Analyse der Finanzberichte: NIO hat das "Gefahrengebiet" im ersten Halbjahr hinter sich gelassen und zielt auf höhere Ziele

In the first half of the year, NIO released an earnings report, which was described by CEO Li Bin as "entering a new phase". The data shows that in the second quarter, NIO achieved a revenue of 19.01 billion yuan (about $2.65 billion), representing a 57.9% quarter - on - quarter increase and a 9% year - on - year increase.

Image source: NIO's official Weibo

This earnings report, described by the market as "remarkable", not only shows NIO's double advantages of revenue growth and loss reduction but also reveals that this new energy vehicle company can systematically reduce costs through its multi - brand strategy and self - developed technologies.

The turning point to profit has been reached: Increasing profit margin and reducing losses are the highlights

The earnings report shows that in the first half of 2025, NIO achieved a revenue of 31.043 billion yuan (about $4.333 billion), representing a 13.5% increase compared to 27.355 billion yuan in the previous year.

NIO's strong revenue growth in the first half of the year is mainly due to the increase in vehicle deliveries. In the second quarter, NIO delivered 72,000 vehicles, representing a 25.6% year - on - year increase and a 71.2% quarter - on - quarter increase. As a result, the revenue from vehicle sales in the second quarter was 16.14 billion yuan, representing a 2.9% year - on - year increase and a 62.3% quarter - on - quarter increase.

NIO continued this growth trend in the third quarter. In July and August, 21,017 and 31,305 vehicles were delivered respectively. From January to August, NIO's total vehicle deliveries reached 166,500, representing a 29.95% year - on - year increase. It is expected that NIO will deliver between 87,000 and 91,000 vehicles in the third quarter, representing a 40.7% - 47.1% increase compared to the previous year.

At the same time, in the second quarter of 2025, NIO also achieved remarkable improvement in profit indicators. In the second quarter, NIO's gross profit margin was 10.0%, which is 0.3 percentage points higher than the previous year and 2.4 percentage points higher than the previous quarter.

This change is mainly due to the mass - production of the self - developed Shenji NX9031 chip, which reduces the cost per vehicle by about 10,000 yuan. At the same time, the final price of the new 5566 series has stabilized and improved, leading to a structural improvement in profitability.

As Li Bin emphasized, NIO has made sufficient preparations in product definition and created strong cost - covering ability for aggressive pricing. This is based on long - term self - developed technologies and cost - control measures.

Even more encouraging is that the company's operating cash flow has increased to 27.2 billion yuan ($3.8 billion), which is 1.2 billion yuan more than at the end of the first quarter and also better than the market expected. These signals all indicate that NIO has passed its critical turning point and the general recovery trend is accelerating.

Driven by cost - reduction and efficiency - improvement measures, NIO's losses have significantly decreased. The company's net loss in the second quarter was 4.99 billion yuan, which is a 1.0% and 26.0% decrease compared to 5.05 billion yuan in the previous year and 6.75 billion yuan in the previous quarter respectively.

Overall, NIO's financial situation in the first half of the year confirms the initial success of its strategic transformation. By reducing costs and increasing efficiency through self - developed technologies and optimizing the product structure, the company has shown positive trends in three dimensions: revenue growth, increasing profit margin, and reducing losses, which means that its business situation has passed the critical turning point and laid a solid foundation for the continuous recovery of results in the second half of the year.

The multi - brand strategy bears fruit: The forecast for the third quarter hits a record

Behind the improvement in results is the precise implementation of the multi - brand strategy and NIO's market positioning. With its three brands, NIO, LeDao, and Firefly, NIO has fully covered the segments of high - end luxury, mid - range family, and fine compact cars and formed a cooperative product matrix.

Especially in the highly competitive SUV market, NIO has successfully won customers' hearts with its dual - flagship SUV strategy. The new ES8 maintains its leading position in the high - end pure - electric SUV market, while the LeDao L90 targets the family market with a competitive price and delivered over 10,000 vehicles in the first month after its launch, showing its strong market power.

In terms of delivery volume, the delivery volume of NIO's high - end intelligent electric vehicles was 47,132, the delivery volume of LeDao's intelligent electric vehicles for families was 17,081, and the delivery volume of Firefly's intelligent electric compact cars was 7,843.

Recently, NIO has also carried out many activities in the product area. At the end of July, the LeDao L90 was launched, and in August, the pre - sale of the new ES8 began. Both models have received wide recognition in the market due to their leading product positioning and surprising pricing policies.

Image source: NIO's official Weibo

The LeDao L90 is positioned as an "intelligent flagship SUV with large space" and has "three rows of seats for comfortable sleeping and double charging capacity" as its core advantages, which exactly meet the actual needs of multi - person families. In its first full - delivery month after launch, the model exceeded the delivery volume of 10,000 vehicles and is thus NIO's fastest - selling model to reach the 10,000 - vehicle milestone, showing its strong product attractiveness.

In the Chinese auto market, it is a common rule that "those who have large vehicles win the market". From the Ideal L series to the Wenjie M series, large new - energy SUVs have shown strong performance in terms of sales, profitability, and brand promotion.

NIO's focus on the segment market of "pure - electric vehicles with three - row seats and battery swapping" is a precise response to this trend and has unique competitive advantages due to its long - term technological accumulation.

Based on NIO's precise grasp of market demand and careful capacity planning, the sales forecast for the second half of the year is also optimistic.

The earnings report shows that NIO expects its total revenue in the third quarter to be between 21.81 billion yuan (about $3.045 billion) and 22.88 billion yuan (about $3.193 billion), representing a 16.8% - 22.5% increase compared to the previous year. This forecast has greatly strengthened market confidence and also reflects the company's strong optimism about product competitiveness and market demand prospects.

Li Bin, the founder of NIO, said in the second - quarter 2025 earnings conference: "In the future, the product competitiveness of the automotive industry will depend on three levels of capabilities: first, the technological route; second, product planning; and finally, product definition." NIO has always focused on the technological route and product planning.

For the fourth quarter, NIO is accelerating its production capacity. The total production - capacity target for the three brands in the fourth quarter is 56,000 vehicles, including 25,000 vehicles from NIO, 25,000 vehicles from LeDao, and 6,000 vehicles from Firefly, to support the monthly delivery target of 50,000 vehicles.

Conclusion

NIO has reached the turning point where its previous technological investments are being transformed into advantages for the user experience. With the achievement of delivery and sales forecasts in the third quarter and the continuation of profit targets in the fourth quarter, NIO has the chance to regain its leading position in the rapidly growing pure - electric market.

The improvement in profit margin and positive cash flow show that NIO has found a suitable development path. As the competition in the new - energy vehicle market enters the second half, the advantages of NIO's battery - swapping model and self - developed technologies may become even more obvious.

This article is from the WeChat account "Hong Kong Stock Research Club" (ID: ganggushe), author: Hong Kong Stock Research Club, published by 36Kr with permission.