Quarterly Adjusted Profit From Operations (non-GAAP) Reached RMB1,251.3 Million (US$178.9 Million)i

Quarterly Total Revenues Reached RMB34,650.2 Million (US$4,954.9 Million)i

Quarterly Vehicle Deliveries Were 124,807 Units

Full Year Total Revenues Reached RMB87,487.5 Million (US$12,510.5 Million)

Full Year Vehicle Deliveries Were 326,028 Units

SHANGHAI, China, March 10, 2026 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE:NIO, HKEX: 9866, SGX: NIO)) ("NIO" or the "Company"), a pioneer and a leading company in the global smart electric vehicle market, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Operating Highlights for the Fourth Quarter and Full Year of 2025

Key Operating Results

 
     
 2025 Q42025 Q32025 Q22025 Q1
Deliveries124,80787,07172,05642,094
     
 2024 Q42024 Q32024 Q22024 Q1
Deliveries72,68961,85557,37330,053
     

Financial Highlights for the Fourth Quarter of 2025

 
Key Financial Results for the Fourth Quarter of 2025

 
(in RMB million, except for percentage)

      
 2025 Q42025 Q3 2024 Q4% Changeiii
     QoQYoY
Vehicle Sales31,606.219,202.3 17,475.664.6%80.9%
Vehicle Margin18.1%14.7% 13.1%340bp500bp
       
Total Revenues34,650.221,793.9 19,703.459.0%75.9%
Gross Profit6,074.13,024.6 2,308.9100.8%163.1%
Gross Margin17.5%13.9% 11.7%360bp580bp
       
Profit/(Loss) from Operations807.3(3,521.5) (6,032.9)N/AN/A
Adjusted Profit/(Loss) from Operations (non-GAAP)1,251.3(2,776.1) (5,543.6)N/AN/A
       
Net Profit/(Loss)282.7(3,480.5) (7,111.5)N/AN/A
Adjusted Net Profit/(Loss) (non-GAAP)726.8(2,735.1) (6,622.2)N/AN/A
       

Financial Highlights for the Full Year of 2025

 
Key Financial Results for Full Year 2025
 
(in RMB million, except for percentage)

    
 20252024

% Changeiii
    
Vehicle Sales76,883.9 58,234.1 32.0%
Vehicle Margin14.6% 12.3% 230bp
    
Total Revenues87,487.5 65,731.6 33.1%
Gross Profit11,915.7 6,492.8 83.5%
Gross Margin13.6% 9.9% 370bp
    
Loss from Operations(14,041.2)(21,874.1)-35.8%
Adjusted Loss from Operations (non-GAAP)(11,512.8)(19,945.6)-42.3%
    
Net Loss(14,942.6)(22,401.7)-33.3%
Adjusted Net Loss (non-GAAP)(12,414.2)(20,473.2)-39.4%
      

Recent Developments

Deliveries in January and February 2026

Investment in Shenji

Approval of Performance-Based Share Awards to CEO

Increase in Controlling Equity Interest in NIO China

CEO and CFO Comments

"In the fourth quarter of 2025, the Company delivered 124,807 smart electric vehicles, representing a year-over-year increase of 71.7%, with quarterly deliveries of our NIO, ONVO and FIREFLY brands each reaching record highs," said William Bin Li, founder, chairman and chief executive officer of NIO. "For the full year of 2025, total deliveries across the three brands reached 326,028 units, up 46.9% year over year, reflecting our accelerating growth trajectory. We expect total deliveries in the first quarter of 2026 to be between 80,000 and 83,000 units, representing a year-over-year increase of 90.1% to 97.2%."

"In 2025, the competitiveness of our products across three brands was widely recognized within their respective market segments. The NIO All-New ES8 maintained strong delivery momentum, setting a new monthly delivery record among vehicles priced above RMB400,000. The ONVO L90 also delivered outstanding performance, becoming the best-selling large BEV SUV in 2025. Since its launch, the firefly has maintained a leading position in the premium small car segment. At the same time, our in-house developed core smart EV technologies continued to reach mass production and deployment, enhancing product competitiveness while delivering meaningful cost efficiencies. Looking ahead to 2026, we will continue to invest decisively in our twelve full-stack core technologies, launch new models, enhance the commercial and operational capabilities of our battery swapping and charging network, and continue upgrading our sales and service network," added William Bin Li.

"In the fourth quarter of 2025, our vehicle margin reached 18.1%, and other sales margin reached 11.9%. These improvements were primarily driven by the strong delivery and revenue growth, an optimized product mix, and cost reduction and efficiency enhancement initiatives. We achieved non-GAAP operating profit of RMB1,251.3 million for the first time on a quarterly basis in the fourth quarter of 2025, marking a major milestone in our operating performance," said Stanley Yu Qu, NIO's chief financial officer. "In 2026, we will continue to enhance operational efficiency and optimize cost, and deliver stronger, more sustainable performance for our users, partners and shareholders."

Financial Results for the Fourth Quarter and Full Year of 2025

Revenues

Cost of Sales and Gross Margin

Operating Expenses

Profit/(Loss) from Operations

Net Profit/(Loss) and Earnings Per Share/ADS

Balance Sheet

Business Outlook

For the first quarter of 2026, the Company expects:

This business outlook reflects the Company's current and preliminary view on the business situation and market condition, which is subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 10, 2026 (8:00 PM Beijing/Hong Kong/Singapore Time on March 10, 2026).

A live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.nio.com/news-events/events.

For participants who wish to join the conference using dial-in numbers, please register in advance using the link provided below and dial in 10 minutes prior to the call. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

https://s1.c-conf.com/diamondpass/10053467-woqvpz.html

A replay of the conference call will be accessible by phone at the following numbers, until March 17, 2026:

United States:+1-855-883-1031
Hong Kong, China:+852-800-930-639
Mainland, China:+86-400-1209-216
Singapore:+65-800-1013-223
International:+61-7-3107-6325
Replay PIN:10053467
  

About NIO Inc.

NIO Inc. is a pioneer and a leading company in the global smart electric vehicle market. Founded in November 2014, NIO aspires to shape a sustainable and brighter future with the mission of "Blue Sky Coming". NIO envisions itself as a user enterprise where innovative technology meets experience excellence. NIO designs, develops, manufactures and sells smart electric vehicles, driving innovations in next-generation core technologies. NIO distinguishes itself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. NIO provides premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. NIO may 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 each of The Stock Exchange of 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 to third parties. Statements that are not historical facts, including statements about NIO's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIO's strategies; NIO's future business development, financial condition and results of operations; NIO's ability to develop and manufacture vehicles of sufficient quality and appeal to customers on schedule and on a large scale; its ability to ensure and expand manufacturing capacities including establishing and maintaining partnerships with third parties; its ability to provide convenient and comprehensive power solutions to its customers; the viability, growth potential and prospects of the battery swapping, BaaS, and NIO Assisted and Intelligent Driving and its subscription services; its ability to improve the technologies or develop alternative technologies in meeting evolving market demand and industry development; NIO's ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales of its vehicles; its ability to control costs associated with its operations; its ability to build its current and future brands; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIO's filings with the SEC and the announcements and filings on the websites of each of the SEHK and SGX-ST. All information provided in this press release is as of the date of this press release, and NIO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Non-GAAP Disclosure

The Company uses non-GAAP measures, such as adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP), adjusted profit/(loss) from operations (non-GAAP), adjusted net profit/(loss) (non-GAAP), adjusted net profit/(loss) attributable to ordinary shareholders (non-GAAP) and adjusted basic and diluted net profit/(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 (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP) and adjusted profit/(loss) from operations (non-GAAP) and adjusted net profit/(loss) (non-GAAP) as cost of sales, research and development expenses, selling, general and administrative expenses, profit/(loss) from operations and net profit/(loss) excluding share-based compensation expenses and organizational optimization charges. The Company defines adjusted net profit/(loss) attributable to ordinary shareholders (non-GAAP) and adjusted basic and diluted profit/(loss) per share/ADS (non-GAAP) as profit/(loss) attributable to ordinary shareholders and basic and diluted profit/(loss) per share/ADS excluding share-based compensation expenses, organizational optimization charges and accretion on redeemable non-controlling interests to redemption value. By excluding the impact of share-based compensation expenses, organizational optimization charges and accretion on redeemable non-controlling interests to redemption value, which are either non-cash or not indicative of the Company's ordinary or ongoing operations due to their size or nature, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management 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-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net profit/(loss) or other consolidated statements of comprehensive profit/(loss) data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.

Exchange Rate

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars 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://ir.nio.com.

Investor Relations

ir@nio.com

Media Relations

global.press@nio.com

Source: NIO

NIO INC.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)



 As of
 December 31, 2024December 31, 2025December 31, 2025
 RMBRMBUS$
ASSETS   
Current assets:   
Cash and cash equivalents        19,328,92011,274,0941,612,174
Restricted cash        8,320,72814,745,9752,108,646
Short-term investments        14,137,56619,755,8092,825,043
Trade and notes receivables        1,676,2461,394,445199,403
Amounts due from related parties        7,702,40416,078,2502,299,159
Inventory        7,087,2238,530,8541,219,896
Prepayments and other current assets        3,632,9564,853,610694,057
Total current assets        61,886,04376,633,03710,958,378
Non-current assets:   
Long-term restricted cash        97,72088,32512,630
Property, plant and equipment, net.        25,892,90425,827,9683,693,350
Intangible assets, net29,64829,6484,240
Land use rights, net        201,995196,69128,126
Long-term investments        3,126,0072,480,518354,709
Right-of-use assets - operating lease        12,797,15811,711,3061,674,694
Other non-current assets        3,573,1377,433,5851,062,989
Total non-current assets        45,718,56947,768,0416,830,738
Total assets        107,604,612124,401,07817,789,116
LIABILITIES   
Current liabilities:   
Short-term borrowings        5,729,5614,691,910670,934
Trade and notes payable        34,387,26653,309,7277,623,190
Amounts due to related parties, current        409,363625,90389,503
Taxes payable        400,146439,24062,810
Current portion of operating lease liabilities        1,945,9872,163,768309,415
Current portion of long-term borrowings        3,397,622655,97193,803
Accruals and other liabilities        16,041,07916,696,0442,387,502
Total current liabilities        62,311,02478,582,56311,237,157
Non-current liabilities:   
Long-term borrowings        11,440,7558,626,2721,233,540
Non-current operating lease liabilities        11,260,73510,092,0391,443,142
Amounts due to related parties, non-current        329,492604,17886,396
Deferred tax liabilities        127,467112,69116,115
Other non-current liabilities        8,628,59613,690,7781,957,754
Total non-current liabilities        31,787,04533,125,9584,736,947
Total liabilities        94,098,069111,708,52115,974,104
    

NIO INC.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)



 As of

 December 31, 2024December 31, 2025December 31, 2025
 RMBRMBUS$
MEZZANINE EQUITY   
Redeemable non-controlling interests7,441,9978,551,854 1,222,899 
Total mezzanine equity        7,441,9978,551,854 1,222,899 
SHAREHOLDERS' EQUITY   
Total NIO Inc. shareholders' equity        5,967,0234,159,460 594,795 
Non-controlling interests        97,523(18,757)(2,682)
Total shareholders' equity        6,064,5464,140,703 592,113 
Total liabilities, mezzanine equity and shareholders' equity        107,604,612124,401,078 17,789,116 
      

NIO INC.

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except for share and per share/ADS data)



 Three Months Ended
 December 31, 2024September 30, 2025December 31, 2025December 31, 2025
 RMBRMBRMBUS$
Revenues:    
Vehicle sales17,475,587 19,202,278 31,606,179 4,519,623 
Other sales2,227,840 2,591,597 3,044,062 435,295 
Total revenues        19,703,427 21,793,875 34,650,241 4,954,918 
Cost of sales:     
Vehicle sales        (15,190,937)(16,378,772)(25,893,175)(3,702,675)
Other sales        (2,203,547)(2,390,534)(2,683,007)(383,665)
Total cost of sales        (17,394,484)(18,769,306)(28,576,182)(4,086,340)
Gross profit        2,308,943 3,024,569 6,074,059 868,578 
Operating expenses:    
Research and development        (3,635,826)(2,390,604)(2,025,954)(289,708)
Selling, general and administrative        (4,877,995)(4,184,675)(3,537,388)(505,840)
Other operating income        171,943 29,188 296,553 42,407 
Total operating expenses        (8,341,878)(6,546,091)(5,266,789)(753,141)
(Loss)/profit from operations        (6,032,935)(3,521,522)807,270 115,437 
Interest and investment (loss)/income        (169,919)354,396 126,517 18,092 
Interest expenses        (247,586)(222,508)(205,130)(29,333)
Gain on extinguishment of debt        6,846 — — — 
Share of losses of equity investees        (210,442)(182,083)(529,242)(75,681)
Other (loss)/income, net        (527,524)148,261 100,586 14,384 
(Loss)/profit before income tax expense        (7,181,560)(3,423,456)300,001 42,899 
Income tax benefit/(expense)        70,089 (57,029)(17,283)(2,471)
Net (loss)/profit        (7,111,471)(3,480,485)282,718 40,428 
Accretion on redeemable non-controlling interests to redemption value        (93,570)(155,369)(161,624)(23,112)
Net loss/(profit) attributable to non-controlling interests        73,272 (24,899)1,349 193 
Net (loss)/profit attributable to ordinary shareholders of NIO Inc.        (7,131,769)(3,660,753)122,443 17,509 
Net (loss)/profit        (7,111,471)(3,480,485)282,718 40,428 
Other comprehensive income/(loss)    
Foreign currency translation adjustment, net of nil tax        351,100 (141,362)(121,977)(17,442)
Total other comprehensive income/(loss)        351,100 (141,362)(121,977)(17,442)
Total comprehensive (loss)/income        (6,760,371)(3,621,847)160,741 22,986 
Accretion on redeemable non-controlling interests to redemption value        (93,570)(155,369)(161,624)(23,112)
Net loss/(profit) attributable to non-controlling interests        73,272 (24,899)1,349 193 
Comprehensive loss attributable to ordinary shareholders of NIO Inc.        (6,780,669)(3,802,115)466 67 
Weighted average number of ordinary shares/ADSs used in computing net loss per share/ADS             
Basic        2,068,453,952 2,428,558,076 2,469,498,703 2,469,498,703 
Diluted        2,068,453,952 2,428,558,076 2,510,927,676 2,510,927,676 
Net (loss)/profit per share/ADS attributable to ordinary shareholders     
Basic        (3.45)(1.51)0.05 0.01 
Diluted        (3.45)(1.51)0.05 0.01 
         

NIO INC.

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except for share and per share/ADS data)



 For the Year Ended December 31, 
 2024

2025

2025

 RMBRMBUS$
Revenues:   
Vehicle sales        58,234,086 76,883,876 10,994,248 
Other sales        7,497,473 10,603,634 1,516,299 
Total revenues        65,731,559 87,487,510 12,510,547 
Cost of sales:    
Vehicle sales        (51,094,616)(65,670,810)(9,390,801)
Other sales        (8,144,181)(9,900,995)(1,415,823)
Total cost of sales        (59,238,797)(75,571,805)(10,806,624)
Gross profit        6,492,762 11,915,705 1,703,923 
Operating expenses:   
Research and development        (13,037,304)(10,604,993)(1,516,494)
Selling, general and administrative        (15,741,057)(16,087,747)(2,300,517)
Other operating income         411,526 735,797 105,218 
Total operating expenses        (28,366,835)(25,956,943)(3,711,793)
Loss from operations        (21,874,073)(14,041,238)(2,007,870)
Interest and investment income        853,728 761,658 108,916 
Interest expenses        (798,363)(885,248)(126,589)
Loss on extinguishment of debt        (4,480)(14,660)(2,096)
Share of loss of equity investees        (503,193)(1,092,184)(156,180)
Other (loss)/income, net        (98,143)450,953 64,485 
Loss before income tax expense        (22,424,524)(14,820,719)(2,119,334)
Income tax benefit/(expense)        22,815 (121,882)(17,429)
Net loss        (22,401,709)(14,942,601)(2,136,763)
Accretion on redeemable non-controlling interests to redemption value        (347,516)(609,857)(87,208)
Net loss/(profit) attributable to non-controlling interests91,533 (18,220)(2,605)
Net loss attributable to ordinary shareholders of NIO Inc.        (22,657,692)(15,570,678)(2,226,576)
Net loss        (22,401,709)(14,942,601)(2,136,763)
Other comprehensive income/(loss)    
Foreign currency translation adjustment, net of nil tax        149,668 (2,860)(409)
Total other comprehensive income/(loss)        149,668 (2,860)(409)
Total comprehensive loss        (22,252,041)(14,945,461)(2,137,172)
Accretion on redeemable non-controlling interests to redemption value   

(347,516

)(609,857

)(87,208

)
Net loss/(profit) attributable to non-controlling interests 

91,533

 (18,220

)(2,605

)
Comprehensive loss attributable to ordinary shareholders of NIO Inc. (22,508,024)(15,573,538)(2,226,985)
Weighted average number of ordinary shares/ADS used in computing net loss per share     

      
Basic and diluted

2,054,614,522

 2,272,635,997

 2,272,635,997

 
Net loss per share/ADS attributable to ordinary shareholders

      
Basic and diluted

(11.03

)(6.85

)(0.98

)
       

NIO INC. 

Unaudited Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands, except for share and per share/ADS data)



 Three Months Ended December 31, 2025

 GAAP

Result		Share-based compensationAccretion on redeemable non-controlling interests to redemption valueAdjusted

Result

(Non-GAAP)
 RMBRMBRMBRMB
Cost of sales        (28,576,182)14,098—(28,562,084)
Research and development expenses        (2,025,954)281,102—(1,744,852)
Selling, general and administrative expenses        (3,537,388)148,868—(3,388,520)
Total        (34,139,524)444,068—(33,695,456)
Profit from operations        807,270 444,068—1,251,338 
Net profit        282,718 444,068—726,786 
Net profit attributable to ordinary shareholders of NIO Inc.        122,443 444,068161,624728,135 
Net profit per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)        0.05 0.180.060.29 
Net profit per share/ADS attributable to ordinary shareholders, basic and diluted (USD)        0.01 0.020.010.04 
       



(All amounts in thousands, except for share and per share/ADS data)



 Three Months Ended September 30, 2025

 GAAP

Result		Share-based compensationOrganizational optimization chargesAccretion on redeemable non-controlling interests to redemption valueAdjusted

Result

(Non-GAAP)
 RMBRMBRMBRMBRMB
Cost of sales        (18,769,306)15,98826,129—(18,727,189)
Research and development expenses        (2,390,604)279,090172,594—(1,938,920)
Selling, general and administrative expenses        (4,184,675)154,46797,113—(3,933,095)
Total        (25,344,585)449,545295,836—(24,599,204)
Loss from operations        (3,521,522)449,545295,836—(2,776,141)
Net loss        (3,480,485)449,545295,836—(2,735,104)
Net loss attributable to ordinary shareholders of NIO Inc.        (3,660,753)449,545295,836155,369(2,760,003)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)        (1.51)0.190.120.06(1.14)
        



 Three Months Ended December 31, 2024

 GAAP

Result		Share-based compensationAccretion on redeemable non-controlling interests to redemption valueAdjusted

Result

(Non-GAAP)
 RMBRMBRMBRMB
Cost 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—(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)489,29393,570(6,548,906)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)        (3.45)0.230.05(3.17)
       

NIO INC.

Unaudited Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands, except for share and per share/ADS data)



 Year Ended December 31, 2025

 GAAP

Result		Share-based compensationOrganizational optimization chargesAccretion on redeemable non-controlling interests to redemption valueAdjusted

Result

(Non-GAAP)
 RMBRMBRMBRMBRMB
Cost of sales        (75,571,805)57,95480,411—(75,433,440)
Research and development expenses        (10,604,993)1,129,859388,126—(9,087,008)
Selling, general and administrative expenses        (16,087,747)602,914269,187—(15,215,646)
Total        (102,264,545)1,790,727737,724—(99,736,094)
Loss from operations        (14,041,238)1,790,727737,724—(11,512,787)
Net loss        (14,942,601)1,790,727737,724—(12,414,150)
Net loss attributable to ordinary shareholders of NIO Inc.        (15,570,678)1,790,727737,724609,857(12,432,370)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)        (6.85)0.790.320.27(5.47)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (USD)        (0.98)0.110.050.04(0.78)
        



(All amounts in thousands, except for share and per share data/ADS data)



 Year Ended December 31, 2024

 GAAP

Result		Share-based compensationAccretion on redeemable non-controlling interests to redemption valueAdjusted

Result

(Non-GAAP)
 RMBRMBRMBRMB
Cost of sales        (59,238,797)71,779—(59,167,018)
Research and development expenses        (13,037,304)1,296,136—(11,741,168)
Selling, general and administrative expenses        (15,741,057)560,597—(15,180,460)
Total        (88,017,158)1,928,512—(86,088,646)
Loss from operations        (21,874,073)1,928,512—(19,945,561)
Net loss        (22,401,709)1,928,512—(20,473,197)
Net loss attributable to ordinary shareholders of NIO Inc.        (22,657,692)1,928,512347,516(20,381,664)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)        (11.03)0.940.17(9.92)

_________________________

i All translations from RMB to USD for the fourth quarter and full year of 2025 were made at the rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 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 new vehicle sales only.

iii Except for gross margin and vehicle margin, where absolute changes instead of percentage changes are calculated.