NIO(09866)2022-09-07 09:30Financial Performance - In Q2 2022, NIO delivered 25,059 vehicles, a 14.4% increase year-over-year but a 2.8% decrease from Q1 2022[5] - Total revenue for Q2 2022 reached RMB 10.2924 billion (USD 1.5366 billion), representing a 21.8% year-over-year increase and a 3.9% increase from Q1 2022[6] - Vehicle sales in Q2 2022 amounted to RMB 9.5708 billion (USD 1.4289 billion), up 21.0% year-over-year and 3.5% quarter-over-quarter[8] - NIO reported a net loss of RMB 2.7575 billion (USD 0.4117 billion) in Q2 2022, a 369.6% increase compared to Q2 2021 and a 54.7% increase from Q1 2022[7] - The operating loss for Q2 2022 was RMB 28.456 billion (USD 4.248 billion), a 272.8% increase year-over-year and a 30.0% increase from Q1 2022[6] - Adjusted net loss for Q2 2022 was RMB 22.670 billion (USD 3.385 billion), reflecting a 575.1% increase year-over-year and a 73.1% increase from Q1 2022[7] - Gross profit for Q2 2022 was RMB 1.3403 billion (USD 200.1 million), a decrease of 14.8% year-over-year and 7.4% quarter-over-quarter, with a gross margin of 13.0%[13] - The company expects vehicle deliveries for Q3 2022 to be between 31,000 and 33,000 units, representing a year-over-year growth of approximately 26.8% to 35.0%[22] - Total revenue for Q3 2022 is projected to be between RMB 12.845 billion (USD 1.918 billion) and RMB 13.598 billion (USD 2.030 billion), reflecting a year-over-year growth of approximately 31.0% to 38.7%[22] Cash and Assets - As of June 30, 2022, NIO had cash and cash equivalents totaling RMB 54.4 billion (USD 8.1 billion)[7] - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 54.4 billion (USD 8.1 billion) as of June 30, 2022[21] - As of June 30, 2022, NIO Group reported total assets of RMB 93.90 billion, an increase from RMB 82.88 billion as of December 31, 2021, representing a growth of approximately 13.4%[30] - The total liabilities of NIO Group increased to RMB 58.20 billion as of June 30, 2022, up from RMB 44.82 billion at the end of 2021, marking a rise of about 30%[31] Research and Development - R&D expenses for Q2 2022 were RMB 2.1495 billion (USD 320.9 million), an increase of 143.2% year-over-year, primarily due to increased personnel costs and new product development[15] - Research and development expenses for the six months ended June 30, 2022, were RMB 3,911,166, up from RMB 1,570,214 for the same period in 2021, representing an increase of about 149%[35] Vehicle Sales and Production - The production and delivery of the ES7, a new model based on the NIO Technology 2.0 platform, began in August 2022[9] - Vehicle sales revenue for Q2 2022 was RMB 9.5708 billion (USD 1.4289 billion), up 21.0% year-over-year and 3.5% quarter-over-quarter, driven by increased delivery volume and higher average selling prices[12] - Vehicle gross margin for Q2 2022 was 16.7%, down from 20.3% in Q2 2021 and 18.1% in Q1 2022, mainly due to increased battery costs[14] Strategic Focus and Innovations - NIO aims to expand its manufacturing capacity and enhance customer energy solutions, including the Battery as a Service (BaaS) and Autonomous Driving as a Service (ADaaS) offerings[25] - The company is committed to continuous technological breakthroughs and innovations to maintain its competitive edge in the electric vehicle market[24] - The company plans to continue investing in new product development and market expansion strategies to drive future growth[52] - The company is focusing on enhancing its technology and product offerings to improve competitive positioning in the market[52] Corporate Governance - The company has established a nomination and environmental, social, and governance (ESG) committee, which consists of independent non-executive directors, including Ms. Long Yu as the chairperson[62] - The committee reviewed the company's compliance with corporate governance policies and legal regulations, ensuring adherence to the Hong Kong Listing Rules[63] - The committee monitored potential conflicts of interest between shareholders and different voting rights beneficiaries, ensuring proper management of these risks[63] - The committee is committed to ensuring effective communication with shareholders, particularly regarding the requirements of the Hong Kong Listing Rules[64] Shareholder Information - As of June 30, 2022, Li Bin controls a total of 148,500,000 Class C ordinary shares, representing approximately 44.4% of the voting rights outside of certain reserved matters[53] - Upon conversion of all issued and outstanding Class C ordinary shares to Class A ordinary shares, the company will have 148,500,000 Class A ordinary shares, accounting for about 8.9% of the issued share capital as of June 30, 2022[54] - The company adopted the thirteenth version of the amended and restated articles of association on August 25, 2022, to incorporate applicable provisions including those under the Hong Kong Listing Rules[55]