蔚来-2025 年第二季度业绩基本符合预期，前景有所改善

Global Research First Read ab 2 September 2025 NIO Inc 25Q2: Results broadly inline, outlook improving Q: How does the result compare to expectation? Inline. Nio reported 25Q2 operating loss of Rmb4,909m, narrowing 24% q/q and 6% y/ y, albeit 3-6% wider than UBSe and consensus expectation of Rmb4,638-4,769m. 25Q2 GAAP net loss came in at Rmb5,141m, narrower 25% q/q and flattish y/y, 4-6% wider than UBSe and street expectations. Excluding share-based compensation and Rmb442m organizational optimization charg ...