NIO Achieves First-Ever Quarterly Profit in Q4 2025

[Financial Milestone] NIO reported an operating profit of RMB 1.25 billion in Q4 2025, ending an 11-year cycle of losses.

Core Developments: Multi-Brand Strategy and In-House Technology Drive Profitability Inflection Point

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  Full-year deliveries reached 326,000 vehicles (up 46.9% year-over-year), with ONVO and Firefly contributing over 44% of total sales.

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  The Shenji NX9031, a 5-nanometer autonomous driving chip, along with steer-by-wire systems, have been mass-deployed on models including the ET9, enabling the ES8 to achieve a per-vehicle gross margin of 20%.

Key Metrics: Dual High Growth in Revenue and Cash Reserves

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  Q4 revenue hit RMB 34.65 billion (up 75.9% year-over-year), with vehicle gross margin at 18.1%, the highest in nearly three years.

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  Full-year revenue totaled RMB 87.49 billion (up 33.1% year-over-year), and cash reserves increased to RMB 45.9 billion.

Strategic Foundation: Economies of Scale Reduce R&D Costs Per Unit, Yet Cumulative Losses Still Exceed RMB 90 Billion

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  Q1 2026 delivery guidance stands at 80,000–83,000 vehicles (up over 90% year-over-year), with revenue expected to double to RMB 24.48–25.18 billion.