Chang Jiang Shang Bao·2025-06-04 23:21Core Viewpoint - NIO's revenue increased significantly in Q1 2025, driven by a rise in vehicle deliveries, although the company still reported a substantial operating loss [2][7]. Group 1: Financial Performance - In Q1 2025, NIO's total revenue reached 12.035 billion yuan, a year-on-year increase of 21.5% [2][7]. - The operating loss for the same period was 6.148 billion yuan, up 19% year-on-year [2][7]. - Adjusted operating loss (non-GAAP) was 5.947 billion yuan, reflecting a 16.3% increase compared to the previous year [7]. - Gross profit for Q1 2025 was 919.6 million yuan, representing an 88.5% year-on-year increase, with a gross margin of 7.6%, up from 4.9% in the same period last year [8]. Group 2: Vehicle Deliveries - NIO delivered 42,100 vehicles in Q1 2025, marking a 40.07% increase year-on-year [3][10]. - The company expects vehicle deliveries for Q2 2025 to be between 72,000 and 75,000 units, an increase of approximately 25.5% to 30.7% compared to Q2 2024 [6][13]. Group 3: Research and Development - R&D expenses for Q1 2025 amounted to 3.181 billion yuan, a year-on-year increase of 11.1% [4][11]. - The increase in R&D expenses is attributed to higher costs associated with the design and development of new products and technologies [11]. Group 4: Other Financial Metrics - Other sales revenue for Q1 2025 was 2.095 billion yuan, up 37.2% year-on-year, driven by increased sales of parts, accessories, and after-sales services [11]. - As of March 31, 2025, NIO had cash and cash equivalents totaling 26 billion yuan (approximately 3.6 billion USD) [12]. Group 5: Future Outlook - NIO aims to achieve breakeven in Q4 2025, with expectations of reaching a monthly sales volume of 25,000 units for the NIO brand, a 25% increase from the previous year's steady state of 20,000 units [6][15]. - The company plans to implement cost control measures and improve operational efficiency starting from Q2 2025 [15][16].