Guo Ji Jin Rong Bao·2025-09-03 09:03Core Viewpoint - NIO has entered a new cycle as indicated by its Q2 financial results, showing revenue growth, increased sales, and reduced losses [1] Financial Performance - In Q2, NIO achieved revenue of 19 billion yuan, a year-on-year increase of 9% and a quarter-on-quarter increase of 57.9% [2] - Vehicle sales revenue was 16.1 billion yuan, up 2.9% year-on-year and 62.3% quarter-on-quarter; other sales revenue reached 2.87 billion yuan, a significant increase of 62.6% year-on-year and 37.1% quarter-on-quarter [2] - NIO delivered 72,000 vehicles in Q2, representing a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [2] Sales Strategy and Outlook - NIO's promotional policies, particularly during the May holiday, effectively boosted sales [4] - The sales momentum continued into Q3, with July deliveries at 21,000 and August at 31,000, totaling 166,472 vehicles delivered year-to-date by August 31 [4] - NIO expects Q3 vehicle deliveries to reach between 87,000 and 91,000, a year-on-year increase of 40.7% to 47.1%, with projected revenue of 21.81 billion to 22.88 billion yuan, a year-on-year increase of 16.8% to 22.5% [5] Profitability and Cost Management - NIO's Q2 gross margin was 10%, an increase of 0.3 percentage points year-on-year and 2.4 percentage points quarter-on-quarter; vehicle gross margin was 10.3%, down 1.9 percentage points year-on-year but up 0.1 percentage points quarter-on-quarter [6] - The company aims for a gross margin target of 16% to 17% in Q4, driven by the delivery of high-margin models like the L90 and ES8 [6][7] - NIO's net loss narrowed by 1% year-on-year and 26% quarter-on-quarter, attributed to cost control and economies of scale [6] Future Product Plans - NIO plans to launch several new models in the coming year, including the six-seat SUV ES9, the five-seat SUV ES7, and the L80 [9] - The company aims to maintain a competitive product lineup and adapt to market demands, learning from past experiences [9]