蔚来- 2025 年初步分析：毛利润不及预期，但息税前利润（EBIT）符合预期；中性

3 September 2025 | 7:07AM CST NIO Inc. (NIO): 2Q25 First Take: Gross profit miss but EBIT in-line; Neutral Nio reported 2Q25 results with revenue/gross profit missing GSe by -4%/-11% but EBIT was largely in-line on lower-than-expect SG&A expenses. Key areas of surprises: (1) revenue was -4%/-5%/-5% vs. GSe/Bloomberg Consensus/Visible Alpha Consensus. Vehicle revenue was -9% vs. GSe likely due to larger-than-expected sales promotions. Other revenue (+63% yoy/+37% qoq) was +36% vs. GSe, potentially from reven ...