出品丨虎嗅汽车组 作者丨肖漫 头图丨蔚来官方 "订单爆了。"一年前还是用户拿来嘲讽李斌和乐道的梗，在昨天晚上成为现实。 昨天（9月20日）晚上九点半，售价几乎比乐道L60贵一倍的蔚来ES8开启锁单，突然涌入的流量把蔚来APP挤 到宕机。这可能是蔚来第一次享受到类似小米、鸿蒙智行的待遇。 据虎嗅汽车了解，在发布会之前，ES8就已积累超 10 万个小定，截至上市当晚12点，ES8 锁单超 6万。李斌在 发布会上透露，ES8 准备了 4 万台的产能。也就是说，这部分产能的订单已经到手。 ES8大卖是蔚来四季度盈利最大的前提，也是李斌向投资人、供应商和消费者证明自己爬起来还能打的关键一 战。 但ES8对蔚来的影响不止于此，李斌将ES8看作蔚来的锚点车型，是整个公司产品体系的阵眼，它也是蔚来下一 阶段产品打法的样本。过去一年，李斌开始修正蔚来在产品定义、渠道营销上的错误，蔚来终于紧张起来，变 得像一家深处激烈竞争中的中国车企，尽管它早该如此。 蔚来曾有些"全能妄想"，认为自己什么都能干，什么都能干成。蔚来如今局面的反转在于他们开始放弃幻想。 一位蔚来的机构投资者告诉虎嗅，"ES8的成功标志着蔚来终于从理想主义向市场现实 ...

Core Insights - NIO reported its Q2 2025 financial results, showing significant growth in vehicle deliveries and revenue, with a year-on-year delivery increase of 25.6% and a quarter-on-quarter increase of 71.2% [1][4][5] - The company achieved a revenue of 19.01 billion yuan in Q2 2025, reflecting a year-on-year growth of 9.0% and a quarter-on-quarter growth of 57.9% [1][5] - NIO's gross margin improved to 10.0% in Q2, with other sales gross margin reaching a record high of 8.2% [1][5] - Cash reserves increased to 27.2 billion yuan, with a notable rise from the previous quarter [1][5] - For Q3 2025, NIO provided delivery guidance of 87,000 to 91,000 vehicles, indicating a year-on-year growth of 40.7% to 47.1%, and revenue guidance of 21.81 billion to 22.88 billion yuan, both setting historical highs [1][5][6] Delivery and Revenue Performance - Q2 2025 vehicle deliveries totaled 72,056 units, marking a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [4][5] - Q2 2025 revenue reached 19.01 billion yuan, with a year-on-year growth of 9.0% and a quarter-on-quarter growth of 57.9% [1][5] Profitability Metrics - The overall gross margin for Q2 2025 was reported at 10.0%, showing a significant improvement from previous quarters [1][5] - The other sales gross margin turned positive, achieving a record high of 8.2% [1][5] Cash Reserves and R&D Investment - NIO's cash reserves stood at 27.2 billion yuan, reflecting an increase from the previous quarter [1][5] - The company invested 3.01 billion yuan in research and development during Q2 2025 [1] Future Guidance - NIO's Q3 2025 delivery guidance is set between 87,000 and 91,000 vehicles, which represents a year-on-year growth of 40.7% to 47.1% [1][5] - Revenue guidance for Q3 2025 is projected to be between 21.81 billion and 22.88 billion yuan, both figures marking historical highs for the company [1][5][6]