$NIOIF

NIO Inc.

CIK:0001736541|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Revenue:
Total revenues	¥ 87,487,510	$ 12,510,547	¥ 65,731,559	¥ 55,617,933
Cost of sales:
Total cost of sales	(75,571,805)	(10,806,624)	(59,238,797)	(52,566,137)
Gross profit	11,915,705	1,703,923	6,492,762	3,051,796
Operating expenses:
Research and development	(10,604,993)	(1,516,494)	(13,037,304)	(13,431,399)
Selling, general and administrative	(16,087,747)	(2,300,517)	(15,741,057)	(12,884,556)
Other operating income, net (including income from related parties of nil, nil and RMB150,000 for the years ended December 31, 2023, 2024 and 2025, respectively)	735,797	105,218	411,526	608,975
Total operating expenses	(25,956,943)	(3,711,793)	(28,366,835)	(25,706,980)
Loss from operations	(14,041,238)	(2,007,870)	(21,874,073)	(22,655,184)
Interest and investment income	761,658	108,916	853,728	2,210,018
Interest expenses	(885,248)	(126,589)	(798,363)	(403,530)
Gain/(loss) on extinguishment of debt	(14,660)	(2,096)	(4,480)	170,193
Share of income/(loss) of equity investees	(1,092,184)	(156,180)	(503,193)	64,394
Other income/(loss), net	450,953	64,485	(98,143)	155,191
Loss before income tax expense	(14,820,719)	(2,119,334)	(22,424,524)	(20,458,918)
Income tax (expense)/benefit	(121,882)	(17,429)	22,815	(260,835)
Net loss	(14,942,601)	(2,136,763)	(22,401,709)	(20,719,753)
Accretion on redeemable non-controlling interests to redemption value	(609,857)	(87,208)	(347,516)	(303,163)
Net (profit)/loss attributable to non-controlling interests	(18,220)	(2,605)	91,533	(124,051)
Net loss attributable to ordinary shareholders of NIO Inc.	(15,570,678)	(2,226,576)	(22,657,692)	(21,146,967)
Net loss	(14,942,601)	(2,136,763)	(22,401,709)	(20,719,753)
Other comprehensive (loss)/income
Change in unrealized losses related to available-for-sale debt securities, net of tax \| ¥				(770,560)
Foreign currency translation adjustment, net of nil tax	(2,860)	(409)	149,668	11,514
Total other comprehensive (loss)/income	(2,860)	(409)	149,668	(759,046)
Total comprehensive loss	(14,945,461)	(2,137,172)	(22,252,041)	(21,478,799)
Accretion on redeemable non-controlling interests to redemption value	(609,857)	(87,208)	(347,516)	(303,163)
Net (profit)/loss attributable to non-controlling interests	(18,220)	(2,605)	91,533	(124,051)
Other comprehensive loss attributable to non-controlling interests \| ¥				156,026
Comprehensive loss attributable to ordinary shareholders of NIO Inc	¥ (15,573,538)	$ (2,226,985)	¥ (22,508,024)	¥ (21,749,987)
Weighted average number of ordinary shares/ADS used in computing net loss per share
Weighted average number of ordinary shares, basic \| shares	2,272,635,997	2,272,635,997	2,054,614,522	1,700,203,886
Weighted average number of ordinary shares, diluted \| shares	2,272,635,997	2,272,635,997	2,054,614,522	1,700,203,886
Net loss per share/ADS attributable to ordinary shareholders
Net loss per share, basic \| (per share)	¥ (6.85)	$ (0.98)	¥ (11.03)	¥ (12.44)
Net loss per share, diluted \| (per share)	¥ (6.85)	$ (0.98)	¥ (11.03)	¥ (12.44)
Vehicle sales
Revenue:
Total revenues	¥ 76,883,876	$ 10,994,248	¥ 58,234,086	¥ 49,257,270
Cost of sales:
Total cost of sales	(65,670,810)	(9,390,801)	(51,094,616)	(44,587,572)
Other sales
Revenue:
Total revenues	10,603,634	1,516,299	7,497,473	6,360,663
Cost of sales:
Total cost of sales	¥ (9,900,995)	$ (1,415,823)	¥ (8,144,181)	¥ (7,978,565)

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	¥ (14,942,601)	$ (2,136,763)	¥ (22,401,709)	¥ (20,719,753)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,146,629	1,021,954	5,875,499	3,377,977
Expected credit loss reversal	(46,691)	(6,677)	(3,761)	(26,315)
Inventory write-downs	509,322	72,832	123,345	65,362
Impairment on long-term assets	0		55,331	0
Foreign exchange (gain)/loss	(340,666)	(48,715)	212,046	(55,458)
Share-based compensation expenses	1,790,727	256,071	1,928,512	2,369,041
Investment (income)/loss	(213,766)	(30,568)	438,048	(969,134)
(Gain)/Loss on extinguishment of debt	14,660	2,096	4,480	(170,193)
Share of (income)/loss of equity investees	1,092,184	156,180	503,193	(64,394)
Amortization of right-of-use assets	2,228,651	318,693	1,825,182	1,529,464
(Gain)/Loss on disposal of long-lived assets	(43,329)	(6,196)	63,615	(4,473)
Deferred income tax expense/(benefit)	(14,776)	(2,113)	(84,880)	200,892
Changes in operating assets and liabilities:
Prepayments and other current assets	(106,172)	(15,182)	940,166	279,387
Inventory	(3,115,254)	(445,475)	(1,785,940)	2,895,477
Other non-current assets	793,572	113,479	1,385,067	2,600,019
Amounts due from related parties	(8,386,290)	(1,199,224)	(5,980,929)	(329,704)
Operating lease liabilities	(1,876,314)	(268,309)	(1,793,806)	(1,255,825)
Taxes payable	36,917	5,279	53,323	61,014
Trade and notes receivable	298,196	42,641	2,985,794	453,382
Trade and notes payable	18,250,933	2,609,849	4,717,183	4,870,777
Accruals and other liabilities	(312,674)	(44,712)	1,255,705	1,827,860
Amounts due to related parties, current	199,884	28,583	(152,262)	177,264
Amounts due to related parties, non-current	204,032	29,176	329,492
Other non-current liabilities	(174,562)	(24,962)	1,658,138	1,505,787
Net cash (used in)/provided by operating activities	3,000,000	427,937	(7,849,168)	(1,381,546)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets	(6,065,226)	(867,316)	(9,142,293)	(14,340,771)
Proceeds from disposal of property, plant and equipment	113,471	16,226	231,519	73,064
Purchase of short-term investments	(29,427,788)	(4,208,118)	(45,957,615)	(43,899,109)
Proceeds from maturities of short-term investments	23,639,565	3,380,413	50,413,873	47,753,555
Purchase of available-for-sale debt investment	(1,820)	(260)	(52,842)
Acquisitions of equity investments	(565,448)	(80,858)	(392,442)	(421,729)
Proceeds from disposal and withdrawal of equity investments	810,412	115,887		10,750
Purchase of held to maturity debt investments	(6,456)	(923)	(17,687)	(35,000)
Purchase of retained asset-backed securities			(124,000)	(43,000)
Proceeds from maturities of retained asset-backed securities	43,600	6,235	82,994	16,865
Net cash used in investing activities	(11,459,690)	(1,638,714)	(4,958,493)	(10,885,375)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	99,063	14,166	111,347	86,820
Capital withdrawal by non-controlling interests	(61,778)	(8,834)	(343)	(250)
Distributions to non-controlling interests	(72,722)	(10,399)
Capital injection from redeemable non-controlling interests	500,000	71,499	3,295,465
Proceeds from issuance of convertible senior notes				8,120,765
Repurchase of convertible senior notes	(2,712,421)	(387,871)	(3,302,213)	(3,387,648)
Proceeds from borrowings from third parties	5,540,510	792,282	9,218,865	8,014,434
Repayments of borrowings from third parties	(8,289,205)	(1,185,341)	(7,512,784)	(6,096,018)
Proceeds from borrowings from related parties	87,310	12,485
Principal payments on finance leases	(101,113)	(14,459)	(37,854)	(37,511)
Proceeds from issuance of ordinary shares, net of issuance costs	11,854,716	1,695,202		20,962,289
Net cash provided by financing activities	6,844,360	978,730	1,772,483	27,662,881
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(16,256)	(2,324)	161,039	70,254
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(1,638,974)	(234,371)	(10,874,139)	15,466,214
Cash, cash equivalents and restricted cash at beginning of the year	27,747,368	3,967,821	38,621,507	23,155,293
Cash, cash equivalents and restricted cash at end of the year	26,108,394	3,733,450	27,747,368	38,621,507
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accruals related to purchase of property, plant and equipment	4,522,514	646,711	3,872,477	4,445,749
Exchange of convertible senior notes to ordinary shares with cancellation of the same amount of treasury shares (Note 12 (iv))			902,829
Accretion on redeemable non-controlling interests to redemption value	609,857	87,208	347,516	303,163
Settlement of capped call options and zero strike call options (Note 12 (iv))			709,490
Acquisition of a debt investment through contribution of long-lived asset	159,000	22,737
Supplemental Disclosure
Interest paid	879,665	125,790	641,903	285,479
Income taxes paid	¥ 144,099	$ 20,606	¥ 65,363	¥ 35,975

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 11,274,094	$ 1,612,174	¥ 19,328,920
Restricted cash	14,745,975	2,108,646	8,320,728
Short-term investments	19,755,809	2,825,043	14,137,566
Trade and notes receivables, net (Allowance for expected credit losses of RMB38.5 million and RMB26.6 million as of December 31, 2024 and 2025, respectively)	1,394,445	199,403	1,676,246
Amounts due from related parties, net (Allowance for expected credit losses of RMB10.1 million and RMB20.6 million as of December 31, 2024 and 2025, respectively)	16,078,250	2,299,159	7,702,404
Inventory	8,530,854	1,219,896	7,087,223
Prepayments and other current assets, net (Allowance for expected credit losses of RMB1.9 million and RMB1.5 million as of December 31, 2024 and 2025, respectively)	4,853,610	694,057	3,632,956
Total current assets	76,633,037	10,958,378	61,886,043
Non-current assets:
Long-term restricted cash	88,325	12,630	97,720
Property, plant and equipment, net	25,827,968	3,693,350	25,892,904
Intangible assets, net	29,648	4,240	29,648
Land use rights, net	196,691	28,126	201,995
Long-term investments	2,480,518	354,709	3,126,007
Right-of-use assets - operating lease	11,711,306	1,674,694	12,797,158
Other non-current assets, net (Allowance for expected credit losses of RMB59.4 million and RMB14.7 million as of December 31, 2024 and 2025, respectively)	7,433,585	1,062,989	3,573,137
Total non-current assets	47,768,041	6,830,738	45,718,569
Total assets	124,401,078	17,789,116	107,604,612
Current liabilities:
Short-term borrowings	4,691,910	670,934	5,729,561
Trade and notes payable	53,309,727	7,623,190	34,387,266
Amounts due to related parties, current	¥ 625,903	$ 89,503	¥ 409,363
Other Liability, Current, Related Party [Extensible Enumeration]	Related party	Related party	Related party
Taxes payable	¥ 439,240	$ 62,810	¥ 400,146
Current portion of operating lease liabilities	2,163,768	309,415	1,945,987
Current portion of long-term borrowings	655,971	93,803	3,397,622
Accruals and other liabilities	16,696,044	2,387,502	16,041,079
Total current liabilities	78,582,563	11,237,157	62,311,024
Non-current liabilities:
Long-term borrowings	8,626,272	1,233,540	11,440,755
Non-current operating lease liabilities	10,092,039	1,443,142	11,260,735
Deferred tax liabilities	112,691	16,115	127,467
Total non-current liabilities	33,125,958	4,736,947	31,787,045
Total liabilities	111,708,521	15,974,104	94,098,069
Commitments and contingencies (Note 26)
MEZZANINE EQUITY
Redeemable non-controlling interests	8,551,854	1,222,899	7,441,997
Total mezzanine equity	8,551,854	1,222,899	7,441,997
SHAREHOLDERS' EQUITY
Less: Treasury shares (3,472,933 and 2,951,528 shares as of December 31, 2024 and 2025, respectively)	(123,910)	(17,719)	(239,328)
Additional paid in capital	131,728,259	18,836,891	118,688,242
Accumulated other comprehensive income	579,799	82,910	582,659
Accumulated deficit	(128,000,000)	(18,307,908)	(113,068,210)
Total NIO Inc. shareholders' equity	4,159,460	594,795	5,967,023
Non-controlling interests	(18,757)	(2,682)	97,523
Total shareholders' equity	4,140,703	592,113	6,064,546
Total liabilities, mezzanine equity and shareholders' equity	124,401,078	17,789,116	107,604,612
Related party
Non-current liabilities:
Other non-current liabilities	604,178	86,396	329,492
Nonrelated party
Non-current liabilities:
Other non-current liabilities	13,690,778	1,957,754	8,628,596
Class A Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	4,089	585	3,406
Class C Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	¥ 254	$ 36	¥ 254