3 6 Ke·2025-06-04 09:47Core Viewpoint - NIO's recent quarterly financial report shows significant losses and a decrease in cash reserves, yet the stock price rose over 6% post-announcement, indicating market optimism about future performance [1][3][21]. Financial Performance - In Q1, NIO reported a net loss of 6.75 billion yuan, a 30% increase year-over-year, marking the second-highest quarterly loss in its history [21]. - Total revenue for Q1 was 12.035 billion yuan, a 21.5% year-over-year increase, but below the guidance of 12.367 to 12.859 billion yuan [5]. - Vehicle sales revenue was 9.939 billion yuan, up 18.6% year-over-year, with an average selling price of approximately 236,100 yuan, down 15.3% year-over-year [7]. Delivery and Production - NIO delivered a total of 42,094 vehicles in Q1, a 40.1% increase year-over-year, but the delivery of NIO-branded vehicles decreased by 9.1% [4]. - The company has set a Q2 delivery guidance of 72,000 to 75,000 vehicles, indicating a potential recovery in performance [3][41]. Cost Structure - R&D expenses for Q1 were 3.181 billion yuan, an 11.1% increase year-over-year, while selling, general, and administrative expenses rose by 46.8% to 4.4 billion yuan [11]. - NIO's overall gross profit was 920 million yuan, with a gross margin of 7.6%, while the automotive gross margin remained above 10% [14]. Cash Flow and Financial Health - Cash reserves decreased significantly from 41.9 billion yuan at the end of last year to 26 billion yuan, attributed to seasonal sales impacts and capital expenditures [17]. - NIO's current liabilities exceeded current assets, and shareholder equity was negative, raising concerns about financial stability [18]. Market Position and Competitors - Compared to competitors, NIO's losses are significantly higher, with Li Auto reporting a profit of 647 million yuan in Q1, while Xpeng and Xiaomi reported losses of 660 million yuan and 500 million yuan, respectively [25]. - The competitive landscape is shifting, with NIO needing to improve its delivery and profitability metrics to keep pace with rivals [24][27]. Future Outlook - NIO's management remains optimistic about achieving profitability by Q4, focusing on increasing sales volume, improving gross margins, and reducing costs [23][40]. - The company plans to implement cost-cutting measures and efficiency improvements, aiming to reduce R&D expenses by 20-25% by Q4 [45].