NIO-SW (09866) announced its financial results for the fourth quarter and full year of 2025. In the fourth quarter, vehicle sales reached RMB 31.61 billion (USD 4.52 billion), representing an increase of 80.9% compared to the fourth quarter of 2024 and a 64.6% increase from the third quarter of 2025. Total revenue was RMB 34.65 billion (USD 4.95 billion), up 75.9% year-over-year and 59.0% sequentially. Gross profit amounted to RMB 6.07 billion (USD 868.6 million), surging 163.1% from the same period in 2024 and increasing 100.8% quarter-over-quarter.
For the full year 2025, vehicle sales totaled RMB 76.88 billion (USD 10.99 billion), a 32.0% increase from the previous year. Total revenue reached RMB 87.49 billion (USD 12.51 billion), marking a 33.1% annual growth. Gross profit was RMB 11.92 billion (USD 1.70 billion), up 83.5% year-over-year. The full-year gross margin was 13.6%, compared to 9.9% in 2024.
In the fourth quarter, the company delivered 124,807 smart electric vehicles, a 71.7% increase year-over-year, with quarterly deliveries for the NIO, Ledao, and Firefly brands all reaching record highs. For the full year 2025, combined deliveries across the three brands reached 326,028 vehicles, a 46.9% annual increase. The company forecasts first-quarter 2026 total deliveries to be between 80,000 and 83,000 units, representing year-over-year growth of 90.1% to 97.2%.
William Li, Founder, Chairman, and CEO of NIO, stated that the comprehensive competitiveness of the three brands' products has been highly recognized in their respective market segments. The new ES8 maintained strong delivery performance, setting a new monthly delivery record for models priced above RMB 400,000. The Ledao L90 performed excellently, becoming the best-selling pure-electric large SUV in 2025. The Firefly model has consistently held a leading position in the premium small car market since its launch. He added that the company's self-developed core technologies for smart electric vehicles have successively achieved mass production, enhancing product competitiveness while delivering significant cost reductions. In 2026, the company will continue to invest in twelve key full-stack technologies, launch new models, enhance the energy and commercial operational capabilities of its battery swap and charging network, and further optimize its sales and service network.
Qu Yu, Chief Financial Officer of NIO, noted that the vehicle margin in the fourth quarter was 18.1%, and the margin for other sales was 11.9%, primarily driven by significant growth in sales volume and revenue, optimized product mix, and effective cost reduction measures. The company achieved a non-GAAP operating profit of RMB 1.25 billion in the fourth quarter, marking a major breakthrough in its operating results. In 2026, the company will continue to improve operational efficiency and cost optimization to deliver more robust operating performance for users, partners, and shareholders.