1Lun·

NIO Q2'25 Earnings Highlights

$NIO (-2,31 %)


🔹 Revenue: RMB19.01B (Est. RMB19.78B) 🔴; UP +9.0% YoY

🔹 Adjusted EPS/ADS: (RMB1.85) (Est. (RMB2.25)) 🟢

🔹 Vehicle Deliveries: 72,056; UP +25.6% YoY (vs. 42,094 in Q1; UP +71.2% QoQ)

🔹 Vehicle Sales: RMB16.14B; UP +2.9% YoY

🔹 Gross Profit: RMB1.90B; UP +12.4% YoY


Guidance (Q3'25):

🔹 Total Revenues: RMB21.81B–RMB22.88B; UP +16.8% to +22.5% YoY

🔹 Vehicle Deliveries: 87,000–91,000; UP +40.7% to +47.1% YoY

🔹 Implied September Deliveries: ~34,678–38,678 units


Segment / Product Results:

NIO Multi-Brand Deliveries (Q2):

🔹 NIO (premium brand): 47,132 units

🔹 ONVO (family brand): 17,081 units

🔹 FIREFLY (small high-end): 7,843 units


Other Metrics:

🔹 Gross Margin: 10.0%; UP +30 bps YoY (vs. 9.7%); UP +240 bps QoQ

🔹 Vehicle Margin: 10.3%; DOWN -190 bps YoY; ~flat QoQ (+10 bps)

🔹 Loss from Operations: (RMB4.91B); IMPROVED -5.8% YoY; -23.5% QoQ

🔹 Adjusted Operating Loss (non-GAAP): (RMB4.04B); IMPROVED -14.0% YoY; -32.1% QoQ

🔹 Net Loss: (RMB4.99B); IMPROVED -1.0% YoY; -26.0% QoQ

🔹 Cash & Investments: RMB27.2B


CEO / CFO Commentary:

🔸 CEO William Li: “Q2 deliveries of 72,056, driven by strong reception of ONVO L90 and the all-new ES8; Q3 delivery outlook 87k–91k sets a company record.”

🔸 “Battery-swap/charging infra + multi-brand strategy broaden reach and support BEV transition.”

🔸 CFO Stanley Yu Qu: “Cost-down and efficiency initiatives are taking hold; non-GAAP operating loss improved >30% QoQ, moving toward a structural inflection.”

3
Únase a la conversación