归母股东权益转负，蔚来“全员算账”能否再次逆天改命？

Core Viewpoint - NIO has faced significant financial challenges in Q1 2025, with deteriorating solvency and financial statements, reminiscent of its struggles in 2019, but the company aims for profitability by Q4 2025 [1][6] Financial Performance - In Q1 2025, NIO reported revenue of 12.035 billion yuan, a year-on-year increase of 21.46%, but a net loss attributable to shareholders of 6.891 billion yuan, widening by 31.06% year-on-year [1] - The current ratio fell to 0.84, and the debt-to-asset ratio reached 92.55%, with shareholders' equity turning negative at -366 million yuan [1][3] - Cash and cash equivalents stood at 26 billion yuan at the end of Q1, down from 41.9 billion yuan at the end of the previous year [1] Management Outlook - NIO's founder, Li Bin, expressed optimism that the company has passed its lowest point, anticipating a return to an upward trajectory in Q2 2025, with expected deliveries between 72,000 and 75,000 vehicles, a year-on-year increase of 25.5% to 30.7% [2][3] - The company aims to achieve positive free cash flow by the end of 2025, supported by improved sales and operational cash flow [3][10] Strategic Initiatives - NIO is implementing cost control measures and organizational restructuring to enhance efficiency, with a focus on creating value for users [7][11] - The company plans to achieve a stable monthly sales target of 25,000 vehicles by Q4 2025, representing a 20% increase from the previous year [8][10] Product Development - NIO is launching nine new models across its three brands in 2025, with significant contributions expected from the new models to drive sales and profitability [8][10] - The company reported a gross margin of 10.2% in Q1 2025, with expectations for improvement in Q2 due to new model launches and cost optimizations [10] Organizational Changes - NIO has undergone significant internal restructuring, reducing personnel in non-sales roles while enhancing the efficiency of its sales and service teams [11][12] - The company emphasizes a culture of accountability and cost management, aiming to transform into a highly efficient organization [11][12]