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1、NIO Inc.Reports Unaudited First Quarter 2025 Financial Results06/3/2025SHANGHAI,June 03,2025(GLOBE NEWSWIRE)-NIO Inc.(NYSE:NIO;HKEX:9866;SGX:NIO)(“NIO”or the“Company”),apioneer and a leading company in the global smart electric vehicle market,today announced its unaudited financial results for thefi

2、rst quarter ended March 31,2025.Operating Highlights for the First Quarter of 2025Vehicle deliveries were 42,094 in the first quarter of 2025,consisting of 27,313 vehicles from the Companys premiumsmart electric vehicle brand NIO and 14,781 vehicles from the Companys family-oriented smart electric v

3、ehicle brandONVO,representing an increase of 40.1%from the first quarter of 2024,and a decrease of 42.1%from the fourth quarterof 2024.Key Operating Results 2025 Q12024 Q42024 Q32024 Q2Deliveries42,09472,68961,85557,373 2024 Q12023 Q42023 Q32023 Q2Deliveries30,05350,04555,43223,520 Financial Highlig

4、hts for the First Quarter of 2025Vehicle sales were RMB9,939.3 million(US$1,369.7 million)i in the first quarter of 2025,representing an increase of18.6%from the first quarter of 2024 and a decrease of 43.1%from the fourth quarter of 2024.Vehicle marginii was 10.2%in the first quarter of 2025,compar

5、ed with 9.2%in the first quarter of 2024 and 13.1%in thefourth quarter of 2024.Total revenues were RMB12,034.7 million(US$1,658.4 million)in the first quarter of 2025,representing an increase of21.5%from the first quarter of 2024 and a decrease of 38.9%from the fourth quarter of 2024.Gross profit wa

6、s RMB919.6 million(US$126.7 million)in the first quarter of 2025,representing an increase of 88.5%fromthe first quarter of 2024 and a decrease of 60.2%from the fourth quarter of 2024.Gross margin was 7.6%in the first quarter of 2025,compared with 4.9%in the first quarter of 2024 and 11.7%in thefourt

7、h quarter of 2024.Loss from operations was RMB6,418.1 million(US$884.4 million)in the first quarter of 2025,representing an increase of19.0%from the first quarter of 2024 and an increase of 6.4%from the fourth quarter of 2024.Excluding share-basedcompensation expenses,adjusted loss from operations(n

8、on-GAAP)was RMB5,947.2 million(US$819.5 million)in the firstquarter of 2025,representing an increase of 16.3%from the first quarter of 2024 and an increase of 7.3%from the fourthquarter of 2024.Net loss was RMB6,750.0 million(US$930.2 million)in the first quarter of 2025,representing an increase of

9、30.2%fromthe first quarter of 2024 and a decrease of 5.1%from the fourth quarter of 2024.Excluding share-based compensationexpenses,adjusted net loss(non-GAAP)was RMB6,279.1 million(US$865.3 million)in the first quarter of 2025,representing an increase of 28.1%from the first quarter of 2024 and a de

10、crease of 5.2%from the fourth quarter of 2024.Cash and cash equivalents,restricted cash,short-term investments and long-term time deposits were RMB26.0billion(US$3.6 billion)as of March 31,2025.Key Financial Results for the First Quarter of 2025(in RMB million,except for percentage)2025 Q12024 Q4 20

11、24 Q1%Changeiii QoQYoYVehicle Sales9,939.317,475.6 8,381.3 -43.1%18.6%Vehicle Margin10.2%13.1%9.2%-290bp100bp Total Revenues12,034.719,703.4 9,908.6 -38.9%21.5%Gross Profit919.62,308.9 487.7 -60.2%88.5%Gross Margin7.6%11.7%4.9%-410bp270bp Loss from Operations(6,418.1)(6,032.9)(5,394.1)6.4%19.0%Adjus

12、ted Loss from Operations(non-GAAP)(5,947.2)(5,543.6)(5,112.7)7.3%16.3%Net Loss(6,750.0)(7,111.5)(5,184.6)-5.1%30.2%Adjusted Net Loss(non-GAAP)(6,279.1)(6,622.2)(4,903.2)-5.2%28.1%Recent DevelopmentsDeliveries in April and May 2025The Company delivered 23,900 vehicles in April 2025 and 23,231 vehicle

13、s in May 2025.As of May 31,2025,the Companyhad delivered 89,225 vehicles in 2025,with cumulative deliveries reaching 760,789.Completion of Equity PlacementOn April 7,2025,the Company completed its HK$4,030.13 million offering of 136,800,000 Class A ordinary shares(the“Placement Shares”)at an offerin

14、g price of HK$29.46 per Placement Share.The Placement Shares were sold to non-U.S.persons in offshore transactions in reliance on Regulation S under the Securities Act of 1933,as amended.ESG ReportIn April 2025,the Company released its 2024 Environmental,Social,and Governance(ESG)report,highlighting

15、 theCompanys ESG practices and accomplishments in sustainable development.Firefly Started DeliveriesIn April 2025,the Company officially launched and started deliveries of firefly,its small smart high-end electric car,andplans to gradually expand its availability to global markets in the near future

16、.Product UpgradesIn May 2025,the Company officially launched and started deliveries of its four products featuring comprehensive upgrades,including the New ES6,our smart electric all-round SUV,the New EC6,our smart electric coupe SUV,the New ET5,oursmart electric mid-size sedan,and the New ET5T,our

17、smart electric tourer.CEO and CFO Comments“In the first quarter of 2025,the Company delivered 42,094 smart electric vehicles,marking a solid year-over-year increase of40.1%,”said William Bin Li,founder,chairman and chief executive officer of NIO.“Since the beginning of the second quarter,wehave seen

18、 a steady increase in monthly delivery volume.In April,our new products,the ET9 and firefly,have secured notablemarket shares in the premium executive market and high-end small electric car market respectively.We have also witnessed therising demand for ONVO L60.In late May,the New ES6,EC6,ET5 and E

19、T5T started deliveries with all around upgrades.Basedon this,we expect total deliveries for the second quarter to reach between 72,000 and 75,000,representing a year-on-year growthof 25.5%to 30.7%.”“2025 is a pivotal year for NIOs product launch and technological innovation.On the technology front,w

20、e are advancing the smartEV experience and safety standards with our proprietary smart driving chips,full-domain operating system and intelligent chassis.Since late May,the first version of NIO World Model has been gradually rolled out to vehicles based on Banyan platform,bringingsignificant upgrade

21、s in safety,and driving and parking assistance.NIO World Model will provide users with a safer and moreeffortless intelligent driving experience across various scenarios,”added William Bin Li.“Since the first quarter,we have implemented a range of cost control measures,including organizational restr

22、ucturing,cross-brandintegration,and efficiency improvements in R&D,supply chain,sales and services,”added Stanley Yu Qu,NIOs chief financialofficer.“Starting from the second quarter,the Company aims to achieve structural improvements in overall cost efficiency,withcontinued progress in operational p

23、erformance.”Financial Results for the First Quarter of 2025RevenuesTotal revenues in the first quarter of 2025 were RMB12,034.7 million(US$1,658.4 million),representing an increase of21.5%from the first quarter of 2024 and a decrease of 38.9%from the fourth quarter of 2024.Vehicle sales in the first

24、 quarter of 2025 were RMB9,939.3 million(US$1,369.7 million),representing an increase of18.6%from the first quarter of 2024 and a decrease of 43.1%from the fourth quarter of 2024.The increase in vehiclesales over the first quarter of 2024 was mainly due to the increase in delivery volume,partially o

25、ffset by the lower averageselling price as a result of changes in product mix.The decrease in vehicle sales over the fourth quarter of 2024 wasmainly attributable to a decrease in delivery volume,which was affected by seasonal factors.Other sales in the first quarter of 2025 were RMB2,095.4 million(

26、US$288.8 million),representing an increase of 37.2%from the first quarter of 2024 and a decrease of 5.9%from the fourth quarter of 2024.The increase in other sales over thefirst quarter of 2024 was mainly due to i)the increase in sales of parts,after-sales vehicle services,and provision of powersolu

27、tions,as a result of continued growth in the number of users,ii)the increase in revenues from sales of used cars,andiii)the increase in revenues from technical research and development services.The decrease in other sales over the fourthquarter of 2024 was mainly due to the decrease in revenues from

28、 technical research and development services and autofinancing services.Cost of Sales and Gross MarginCost of sales in the first quarter of 2025 was RMB11,115.2 million(US$1,531.7 million),representing an increase of18.0%from the first quarter of 2024 and a decrease of 36.1%from the fourth quarter o

29、f 2024.The increase in cost ofsales over the first quarter of 2024 was mainly attributable to the increase in delivery volume,partially offset by thedecreased material cost per vehicle.The decrease in cost of sales over the fourth quarter of 2024 was mainly attributableto a decrease in delivery volu

30、me.Gross profit in the first quarter of 2025 was RMB919.6 million(US$126.7 million),representing an increase of 88.5%fromthe first quarter of 2024 and a decrease of 60.2%from the fourth quarter of 2024.Gross margin in the first quarter of 2025 was 7.6%,compared with 4.9%in the first quarter of 2024

31、and 11.7%in thefourth quarter of 2024.The increase in gross margin over the first quarter of 2024 was mainly due to i)the increase insales from parts,accessories and after-sales vehicle services as well as provision of technical research and developmentservices,with relatively higher margins,ii)the

32、increased vehicle margin,and iii)the reduction in the gross loss rate fromprovision of power solutions due to the growing number of users.The decrease in gross margin over the fourth quarter of2024 was mainly attributable to the lower vehicle margin.Vehicle margin in the first quarter of 2025 was 10

33、.2%,compared with 9.2%in the first quarter of 2024 and 13.1%in thefourth quarter of 2024.The increase in vehicle margin from the first quarter of 2024 was mainly attributable to decreasedmaterial cost per unit,partially offset by the impact of changes in product mix.The decrease in vehicle margin fr

34、om thefourth quarter of 2024 was mainly due to the increased manufacture cost per unit as a result of decreased productionvolume.Operating ExpensesResearch and development expenses in the first quarter of 2025 were RMB3,181.4 million(US$438.4 million),representing an increase of 11.1%from the first

35、quarter of 2024 and a decrease of 12.5%from the fourth quarter of 2024.Excluding share-based compensation expenses,research and development expenses(non-GAAP)were RMB2,914.4million(US$401.6 million),representing an increase of 9.6%from the first quarter of 2024 and a decrease of 11.5%fromthe fourth

36、quarter of 2024.The increase in research and development expenses over the first quarter of 2024 was mainlydue to the incremental design and development costs for new products and technologies as well as the increasedpersonnel costs in research and development functions.The decrease in research and

37、development expenses over thefourth quarter of 2024 was mainly due to the decreased design and development costs resulting from different stages ofdevelopment for new products and technologies,partially offset by the increased personnel costs in research anddevelopment functions.Selling,general and

38、administrative expenses in the first quarter of 2025 were RMB4,400.8 million(US$606.4 million),representing an increase of 46.8%from the first quarter of 2024 and a decrease of 9.8%from the fourth quarter of 2024.Excluding share-based compensation expenses,selling,general and administrative expenses

39、 (non-GAAP)wereRMB4,211.9 million(US$580.4 million),representing an increase of 43.7%from the first quarter of 2024 and a decrease of11.4%from the fourth quarter of 2024.The increase in selling,general and administrative expenses over the first quarter of2024 was mainly attributable to(i)the increas

40、e in personnel costs related to sales functions,and(ii)the increase in salesand marketing activities.The decrease in selling,general and administrative expenses over the fourth quarter of 2024 wasmainly due to the decreased sales and marketing activities and professional services,partially offset by

41、 the incrementalpersonnel costs related to sales and general corporate functions.Loss from OperationsLoss from operations in the first quarter of 2025 was RMB6,418.1 million(US$884.4 million),representing an increase of19.0%from the first quarter of 2024 and an increase of 6.4%from the fourth quarte

42、r of 2024.Excluding share-basedcompensation expenses,adjusted loss from operations(non-GAAP)was RMB5,947.2 million(US$819.5 million)in the firstquarter of 2025,representing an increase of 16.3%from the first quarter of 2024 and an increase of 7.3%from the fourthquarter of 2024.Net Loss and Earnings

43、Per Share/ADSNet loss in the first quarter of 2025 was RMB6,750.0 million(US$930.2 million),representing an increase of 30.2%fromthe first quarter of 2024 and a decrease of 5.1%from the fourth quarter of 2024.Excluding share-based compensationexpenses,adjusted net loss(non-GAAP)was RMB6,279.1 millio

44、n(US$865.3 million)in the first quarter of 2025,representing an increase of 28.1%from the first quarter of 2024 and a decrease of 5.2%from the fourth quarter of 2024.Net loss attributable to NIOs ordinary shareholders in the first quarter of 2025 was RMB6,891.1 million(US$949.6million),representing

45、an increase of 31.1%from the first quarter of 2024 and a decrease of 3.4%from the fourth quarter of2024.Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemptionvalue,adjusted net loss attributable to NIOs ordinary shareholders(non-GAAP)was RMB6,

46、275.6 million(US$864.8million)in the first quarter of 2025.Basic and diluted net loss per ordinary share/ADS in the first quarter of 2025 were both RMB3.29(US$0.45),compared with RMB2.57 in the first quarter of 2024 and RMB3.45 in the fourth quarter of 2024.Excluding share-basedcompensation expenses

47、 and accretion on redeemable non-controlling interests to redemption value,adjusted basic anddiluted net loss per share/ADS(non-GAAP)were both RMB3.01(US$0.41),compared with RMB2.39 in the first quarter of2024 and RMB3.17 in the fourth quarter of 2024.Balance SheetBalance of cash and cash equivalent

48、s,restricted cash,short-term investments and long-term time deposits wasRMB26.0 billion(US$3.6 billion)as of March 31,2025.We have been incurring loss since inception.We incurred operatingcash outflow for the first quarter ended March 31,2025 and our current liabilities exceeded current assets and w

49、e hadnegative shareholders equity as of March 31,2025.Based on our going concern and liquidity assessment,whichconsiders our business plan including revenue growth,optimization of operation efficiency to improve operating cash flows,working capital management and the ability to raise funds from bank

50、s under available credit quotas and other sourceswhen needed,we believe that our financial resources,including our available cash and cash equivalents,restricted cashand short-term investments,cash generated from operating activities and funds from available credit quotas and othersources will be su

51、fficient to support our continuous operations in the ordinary course of business for the next twelvemonths.Business OutlookFor the second quarter of 2025,the Company expects:Deliveries of vehicles to be between 72,000 and 75,000 vehicles,representing an increase of approximately 25.5%to anincrease o

52、f approximately 30.7%from the same quarter of 2024.Total revenues to be between RMB19,513 million(US$2,689 million)and RMB20,068 million(US$2,765 million),representing an increase of approximately 11.8%to an increase of approximately 15.0%from the same quarter of 2024.This business outlook reflects

53、the Companys current and preliminary view on the business situation and market condition,whichis subject to change.Conference CallThe Companys management will host an earnings conference call at 8:00 AM U.S.Eastern Time on June 3,2025(8:00 PMBeijing/Hong Kong/Singapore Time on June 3,2025).A live an

54、d archived webcast of the conference call will be available on the Companys investor relations websiteat https:/ participants who wish to join the conference using dial-in numbers,please register in advance using the link provided belowand dial in 10 minutes prior to the call.Dial-in numbers,passcod

55、e and unique access PIN would be provided upon registering.https:/s1.c- replay of the conference call will be accessible by phone at the following numbers,until June 10,2025:United States:+1-855-883-1031Hong Kong,China:+852-800-930-639Mainland,China:+86-400-1209-216Singapore:+65-800-1013-223Internat

56、ional:+61-7-3107-6325Replay PIN:10047493 About NIO Inc.NIO Inc.is a pioneer and a leading company in the global smart electric vehicle market.Founded in November 2014,NIO aspiresto shape a sustainable and brighter future with the mission of“Blue Sky Coming”.NIO envisions itself as a user enterprise

57、whereinnovative technology meets experience excellence.NIO designs,develops,manufactures and sells smart electric vehicles,drivinginnovations in next-generation core technologies.NIO distinguishes itself through continuous technological breakthroughs andinnovations,exceptional products and services,

58、and a community for shared growth.NIO provides premium smart electric vehiclesunder the NIO brand,family-oriented smart electric vehicles through the ONVO brand,and small smart high-end electric cars withthe FIREFLY brand.Safe Harbor StatementThis press release contains statements that may constitut

59、e“forward-looking”statements pursuant to the“safe harbor”provisions ofthe U.S.Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology suchas“will,”“expects,”“anticipates,”“aims,”“future,”“intends,”“plans,”“believes,”“estimates,”“likely to”an

60、d similar statements.NIOmay also make written or oral forward-looking statements in its periodic reports to the U.S.Securities and Exchange Commission(the“SEC”),in its annual report to shareholders,in announcements,circulars or other publications made on the websites of eachof The Stock Exchange of

61、Hong Kong Limited(the“SEHK”)and the Singapore Exchange Securities Trading Limited(the“SGX-ST”),in press releases and other written materials and in oral statements made by its officers,directors or employees tothird parties.Statements that are not historical facts,including statements about NIOs bel

62、iefs,plans and expectations,areforward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number of factors could causeactual results to differ materially from those contained in any forward-looking statement,including but not limited to the following:NIOs strat

63、egies;NIOs future business development,financial condition and results of operations;NIOs ability to develop andmanufacture vehicles of sufficient quality and appeal to customers on schedule and on a large scale;its ability to ensure andexpand manufacturing capacities including establishing and main

64、taining partnerships with third parties;its ability to provideconvenient and comprehensive power solutions to its customers;the viability,growth potential and prospects of the batteryswapping,BaaS,and NIO Assisted and Intelligent Driving and its subscription services;its ability to improve the techn

65、ologies ordevelop alternative technologies in meeting evolving market demand and industry development;NIOs ability to satisfy themandated safety standards relating to motor vehicles;its ability to secure supply of raw materials or other components used in itsvehicles;its ability to secure sufficient

66、 reservations and sales of its vehicles;its ability to control costs associated with itsoperations;its ability to build its current and future brands;general economic and business conditions globally and in China andassumptions underlying or related to any of the foregoing.Further information regard

67、ing these and other risks is included in NIOsfilings with the SEC and the announcements and filings on the websites of each of the SEHK and SGX-ST.All informationprovided in this press release is as of the date of this press release,and NIO does not undertake any obligation to update anyforward-look

68、ing statement,except as required under applicable law.Non-GAAP DisclosureThe Company uses non-GAAP measures,such as adjusted cost of sales(non-GAAP),adjusted research and developmentexpenses(non-GAAP),adjusted selling,general and administrative expenses(non-GAAP),adjusted loss from operations(non-GA

69、AP),adjusted net loss(non-GAAP),adjusted net loss attributable to ordinary shareholders(non-GAAP)and adjustedbasic and diluted net loss per share/ADS(non-GAAP),in evaluating its operating results and for financial and operational decision-making purposes.The Company defines adjusted cost of sales(no

70、n-GAAP),adjusted research and development expenses(non-GAAP),adjusted selling,general and administrative expenses(non-GAAP)and adjusted loss from operations(non-GAAP)and adjusted net loss(non-GAAP)as cost of sales,research and development expenses,selling,general and administrativeexpenses,loss from

71、 operations and net loss excluding share-based compensation expenses.The Company defines adjusted netloss attributable to ordinary shareholders(non-GAAP),adjusted basic and diluted net loss per share/ADS(non-GAAP)as net lossattributable to ordinary shareholders and basic and diluted net loss per sha

72、re/ADS excluding share-based compensation expensesand accretion on redeemable non-controlling interests to redemption value.By excluding the impact of share-based compensationexpenses and accretion on redeemable non-controlling interests to redemption value,the Company believes that the non-GAAPfina

73、ncial measures help identify underlying trends in its business and enhance the overall understanding of the Companys pastperformance and future prospects.The Company also believes that the non-GAAP financial measures allow for greater visibilitywith respect to key metrics used by the Companys manage

74、ment in its financial and operational decision-making.The non-GAAP financial measures are not presented in accordance with U.S.GAAP and may be different from non-GAAPmethods of accounting and reporting used by other companies.The non-GAAP financial measures have limitations as analyticaltools and wh

75、en assessing the Companys operating performance,investors should not consider them in isolation,or as asubstitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S.GAAP.TheCompany encourages investors and others to review its financial informati

76、on in its entirety and not rely on a single financialmeasure.The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S.GAAPperformance measures,all of which should be considered when evaluating the Companys performance.For more information on t

77、he non-GAAP financial measures,please see the table captioned“Unaudited Reconciliation of GAAPand Non-GAAP Results”set forth at the end of this press release.Exchange RateThis announcement contains translations of certain Renminbi amounts into U.S.dollars at specified rates solely for theconvenience

78、 of the reader.Unless otherwise stated,all translations from Renminbi to U.S.dollars were made at the rate ofRMB7.2567 to US$1.00,the noon buying rate in effect on March 31,2025 in the H.10 statistical release of the Federal ReserveBoard.The Company makes no representation that the Renminbi or U.S.d

79、ollars amounts referred could be converted into U.S.dollars or Renminbi,as the case may be,at any particular rate or at all.For more information,please visit:http:/.Investor RMedia RSource:NIONIO INC.Unaudited Condensed Consolidated Balance Sheets(All amounts in thousands)As of December 31,2024 Marc

80、h 31,2025 March 31,2025 RMB RMB US$ASSETS Current assets:Cash and cash equivalents19,328,920 8,075,457 1,112,828 Restricted cash8,320,728 6,201,797 854,630 Short-term investments14,137,566 11,646,997 1,604,999 Trade and notes receivables1,676,246 1,536,414 211,724 Amounts due from related parties7,7

81、02,404 9,040,834 1,245,860 Inventory7,087,223 8,696,102 1,198,355 Prepayments and other current assets3,632,956 4,592,787 632,903 Total current assets61,886,043 49,790,388 6,861,299 Non-current assets:Long-term restricted cash97,720 80,066 11,033 Property,plant and equipment,net.25,892,904 27,028,37

82、8 3,724,610 Intangible assets,net29,648 29,648 4,086 Land use rights,net201,995 200,669 27,653 Long-term investments3,126,007 2,878,599 396,682 Right-of-use assets-operating lease12,797,158 13,124,764 1,808,641 Other non-current assets3,573,137 5,031,195 693,317 Total non-current assets45,718,569 48

83、,373,319 6,666,022 Total assets107,604,612 98,163,707 13,527,321 LIABILITIES Current liabilities:Short-term borrowings5,729,561 6,496,683 895,267 Trade and notes payable34,387,266 31,385,990 4,325,105 Amounts due to related parties409,363 464,508 64,011 Taxes payable400,146 392,655 54,109 Current po

84、rtion of operating lease liabilities1,945,987 2,405,686 331,512 Current portion of long-term borrowings3,397,622 800,565 110,321 Accruals and other liabilities16,041,079 17,545,851 2,417,883 Total current liabilities62,311,024 59,491,938 8,198,208 Non-current liabilities:Long-term borrowings11,440,7

85、55 9,286,728 1,279,745 Non-current operating lease liabilities11,260,735 11,364,373 1,566,052 Deferred tax liabilities127,467 125,491 17,293 Amounts due to related parties,non-current329,492 333,405 45,944 Other non-current liabilities8,628,596 10,247,119 1,412,093 Total non-current liabilities31,78

86、7,045 31,357,116 4,321,127 Total liabilities94,098,069 90,849,054 12,519,335 NIO INC.Unaudited Condensed Consolidated Balance Sheets(All amounts in thousands)As of December 31,2024 March 31,2025 March31,2025 RMB RMB US$MEZZANINE EQUITY Redeemable non-controlling interests7,441,997 7,586,488 1,045,44

87、6Total mezzanine equity7,441,997 7,586,488 1,045,446SHAREHOLDERS EQUITY/(DEFICIT)Total NIO Inc.shareholders equity/(deficit)5,967,023(365,896)(50,422)Non-controlling interests97,523 94,061 12,962Total shareholders equity/(deficit)6,064,546(271,835)(37,460)Total liabilities,mezzanine equity and share

88、holders equity/(deficit)107,604,612 98,163,707 13,527,321 NIO INC.Unaudited Condensed Consolidated Statements of Comprehensive Loss(All amounts in thousands,except for share and per share/ADS data)Three Months Ended March 31,2024 December 31,2024 March 31,2025 March 31,2025 RMB RMB RMB US$Revenues:V

89、ehicle sales8,381,318 17,475,587 9,939,305 1,369,673Other sales1,527,318 2,227,840 2,095,424 288,757Total revenues9,908,636 19,703,427 12,034,729 1,658,430Cost of sales:Vehicle sales(7,613,242)(15,190,937)(8,925,641)(1,229,986)Other sales(1,807,663)(2,203,547)(2,189,534)(301,726)Total cost of sales(

90、9,420,905)(17,394,484)(11,115,175)(1,531,712)Gross profit487,731 2,308,943 919,554 126,718Operating expenses:Research and development(2,864,216)(3,635,826)(3,181,403)(438,409)Selling,general and administrative(2,996,798)(4,877,995)(4,400,763)(606,441)Other operating(loss)/income(20,790)171,943 244,4

91、84 33,691Total operating expenses(5,881,804)(8,341,878)(7,337,682)(1,011,159)Loss from operations(5,394,073)(6,032,935)(6,418,128)(884,441)Interest and investment income/(loss)350,793 (169,919)173,216 23,870Interest expenses(170,875)(247,586)(244,862)(33,743)(Loss)/gain on extinguishment of debt(11,

92、326)6,846 (14,660)(2,020)Share of losses of equity investees(19,482)(210,442)(256,195)(35,305)Other income/(loss),net67,376 (527,524)15,227 2,098Loss before income tax expense(5,177,587)(7,181,560)(6,745,402)(929,541)Income tax(expense)/benefit(6,990)70,089 (4,631)(638)Net loss(5,184,577)(7,111,471)

93、(6,750,033)(930,179)Accretion on redeemable non-controlling interests to redemptionvalue(79,524)(93,570)(144,490)(19,911)Net loss attributable to non-controlling interests6,183 73,272 3,462 477Net loss attributable to ordinary shareholders of NIO Inc.(5,257,918)(7,131,769)(6,891,061)(949,613)Net los

94、s(5,184,577)(7,111,471)(6,750,033)(930,179)Other comprehensive income Foreign currency translation adjustment,net of nil tax7,468 351,100 75,911 10,461Total other comprehensive income7,468 351,100 75,911 10,461Total comprehensive loss(5,177,109)(6,760,371)(6,674,122)(919,718)Accretion on redeemable

95、non-controlling interests to redemptionvalue(79,524)(93,570)(144,490)(19,911)Net loss attributable to non-controlling interests6,183 73,272 3,462 477Comprehensive loss attributable to ordinary shareholders ofNIO Inc.(5,250,450)(6,780,669)(6,815,150)(939,152)Weighted average number of ordinary shares

96、/ADS used incomputing net loss per share/ADS Basic and diluted2,044,151,465 2,068,453,952 2,093,881,620 2,093,881,620Net loss per share/ADS attributable to ordinary shareholders Basic and diluted(2.57)(3.45)(3.29)(0.45)NIO INC.Unaudited Reconciliation of GAAP and Non-GAAP Results(All amounts in thou

97、sands,except for share and per share/ADS data)Three Months Ended March 31,2025 GAAPResult Share-basedcompensation Accretion onredeemablenon-controllinginterests toredemptionvalue AdjustedResult(Non-GAAP)RMB RMB RMB RMBCost of sales(11,115,175)15,001 (11,100,174)Research and development expenses(3,18

98、1,403)267,047 (2,914,356)Selling,general and administrative expenses(4,400,763)188,891 (4,211,872)Total(18,697,341)470,939 (18,226,402)Loss from operations(6,418,128)470,939 (5,947,189)Net loss(6,750,033)470,939 (6,279,094)Net loss attributable to ordinary shareholders ofNIO Inc.(6,891,061)470,939 1

99、44,490 (6,275,632)Net loss per share/ADS attributable to ordinaryshareholders,basic and diluted(RMB)(3.29)0.21 0.07 (3.01)Net loss per ADS attributable to ordinaryshareholders,basic and diluted(USD)(0.45)0.03 0.01 (0.41)Three Months Ended December 31,2024 GAAPResult Share-basedcompensation Accretion

100、 onredeemablenon-controllinginterests toredemption value AdjustedResult(Non-GAAP)RMB RMB RMB RMBCost of sales(17,394,484)19,641 (17,374,843)Research and development expenses(3,635,826)344,088 (3,291,738)Selling,general and administrative expenses(4,877,995)125,564 (4,752,431)Total(25,908,305)489,293

101、 (25,419,012)Loss from operations(6,032,935)489,293 (5,543,642)Net loss(7,111,471)489,293 (6,622,178)Net loss attributable to ordinary shareholders of NIO Inc.(7,131,769)489,293 93,570 (6,548,906)Net loss per share/ADS attributable to ordinary shareholders,basic and diluted(RMB)(3.45)0.23 0.05 (3.17

102、)Three Months Ended March 31,2024 GAAPResult Share-basedcompensation Accretion onredeemablenon-controllinginterests toredemption value AdjustedResult(Non-GAAP)RMB RMB RMB RMBCost of sales(9,420,905)9,753 (9,411,152)Research and development expenses(2,864,216)205,983 (2,658,233)Selling,general and ad

103、ministrative expenses(2,996,798)65,675 (2,931,123)Total(15,281,919)281,411 (15,000,508)Loss from operations(5,394,073)281,411 (5,112,662)Net loss(5,184,577)281,411 (4,903,166)Net loss attributable to ordinary shareholders of NIO Inc.(5,257,918)281,411 79,524 (4,896,983)Net loss per share/ADS attribu

104、table to ordinary shareholders,basic and diluted(RMB)(2.57)0.14 0.04 (2.39)_i All translations from RMB to USD for the first quarter of 2025 were made at the rate of RMB7.2567 to US$1.00,the noon buyingrate in effect on March 31,2025 in the H.10 statistical release of the Federal Reserve Board.ii Vehicle margin is the margin of new vehicle sales,which is calculated based on revenues and cost of sales derived from newvehicle sales only.iii Except for gross margin and vehicle margin,where absolute changes instead of percentage changes are calculated.