【蔚来（NIO.N）】4Q25如期扭亏，基本面向上趋势有望延续——2025年四季度业绩点评（倪昱婧/邢萍）

Core Viewpoint - The company has shown significant improvement in its financial performance, with a notable increase in revenue and a shift to profitability in the fourth quarter of 2025, indicating a positive trend for future growth [4][5]. Financial Performance - In Q4 2025, total revenue increased by 33.1% year-on-year to 87.49 billion yuan, surpassing the expected 84.35 billion yuan, with a gross margin improvement of 3.7 percentage points to 13.6% [4]. - The Non-GAAP net loss narrowed by 39.0% year-on-year to 12.43 billion yuan, compared to an expected loss of 12.83 billion yuan [4]. - Q4 2025 vehicle deliveries rose by 71.7% year-on-year to 125,000 units, with automotive revenue increasing by 80.9% year-on-year to 31.61 billion yuan [5]. Profitability Improvement - The average selling price (ASP) of vehicles increased by 5.3% year-on-year to 253,000 yuan, contributing to a gross margin of 18.1% in the automotive business, up 5.0 percentage points year-on-year [5]. - Non-GAAP R&D expense ratio decreased by 11.7 percentage points year-on-year to 5.0%, while Non-GAAP SG&A expense ratio fell by 14.3 percentage points year-on-year to 9.8% [5]. - The company ended Q4 2025 with cash reserves totaling 45.9 billion yuan, indicating a strong liquidity position [5]. Strategic Focus - The company plans to maintain its Non-GAAP annual profit guidance for 2026, focusing on the rollout of mid-to-large SUVs and optimizing product cycles, with five new models expected to enhance scale and margin [6]. - The company is also concentrating on battery swapping and external chip supply opportunities, leveraging its network of over 3,800 battery swap stations as a competitive advantage [6]. - The chip subsidiary has successfully completed its first round of financing and is entering mass production of advanced process chips, which may open new revenue streams [6].