一图看懂蔚来二季报

Core Viewpoint - The article highlights the significant recovery of NIO in the second quarter, driven by the successful launch of new brands, leading to a 25.6% year-on-year increase in vehicle deliveries [3][4]. Group 1: Sales Performance - In Q2, total vehicle deliveries reached 72,056 units, marking a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [5]. - The breakdown of deliveries includes 47,132 units from the NIO brand, 17,081 units from the Ladao brand, and 7,843 units from the Firefly brand [5]. - August sales hit a record high of 31,305 units, representing a year-on-year increase of 55.2% compared to July's 21,017 units, which saw a 25.2% year-on-year increase [7][16]. Group 2: Financial Performance - Total revenue for Q2 was 19.01 billion yuan, up 9.0% from 17.45 billion yuan in Q2 2024 [8]. - Automotive revenue increased to 16.14 billion yuan, a 2.9% rise from 15.68 billion yuan [8]. - The gross margin for complete vehicles decreased to 10.3%, down 1.9 percentage points from 12.2% [8]. - Operating loss narrowed to 4.91 billion yuan from 5.21 billion yuan, a reduction of 5.8% [8]. Group 3: Growth Drivers - The introduction of new brands, specifically Ladao and Firefly, contributed 170% of the quarterly growth, despite a decline in NIO brand sales [6]. - Revenue growth was attributed to increased delivery volumes and a significant rise in income from used cars and technology services [8]. - The narrowing of losses was driven by cost reduction, efficiency improvements, and organizational optimization [8]. Group 4: Future Outlook - For Q3, the delivery guidance is set between 87,000 and 91,000 units, indicating a year-on-year increase of 40.7% to 47.1% [14]. - Total revenue guidance for Q3 is projected to be between 21.81 billion and 22.88 billion yuan, reflecting a year-on-year increase of 16.8% to 22.5% [14].