Sou Hu Cai Jing·2025-09-02 14:08Core Insights - NIO reported a total revenue of RMB 19.0087 billion for Q2 2025, representing a year-on-year increase of 9.0% and a quarter-on-quarter increase of 57.9% [1] - The net loss for Q2 2025 was RMB 4.9948 billion, a decrease in loss of 1.0% year-on-year and 26.0% quarter-on-quarter [1] - The adjusted net loss, excluding certain expenses, was RMB 4.1267 billion, down 9.0% year-on-year and 34.3% quarter-on-quarter [1] Delivery and Sales Performance - NIO delivered 72,056 vehicles in Q2 2025, a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [2] - The breakdown of deliveries includes 47,132 vehicles from the NIO brand, 17,081 from the ONVO brand, and 7,843 from the newly launched "Firefly" model [2] - Cumulative vehicle deliveries reached 166,472 by August 31, 2025, with total deliveries since inception at 838,036 [2] Financial Summary - Total revenue for Q2 2025 was RMB 19.0087 billion, with automotive sales contributing RMB 16.1361 billion, a 2.9% increase year-on-year and a 62.3% increase quarter-on-quarter [6] - Gross profit for Q2 2025 was RMB 1.8975 billion, up 12.4% year-on-year and 106.3% quarter-on-quarter, with a gross margin of 10.0% [6] - Operating loss for Q2 2025 was RMB 4.9089 billion, a decrease of 5.8% year-on-year and 23.5% quarter-on-quarter [6] Research and Development Expenses - R&D expenses for Q2 2025 were RMB 3.007 billion, down 6.6% year-on-year and 5.5% quarter-on-quarter [5] - Adjusted R&D expenses, excluding certain costs, were RMB 2.4889 billion, a decrease of 13.8% year-on-year and 14.6% quarter-on-quarter [5] Outlook - For Q3 2025, NIO expects vehicle deliveries between 87,000 and 91,000, representing a year-on-year growth of approximately 40.7% to 47.1% [8] - Total revenue is projected to be between RMB 21.812 billion and RMB 22.876 billion, reflecting a year-on-year growth of approximately 16.8% to 22.5% [8] - The CFO indicated that cost reduction and efficiency measures have begun to yield results, with a significant reduction in adjusted operating losses [8]