2 1 Shi Ji Jing Ji Bao Dao·2025-09-03 06:11Core Insights - NIO is signaling a recovery phase as it reports improved performance metrics and aims for non-GAAP breakeven by Q4 2025 [1][5][6] Financial Performance - In Q2 2025, NIO delivered 72,056 vehicles, a year-over-year increase of 25.6% and a quarter-over-quarter increase of 71.2% [1] - Total revenue for Q2 2025 reached 19.01 billion yuan, reflecting a year-over-year growth of 9.0% and a quarter-over-quarter surge of 57.9% [1] - Gross margin for Q2 2025 was 10%, up from 9.7% in Q2 2024 and 7.6% in Q1 2025 [1] - Net loss narrowed to 4.995 billion yuan, a year-over-year reduction of 1.0% and a quarter-over-quarter reduction of 26.0% [1] - NIO expects Q3 2025 vehicle deliveries between 87,000 and 91,000, with revenue projected between 21.812 billion and 22.876 billion yuan, indicating a year-over-year growth of approximately 16.8% to 22.5% [1] Product Performance - NIO's new models, the L90 and ES8, are experiencing strong demand, with L90 achieving over 10,000 deliveries in its first month [3][4] - In August, NIO's total deliveries reached 10,525 units, with the L90 and ES8 contributing significantly to sales growth [3] - The company plans to prioritize the delivery of L90 and ES8, delaying the launch of the L80 to next year to ensure capacity for these models [4] Production and Capacity - NIO aims for a production target of 15,000 units for the L90 in October, with a total production goal of 56,000 units across its brands in Q4 [4] - The company is working to alleviate production constraints, particularly in battery supply, which is expected to improve in October [4] Cost Management and Profitability Goals - NIO's gross margin target for Q4 is set between 16% and 17%, with a long-term goal of achieving a gross margin of 20% [5][6] - The company reported a gross profit of 1.898 billion yuan in Q2 2025, a year-over-year increase of 12.4% and a quarter-over-quarter increase of 106.3% [5] - NIO's vehicle profit margin was 10.3% in Q2 2025, with expectations for improvement as new models are fully integrated into production [5] Organizational Efficiency - NIO has implemented a new operational structure called Cell Business Unit (CBU) to enhance efficiency and accountability across its operations [7] - The company reported a 5.5% year-over-year increase in sales, general, and administrative expenses, but a 9.9% quarter-over-quarter decrease, indicating improved cost management [7] Research and Development - NIO's R&D expenses for Q2 2025 were 3 billion yuan, reflecting a year-over-year decrease of 6.6% and a quarter-over-quarter decrease of 5.5% [8] - The company plans to maintain R&D investments of 2 billion to 2.5 billion yuan per quarter to ensure long-term competitiveness [8]