2 1 Shi Ji Jing Ji Bao Dao·2025-09-04 03:22Core Viewpoint - NIO is showing signs of recovery as it experiences strong sales for its new models, the L90 and the ES8, indicating the company is moving out of a "danger period" [2][4]. 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% [5]. - Total revenue for Q2 reached 19.01 billion CNY, reflecting a year-over-year growth of 9.0% and a quarter-over-quarter increase of 57.9% [5]. - The gross margin for Q2 was 10%, up from 9.7% in Q2 2024 and 7.6% in Q1 2025 [5]. - NIO's net loss narrowed to 4.995 billion CNY, a decrease of 1.0% year-over-year and 26.0% quarter-over-quarter [5]. - The company aims for a non-GAAP breakeven in Q4 2025 [4][15]. Sales and Market Demand - NIO's new models, the L90 and ES8, have received overwhelming demand, with the L90 achieving over 10,000 deliveries in its first month [8][10]. - In August, NIO's total deliveries reached 10,525 units, while the Lido brand delivered 16,434 units, marking a 175% increase [8]. - The CEO noted that the competitive edge in the automotive industry relies on technology, product planning, and product definition, which NIO has improved upon with its new offerings [8]. Production and Capacity - NIO plans to prioritize the delivery of the L90 and ES8, delaying the launch of the L80 to next year due to capacity constraints [10]. - The production target for the L90 in October is set at 15,000 units, with a total production goal of 56,000 units across all brands in Q4 [12]. - NIO expects to alleviate production capacity issues starting in October, particularly with battery supply [12]. Profitability Goals - NIO's overall gross margin target for Q4 is set between 16% and 17% to achieve breakeven [15]. - The company aims for a long-term gross margin of 20%, with specific targets for each brand: 20% for NIO, over 15% for Lido, and 10% for Firefly [14]. Operational Efficiency - NIO has implemented a new operational mechanism called CBU (Cell Business Unit) to enhance efficiency and accountability within the organization [17]. - In Q2, NIO's sales, general, and administrative expenses were 3.965 billion CNY, a year-over-year increase of 5.5% but a quarter-over-quarter decrease of 9.9% [17]. - R&D expenses for Q2 were 3 billion CNY, down 6.6% year-over-year and 5.5% quarter-over-quarter, indicating improved cost management [18].