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)

Core Viewpoint - The competition in the new energy vehicle market continues to intensify in August, with BYD leading the market with over 370,000 units delivered, while other brands like Leap Motor and Xpeng also show significant growth in delivery numbers [1][2]. Group 1: BYD Performance - BYD's August sales reached 373,626 units, with a cumulative total exceeding 13.4 million units [3][5]. - The breakdown of BYD's sales includes 342,838 units from the Dynasty and Ocean series, 16,265 units from the Fangchengbao brand, 11,993 units from the Tengshi brand, and 405 units from the Yangwang brand [5]. Group 2: Leap Motor Performance - Leap Motor achieved a record delivery of 57,066 units in August, marking an 88.3% year-on-year increase [2][8]. - The company has adjusted its annual sales target to between 580,000 and 650,000 units and aims to challenge the 1 million unit mark next year [8]. Group 3: Other Brands' Performance - Hongmeng Zhixing delivered 44,579 units in August, with total deliveries surpassing 900,000 units [10]. - Xpeng Motors reported 37,709 units delivered in August, a 169% year-on-year increase, with a cumulative total of 271,615 units for the year [12]. - NIO delivered 31,305 units in August, a 55.2% increase year-on-year, with the new ES8 model launched [16]. - Xiaomi delivered over 30,000 units in August, maintaining a consistent delivery rate [19]. - Li Auto delivered 28,529 units in August, with a total of 1,397,070 units delivered historically [22]. - Deep Blue delivered 28,234 units, with the Deep Blue S05 model performing well [26]. - Aion delivered 27,044 units, with the Aion i60 model in the pipeline [29]. - Zeekr delivered 17,626 units, with the Zeekr 9X model pre-selling well [31]. - Lantu delivered 13,505 units, with the Lantu Taishan model set to open for blind orders [34]. - Avita delivered 10,565 units, with the Avita 06 Ultra model recently launched [38]. - Arcfox delivered 10,554 units, with the Arcfox T1 model set to launch soon [40]. - Zhiji delivered 6,108 units, with the new Zhiji LS6 model receiving significant pre-orders [41]. Conclusion - Multiple brands are launching high-cost performance intelligent electric vehicles, providing consumers with a wider range of choices, which will drive the industry forward [42].

蔚来汽车美股盘前跌幅收窄至3%，财报公布后一度下跌17%。 来源：滚动播报 ...

格隆汇9月2日｜蔚来汽车：2025年Q2营收190.1亿元，同比增长9.0%，环比增长57.9%；毛利率为 10.0%，环比显著提升。 来源：格隆汇APP 三季度交付指引87,000台-91,000台，同比增长40.7%-47.1%，三季度营收指引218.1亿元-228.8亿元，均 创历史新高。 ...

责任编辑：刘万里 SF014 9月2日，蔚来发布2025年二季度财报。蔚来公司二季度交付72，056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%，环比显著 提升。二季度其他销售毛利率转正，达8.2%，创历史新高。二季度现金储备272亿元，现金储备环比增 长。二季度研发投入30.1亿。三季度交付指引87，000台至91，000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，均创历史新高。 ...

蔚来第二季业绩公布后ADR下跌20%。 来源：滚动播报 ...

Core Viewpoint - The new energy vehicle market 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 maintaining a strong market position [2][3]. - Hongmeng Zhixing delivered 44,579 units, marking a 32.3% year-on-year increase, although it experienced a slight month-on-month decline of 1.8% [3][4]. - Xpeng Motors reported 37,709 units sold, 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, a 55.2% increase year-on-year, reversing a previous stagnation in sales [2][3]. - 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 narrow passenger vehicles reached approximately 1.94 million units in August, with a month-on-month growth of 6.2% and a year-on-year increase of 2.0% [7]. - The narrow new energy passenger vehicle retail sales are expected to reach 1.1 million units, with a penetration rate of 56.7% [7]. - The demand for new energy vehicles is shifting from "trying out" to "cost-effectiveness," emphasizing the importance of both value and technology in attracting consumers [7][8]. Group 3: Product Differentiation and Challenges - The industry faces challenges such as insufficient production capacity and tight cash flow, necessitating a shift towards "light asset + flexible" production strategies and a diversified product approach [8]. - There is a noted issue of product homogeneity among new force car manufacturers, with a call for differentiation focusing on vehicle stability and safety as key competitive advantages [8]. - The new car effect is significant, with several new models like Leap B01 and Xpeng P7 generating substantial market interest shortly after launch [5][6].

Core Viewpoint - NIO's revenue for Q2 2025 reached 19.01 billion yuan, an increase from 17.45 billion yuan in the same period last year, indicating growth in the company's financial performance [1] Financial Performance - Q2 2025 revenue: 19.01 billion yuan, up from 17.45 billion yuan year-on-year [1] - Expected delivery volume for Q3 is between 87,000 to 91,000 vehicles, while market expectations are at 91,091 vehicles [1]