【9866 Performance】NIO reported its first profit in the fourth quarter last year, earning over 100 million RMB. The delivery guidance for this quarter is at least ten thousand units, with revenue more than doubling.

NIO Inc. (09866)
Announced that it will turn a profit in Q4 2025, with a net profit of 1.22 billion RMB, marking its first quarterly profit. In the same period last year, it reported a loss of 7.132 billion RMB. Basic earnings per share are 0.05 RMB.
The delivery guidance for the first quarter of this year is 80,000 to 83,000 vehicles, up 90.1% to 97.2% year-on-year; revenue guidance is 24.482 billion to 25.176 billion RMB, up 103.4% to 109.2% year-on-year.

On a non-GAAP basis, excluding share-based compensation expenses, the adjusted net profit in Q4 last year was 727 million RMB, compared to an adjusted net loss of 6.622 billion RMB in the same period of 2024. The adjusted operating profit in Q4 last year was 1.251 billion RMB, versus an adjusted operating loss of 5.544 billion RMB in Q4 2024.

The company’s revenue in Q4 last year was 34.65 billion RMB, up 75.86% year-on-year and 59% quarter-on-quarter. Vehicle sales totaled 31.606 billion RMB, a significant increase of 80.86% year-on-year and 64.6% quarter-on-quarter. During the quarter, deliveries reached 124,800 units; vehicle gross margin was 18.1%, up 5 percentage points year-on-year and 3.4 percentage points quarter-on-quarter.

Full-year loss narrowed to 15.5 billion RMB

For 2025, the full-year loss is 15.571 billion RMB, narrower than the 22.658 billion RMB loss in 2024; basic loss per share is 6.85 RMB. Revenue is expected to be 87.488 billion RMB, up 33.1% year-on-year.

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