Guan Cha Zhe Wang·2025-09-03 08:12Core Viewpoint - NIO reported a total revenue of RMB 19.01 billion for Q2 2025, a year-on-year increase of 9.0%, while the net loss attributable to shareholders narrowed to RMB 5.14 billion, a decrease of 0.29% year-on-year [1][3]. Financial Performance - For the first half of 2025, NIO's total revenue reached RMB 31.043 billion, reflecting a year-on-year growth of 13.49%, with a net loss of RMB 12.032 billion, which is a 15.87% reduction compared to the previous year [1][3]. - As of June 30, 2025, NIO had cash and cash equivalents totaling RMB 27.2 billion, but current liabilities exceeded current assets, and shareholders' equity remained negative [3][6]. Sales and Deliveries - NIO's Q2 2025 revenue growth was primarily driven by an increase in vehicle deliveries, with Q2 vehicle sales amounting to RMB 16.14 billion, a 2.9% year-on-year increase. The total vehicle deliveries for the quarter were 72,000 units, representing a 25.6% year-on-year growth [4][7]. - The company delivered 21,000 and 31,300 vehicles in July and August 2025, respectively, bringing total deliveries from January to August to 166,000 units, with cumulative deliveries since inception reaching 838,000 units [7][9]. Cost Structure - NIO's automotive gross margin for Q2 2025 was 10.3%, down 1.9 percentage points year-on-year, attributed to changes in product mix, partially offset by a decrease in unit material costs [4][11]. - R&D expenses for Q2 2025 were RMB 3 billion, a decrease of 6.6% year-on-year, while sales, general, and administrative expenses rose to RMB 3.96 billion, a 5.5% increase year-on-year [4][11]. Future Outlook - NIO aims to achieve breakeven in Q4 2025, with plans to launch the new models L90 and the revamped ES8, which are expected to significantly boost sales in the latter half of the year [7][9]. - The company projects Q3 2025 vehicle deliveries to be between 87,000 and 91,000 units, a year-on-year increase of 40.7% to 47.1%, with total revenue expected to be between RMB 21.812 billion and RMB 22.876 billion, reflecting a year-on-year growth of 16.8% to 22.5% [7][9]. - NIO's CFO indicated that the gross margin target for the new models is set at 20%, with an overall vehicle gross margin target of 16% to 17% [9][11].