Executive Summary
NIO’s QQ1 2025 results reflect a mixed performance. Revenue rose year-over-year by 21.5% to 12,034.73 million CNY, signaling continued demand for its premium smart EVs. However, quarter-on-quarter revenue declined by 38.9%, highlighting seasonality and ongoing scale-up costs as the company accelerates its model cadence and energy-services initiatives. The quarter produced a substantial net loss of 6,891.06 million CNY and an EBITDA of -6.50 billion CNY, underscoring persistent operating burn as NIO funds R&D, marketing, and network expansion. Gross margin stood at 7.64%, with operating margin at -53.33% and net margin at -57.26%, indicating that scale is not yet translating into profitability.Liquidity remains robust on a raw cash basis, with 19.72 billion CNY of cash and short-term investments, but the balance sheet shows total liabilities of 98.44 billion CNY against assets of 98.16 billion CNY and negative shareholders’ equity of -0.366 billion CNY, implying elevated leverage and a tight capital structure. Going forward, NIO’s ability to improve gross margin, reduce operating costs, and deleverage will be critical to sustaining liquidity and supporting its growth initiatives in a competitive China EV landscape.
Key Performance Indicators
QoQ: -38.92% | YoY:21.46%
QoQ: -60.17% | YoY:88.54%
QoQ: -6.38% | YoY:-18.98%
Key Insights
Revenue: 12,034.73 million CNY (YoY +21.46%; QoQ -38.92%)
Gross Profit: 919.55 million CNY (YoY +88.54%; QoQ -60.17%)
Gross Margin: 7.64%
Operating Income: -6,418.13 million CNY (YoY -18.98%; QoQ -6.38%)
Net Income: -6,891.06 million CNY (YoY -31.06%; QoQ +3.38%)
EPS (Diluted): -3.29 CNY
EBITDA: -6,500.54 million CNY (EBITDA Margin: -54.01%)
Net Income Margin: -57.26%
Cash & Equivalents: 8,075.46 million CNY
Short-Term Investments: 11,646.99 million CNY
Total Cash & ST Investments: 19,72...
Financial Highlights
Revenue: 12,034.73 million CNY (YoY +21.46%; QoQ -38.92%)
Gross Profit: 919.55 million CNY (YoY +88.54%; QoQ -60.17%)
Gross Margin: 7.64%
Operating Income: -6,418.13 million CNY (YoY -18.98%; QoQ -6.38%)
Net Income: -6,891.06 million CNY (YoY -31.06%; QoQ +3.38%)
EPS (Diluted): -3.29 CNY
EBITDA: -6,500.54 million CNY (EBITDA Margin: -54.01%)
Net Income Margin: -57.26%
Cash & Equivalents: 8,075.46 million CNY
Short-Term Investments: 11,646.99 million CNY
Total Cash & ST Investments: 19,722.45 million CNY
Total Assets: 98,163.71 million CNY
Total Liabilities: 98,435.54 million CNY
Total Stockholders’ Equity: -365.90 million CNY
Net Debt: 22,278.58 million CNY
Current Ratio: 0.84x
Quick Ratio: 0.51x
Cash Ratio: 0.33x
Debt (Total): 30,354.04 million CNY
Revenue Growth Drivers: ongoing model cadence expansion, Power Solutions and battery-swapping ecosystem investments, and intensifying R&D in software and electrification platforms.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
12.03B |
21.46% |
-38.92% |
| Gross Profit |
919.55M |
88.54% |
-60.17% |
| Operating Income |
-6.42B |
-18.98% |
-6.38% |
| Net Income |
-6.89B |
-31.06% |
3.38% |
| EPS |
-3.29 |
-28.02% |
5.19% |
Management Commentary
Transcript data for QQ1 2025 were not provided in the materials supplied. As a result, management quotes and thematic commentary from the earnings call are not available in this dataset. The analysis below incorporates management considerations and industry context where applicable, but cannot cite exact quotes.
Forward Guidance
No formal forward guidance was included in the provided materials for QQ1 2025. Given the ongoing scale-up in product lineup, energy-services ecosystem, and international expansion ambitions, investors should monitor: (1) gross margin trajectory and cost-control initiatives, (2) the pace of deleveraging and liquidity management (net debt evolution, access to financing), (3) cash burn and operating cash flow in the context of R&D and SG&A investments, and (4) competitive dynamics in China’s EV market and the execution of battery swapping and power solutions initiatives. Absent explicit targets, the current narrative suggests a focus on achieving sustainable gross margins closer to double-digits while preserving balance-sheet flexibility to support growth investments.