Zheng Quan Ri Bao·2026-02-05 16:41Core Viewpoint - NIO is expected to achieve adjusted operating profit of approximately 700 million to 1.2 billion yuan in Q4 2025, marking the company's first quarterly adjusted operating profit in its 11-year history [2] Group 1: Financial Performance - The company anticipates a GAAP operating profit of about 200 million to 700 million yuan for the same period [2] - NIO's Q4 2025 vehicle deliveries are projected to reach 124,800 units, a year-on-year increase of 71.7%, setting a quarterly record [2] - For the entire year of 2025, cumulative vehicle deliveries are expected to be 326,000 units, reflecting a 46.9% year-on-year growth [2] Group 2: Factors Contributing to Profitability - The expected adjusted operating profit is attributed to three main factors: continued growth in vehicle sales, an improved product mix enhancing gross margins, and ongoing cost reduction and efficiency measures [2] - The improvement in product structure is seen as a significant variable for gross margin recovery, with NIO's brands experiencing simultaneous increases in sales and average selling prices [3] Group 3: Industry Context and Competitive Landscape - The competition among new energy vehicle manufacturers is shifting from delivery volume to profitability and cash flow [4] - Other companies like Li Auto and Leap Motor have already achieved quarterly profitability, indicating a potential industry shift towards profitability rankings [4] - If NIO confirms its operating profit in Q4 2025, it will signal a significant operational turning point and enhance market confidence in its business model [4]