Nio Sees Flat Net Loss, Improved Gross Margin in Q3
Nio Sees Flat Net Loss, Improved Gross Margin in Q3
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Nio's net loss was essentially flat in the third quarter compared to the second quarter, and gross margin improved to 10.7 percent.
與第二季度相比，蔚來第三季度的淨虧損基本持平，毛利率提高至10.7％。
Financial Results for the Third Quarter of 2024
2024年第三季度的財務業績
Revenues
收入
Total revenues in the third quarter of 2024 were RMB18,673.5 million (US$2,661.0 million), representing a decrease of 2.1% from the third quarter of 2023 and an increase of 7.0% from the second quarter of 2024.
2024年第三季度的總收入爲人民幣1867350萬元（合26.61億美元），比2023年第三季度下降2.1％，比2024年第二季度增長7.0％。
Vehicle sales in the third quarter of 2024 were RMB16,697.6 million (US$2,379.4 million), representing a decrease of 4.1% from the third quarter of 2023 and an increase of 6.5% from the second quarter of 2024. The slight decrease in vehicle sales over the third quarter of 2023 was mainly due to the lower average selling price as a result of changes in product mix, partially offset by the increase in delivery volume. The increase in vehicle sales over the second quarter of 2024 was mainly attributable to an increase in delivery volume.
2024年第三季度的汽車銷售額爲人民幣1669759.9999999998萬元（合23.794億美元），比2023年第三季度下降4.1％，比2024年第二季度增長6.5％。與2023年第三季度相比，汽車銷量略有下降的主要原因是產品組合的變化導致的平均銷售價格下降，但交付量的增加部分抵消了這一下降。與2024年第二季度相比，汽車銷量的增長主要歸因於交付量的增加。
Other sales in the third quarter of 2024 were RMB1,976.0 million (US$281.6 million), representing an increase of 19.2% from the third quarter of 2023 and an increase of 11.9% from the second quarter of 2024. The increase in other sales over the third quarter of 2023 was mainly due to the increase in sales of parts, accessories and after-sales vehicle services, and provision of power solutions, as a result of the continued growth in the number of users, and partially offset by a decrease in revenue from sales of used cars. The increase in other sales over the second quarter of 2024 was mainly due to the increase in sales of parts, accessories and after-sales vehicle services and provision of power solutions, as a result of the continued growth in the number of users.
Cost of Sales and Gross Margin
2024年第三季度的其他銷售額爲人民幣197600萬元（合2.816億美元），比2023年第三季度增長19.2％，比2024年第二季度增長11.9％。與2023年第三季度相比，其他銷售額的增長主要是由於用戶數量持續增長導致零部件、配件和售後汽車服務以及動力解決方案的銷售增加，但部分被二手車銷售收入的減少所抵消。與2024年第二季度相比，其他銷售額的增長主要是由於用戶數量持續增長導致零部件、配件和售後車輛服務的銷售增長以及電力解決方案的提供。
銷售成本和毛利率
Cost of sales in the third quarter of 2024 was RMB16,666.2 million (US$2,374.9 million), representing a decrease of 5.0% from the third quarter of 2023 and an increase of 5.8% from the second quarter of 2024. The decrease in cost of sales over the third quarter of 2023 was mainly attributable to the decreased material cost per vehicle, partially offset by the increase in delivery volume. The increase in cost of sales over the second quarter of 2024 was mainly attributable to the increase in delivery volume, partially offset by the decreased material cost per vehicle.
Gross profit in the third quarter of 2024 was RMB2,007.4 million (US$286.0 million), representing an increase of 31.8% from the third quarter of 2023 and an increase of 18.9% from the second quarter of 2024.
2024年第三季度的銷售成本爲人民幣1666620萬元（合23.749億美元），比2023年第三季度下降5.0％，比2024年第二季度增長5.8％。與2023年第三季度相比，銷售成本的下降主要歸因於每輛車的材料成本下降，但交付量的增加部分抵消了這一下降。與2024年第二季度相比，銷售成本的增加主要歸因於交付量的增加，但被每輛車材料成本的下降部分抵消。
2024年第三季度的毛利爲人民幣200740萬元（2.86億美元），比2023年第三季度增長31.8％，比2024年第二季度增長18.9％。
Gross margin in the third quarter of 2024 was 10.7%, compared with 8.0% in the third quarter of 2023 and 9.7% in the second quarter of 2024. The increase in gross margin over the third quarter of 2023 was mainly attributable to the increased vehicle margin and the increased sales of parts, accessories and after-sales vehicle services with relatively higher margins. The increase in gross margin over the second quarter of 2024 was mainly attributable to the increased vehicle margin.
2024年第三季度的毛利率爲10.7％，而2023年第三季度爲8.0％，2024年第二季度爲9.7％。與2023年第三季度相比，毛利率的增長主要歸因於汽車利潤率的增加以及利潤率相對較高的零部件、配件和售後汽車服務的銷售增加。與2024年第二季度相比，毛利率的增長主要歸因於汽車利潤率的提高。
Vehicle margin in the third quarter of 2024 was 13.1%, compared with 11.0% in the third quarter of 2023 and 12.2% in the second quarter of 2024. The increase in vehicle margin from the third quarter of 2023 was mainly attributable to decreased material cost per unit, and partially offset by lower average selling price as a result of changes in product mix. The increase in vehicle margin from the second quarter of 2024 was mainly due to the decreased material cost per unit.
Operating Expenses
2024年第三季度的車輛利潤率爲13.1％，而2023年第三季度爲11.0％，2024年第二季度爲12.2％。自2023年第三季度以來，汽車利潤率的增長主要歸因於單位材料成本的下降，部分被產品結構變化導致的平均銷售價格下降所抵消。自2024年第二季度以來，車輛利潤率的增長主要是由於單位材料成本的降低。
運營費用
Research and development expenses in the third quarter of 2024 were RMB3,318.7 million (US$472.9 million), representing an increase of 9.2% from the third quarter of 2023 and an increase of 3.1% from the second quarter of 2024. Excluding share-based compensation expenses, research and development expenses (non-GAAP) were RMB2,902.8 million (US$413.6 million), representing an increase of 9.8% from the third quarter of 2023 and an increase of 0.5% from the second quarter of 2024. The increase in research and development expenses over the third quarter of 2023 was mainly due to the increased personnel costs in research and development functions. Research and development expenses remained relatively stable compared with the second quarter of 2024.
2024年第三季度的研發費用爲人民幣331870萬元（4.729億美元），比2023年第三季度增長9.2％，比2024年第二季度增長3.1％。不包括基於股份的薪酬支出，研發費用（非公認會計准則）爲人民幣290280萬元（4.136億美元），比2023年第三季度增長9.8％，比2024年第二季度增長0.5％。與2023年第三季度相比，研發費用增加的主要原因是研發職能的人員成本增加。與2024年第二季度相比，研發費用保持相對穩定。
Selling, general and administrative expenses in the third quarter of 2024 were RMB4,108.8 million (US$585.5 million), representing an increase of 13.8% from the third quarter of 2023 and an increase of 9.3% from the second quarter of 2024. Excluding share-based compensation expenses, selling, general and administrative expenses (non-GAAP) were RMB3,901.4 million (US$555.9 million), representing an increase of 13.9% from the third quarter of 2023 and an increase of 8.5% from the second quarter of 2024. The increase in selling, general and administrative expenses over the third quarter of 2023 and the second quarter of 2024 was mainly attributable to (i) the increase in personnel costs related to sales functions, and (ii) the increase in sales and marketing activities associated with new product launch.
Loss from Operations
2024年第三季度的銷售、一般和管理費用爲人民幣410880萬元（合5.855億美元），比2023年第三季度增長13.8％，比2024年第二季度增長9.3％。不包括基於股份的薪酬支出，銷售、一般和管理費用（非公認會計准則）爲人民幣390140萬元（5.559億美元），比2023年第三季度增長13.9％，比2024年第二季度增長8.5％。與2023年第三季度和2024年第二季度相比，銷售、一般和管理費用增加的主要原因是（i）與銷售職能相關的人員成本增加，以及（ii）與新產品發佈相關的銷售和營銷活動的增加。
運營損失
Loss from operations in the third quarter of 2024 was RMB5,237.8 million (US$746.4 million), representing an increase of 8.1% from the third quarter of 2023 and an increase of 0.5% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB4,590.7 million (US$654.2 million) in the third quarter of 2024, representing an increase of 8.3% from the third quarter of 2023 and a decrease of 2.3% from second quarter of 2024.
Net Loss and Earnings Per Share/ADS
2024年第三季度的運營虧損爲人民幣523780萬元（7.464億美元），比2023年第三季度增長8.1％，比2024年第二季度增長0.5％。不包括基於股份的薪酬支出，2024年第三季度調整後的運營虧損（非公認會計准則）爲人民幣459070萬元（6.542億美元），比2023年第三季度增長8.3％，比2024年第二季度下降2.3％。
淨虧損和每股收益/廣告
Net loss in the third quarter of 2024 was RMB5,059.7 million (US$721.0 million), representing an increase of 11.0% from the third quarter of 2023 and an increase of 0.3% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB4,412.6 million (US$628.8 million) in the third quarter of 2024, representing an increase of 11.6% from the third quarter of 2023 and a decrease of 2.7% from the second quarter of 2024.
2024年第三季度的淨虧損爲人民幣505970萬元（7.210億美元），比2023年第三季度增長11.0％，比2024年第二季度增長0.3％。不包括基於股份的薪酬支出，2024年第三季度調整後的淨虧損（非公認會計准則）爲人民幣441260.0000000001萬元（6.288億美元），比2023年第三季度增長11.6％，比2024年第二季度下降2.7％。
Net loss attributable to NIO's ordinary shareholders in the third quarter of 2024 was RMB5,141.6 million (US$732.7 million), representing an increase of 11.1% from the third quarter of 2023 and an increase of 0.3% from the second quarter of 2024. 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 RMB4,403.2 million (US$627.5 million) in the third quarter of 2024.
2024年第三季度歸屬於蔚來普通股股東的淨虧損爲人民幣514160.0000000001萬元（7.327億美元），比2023年第三季度增長11.1％，比2024年第二季度增長0.3％。不包括基於股份的薪酬支出和可贖回非控股權益與贖回價值的增加，2024年第三季度歸屬於蔚來普通股股東的調整後淨虧損（非公認會計准則）爲人民幣440320萬元（6.275億美元）。
Basic and diluted net loss per ordinary share/ADS in the third quarter of 2024 were both RMB2.50 (US$0.36), compared with RMB2.67 in the third quarter of 2023 and RMB2.50 in the second quarter of 2024. 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 RMB2.14 (US$0.31), compared with RMB2.28 in the third quarter of 2023 and RMB2.21 in the second quarter of 2024.
Balance Sheet
2024年第三季度每股普通股/AD的基本淨虧損和攤薄淨虧損均爲人民幣2.50元（0.36美元），而2023年第三季度爲2.67元人民幣，2024年第二季度爲2.50元人民幣。不包括基於股份的薪酬支出和可贖回非控股權益與贖回價值的增加，調整後的每股基本虧損和攤薄淨虧損（非公認會計准則）均爲人民幣2.14元（0.31美元），而2023年第三季度爲2.28元人民幣，2024年第二季度爲2.21元人民幣。
資產負債表
Balance of cash and cash equivalents, restricted cash, short-term investment and long-term time deposits was RMB42.2 billion (US$6.0 billion) as of September 30, 2024.
Business Outlook
截至2024年9月30日，現金及現金等價物、限制性現金、短期投資和長期定期存款餘額爲人民幣422元（60億美元）。
商業展望
For the fourth quarter of 2024, the Company expects:
對於2024年第四季度，公司預計：
Deliveries of vehicles to be between 72,000 and 75,000 units, representing an increase of approximately 43.9% to 49.9% from the same quarter of 2023.
汽車的交付量將在72,000至7.5萬輛之間，比2023年同期增長約43.9％至49.9％。
Total revenues to be between RMB19,676 million (US$2,804 million) and RMB20,383 million (US$2,904 million), representing an increase of approximately 15.0% to 19.2% from the same quarter of 2023.
總收入將在人民幣1967600萬元（28.04億美元）至人民幣2038300萬元（29.04億美元）之間，比2023年同期增長約15.0％至19.2％。
