NIO Inc (0A1K.L) Q2 2025 Earnings Report

NIO posted a Q2 2025 revenue of 19.01 billion CNY, up 8.96% year over year and 57.95% quarter over quarter, signaling a revenue rebound as deliveries and mix improved. However, profitability remains deeply negative: gross profit of 1.90 billion CNY for a gross margin of 9.98%, with EBITDA of -4.74 billion and net income of -5.14 billion, translating to an EPS of -2.31 CNY. The quarter highlights a clear top-line recovery alongside ongoing aggressive investment in R&D and services that sustains burn in the near term. On the balance sheet, total assets stand at 100.05 billion CNY and total liabilities at 93.43 billion CNY, with stockholders’ equity reported as negative 1.21 billion CNY. Cash and cash equivalents plus short-term investments total 17.80 billion CNY, while gross debt totals 29.10 billion CNY, yielding a net debt position of 21.99 billion CNY. The near-term liquidity profile shows a current ratio of roughly 0.84, signaling liquidity pressure if operating performance does not improve. These dynamics underscore a company in active investment mode, aiming to translate top-line growth into meaningful margin expansion and free cash flow over the medium term. Looking ahead, management did not publish explicit full-year guidance in the QQ2 release. The investment thesis hinges on (1) margin stabilization through product mix and cost discipline, (2) monetization of energy and software-enabled services (Power Swap, Power Map, etc.), and (3) continued demand resilience in China’s EV market. Investors should monitor 2H 2025 progress on cost control, gross margin trajectory, and any pathway to improving cash flow generation.