Hu Xiu·2025-09-02 23:46Core Viewpoint - NIO's Q2 2025 financial results fell short of expectations, primarily due to declining vehicle selling prices, although there are signs of marginal improvement in certain areas [10][11]. Group 1: Financial Performance - Vehicle gross margin for Q2 was approximately 10.3%, remaining flat compared to the previous quarter, indicating challenges in pricing strategy [2][16]. - The average selling price of vehicles decreased by 12,000 yuan from the previous quarter to 224,000 yuan, which was below market expectations of 241,000 yuan [3][5]. - Total revenue for Q2 was 19 billion yuan, lower than the expected 19.7 billion yuan, primarily due to the decline in vehicle selling prices [32]. Group 2: Sales Guidance - The sales guidance for Q3 is set between 87,000 and 91,000 units, with an implied September sales increase of 4,000 to 8,000 units compared to July [4][27]. - Q3 revenue guidance is projected to be between 21.8 billion and 22.9 billion yuan, with a continued decline in average selling price expected [5][29]. Group 3: Cost Management - Selling and administrative expenses decreased by 440 million yuan to 3.96 billion yuan, better than the expected 4.16 billion yuan, indicating cost control measures are being implemented [6][38]. - R&D expenses also saw a reduction of 170 million yuan to approximately 3 billion yuan, with further cuts anticipated in the second half of the year [7][41]. Group 4: Loss Reduction - Operating loss improved by 1.5 billion yuan to 4.9 billion yuan, driven by increased gross margins from other business segments and reduced expenses [8][43]. - The net loss for the quarter was 5.1 billion yuan, a reduction of 1.75 billion yuan compared to the previous quarter [44].