蔚来NIO 2019年第二季度财报

2023年12月11日发(作者：东风日产阳光2021款报价及图片)

NIO Inc. Reports Unaudited Second Quarter 2019 FinancialResultsSeptember 24, 2019Quarterly Total Revenues reached RMB1,508.6 million (US$219.7 million)

Quarterly Deliveries of the ES8 and the ES61were 3,553 vehiclesSHANGHAI, China, Sept. 24, 2019 (GLOBE NEWSWIRE) -- NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer in China’spremium electric vehicle market, today announced its unaudited financial results for the second quarter ended June 30, ing Highlights for the Second Quarter of 2019

Deliveries of the ES8 were 3,140 in the second quarter of 2019, compared with 3,989 vehicles delivered in the firstquarter of ries of the ES6 reached 413 in the second quarter of 2019.

Key Operating Results

DeliveriesES8ES6Total

Financial Highlights for the Second Quarter of 2019

Vehicle sales were RMB1,414.5 million (US$206.1 million) in the second quarter of 2019, representing a decrease of7.9% from the first quarter of e margin2 was negative 24.1%, compared with negative 7.2% in the first quarter of 2019. Excluding accrued recallcosts, vehicle margin in the second quarter was negative 4.0%.Total revenues were RMB1,508.6 million (US$219.7 million) in the second quarter of 2019, representing a decrease of7.5% from the first quarter of margin was negative 33.4%, compared with negative 13.4% in the first quarter of 2019. Excluding accrued recallcosts, gross margin in the second quarter was negative 10.9%.Loss from operations was RMB3,226.1 million (US$469.9 million) in the second quarter of 2019, representing anincrease of 23.2% from the first quarter of 2019 and a 72.1% increase from the same period of 2018. Excluding accruedrecall costs and expenses, loss from operations in the second quarter was RMB2,869.7 million (US$418.0 million).Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB3,133.9 million(US$456.5 million) in the second quarter of 2019, representing an increase of 25.5% from the first quarter of 2019 and a73.0% increase from the same period of loss was RMB3,285.8 million (US$478.6 million) in the second quarter of 2019, representing an increase of 25.2%from the first quarter of 2019 and an 83.1% increase from the same period of 2018. Excluding share-based compensationexpenses, adjusted net loss (non-GAAP) was RMB3,193.6 million (US$465.2 million) in the second quarter of 2019,representing an increase of 27.5% from the first quarter of 2019 and an 84.5% increase from the same period of loss attributable to NIO’s ordinary shareholders was RMB3,313.7 million (US$482.7 million) in the second quarterof 2019, representing an increase of 24.9% from the first quarter of 2019 and a decrease of 45.8% from the same periodof 2018. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests toredemption value, adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) was RMB3,189.9 million(US$464.7 million).

2019 Q2

3,1404133,553

3,989—3,989

2019 Q1Basic and diluted net loss per American depositary share (ADS)3 were both RMB3.23 (US$0.47) in the second quarterof 2019. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests toredemption value, adjusted basic and diluted net loss per ADS (non-GAAP) were both RMB3.11 (US$0.45).Cash and cash equivalents, restricted cash and short-term investment were RMB3,455.6 million (US$503.4 million)as of June 30, Financial Results

(in RMB million, except for per ordinary sharedata and percentage)

Vehicle SalesVehicle MarginTotal RevenuesGross MarginLoss from OperationsAdjusted Loss from Operations (non-GAAP)Net LossAdjusted Net Loss (non-GAAP)Net Loss Attributable to Ordinary ShareholdersNet Loss per Ordinary Share-Basic and DilutedAdjusted Net Loss per Ordinary Share-Basic andDiluted (non-GAAP)

Recent DevelopmentsDeliveries in July and August 2019Deliveries in July were 837 vehicles, consisting of 164 ES8s and 673 ES6s. Deliveries during the month were impacted bythe Company’s voluntary battery recall for 4,803 ES8s, as the Company prioritized battery manufacturing capacity whichsignificantly affected production and ries in August were 1,943 vehicles, consisting of 146 ES8s and 1,797 ES6s, and representing 132.1% tible Note Subscription Agreements with Tencent and Bin LiThe Company has entered into convertible note subscription agreements with an affiliate of Tencent Holdings Limited(“Tencent”) and Mr. Bin Li, chairman and chief executive officer of the Company (together with Tencent, the “Investors”),pursuant to which NIO will issue and sell convertible notes (“Notes”) in an aggregate principal amount of US$200 million tothe Investors through a private placement. Consummation of the placement of the Notes is subject to satisfaction ofcustomary closing conditions and is expected to close before the end of t and Mr. Li will each subscribe for US$100 million principal amount of the convertible notes, each in two equallysplit tranches. The Notes issued in the first tranche will mature in 360 days, bear no interest, and require the Company topay a premium at 2% of the principal amount at maturity. The Notes issued in the second tranche will mature in threeyears, bear no interest, and require the Company to pay a premium at 6% of the principal amount at maturity. The 360-dayNotes will be convertible into Class A Ordinary Shares (or ADSs) of the Company at a conversion price of US$2.98 perADS at the holder’s option from the 15th day immediately prior to maturity, and the 3-year Notes will be convertible intoClass A Ordinary Shares (or ADSs) of the Company at a conversion price of US$3.12 per ADS at the holder’s option fromthe first anniversary of the issuance date. The holders of the 3-year Notes will have the right to require the Company torepurchase for cash all of the Notes or any portion thereof on February 1, 2022.

CEO Comments“During the second quarter of 2019, we delivered a total of 3,553 ES8 and ES6 vehicles. This was followed by 837 units in Julyand 1,943 units in August, bringing our total aggregate deliveries to 21,670 as of August 31, 2019,” said William Bin Li, founder,chairman and chief executive officer of NIO. “Our ES6, the Company’s 5-seater high-performance premium electric SUV, began

2019 Q2

1,414.5

-24.1%1,508.6

-33.4%(3,226.1)(3,133.9)(3,285.8)(3,193.6)(3,313.7)(3.23)(3.11)

2019 Q1

2018 Q2

% Change4QoQ-7.9%-16.9%-7.5%-20.0%23.2%25.5%25.2%27.5%24.9%25.9%28.5%YoY3,086.0%293.8%3,180.1%299.7%72.1%73.0%83.1%84.5%-45.8%-98.4%-94.6%

1,535.2

-7.2%

1,631.2

-13.4%

(2,617.7)

(2,498.1)

(2,623.6)

(2,504.0)

(2,652.0)

(2.56)

(2.42)

44.4

-317.9%

46.0

-333.1%

(1,875.0)

(1,811.5)

(1,794.5)

(1,731.1)

(6,110.6)

(204.93)

(57.82) rolling off the production line in June, and we are ramping up the production and deliveries for the coming months. In anenvironment of softer macro-economic and auto market conditions, we continue to work hard to expand our market ng in October, we will begin delivering the ES6 and ES8 with an 84-kWh battery pack, extending their NEDC driving range to510 km and 430 km, respectively. Going forward, we will continue to enhance sales by strengthening our value propositionthrough technology advancement.”

“In response to the overall tempered market conditions, we are also working hard to maximize returns on our resources and haveimplemented comprehensive efficiency and cost control measures across the organization. These measures aim to further improveefficiency and streamline operations within our sales and service network and R&D activities. We target to reduce our globalheadcount to be around 7,800 by the end of the third quarter from over 9,900 in January 2019, and aim to further pursue a leaneroperation through additional restructuring and spinning off some non-core businesses by year end,” Mr. Li ial Results for the Second Quarter of 2019RevenuesVehicle sales in the second quarter of 2019 were RMB1,414.5 million (US$206.1 million), representing a decrease of7.9% from the first quarter of 2019. The decrease in vehicle sales over the first quarter of 2019 was mainly due to thedecrease in sales volume in the second quarter of 2019 caused by the electric vehicle (EV) subsidy reduction announcedin late March and the slowdown of macro-economic conditions in China which has been exacerbated by the US-Chinatrade sales in the second quarter of 2019 were RMB94.0 million (US$13.7 million), representing a decrease of 2.0% fromthe first quarter of 2019. The decrease in other sales over the first quarter of 2019 was mainly attributed to the salesdecline in charging piles, in line with the decline in vehicle revenues in the second quarter of 2019 were RMB1,508.6 million (US$219.7 million), representing a decrease of7.5% from the first quarter of 2019.

Cost of Sales and Gross MarginCost of sales in the second quarter of 2019 was RMB2,012.8 million (US$293.2 million), representing an increase of 8.8%from the first quarter of 2019. The increase in cost of sales over the first quarter of 2019 was mainly caused by accruedrecall costs in relation to the Company’s voluntary recall of 4,803 vehicles announced on June 27, 2019. Total recall costsaccrued in the second quarter of 2019 were RMB339.1 (US$49.4 million), including RMB283.3 million (US$41.3 million)recorded in cost of vehicle sales and RMB55.8 million (US$8.1 million) recorded in cost of other sales, ing accrued recall costs, cost of sales in the second quarter was RMB1,673.7 million (US$243.8 million),representing a decrease of 9.6% from the first quarter of e margin in the second quarter of 2019 was negative 24.1%, compared with negative 7.2% in the first quarter of2019. The decrease of vehicle margin was mainly driven by the accrued recall costs in relation to the Company’s voluntaryrecall of 4,803 vehicles announced on June 27, 2019. Excluding accrued recall costs, vehicle margin in the second quarterwas negative 4.0%.Gross margin in the second quarter of 2019 was negative 33.4%, compared with negative 13.4% in the first quarter of2019, which was mainly influenced by the decrease of vehicle margin. Excluding accrued recall costs, gross margin in thesecond quarter was negative 10.9%.

Operating Expenses

Research and development expenses in the second quarter of 2019 were RMB1,300.5 million (US$189.4 million),representing an increase of 20.6% from the first quarter of 2019 and an increase of 70.0% from the second quarter of2018. Excluding share-based compensation expenses, adjusted research and development expenses (non-GAAP) wereRMB1,281.7 million (US$186.7 million), representing an increase of 22.5% from the first quarter of 2019 and an increase of68.3% from the second quarter of 2018. The increase in research and development expenses over the first quarter of 2019was primarily attributed to increased rigorous testing activities of ES6 before its mass production in the second quarter g, general and administrative expenses in the second quarter of 2019 were RMB1,421.4 million (US$207.0million), representing an increase of 7.7% from the first quarter of 2019 and an increase of 48.6% from the second quarterof 2018. Excluding share-based compensation expenses, adjusted selling, general and administrative expenses(non-GAAP) were RMB1,351.3 million (US$196.8 million), representing an increase of 9.5% from the first quarter of 2019and an increase of 50.7% from the second quarter of 2018. The increase in selling, general and administrative expensesover the first quarter of 2019 was primarily driven by the Company’s marketing expenditure on the Shanghai auto showand ES6 test drive campaign in the second quarter.

Loss from OperationsLoss from operations in the second quarter of 2019 was RMB3,226.1 million (US$469.9 million), representing anincrease of 23.2% from the first quarter of 2019 and an increase of 72.1% from the second quarter of 2018. Excludingaccrued recall costs and expenses, loss from operations in the second quarter was RMB2,869.7 million (US$418.0 million).Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB3,133.9 million(US$456.5 million), representing an increase of 25.5% from the first quarter of 2019 and an increase of 73.0% from thesecond quarter of 2018.

Share-based Compensation ExpensesShare-based compensation expenses in the second quarter of 2019 were RMB92.2 million (US$13.4 million),representing a decrease of 22.9% from the first quarter of 2019 and an increase of 45.3% from the second quarter of2018. The decrease in share-based compensation expenses over the first quarter of 2019 was primarily due to the part ofthe share-based compensation expenses that are recognized using the accelerated method, under which the expensesdecrease gradually over the vesting period.

Net Loss and Earnings Per ShareNet loss was RMB3,285.8 million (US$478.6 million) in the second quarter of 2019, representing an increase of 25.2%from the first quarter of 2019 and an increase of 83.1% from the second quarter of 2018. Excluding share-basedcompensation expenses, adjusted net loss (non-GAAP) was RMB3,193.6 million (US$465.2 million) in the second quarterof 2019, representing an increase of 27.5% from the first quarter of 2019 and an increase of 84.5% from the secondquarter of loss attributable to NIO’s ordinary shareholders in the second quarter of 2019 was RMB3,313.7 million (US$482.7million), representing an increase of 24.9% from the first quarter of 2019 and a decrease of 45.8% from the second quarterof 2018. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests toredemption value, adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) was RMB3,189.9 million(US$464.7 million).Basic and diluted net loss per ADS in the second quarter of 2019 were both RMB3.23 (US$0.47). Excludingshare-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjustedbasic and diluted net loss per ADS (non-GAAP) were both RMB3.11 (US$0.45).

Balance SheetsBalance of cash and cash equivalents, restricted cash and short-term investment was RMB3,455.6 million(US$503.4 million) as of June 30, January 1, 2019, the Company adopted ASC 842, Leases and used the additional transition method to initially applythis new lease standard at the adoption date. Right-of-use assets and lease liabilities were recognized on the Company\'sconsolidated financial statements.

Business OutlookFor the third quarter of 2019, the Company expects:

Deliveries of vehicles to be between 4,200 and 4,400 units, representing an increase of approximately 18.2% to 23.8%from the second quarter of revenues to be between RMB1,593 million (US$232.0 million) and RMB1,663million (US$242.2 million), representingan increase by approximately 5.6% to 10.3% from the second quarter of 2019. This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, whichis subject to ence CallManagement will not hold its previously scheduled second quarter 2019 earnings conference call at 8: Eastern Time today,Tuesday, September 24, 2019 (8: Beijing Time on September 24, 2019).About NIO Inc. is a pioneer in China’s premium electric vehicle market. Founded in November 2014, NIO’s mission is to shape a joyfullifestyle by offering premium smart electric vehicles and being the best user enterprise. NIO designs, jointly manufactures, andsells smart and connected premium electric vehicles, driving innovations in next generation technologies in connectivity,autonomous driving and artificial intelligence. Redefining the user experience, NIO provides users with comprehensive, convenientand innovative charging solutions and other user-centric services. NIO began deliveries of the ES8, a 7-seater high-performancepremium electric SUV in China in June 2018, and its variant, the six-seater ES8, in March 2019. NIO officially launched the ES6, a5-seater high-performance premium electric SUV, in December 2018 and began deliveries in June Harbor StatementThis press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions ofthe U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology suchas “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar other things, the Business Outlook and quotations from management in this announcement, as well as NIO’s strategic andoperational plans, contain forward-looking statements. NIO may also make written or oral forward-looking statements in its periodicreports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases andother written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are nothistorical facts, including statements about NIO’s beliefs, plans and expectations, are forward-looking statements. Forward-lookingstatements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from thosecontained in any forward-looking statement, including but not limited to the following: NIO’s strategies; NIO’s future businessdevelopment, financial condition and results of operations; NIO’s ability to develop and manufacture a car of sufficient quality andappeal to customers on schedule and on a large scale; its ability to grow manufacturing in collaboration with partners; its ability toprovide convenient charging solutions to our customers; its ability to satisfy the mandated safety standards relating to motorvehicles; its ability to secure supply of raw materials or other components used in our vehicles; its ability to secure sufficientreservations and sales of the ES8 and ES6; its ability to control costs associated with our operations; its ability to build our NIObrand; general economic and business conditions globally and in China and assumptions underlying or related to any of theforegoing. Further information regarding these and other risks is included in NIO’s filings with the SEC. All information provided inthis press release is as of the date of this press release, and NIO does not undertake any obligation to update any forward-lookingstatement, except as required under applicable -GAAP DisclosureThe Company uses non-GAAP measures, such as adjusted cost of sales (non-GAAP), adjusted research and developmentexpenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP), adjusted loss from operations(non-GAAP), adjusted net loss (non-GAAP), adjusted net loss attributable to ordinary shareholders (non-GAAP), adjusted basicand diluted net loss per share (non-GAAP) and adjusted basic and diluted net loss per ADS (non-GAAP), in evaluating itsoperating results and for financial and operational decision-making purposes. By excluding the impact of share-basedcompensation expenses, accretion on convertible redeemable preferred shares to redemption value and accretion on redeemablenon-controlling interests to redemption value, the Company believes that the non-GAAP financial measures help identifyunderlying trends in its business and enhance the overall understanding of the Company’s past performance and future Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used bythe Company’s management in its financial and operational non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAPmethods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analyticaltools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as asubstitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. TheCompany encourages investors and others to review its financial information in its entirety and not rely on a single Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAPperformance measures, all of which should be considered when evaluating the Company’s more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAPand Non-GAAP Results” set forth at the end of this press ge RateThis announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for theconvenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate ofRMB6.8650 to US$1.00, the noon buying rate in effect on June 28, 2019 in the H.10 statistical release of the Federal ReserveBoard. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into s or Renminbi, as the case may be, at any particular rate or at ent Regarding Preliminary Unaudited Financial InformationThe unaudited financial information set out in this earnings release is preliminary and subject to potential ments to the consolidated financial statements may be identified when audit work has been performed for the Company’syear-end audit, which could result in significant differences from this preliminary unaudited financial more information, please visit:

Contacts:NIO or RelationsTel: +86-21-6908-3681Email: ir@ Piacente Group, PiacenteTel: +1-212-481-2050Email: nio@s WarnerTel: +86-10-6508-0677Email: nio@rce: NIO

NIO INC.

Consolidated Balance SheetsAmounts expressed in Renminbi (“RMB”), unless otherwise stated(in thousands, except for share and per share data)

ASSETSCurrent assets:Cash and cash equivalentsRestricted cashShort-term investmentTrade receivableAmounts due from related partiesInventoryPrepayments and other current assets

December31, 2018(audited)

June 30,2019(unaudited)

2,352,27783,3001,020,0001,253,01953,3241,390,6961,842,886

June 30,2019(unaudited)(US$)

342,64812,134148,580182,5237,768202,578268,447

3,133,84757,0125,154,703756,50888,0661,465,2391,514,257 Total current assets

Non-current assets:Long-term restricted cashProperty, plant and equipment, netIntangible assets, netLand use rights, netLong-term investmentsAmounts due from related partiesRight-of-use assets - operating leaseOther non-current assets

Total non-current assets

Total assets

LIABILITIESCurrent liabilities:Short-term borrowingsTrade payableAmounts due to related partiesTaxes payableCurrent portion of operating lease liabilitiesCurrent portion of long-term borrowingsAccruals and other liabilities

Total current liabilities

Non-current liabilities:Long-term borrowingsNon-current operating lease liabilitiesOther non-current liabilities

Total non-current liabilities

Total liabilities

NIO INC.

Consolidated Balance SheetsAmounts expressed in Renminbi (“RMB”), unless otherwise stated(in thousands, except for share and per share data)

MEZZANINE EQUITYRedeemable non-controlling interests

12,169,632

33,528

4,853,157

3,470

213,662

148,303

7,970

—

1,412,830

7,995,502

20,608

5,612,717

2,839

211,238

178,074

7,970

2,299,433

1,874,537

1,164,678

3,002817,58341430,77025,9391,161334,950273,057

1,486,876

2,651,554

215,237300,02551,1115,82776,42842,492510,121

1,201,241

948,945281,442153,464

1,383,851

2,585,092

6,672,920

10,207,416

18,842,552

18,202,918

1,870,0002,869,953219,58351,317—198,8523,383,681

1,477,6002,059,674350,87940,003524,675291,7073,501,979

8,593,386

1,168,012—930,812

8,246,517

6,514,5081,932,1001,053,533

2,098,824

9,500,141

10,692,210

17,746,658

December31, 2018(audited)

1,329,197

June 30,2019(unaudited)

1,391,972

June 30,2019(unaudited)(US$)202,764 Total mezzanine equity

SHAREHOLDERS’ EQUITYOrdinary sharesTreasury sharesAdditional paid in capitalAccumulated other comprehensive lossAccumulated deficit

Total NIO Inc. shareholders’ equity

Non-controlling interests

Total shareholders’ equity

Total liabilities, mezzanine equity and shareholders’ equity

NIO INC.

Consolidated Statements of Comprehensive LossAmounts expressed in Renminbi (“RMB”), unless otherwise stated(in thousands, except for share and per share data)

Revenues:Vehicle salesOther salesTotal revenuesCost of sales:Vehicle salesOther salesTotal cost of salesGross lossOperating expenses:Research and developmentSelling, general and administrative

Total operating expenses

Loss from operations

Interest incomeInterest expensesShare of (losses)/income of equity investees

(765,205)

(956,568)

(1,721,773)

(1,874,961)

21,128

(14,442)(6,525)

June 30,2018(unaudited)

44,399

1,592

45,991

(185,531)

(13,648)

(199,179)

(153,188)

1,329,197

1,809

(9,186)41,918,936

(34,708)(35,039,810)

6,837,041

(15,896)

6,821,145

1,391,972

1,818

—

40,208,643

(165,432)

(41,005,495)

(960,466)

24,754

(935,712)

202,764

265

—

5,857,049

(24,098)(5,973,124)

(139,908)

3,606

(136,302)

18,842,552

18,202,918

2,651,554

Three Months EndedMarch 31,2019(unaudited)June 30, 2019June 30, 2019(unaudited)(unaudited) (US$)

1,535,190 1,414,533 206,050

95,971

94,037

13,698

1,508,570

(1,755,017)

(257,737)

(2,012,754)

(504,184)

(1,300,531)

(1,421,392)

(2,721,923)

(3,226,107)

46,519

(96,884)

(28,214)

(396,493)(469,936)6,776

(14,113)(4,110)219,748

(255,647)(37,544)(293,191)(73,443)

(189,444)(207,049)1,631,161

(1,645,189)

(205,273)

(1,850,462)

(219,301)

(1,078,448)

(1,319,937)

(2,398,385)

(2,617,686)62,738

(68,118)2,112

Other income/(loss), net

Loss before income tax expense

Income tax expense

82,778

(1,792,022)

(2,485)

(1,794,507)

(1,324)

(2,622,278)

(1,341)

(2,623,619)

—

(31,214)

2,804

(2,652,029)

(2,623,619)

(60,585)

(2,684,204)

22,600

(3,282,086)

(3,679)

(3,285,765)

—

(31,561)

3,670

(3,313,656)

(3,285,765)

(70,139)

(3,355,904)

3,292

(478,091)(536)(478,627)Net loss

Accretion on convertible redeemable preferred shares to redemptionvalue(4,323,154)

Accretion on redeemable non-controlling interests to redemptionvalue—

7,036

Net loss attributable to non-controlling interests

Net loss attributable to ordinary shareholders of NIO Inc.

Net lossOther comprehensive (loss)/incomeForeign currency translation adjustment, net of nil taxTotal other comprehensive (loss)/incomeTotal comprehensive loss

Accretion on convertible redeemable preferred shares to redemptionvalueAccretion on redeemable non-controlling interests to redemptionvalueNet loss attributable to non-controlling interests

Comprehensive loss attributable to ordinary shareholders ofNIO Inc.

Weighted average number of ordinary shares used incomputing net loss per shareBasic and dilutedNet loss per share attributable to ordinary shareholdersBasic and dilutedWeighted average number of ADS used in computing netloss per shareBasic and dilutedNet loss per ADS attributable to ordinary shareholdersBasic and diluted

NIO ted Reconciliation of GAAP and Non-GAAP ResultsAmounts expressed in Renminbi (“RMB”), unless otherwise stated(in thousands, except for share and per share data)

1,217

(1,793,290)

(6,110,625)

(1,794,507)

—

(4,597)535

(482,689)(478,627)(10,217)(10,217)(488,844)(4,323,154)

—

7,036

(6,109,408)

—

(31,214)

2,804

(2,712,614)

—

(31,561)

3,670

(3,383,795)

—

(4,597)535

(492,906)

29,818,067 1,034,648,189 1,026,505,444 1,026,505,444

(204.93) (2.56) (3.23) (0.47)

— 1,034,648,189 1,026,505,444 1,026,505,444

— (2.56) (3.23) (0.47)

Share-based compensation included in cost ofsales and operating expenses is as follows:Cost of salesResearch and development expensesGAAPResult

(2,012,754)(1,300,531)(1,421,392)

Three Months Ended June 30, 2019% ofNon-GAAP% ofTotal AdjustmentTotalRevenues Revenues

-133.4%

-86.2%

-94.2%

-313.8%

-213.8%

-217.8%

-2.1%

-219.7%

3,362

18,784

70,064

92,210

31,561

123,771

0.12

0.02

Non-GAAP% ofResultTotal Revenues

Selling, general and administrative expenses

Total(4,734,677)

Loss from operations(3,226,107)

Net loss(3,285,765)

Accretion on redeemable non-controlling intereststo redemption value(31,561)

Net loss attributable to ordinary shareholders ofNIO Inc.(3,313,656)

Net loss per share attributable to ordinaryshareholders, basic and diluted (RMB)(3.23)

Net loss per ADS attributable to ordinaryshareholders, basic and diluted (RMB)(3.23)

Net loss per ADS attributable to ordinaryshareholders, basic and diluted (USD)(0.47)

Share-based compensation included in cost ofsales and operating expenses is as follows:Cost of salesResearch and development expensesGAAPResult

(1,850,462)(1,078,448)(1,319,937)

0.2% (2,009,392)1.2% (1,281,747)4.6%

(1,351,328)

6.0% (4,642,467)

6.0% (3,133,897)

6.0% (3,193,555)

2.1%

—

-133.2%-85.0%-89.6%-307.8%

-207.8%

-211.8%

0.0%

-211.5%

8.2% (3,189,885)

(3.11)

(0.45)

Three Months Ended March 31, 2019% ofNon-GAAP% ofTotal AdjustmentTotalRevenues Revenues

-113.4%

-66.1%

-80.9%

-260.4%

-160.5%

-160.8%

-1.9%

1,475

32,281

85,863

119,619

31,214

Non-GAAP% ofResultTotal Revenues

Selling, general and administrative expenses

Total(4,248,847)

Loss from operations(2,617,686)

Net loss(2,623,619)

Accretion on redeemable non-controlling intereststo redemption value(31,214)

0.0% (1,848,987)2.0% (1,046,167)5.3%

(1,234,074)

7.3% (4,129,228)

7.3% (2,498,067)

7.3% (2,504,000)

1.9%

—

-113.4%-64.1%-75.6%-253.1%

-153.2%

-153.5%

0.0% Net loss attributable to ordinary shareholders ofNIO Inc.

Net loss per share attributable to ordinaryshareholders, basic and diluted (RMB)Net loss per ADS attributable to ordinaryshareholders, basic and diluted (RMB)

Share-based compensation included in cost ofsales and operating expenses is as follows:

Cost of salesResearch and development expenses(2,652,029)

(2.56)

-162.7%

150,833

0.14

9.2% (2,501,196)

(2.42)

-153.5%

Three Months Ended June 30, 2018

GAAPResult% ofNon-GAAP% ofTotal AdjustmentTotalRevenues Revenues

—

3,498

59,946

Non-GAAP% ofResultTotal Revenues

Selling, general and administrative expenses

Total(1,920,952) -4176.8% 63,444

Loss from operations(1,874,961) -4076.8% 63,444

Net loss(1,794,507) -3901.9% 63,444

Accretion on redeemable non-controllinginterests to redemption value (4,323,154 ) -9400.0% 4,323,154

Net loss attributable to ordinary shareholders ofNIO Inc.(6,110,625) -13286.6% 4,386,598

Net loss per share attributable to ordinaryshareholders, basic and diluted (RMB)(204.93) 147.11

(199,179) -433.1%

(765,205) -1663.8%

(956,568)

-2079.9%

0.0% (199,179) -433.1%

7.6% (761,707) -1656.2%

130.3%

(896,622)

-1949.6%

137.9% (1,857,508) -4038.9%

137.9% (1,811,517) -3938.9%

137.9% (1,731,063) -3764.0%

9400.0% — 0.0%

-3748.7%

9,537.9% (1,724,027)

(57.82)1 Deliveries of ES6, the Company’s 5-seater high-performance premium electric SUV, commenced on June 18, 2019 to externalusers.2 Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehiclesales only.3 Each ADS represents one ordinary share.4 Except for gross margin and vehicle margin, where absolute changes instead of percentage changes are calculated.

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