Nio Posts 10.3% Decline in Q4 Revenue From Q3, Guides Q1 Deliveries of 31,000 to 33,000
Nio Posts 10.3% Decline in Q4 Revenue From Q3, Guides Q1 Deliveries of 31,000 to 33,000
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Nio (NYSE: NIO) reported total revenues of RMB17.1 billion in the fourth quarter of 2023, an increase of 6.5 percent from the fourth quarter of 2022 and a decrease of 10.3 percent from the third quarter of 2023.
蔚来（纽约证券交易所代码：NIO）报告称，2023年第四季度的总收入为人民币171亿元，较2022年第四季度增长6.5％，比2023年第三季度下降10.3％。
Net loss for the fourth quarter of 2023 was RMB5.37 billion, a decrease of 7.2 percent from the fourth quarter of 2022 and an increase of 17.8 percent from the third quarter of 2023.
2023年第四季度的净亏损为人民币53.7亿元，较2022年第四季度下降7.2％，比2023年第三季度增长17.8％。
Below is its statement, as the CnEVPost article is being updated.
以下是其声明，因为CNEVPost的文章正在更新中。
Financial Results for the Fourth Quarter and Full Year of 2023
2023年第四季度和全年财务业绩
Revenues
收入
Total revenues in the fourth quarter of 2023 were RMB17,103.2 million (US$2,408.9 million), representing an increase of 6.5% from the fourth quarter of 2022 and a decrease of 10.3% from the third quarter of 2023.
2023年第四季度的总收入为人民币171.032亿元（合24.089亿美元），比2022年第四季度增长6.5％，比2023年第三季度下降10.3％。
Total revenues for the full year of 2023 were RMB55,617.9 million (US$7,833.6 million), representing an increase of 12.9% from the previous year.
2023年全年的总收入为人民币556.179亿元（合78.336亿美元），比上年增长12.9％。
Vehicle sales in the fourth quarter of 2023 were RMB15,438.7 million (US$2,174.5 million), representing an increase of 4.6% from the fourth quarter of 2022 and a decrease of 11.3% from the third quarter of 2023.
2023年第四季度的汽车销售额为人民币154.387亿元（合21.745亿美元），比2022年第四季度增长4.6％，比2023年第三季度下降11.3％。
The increase in vehicle sales over the fourth quarter of 2022 was mainly due to the increase in delivery volume, partially offset by the lower average selling price as a result of changes in product mix. The decrease in vehicle sales over the third quarter of 2023 was mainly attributed to a decrease in delivery volume.
与2022年第四季度相比，汽车销量的增长主要是由于交付量的增加，但部分被产品结构变化导致的平均销售价格下降所抵消。与2023年第三季度相比，汽车销量的下降主要归因于交付量的下降。
Vehicle sales for the full year of 2023 were RMB49,257.3 million (US$6,937.7 million), representing an increase of 8.2% from the previous year.
2023年全年的汽车销售额为人民币492.573亿元（合69.377亿美元），比上年增长8.2％。
Other sales in the fourth quarter of 2023 were RMB1,664.5 million (US$234.4 million), representing an increase of 27.6% from the fourth quarter of 2022 and an increase of 0.4% from the third quarter of 2023.
2023年第四季度的其他销售额为人民币16.645亿元（合2.344亿美元），比2022年第四季度增长27.6％，比2023年第三季度增长0.4％。
The increase in other sales over the fourth quarter of 2022 was mainly due to the increase in sales of accessories and provision of power solutions, as a result of continued growth in the number of our users. Other sales remained relatively stable compared with the third quarter of 2023.
与2022年第四季度相比，其他销售额的增长主要是由于我们的用户数量持续增长导致配件销售和电力解决方案的提供。与2023年第三季度相比，其他销售额保持相对稳定。
Other sales for the full year of 2023 were RMB6,360.7 million (US$895.9 million), representing an increase of 69.1% from the previous year.
Cost of Sales and Gross Margin
2023年全年其他销售额为人民币63.607亿元（8.959亿美元），比上年增长69.1％。
销售成本和毛利率
Cost of sales in the fourth quarter of 2023 was RMB15,823.9 million (US$2,228.8 million), representing an increase of 2.5% from the fourth quarter of 2022 and a decrease of 9.8% from the third quarter of 2023. Cost of sales remained relatively stable compared with the fourth quarter of 2022. The decrease in cost of sales over the third quarter of 2023 was mainly attributable to a decrease in delivery volume.
2023年第四季度的销售成本为人民币158.239亿元（合22.288亿美元），比2022年第四季度增长2.5％，比2023年第三季度下降9.8％。与2022年第四季度相比，销售成本保持相对稳定。与2023年第三季度相比，销售成本的下降主要归因于交付量的减少。
Cost of sales for the full year of 2023 was RMB52,566.1 million (US$7,403.8 million), representing an increase of 19.1% from the previous year.
2023年全年的销售成本为人民币525.661亿元（合74.038亿美元），比上年增长19.1％。
Gross profit in the fourth quarter of 2023 was RMB1,279.2 million (US$180.2 million), representing an increase of 105.7% from the fourth quarter of 2022 and a decrease of 16.0% from the third quarter of 2023.
2023年第四季度的毛利为人民币12.792亿元（1.802亿美元），比2022年第四季度增长105.7％，比2023年第三季度下降16.0％。
Gross Profit for the full year of 2023 was RMB3,051.8 million (US$429.8 million), representing a decrease of 40.7% from the previous year.
2023年全年毛利为人民币30.518亿元（4.298亿美元），比上年下降40.7％。
Gross margin in the fourth quarter of 2023 was 7.5%, compared with 3.9% in the fourth quarter of 2022 and 8.0% in the third quarter of 2023.
2023年第四季度的毛利率为7.5％，而2022年第四季度为3.9％，2023年第三季度为8.0％。
The increase of gross margin over the fourth quarter of 2022 was mainly attributed to the increased vehicle margin. The decrease of gross margin over the third quarter of 2023 was mainly attributed to the decrease in margin from provision of power solutions as a result of expanded power network, and partially offset by the higher vehicle margin.
与2022年第四季度相比，毛利率的增长主要归因于车辆利润率的提高。与2023年第三季度相比，毛利率下降的主要原因是电力网络扩大导致提供电力解决方案的利润率下降，但部分被汽车利润率的提高所抵消。
Gross margin for the full year of 2023 was 5.5%, compared with 10.4% for the full year of 2022.
2023年全年的毛利率为5.5％，而2022年全年的毛利率为10.4％。
Vehicle margin in the fourth quarter of 2023 was 11.9%, compared with 6.8% in the fourth quarter of 2022 and 11.0% in the third quarter of 2023. The increase in vehicle margin from the fourth quarter of 2022 was mainly attributable to (i) the decreased material cost per unit, and (ii) the inventory provisions, accelerated depreciation on production facilities, and losses on purchase commitments for the previous generation of ES8, ES6 and EC6 recorded in the fourth quarter of 2022. The increase in vehicle margin from the third quarter of 2023 was mainly due to the decreased material cost per unit.
2023年第四季度的车辆利润率为11.9％，而2022年第四季度为6.8％，2023年第三季度为11.0％。与2022年第四季度相比，汽车利润率的增加主要归因于（i）单位材料成本下降，以及（ii）2022年第四季度记录的库存准备、生产设施的加速折旧以及上一代ES8、ES6和EC6的购买承诺亏损。自2023年第三季度以来，车辆利润率的增长主要是由于单位材料成本的降低。
Vehicle margin for the full year of 2023 was 9.5%, compared with 13.7% for the full year of 2022.
Operating Expenses
2023年全年的车辆利润率为9.5％，而2022年全年为13.7％。
运营费用
Research and development expenses in the fourth quarter of 2023 were RMB3,972.1 million (US$559.5 million), representing a decrease of 0.2% from the fourth quarter of 2022 and an increase of 30.7% from the third quarter of 2023. Excluding share-based compensation expenses, research and development expenses (non-GAAP) were RMB3,616.4 million (US$509.4 million), representing an increase of 1.8% from the fourth quarter of 2022 and an increase of 36.8% from the third quarter of 2023.
2023年第四季度的研发费用为人民币39.721亿元（合5.595亿美元），比2022年第四季度下降0.2％，比2023年第三季度增长30.7％。不包括基于股份的薪酬支出，研发费用（非公认会计准则）为人民币36.164亿元（5.094亿美元），较2022年第四季度增长1.8％，比2023年第三季度增长36.8％。
Research and development expenses remained relatively stable compared with the fourth quarter of 2022. The increase in research and development expenses over the third quarter of 2023 was mainly due to the incremental design and development costs for new products and technologies as well as the increased personnel costs in research and development functions.
与2022年第四季度相比，研发费用保持相对稳定。与2023年第三季度相比，研发费用增加的主要原因是新产品和技术的设计和开发成本增加，以及研发职能人员成本的增加。
Research and development expenses for the full year of 2023 were RMB13,431.4 million (US$1,891.8 million), representing an increase of 23.9% from the previous year. Excluding share-based compensation expenses, research and development expenses (non-GAAP) were RMB11,914.2 million (US$1,678.1 million), representing an increase of 25.2% from the previous year.
2023年全年的研发费用为人民币134.314亿元（合18.918亿美元），比上年增长23.9％。不包括基于股份的薪酬支出，研发费用（非公认会计准则）为人民币119.142亿元（合16.781亿美元），比上年增长25.2％。
Selling, general and administrative expenses in the fourth quarter of 2023 were RMB3,972.7 million (US$559.5 million), representing an increase of 12.6% from the fourth quarter of 2022 and an increase of 10.1% from the third quarter of 2023.
2023年第四季度的销售、一般和管理费用为人民币39.727亿元（合5.595亿美元），比2022年第四季度增长12.6％，比2023年第三季度增长10.1％。
Excluding share-based compensation expenses, selling, general and administrative expenses (non-GAAP) were RMB3,781.5 million (US$532.6 million), representing an increase of 16.1% from the fourth quarter of 2022 and an increase of 10.4% from the third quarter of 2023. The increase in selling, general and administrative expenses over the fourth quarter of 2022 and the third quarter of 2023 was mainly attributable to (i) the increase in personnel costs related to sales functions, and (ii) the increase in sales and marketing activities.
不包括基于股份的薪酬支出，销售、一般和管理费用（非公认会计准则）为人民币37.815亿元（5.326亿美元），比2022年第四季度增长16.1％，比2023年第三季度增长10.4％。与2022年第四季度和2023年第三季度相比，销售、一般和管理费用的增加主要归因于（i）与销售职能相关的人员成本增加，以及（ii）销售和营销活动的增加。
Selling, general and administrative expenses for the full year of 2023 were RMB12,884.6 million (US$1,814.8 million), representing an increase of 22.3% from the previous year. Excluding share-based compensation expenses, selling, general and administrative expenses (non-GAAP) were RMB12,116.7 million (US$1,706.6 million), representing an increase of 25.8% from last year.
Loss from Operations
2023年全年的销售、一般和管理费用为人民币128.846亿元（合18.148亿美元），比上年增长22.3％。不包括基于股份的薪酬支出，销售、一般和管理费用（非公认会计准则）为人民币121.167亿元（合17.066亿美元），比去年增长25.8％。
运营损失
Loss from operations in the fourth quarter of 2023 was RMB6,625.3 million (US$933.2 million), representing a decrease of 1.6% from the fourth quarter of 2022 and an increase of 36.8% from the third quarter of 2023. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB6,059.3 million (US$853.4 million) in the fourth quarter of 2023, representing an increase of 0.7% from the fourth quarter of 2022 and an increase of 42.9% from third quarter of 2023.
2023年第四季度的运营亏损为人民币66.253亿元（合9.332亿美元），比2022年第四季度下降1.6％，比2023年第三季度增长36.8％。不包括基于股份的薪酬支出，2023年第四季度调整后的运营亏损（非公认会计准则）为人民币60.593亿元（8.534亿美元），比2022年第四季度增长0.7％，比2023年第三季度增长42.9％。
Loss from operations for the full year of 2023 was RMB22,655.2 million (US$3,190.9 million), representing an increase of 44.8% from last year. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB20,286.1 million (US$2,857.2 million) in 2023, representing an increase of 52.0% from last year.
2023年全年的运营亏损为人民币226.552亿元（合31.909亿美元），比去年增长44.8％。不包括基于股份的薪酬支出，2023年调整后的运营亏损（非公认会计准则）为人民币202.861亿元（28.572亿美元），比去年增长52.0％。
Net Loss and Earnings Per Share/ADS
净亏损和每股收益/广告
Interest and investment income in the fourth quarter of 2023 was RMB1,368.1 million (US$192.7 million), representing an increase of 288.7% from the fourth quarter of 2022 and an increase of 375.0% from the third quarter of 2023.
2023年第四季度的利息和投资收入为人民币13.681亿元（合1.927亿美元），比2022年第四季度增长288.7％，比2023年第三季度增长375.0％。
The increase was primarily attributed to the recycling of unrealized gain from other comprehensive income to investment income of RMB977.3 million for the available-for-sale debt investment.
这一增长主要归因于将其他综合收益的未实现收益循环用于可供出售债务投资的人民币9.773亿元的投资收益。
Net loss in the fourth quarter of 2023 was RMB5,367.7 million (US$756.0 million), representing a decrease of 7.2% from the fourth quarter of 2022 and an increase of 17.8% from the third quarter of 2023.
2023年第四季度的净亏损为人民币53.677亿元（7.56亿美元），比2022年第四季度下降7.2％，比2023年第三季度增长17.8％。
Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB4,801.7 million (US$676.3 million) in the fourth quarter of 2023, representing a decrease of 5.2% from the fourth quarter of 2022 and an increase of 21.5% from the third quarter of 2023.
不包括基于股份的薪酬支出，2023年第四季度调整后的净亏损（非公认会计准则）为人民币48.017亿元（6.763亿美元），比2022年第四季度下降5.2％，比2023年第三季度增长21.5％。
Net loss for the full year of 2023 was RMB20,719.8 million (US$2,918.3 million), compared with net loss of RMB14,437.1 million in 2022. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB18,350.7 million (US$2,584.6 million) in 2023.
2023年全年的净亏损为人民币207.198亿元（合29.183亿美元），而2022年的净亏损为人民币144.371亿元。不包括基于股份的薪酬支出，2023年调整后的净亏损（非公认会计准则）为人民币183.507亿元（合25.846亿美元）。
Net loss attributable to NIO's ordinary shareholders in the fourth quarter of 2023 was RMB 5,592.8 million (US$787.7 million), representing a decrease of 4.3% from the fourth quarter of 2022 and an increase of 20.8% from the third quarter of 2023. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO's ordinary shareholders (non-GAAP) was RMB 4,948.0 million (US$696.9 million) in the fourth quarter of 2023.
2023年第四季度归属于蔚来普通股股东的净亏损为人民币55.928亿元（7.877亿美元），较2022年第四季度下降4.3％，比2023年第三季度增长20.8％。不包括基于股份的薪酬支出和可赎回非控股权益与赎回价值的增加，2023年第四季度归属于蔚来普通股股东的调整后净亏损（非公认会计准则）为人民币49.48亿元（6.969亿美元）。
Net loss attributable to NIO's ordinary shareholders for the full year of 2023 was RMB 21,147.0 million (US$2,978.5 million). The net loss attributable to NIO's ordinary shareholders was RMB14,559.4 million in 2022. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO's ordinary shareholders (non-GAAP) was RMB18,474.8 million (US$2,602.1 million) in 2023.
2023年全年归属于蔚来普通股股东的净亏损为人民币211.47亿元（合29.785亿美元）。2022年，归属于蔚来普通股股东的净亏损为人民币145.594亿元。不包括基于股份的薪酬支出和可赎回非控股权益与赎回价值的增加，2023年归属于蔚来普通股股东的调整后净亏损为人民币184.748亿元（合26.021亿美元）。
Basic and diluted net loss per ordinary share/ADS in the fourth quarter of 2023 were both RMB3.18 (US$0.45), compared with RMB3.55 in the fourth quarter of 2022 and RMB2.67 in the third quarter of 2023. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per share/ADS (non-GAAP) were both RMB2.81 (US$0.39), compared with RMB3.07 in the fourth quarter of 2022 and RMB2.28 in the third quarter of 2023.
2023年第四季度每股普通股/广告的基本净亏损和摊薄净亏损均为人民币3.18元（0.45美元），而2022年第四季度为3.55元人民币，2023年第三季度为2.67元人民币。不包括基于股份的薪酬支出和可赎回非控股权益与赎回价值的增加，调整后的每股基本亏损和摊薄净亏损（非公认会计准则）均为人民币2.81元（0.39美元），而2022年第四季度为3.07元人民币，2023年第三季度为人民币2.28元。
Basic and diluted net loss per ADS for the full year of 2023 were both RMB12.44 (US$1.75). Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per ADS (non-GAAP) were both RMB10.87 (US$1.52) in 2023.
2023年全年每股ADS的基本净亏损和摊薄净亏损均为人民币12.44元（1.75美元）。不包括基于股份的薪酬支出和可赎回非控股权益与赎回价值的增加，2023年调整后的每股ADS（非公认会计准则）基本亏损和摊薄净亏损均为人民币10.87元（1.52美元）。
Balance Sheet
资产负债表
Balance of cash and cash equivalents, restricted cash, short-term investment and long-term time deposits was RMB57.3 billion (US$8.1 billion) as of December 31, 2023.
截至2023年12月31日，现金及现金等价物、限制性现金、短期投资和长期定期存款余额为人民币573亿元（合81亿美元）。
Business Outlook
商业展望
For the first quarter of 2024, the Company expects:
对于2024年第一季度，公司预计：
Deliveries of vehicles to be between 31,000 and 33,000 vehicles, representing a decrease of approximately 0.1% to an increase of approximately 6.3% from the same quarter of 2023.
汽车的交付量将在31,000至33,000辆之间，比2023年同期下降约0.1％，增长约6.3％。
Total revenues to be between RMB10,499 million (US$1,479 million) and RMB11,087 million (US$1,562 million), representing a decrease of approximately 1.7% to an increase of approximately 3.8% from the same quarter of 2023.
总收入将在人民币104.99亿元（合14.79亿美元）至人民币110.87亿元（合15.62亿美元）之间，较2023年同期下降约1.7％，增长约3.8％。
This business outlook reflects the Company's current and preliminary view on the business situation and market condition, which is subject to change.
该业务前景反映了公司对业务状况和市场状况的当前和初步看法，这种看法可能会发生变化。