NIO 2025: The Long-Awaited First Profit, How Valuable Is It?

2026-04-11 16:08:21

Abstract generation in progress

Founded 11 years ago, with cumulative losses exceeding 326k yuan, NIO finally achieved quarterly profitability in Q4 2025 — a net profit of 283 million yuan.

This breakthrough was not reliant on subsidies or asset sales, but came from genuine improvements in core business: vehicle gross margin in Q4 jumped from 13.1% in the same period last year to 18.1%, driven by product mix upgrades and supply chain cost reductions; at the same time, R&D and sales expenses were significantly cut, with Q4 R&D spending halved by 44% year-over-year.

Additionally, in 2025, NIO delivered 326k electric vehicles, nearly a 50% increase year-over-year, with all three major brands setting quarterly records. However, the full-year net loss still reached 14.9 billion yuan, and NIO’s story has only just begun.

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