/10049790-gh87y6.html to obtain dial-in numbers and an access PIN[27](index=27&type=chunk)[28](index=28&type=chunk) [About NIO Inc.](index=5&type=section&id=About%20NIO%20Inc.) Founded in November 2014, NIO Inc. is a pioneer and leading company in the global smart electric vehicle market, dedicated to shaping a sustainable and brighter future through innovative technologies, superior products and services, and a vibrant user community, offering smart electric vehicles under the NIO, ONVO, and FIREFLY brands - NIO Inc. was founded in November 2014 and is a pioneer and leading company in the global smart electric vehicle market[29](index=29&type=chunk) - The company's mission is "Blue Sky Coming," with a vision to be a user enterprise that combines innovative technology with superior experience[29](index=29&type=chunk) - NIO offers premium smart electric vehicles under the NIO brand, smart electric vehicles for families under the ONVO brand, and smart premium electric vehicles for small segments under the FIREFLY brand[29](index=29&type=chunk) [Legal and Disclosure](index=5&type=section&id=Legal%20and%20Disclosure) [Safe Harbor Statement](index=5&type=section&id=Safe%20Harbor%20Statement) This press release contains "forward-looking" statements within the meaning of 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 those in the forward-looking statements - This press release contains "forward-looking" statements protected by the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995[30](index=30&type=chunk) - Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from expectations[30](index=30&type=chunk) [Non-GAAP Disclosure](index=5&type=section&id=Non-GAAP%20Disclosure) The company uses non-GAAP financial measures (such as adjusted cost of sales, R&D expenses, selling, general and administrative expenses, operating loss, net loss, and net loss per share/ADS) to evaluate operating performance and make financial decisions, 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 to evaluate operating performance and make financial operating decisions[31](index=31&type=chunk)[32](index=32&type=chunk) - Non-GAAP measures help identify underlying business trends and enhance understanding of the company's performance by excluding share-based compensation expenses, organizational optimization expenses, and accretion of redeemable non-controlling interests[32](index=32&type=chunk) - Non-GAAP financial measures are not prepared in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for GAAP data[33](index=33&type=chunk) [Exchange Rate](index=6&type=section&id=Exchange%20Rate) For the convenience of the reader, all RMB amounts in this announcement have been translated into U.S. dollars at a uniform exchange rate of RMB 7.1636 to US$1.00, the noon buying rate in New York City for cable transfers payable in RMB as certified by the Federal Reserve Board H.10 statistical release on June 30, 2025 - All RMB to US dollar conversions use the noon buying rate of RMB 7.1636 to US$1.00, as certified by the Federal Reserve Board H.10 statistical release on June 30, 2025[35](index=35&type=chunk) [Unaudited Financial Statements](index=6&type=section&id=Unaudited%20Financial%20Statements) [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, NIO reported total assets of **RMB 100.05 billion** and total liabilities of **RMB 93.43 billion**, with a negative shareholders' equity of **RMB 1.12 billion** at period-end, indicating ongoing financial pressure Unaudited Condensed Consolidated Balance Sheets Summary (as of June 30, 2025) | Metric | December 31, 2024 (RMB Thousand) | June 30, 2025 (RMB Thousand) | June 30, 2025 (US$ Thousand) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total Current Assets | 61,886,043 | 52,507,971 | 7,329,829 | | Total Non-Current Assets | 45,718,569 | 47,537,874 | 6,636,031 | | **Total Assets** | **107,604,612** | **100,045,845** | **13,965,860** | | **Liabilities** | | | | | Total Current Liabilities | 62,311,024 | 62,281,587 | 8,694,175 | | Total Non-Current Liabilities | 31,787,045 | 31,148,294 | 4,348,131 | | **Total Liabilities** | **94,098,069** | **93,429,881** | **13,042,306** | | **Mezzanine Equity** | | | | | Redeemable Non-Controlling Interests | 7,441,997 | 7,734,861 | 1,079,745 | | **Shareholders' Equity/(Deficit)** | | | | | NIO Inc. Shareholders' Equity/(Deficit) | 5,967,023 | (1,205,705) | (168,309) | | Non-Controlling Interests | 97,523 | 86,808 | 12,118 | | **Total Shareholders' Equity/(Deficit)** | **6,064,546** | **(1,118,897)** | **(156,191)** | [Unaudited Condensed Consolidated Statements of Comprehensive Loss](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) In Q2 2025, NIO reported total revenue of **RMB 19,008.7 million**, gross profit of **RMB 1,897.5 million**, and a net loss of **RMB 4,994.8 million**; for H1 2025, total revenue was **RMB 31.04 billion** and net loss was **RMB 11.74 billion**, with Q2 and H1 net loss per share/ADS at **RMB 2.31** and **RMB 5.56**, respectively Unaudited Condensed Consolidated Statements of Comprehensive Loss Summary (Q2 2025) | Metric (RMB Thousand) | June 30, 2024 | March 31, 2025 | June 30, 2025 | | :--- | :--- | :--- | :--- | | Total Revenues | 17,445,968 | 12,034,729 | 19,008,665 | | Cost of Sales | (15,757,253) | (11,115,175) | (17,111,142) | | Gross Profit | 1,688,715 | 919,554 | 1,897,523 | | Loss from Operations | (5,209,298) | (6,418,128) | (4,908,858) | | Net Loss | (5,045,983) | (6,750,033) | (4,994,801) | | Net Loss Attributable to NIO's Ordinary Shareholders | (5,126,370) | (6,891,061) | (5,141,307) | | Basic and Diluted Net Loss Per Share/ADS | (2.50) | (3.29) | (2.31) | Unaudited Condensed Consolidated Statements of Comprehensive Loss Summary (H1 2025) | Metric (RMB Thousand) | June 30, 2024 | June 30, 2025 | | :--- | :--- | :--- | | Total Revenues | 27,354,604 | 31,043,394 | | Cost of Sales | (25,178,158) | (28,226,317) | | Gross Profit | 2,176,446 | 2,817,077 | | Loss from Operations | (10,603,371) | (11,326,986) | | Net Loss | (10,230,560) | (11,744,834) | | Net Loss Attributable to NIO's Ordinary Shareholders | (10,384,288) | (12,032,368) | | Basic and Diluted Net Loss Per Share/ADS | (5.07) | (5.56) | [Unaudited Reconciliation of GAAP and Non-GAAP Results](index=9&type=section&id=Unaudited%20Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Results) NIO provides a reconciliation of GAAP to non-GAAP results, excluding share-based compensation, organizational optimization expenses, and accretion of redeemable non-controlling interests, showing adjusted operating loss of **RMB 4,040.8 million** and adjusted net loss of **RMB 4,126.7 million** for Q2 2025, significantly lower than GAAP reported losses Q2 2025 GAAP to Non-GAAP Reconciliation Summary | Metric (RMB Thousand) | GAAP Results | Share-based Compensation Expenses | Organizational Optimization Expenses | Accretion of Redeemable Non-Controlling Interests | Adjusted Results (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's Ordinary Shareholders | (5,141,307) | 426,175 | 441,888 | 148,374 | (4,124,870) | | Basic and Diluted Net Loss Per Share/ADS | (2.31) | 0.19 | 0.20 | 0.07 | (1.85) | - Non-GAAP adjustments primarily exclude share-based compensation expenses, organizational optimization expenses, and accretion of redeemable non-controlling interests to provide a clearer view of operating performance[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)