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Core Viewpoint - NIO is signaling a recovery phase as it experiences strong sales of its new models, the L90 and the ES8, indicating it is moving out of a "danger period" [1][6]. Financial Performance - In Q2 2025, NIO reported a delivery volume of 72,056 units, a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [3]. - Total revenue for Q2 reached 19.01 billion CNY, up 9.0% year-on-year and 57.9% quarter-on-quarter [3]. - Gross margin for Q2 was 10%, compared to 9.7% in Q2 2024 and 7.6% in Q1 2025; net loss narrowed to 4.995 billion CNY, a 1.0% year-on-year reduction and a 26.0% quarter-on-quarter reduction [3]. - NIO expects Q3 deliveries between 87,000 and 91,000 units, with total revenue projected between 21.812 billion CNY and 22.876 billion CNY, representing a year-on-year growth of approximately 16.8% to 22.5% [3]. Product Strategy and Market Response - The new models, L90 and ES8, have received overwhelming market demand, with the L90 achieving over 10,000 deliveries in its first month [7][9]. - NIO's CEO emphasized the importance of technology, product planning, and product definition in achieving competitive advantage, noting that the new models have learned from past experiences [7]. - The company is prioritizing the delivery of the L90 and ES8, delaying the launch of the L80 to next year to ensure sufficient capacity for the hot-selling models [9]. Cost Management and Profitability Goals - NIO aims for a gross margin of 16% to 17% by Q4 to achieve breakeven [12][14]. - The company reported a gross profit of 1.898 billion CNY in Q2, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 106.3% [13]. - The vehicle profit margin was 10.3% in Q2, with expectations for gradual improvement as new models are delivered [14]. Operational Efficiency and Future Outlook - NIO is entering a new operational cycle, focusing on improving efficiency and execution capabilities, which is expected to enhance financial performance [16]. - The company has implemented a new operational mechanism called CBU (Cell Business Unit) to improve accountability and financial scrutiny [16]. - R&D expenses in Q2 were 3 billion CNY, down 6.6% year-on-year, indicating improved ROI in R&D efforts [17]. Market Performance - Following the launch of the L90 and ES8, NIO's stock price has seen significant increases, with an 88% rise in Hong Kong and an 89% rise in the US since the L90's pre-sale began [9].