蔚来2026年二季度收入低于预期且三季度指引偏弱

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.
Under our weighted voting rights structure, our share capital comprises Class A ordinary shares and Class C ordinary
shares. Each Class A ordinary share entitles the holder to exercise one vote, and each Class C ordinary share entitles
the holder to exercise eight votes, respectively, on any resolution tabled at our general meetings, except as may
otherwise be required by law or by the Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited or provided for in our memorandum and articles of association. Shareholders and prospective investors
should be aware of the potential risks of investing in a company with a weighted voting rights structure. Our American
depositary shares, each representing one of our Class A ordinary shares, are listed on the New York Stock Exchange in
the United States under the symbol NIO.

NIO Inc.

(A company controlled through weighted voting rights and
incorporated in the Cayman Islands with limited liability)

(Stock Code: 9866)

ANNOUNCEMENT OF THE 2026 SECOND QUARTER RESULTS
We hereby announce our unaudited results for the three months and six months ended June 30,
2026 (“Q2 2026 Results”). The Q2 2026 Results are provided to our shareholders as our interim
report for the six months ended June 30, 2026 under Rule 13.48(1) of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Hong Kong Listing
Rules”). The Q2 2026 Results are available for viewing at the website of The Stock Exchange of
Hong Kong Limited at www.hkexnews.hk and the Company’s website at http://ir.nio.com. Set
out in Appendix I hereto is information about our weighted voting rights structure as required by
the Hong Kong Listing Rules.
By order of the Board
NIO Inc.
Bin Li
Founder, Chairman and Chief Executive Officer
Hong Kong, September 1, 2026

As of the date of this announcement, the board of directors of the Company comprises Mr. Bin Li
as the chairman, Mr. Lihong Qin as the director, Mr. Eddy Georges Skaf and Mr. Nicholas Paul
Collins as the non-executive directors, and Mr. Hai Wu, Mr. Denny Ting Bun Lee, Ms. Yu Long
and Mr. Yonggang Wen as the independent directors.

1

NIO Inc. Reports Unaudited Second Quarter 2026 Financial Results

Quarterly Total Revenues Reached RMB32,136.9 Million (US$4,736.4 Million) i
Quarterly Vehicle Deliveries Were 107,658 Units
SHANGHAI, China, September 1, 2026 － NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO)
(“NIO” or the “Company”), a pioneer and a leading company in the global smart electric vehicle
market, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Operating Highlights for the Second Quarter of 2026
•

Vehicle deliveries were 107,658 in the second quarter of 2026, representing an increase of
49.4% from the second quarter of 2025, and an increase of 29.0% from the first quarter of
2026. The deliveries consisted of 60,945 vehicles from NIO brand, 29,124 vehicles from
ONVO brand, and 17,589 vehicles from FIREFLY brand.

Key Operating Results

Deliveries

2026 Q2

2026 Q1

2025 Q4

2025 Q3

107,658

83,465

124,807

87,071

2025 Q2

2025 Q1

2024 Q4

2024 Q3

72,056

42,094

72,689

61,855

Deliveries

Financial Highlights for the Second Quarter of 2026
•

Vehicle sales were RMB29,058.2 million (US$4,282.7 million) in the second quarter of 2026,
representing an increase of 80.1% from the second quarter of 2025 and an increase of 27.5%
from the first quarter of 2026.

•

Vehicle marginii was 18.5% in the second quarter of 2026, compared with 10.3% in the
second quarter of 2025 and 18.8% in the first quarter of 2026.

•

Total revenues were RMB32,136.9 million (US$4,736.4 million) in the second quarter of
2026, representing an increase of 69.1% from the second quarter of 2025 and an increase of
25.9% from the first quarter of 2026.

•

Gross profit was RMB5,906.5 million (US$870.5 million) in the second quarter of 2026,
representing an increase of 211.3% from the second quarter of 2025 and an increase of 21.6%
from the first quarter of 2026.

•

Gross margin was 18.4% in the second quarter of 2026, compared with 10.0% in the second
quarter of 2025 and 19.0% in the first quarter of 2026.

2

•

Loss from operations was RMB347.2 million (US$51.2 million) in the second quarter of
2026, compared with loss from operations of RMB4,908.9 million in the second quarter of
2025 and loss from operations of RMB308.8 million in the first quarter of 2026. Excluding
share-based compensation expenses, adjusted profit from operations (non-GAAP) was
RMB206.9 million (US$30.5 million) in the second quarter of 2026, compared with adjusted
loss from operations (non-GAAP) of RMB4,040.8 million in the second quarter of 2025 and
adjusted profit from operations (non-GAAP) of RMB66.8 million in the first quarter of 2026.

•

Net loss was RMB528.0 million (US$77.8 million) in the second quarter of 2026, compared
with net loss of RMB4,994.8 million in the second quarter of 2025 and net loss of RMB332.1
million in the first quarter of 2026. Excluding share-based compensation expenses, adjusted
net profit (non-GAAP) was RMB26.1 million (US$3.8 million) in the second quarter of 2026,
compared with adjusted net loss (non-GAAP) of RMB4,126.7 million in the second quarter
of 2025 and adjusted net profit (non-GAAP) of RMB43.5 million in the first quarter of 2026.

•

Cash and cash equivalents, restricted cash, short-term investment and long-term time
deposits were RMB56.7 billion (US$8.4 billion) as of June 30, 2026.

Key Financial Results for the Second Quarter of 2026
(in RMB million, except for percentage)

Vehicle Sales
Vehicle Margin
Total Revenues
Gross Profit
Gross Margin
Loss from Operations
Adjusted Profit/(Loss) from Operations
(non-GAAP)
Net Loss
Adjusted Net Profit/(Loss) (non-GAAP)

2026 Q2

2026 Q1

2025 Q2

% Changeiii
QoQ
YoY

29,058.2
18.5%
32,136.9
5,906.5
18.4%
(347.2)

22,783.7
18.8%
25,532.7
4,859.1
19.0%
(308.8)

16,136.1
10.3%
19,008.7
1,897.5
10.0%
(4,908.9)

27.5%
-30bp
25.9%
21.6%
-60bp
12.4%

80.1%
820bp
69.1%
211.3%
840bp
-92.9%

206.9
(528.0)
26.1

66.8
(332.1)
43.5

(4,040.8)
(4,994.8)
(4,126.7)

209.7%
59.0%
-40.0%

N/A
-89.4%
N/A

Recent Developments
Deliveries in July and August 2026
•

The Company delivered 35,934 vehicles and 35,836 vehicles in July and August 2026,
respectively. As of August 31, 2026, the Company had delivered 262,893 vehicles in 2026,
with cumulative deliveries reaching 1,260,485.

3

Debut of NIO All-New ES8 Five-Seat Version
•

On July 9, 2026, the Company officially launched the NIO All-New ES8 Five-Seat Version,
with deliveries commencing the following day. Featuring exceptional spaciousness, elevated
comfort, and advanced intelligent technologies, the ES8 Five-Seat Version sets a new
benchmark for the premium battery electric SUV segment. The enhanced lineup strengthens
NIO’s presence across the premium large five-seat and premium three-row SUV segments,
further reinforcing its leadership in the premium SUV market.

Financing of Shenji
•

In June and August 2026, GeniTech Co., Ltd. (“Shenji”), a subsidiary of the Company,
entered into definitive agreements across two funding rounds with certain investors in China.
Pursuant to these agreements, the investors agreed to subscribe for newly issued shares of
Shenji for an aggregate cash consideration of RMB493 million, implying a post-money
valuation of RMB12.25 billion. Upon completion of the financing transactions, a subsidiary
of NIO will hold a controlling equity interest of 59.95% in Shenji.

CEO and CFO Comments
“ In the second quarter of 2026, the Company delivered 107,658 smart electric vehicles,
representing a 49.4% year-over-year increase. All three brands, NIO, ONVO, and FIREFLY,
achieved growth in both sales volume and average transaction price. For the third quarter, we
expect total deliveries to range between 108,000 and 111,000 vehicles, with a year-over-year
growth of 24.0% to 27.5%,” said William Bin Li, founder, chairman, and chief executive officer of
NIO.
“In the second quarter, the NIO brand ranked first in China’s passenger vehicle market priced above
RMB350,000. The ES8 has sustained strong market momentum since its launch and reached its
140,000th delivery within 335 days, leading China’s RMB400,000-level passenger vehicle segment
and the large SUV segment. The ES9, our executive flagship SUV, continues to win over users
from traditional fuel-powered luxury SUVs, ranking first in sales among passenger vehicles priced
above RMB500,000 in China in both June and July. With the compelling product advantages of
the ONVO L90 and L80, the ONVO brand has become the sales leader in China’s RMB200,000
to RMB300,000 large SUV segment. Meanwhile, the firefly has ranked first in market share in
China’s high-end small-car market for 15 consecutive months, further strengthening its leadership
in the segment,” added William Bin Li.
“In the second quarter of 2026, the Company continued to improve its overall operating quality.
Supported by strong sales of higher-margin models and ongoing optimization of our cost structure,
we maintained healthy gross and vehicle margins despite rising cost pressures. Services and
community-related businesses continued to contribute to profitability. The Company maintained
positive non-GAAP operating profit during the quarter, further increasing our cash reserves and
strengthening our financial position to support long-term, sustainable development,” said Stanley
Yu Qu, NIO’s chief financial officer. “With our solid, comprehensive systematic capabilities and
clear business strategies, we are confident in achieving our full-year operating objectives and
delivering high-quality growth.”

4

Financial Results for the Second Quarter of 2026
Revenues
•

Total revenues in the second quarter of 2026 were RMB32,136.9 million (US$4,736.4
million), representing an increase of 69.1% from the second quarter of 2025 and an increase
of 25.9% from the first quarter of 2026.

•

Vehicle sales in the second quarter of 2026 were RMB29,058.2 million (US$4,282.7 million),
representing an increase of 80.1% from the second quarter of 2025 and an increase of 27.5%
from the first quarter of 2026. The increase in vehicle sales over the second quarter of 2025
was mainly due to an increase in delivery volume and a higher average selling price as a
result of changes in product mix. The increase in vehicle sales over the first quarter of 2026
was mainly attributable to an increase in delivery volume.

•

Other sales in the second quarter of 2026 were RMB3,078.6 million (US$453.7 million),
representing an increase of 7.2% from the second quarter of 2025 and an increase of 12.0%
from the first quarter of 2026. The increase in other sales over the second quarter of 2025
was mainly due to an increase in sales of parts, accessories and after-sales vehicle services
as a result of the continued growth in the number of users, and partially offset by a decrease
in revenues from sales of used cars and technical research and development services. The
increase in other sales over the first quarter of 2026 was mainly due to (i) an increase
in revenues from sales of used cars and (ii) an increase in sales of parts, accessories and
after-sales vehicle services, partially offset by a decrease in revenues from provision of auto
financing services.

Cost of Sales and Gross Margin
•

Cost of sales in the second quarter of 2026 was RMB26,230.4 million (US$3,865.9 million),
representing an increase of 53.3% from the second quarter of 2025 and an increase of 26.9%
from the first quarter of 2026. The increase in cost of sales over the second quarter of 2025
and the first quarter of 2026 was mainly attributable to an increase in delivery volume.

•

Gross profit in the second quarter of 2026 was RMB5,906.5 million (US$870.5 million),
representing an increase of 211.3% from the second quarter of 2025 and an increase of 21.6%
from the first quarter of 2026.

•

Gross margin in the second quarter of 2026 was 18.4%, compared with 10.0% in the second
quarter of 2025 and 19.0% in the first quarter of 2026. The increase in gross margin over
the second quarter of 2025 was mainly attributable to the increased vehicle margin. The
slight decrease in gross margin over the first quarter of 2026 was mainly attributable to gross
margin from vehicle sales, provision of power solutions, and sales of parts, accessories and
after-sales vehicle services.

•

Vehicle margin in the second quarter of 2026 was 18.5%, compared with 10.3% in the
second quarter of 2025 and 18.8% in the first quarter of 2026. The increase in vehicle margin
from the second quarter of 2025 was mainly attributable to a more favorable product mix.
The vehicle margin remained relatively stable from the first quarter of 2026.

5

Operating Expenses
•

Research and development expenses in the second quarter of 2026 were RMB2,144.9
million (US$316.1 million), representing a decrease of 28.7% from the second quarter of 2025
and an increase of 13.8% from the first quarter of 2026. Excluding share-based compensation
expenses, adjusted research and development expenses (non-GAAP) were RMB1,983.2
million (US$292.3 million) in the second quarter of 2026, representing a decrease of 20.3%
from the second quarter of 2025 and an increase of 16.1% from the first quarter of 2026. The
decrease in research and development expenses over the second quarter of 2025 was mainly
due to (i) decreased personnel costs in research and development functions primarily as a
result of organizational optimization, and (ii) decreased design and development costs mainly
resulting from different stages of development and improved operational efficiency. The
increase in research and development expenses over the first quarter of 2026 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.

•

Selling, general and administrative expenses in the second quarter of 2026 were
RMB4,424.5 million (US$652.1 million), representing an increase of 11.6% from the
second quarter of 2025 and an increase of 26.5% from the first quarter of 2026. Excluding
share-based compensation expenses, adjusted selling, general and administrative expenses
(non-GAAP) were RMB4,039.6 million (US$595.4 million) in the second quarter of 2026,
representing an increase of 9.7% from the second quarter of 2025 and an increase of
22.1% from the first quarter of 2026. The increase in selling, general and administrative
expenses over the second quarter of 2025 was mainly attributable to an increase in sales and
marketing activities associated with new product launches. The increase in selling, general
and administrative expenses over the first quarter of 2026 was mainly attributable to (i) an
increase in sales and marketing activities associated with new product launches, as well as
an increase in personnel and related costs for marketing functions, and (ii) an increase in
share-based compensation for general corporate functions.

Loss from Operations
•

Loss from operations in the second quarter of 2026 was RMB347.2 million (US$51.2
million), compared with loss from operations of RMB4,908.9 million in the second quarter of
2025 and loss from operations of RMB308.8 million in the first quarter of 2026. Excluding
share-based compensation expenses, adjusted profit from operations (non-GAAP) was
RMB206.9 million (US$30.5 million) in the second quarter of 2026, compared with adjusted
loss from operations (non-GAAP) of RMB4,040.8 million in the second quarter of 2025 and
adjusted profit from operations (non-GAAP) of RMB66.8 million in the first quarter of 2026.

Net Loss and Earnings Per Ordinary Share/ADS
•

Net loss in the second quarter of 2026 was RMB528.0 million (US$77.8 million), compared
with net loss of RMB4,994.8 million in the second quarter of 2025 and net loss of RMB332.1
million in the first quarter of 2026. Excluding share-based compensation expenses, adjusted
net profit (non-GAAP) was RMB26.1 million (US$3.8 million) in the second quarter of 2026,
compared with adjusted net loss (non-GAAP) of RMB4,126.7 million in the second quarter
of 2025 and adjusted net profit (non-GAAP) of RMB43.5 million in the first quarter of 2026.

6

•

Net loss attributable to NIO’s ordinary shareholders in the second quarter of 2026 was
RMB721.6 million (US$106.4 million), compared with net loss attributable to NIO’s ordinary
shareholders of RMB5,141.3 million in the second quarter of 2025 and net loss attributable
to NIO’s ordinary shareholders of RMB496.0 million in the first quarter of 2026. Excluding
share-based compensation expenses and accretion on redeemable non-controlling interests to
redemption value, adjusted net profit attributable to NIO’s ordinary shareholders (non-GAAP)
was RMB24.8 million (US$3.7 million) in the second quarter of 2026, compared with
adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) of RMB4,124.9
million in the second quarter of 2025 and adjusted net profit attributable to NIO’s ordinary
shareholders (non-GAAP) of RMB44.5 million in the first quarter of 2026.

•

Basic and diluted net loss per ordinary share/ADS in the second quarter of 2026 were
both RMB0.29 (US$0.04), compared with basic and diluted net loss per ordinary share/ADS
of RMB2.31 in the second quarter of 2025 and basic and diluted net loss per ordinary share/
ADS of RMB0.20 in the first quarter of 2026. Excluding share-based compensation expenses
and accretion on redeemable non-controlling interests to redemption value, adjusted basic and
diluted net profit per ordinary share/ADS (non-GAAP) were both RMB0.01 (US$0.00) in the
second quarter of 2026, compared with adjusted basic and diluted net loss per ordinary share/
ADS (non-GAAP) of RMB1.85 in the second quarter of 2025 and adjusted basic and diluted
net profit per ordinary share/ADS (non-GAAP) of RMB0.02 in the first quarter of 2026.

Balance Sheet
•

Balance of cash and cash equivalents, restricted cash, short-term investment and
long-term time deposits was RMB56.7 billion (US$8.4 billion) as of June 30, 2026. We
recorded net current assets as of June 30, 2026 and generated positive operating cash flows
and adjusted net profit (non-GAAP) in the second quarter of 2026, despite recording a net
loss under GAAP in this quarter. Based on our going concern and liquidity assessment,
which considers our business plan including revenue growth from the sales of existing and
new vehicle models, continuous optimization of operation efficiency to improve operating
cash flows, working capital management, the ability to raise funds from banks under
available credit quotas and other sources when needed, and evaluates uncertainties as to the
successful execution of our business plan, we believe that our financial resources, including
our available cash and cash equivalents, restricted cash and short-term investments, cash
generated from operating activities and funds from available credit quotas and other sources
will be sufficient to support our continuous operations in the ordinary course of business for
the next twelve months.

Business Outlook
For the third quarter of 2026, the Company expects:
•

Deliveries of vehicles to be between 108,000 and 111,000 vehicles, representing an increase
of approximately 24.0% to 27.5% from the same quarter of 2025.

•

Total revenues to be between RMB33,285 million (US$4,906 million) and RMB34,051
million (US$5,019 million), representing an increase of approximately 52.7% to 56.2% from
the same quarter of 2025.

This business outlook reflects the Company ’ s current and preliminary view on the business
situation and market condition, which is subject to change.
7

Conference Call
The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time
on September 1, 2026 (8:00 PM Beijing/Hong Kong/Singapore Time on September 1, 2026).
A live and archived webcast of the conference call will be available on the Company’s investor
relations website at https://ir.nio.com/news-events/events.
For participants who wish to join the conference using dial-in numbers, please register in advance
using the link provided below and dial in 10 minutes prior to the call. Dial-in numbers, passcode
and unique access PIN would be provided upon registering.
https://s1.c-conf.com/diamondpass/10056744-ju876y.html
A replay of the conference call will be accessible by phone at the following numbers, until
September 8, 2026:
United States:
Hong Kong, China:
Mainland, China:
Singapore:
International:
Replay PIN:

+1-855-883-1031
+852-800-930-639
+86-400-1209-216
+65-800-1013-223
+61-7-3107-6325
10056744

About NIO Inc.
NIO Inc. is a pioneer and a leading company in the global smart electric vehicle market. Founded
in November 2014, NIO aspires to shape a sustainable and brighter future with the mission of
“Blue Sky Coming”. NIO envisions itself as a user enterprise where innovative technology meets
experience excellence. NIO designs, develops, manufactures and sells smart electric vehicles,
driving innovations in next-generation core technologies. NIO distinguishes itself through
continuous technological breakthroughs and innovations, exceptional products and services, and a
community for shared growth. NIO provides premium smart electric vehicles under the NIO brand,
premium smart electric vehicles for families through the ONVO brand, and high-end smart electric
compact cars with the FIREFLY brand.

8

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant
to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as “will,” “expects,”
“anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar
statements. NIO may also make written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders,
in announcements, circulars or other publications made on the websites of each of The Stock
Exchange of Hong Kong Limited (the “SEHK”) and the Singapore Exchange Securities Trading
Limited (the “SGX-ST”), in press releases and other written materials and in oral statements made
by its officers, directors or employees to third parties. Statements that are not historical facts,
including statements about NIO’s beliefs, plans and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in any forward-looking statement,
including but not limited to the following: NIO’s strategies; NIO’s future business development,
financial condition and results of operations; NIO’s ability to develop and manufacture vehicles
of sufficient quality and appeal to customers on schedule and on a large scale; its ability to ensure
and expand manufacturing capacities including establishing and maintaining partnerships with
third parties; its ability to provide convenient and comprehensive power solutions to its customers;
the viability, growth potential and prospects of the battery swapping, BaaS, and NIO Assisted and
Intelligent Driving and its subscription services; its ability to improve the technologies or develop
alternative technologies in meeting evolving market demand and industry development; NIO’s
ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure
supply of raw materials or other components used in its vehicles; its ability to secure sufficient
reservations and sales of its vehicles; its ability to control costs associated with its operations; its
ability to build its current and future brands; general economic and business conditions globally
and in China and assumptions underlying or related to any of the foregoing. Further information
regarding these and other risks is included in NIO’s filings with the SEC and the announcements
and filings on the websites of each of the SEHK and SGX-ST. All information provided in this
press release is as of the date of this press release, and NIO does not undertake any obligation to
update any forward-looking statement, except as required under applicable law.

9

Non-GAAP Disclosure
The Company uses non-GAAP measures, such as adjusted cost of sales (non-GAAP), adjusted
research and development expenses (non-GAAP), adjusted selling, general and administrative
expenses (non-GAAP), adjusted profit/(loss) from operations (non-GAAP), adjusted net profit/
(loss) (non-GAAP), adjusted net profit/(loss) attributable to ordinary shareholders (non-GAAP)
and adjusted basic and diluted net profit/(loss) per ordinary share/ADS (non-GAAP), in evaluating
its operating results and for financial and operational decision-making purposes. The Company
defines adjusted cost of sales (non-GAAP), adjusted research and development expenses
(non-GAAP), adjusted selling, general and administrative expenses (non-GAAP) and adjusted
profit/(loss) from operations (non-GAAP) and adjusted net profit/(loss) (non-GAAP) as cost of
sales, research and development expenses, selling, general and administrative expenses, profit/
(loss) from operations and net profit/(loss) excluding share-based compensation expenses and
organizational optimization charges. The Company defines adjusted net profit/(loss) attributable
to ordinary shareholders (non-GAAP) and adjusted basic and diluted profit/(loss) per ordinary
share/ADS (non-GAAP) as profit/(loss) attributable to ordinary shareholders and basic and diluted
profit/(loss) per ordinary share/ADS excluding share-based compensation expenses, organizational
optimization charges and accretion on redeemable non-controlling interests to redemption value.
By excluding the impact of share-based compensation expenses, organizational optimization
charges and accretion on redeemable non-controlling interests to redemption value, which are
either non-cash or not indicative of the Company’s ordinary or ongoing operations due to their size
or nature, the Company believes that the non-GAAP financial measures help identify underlying
trends in its business and enhance the overall understanding of the Company’s past performance
and future prospects. The Company also believes that the non-GAAP financial measures allow for
greater visibility with respect to key metrics used by the Company’s management in its financial
and operational decision-making.
The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may
be different from non-GAAP methods of accounting and reporting used by other companies.
The non-GAAP financial measures have limitations as analytical tools and when assessing the
Company ’ s operating performance, investors should not consider them in isolation, or as a
substitute for net profit/(loss) or other consolidated statements of comprehensive profit/(loss) data
prepared in accordance with U.S. GAAP. The Company encourages investors and others to review
its financial information in its entirety and not rely on a single financial measure.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the
most comparable U.S. GAAP performance measures, all of which should be considered when
evaluating the Company’s performance.
For more information on the non-GAAP financial measures, please see the table captioned
“Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press
release.

10

Exchange Rate
This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified
rates solely for the convenience of the reader. Unless otherwise stated, all translations from
Renminbi to U.S. dollars were made at the rate of RMB6.7851 to US$1.00, the noon buying rate in
effect on June 30, 2026 in the H.10 statistical release of the Federal Reserve Board. The Company
makes no representation that the Renminbi or U.S. dollars amounts referred could be converted
into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
For more information, please visit: http://ir.nio.com.
Investor Relations
ir@nio.com
Media Relations
global.press@nio.com
Source: NIO

11

NIO INC.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)
As of
June 30,
2026
RMB

June 30,
2026
US$

11,274,094
14,745,975
19,755,809
1,394,445
16,078,250
8,530,854
4,853,610
76,633,037

17,453,564
13,510,507
25,634,741
1,196,734
14,986,044
11,089,742
5,378,445
89,249,777

2,572,337
1,991,202
3,778,093
176,377
2,208,670
1,634,426
792,685
13,153,790

88,325
25,827,968
29,648
196,691
2,480,518
11,711,306
7,433,585
47,768,041
124,401,078

68,625
25,251,240
173,212
194,039
2,340,908
10,957,091
7,976,448
46,961,563
136,211,340

10,114
3,721,572
25,528
28,598
345,007
1,614,875
1,175,584
6,921,278
20,075,068

December 31,
2025
RMB
ASSETS
Current assets:
Cash and cash equivalents
Restricted cash
Short-term investments
Trade and notes receivables
Amounts due from related parties
Inventory
Prepayments and other current assets
Total current assets
Non-current assets:
Long-term restricted cash
Property, plant and equipment, net
Intangible assets, net
Land use rights, net
Long-term investments
Right-of-use assets – operating lease
Other non-current assets
Total non-current assets
Total assets

12

As of
June 30,
2026
RMB

June 30,
2026
US$

4,691,910
53,309,727
625,903
439,240
2,163,768
655,971
16,696,044
78,582,563

8,164,766
60,385,478
502,353
334,595
1,961,855
897,712
15,371,799
87,618,558

1,203,338
8,899,718
74,038
49,313
289,142
132,306
2,265,523
12,913,378

8,626,272
10,092,039
604,178
112,691
13,690,778
33,125,958
111,708,521

8,550,926
9,420,681
1,190,070
133,011
15,029,869
34,324,557
121,943,115

1,260,251
1,388,437
175,395
19,603
2,215,128
5,058,814
17,972,192

December 31,
2025
RMB
LIABILITIES
Current liabilities:
Short-term borrowings
Trade and notes payable
Amounts due to related parties, current
Taxes payable
Current portion of operating lease liabilities
Current portion of long-term borrowings
Accruals and other liabilities
Total current liabilities
Non-current liabilities:
Long-term borrowings
Non-current operating lease liabilities
Amounts due to related parties, non-current
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities

13

NIO INC.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)

December 31,
2025
RMB
MEZZANINE EQUITY
Redeemable non-controlling interests
Total mezzanine equity
SHAREHOLDERS’ EQUITY
Total NIO Inc. shareholders’ equity
Non-controlling interests
Total shareholders’ equity
Total liabilities, mezzanine equity and
shareholders’ equity

14

As of
June 30,
2026
RMB

June 30,
2026
US$

8,551,854
8,551,854

10,222,746
10,222,746

1,506,646
1,506,646

4,159,460
(18,757)
4,140,703

4,064,040
(18,561)
4,045,479

598,966
(2,736)
596,230

124,401,078

136,211,340

20,075,068

NIO INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except for share and per share/ADS data)

June 30, 2025
RMB
Revenues:
Vehicle sales
Other sales
Total revenues
Cost of sales:
Vehicle sales
Other sales
Total cost of sales
Gross profit
Operating expenses:
Research and development
Selling, general and administrative
Other operating income, net
Total operating expenses
Loss from operations
Interest and investment income/(loss)
Interest expenses
Share of losses of equity investees
Other income, net
Loss before income tax expense
Income tax expense
Net loss
Accretion on redeemable non-controlling
interests to redemption value
Net loss/(profit) attributable to non-controlling interests
Net loss attributable to ordinary
shareholders of NIO Inc.

Three Months Ended
Mar 31, 2026 June 30, 2026
RMB
RMB

June 30, 2026
US$

16,136,114
2,872,551
19,008,665

22,783,708
2,748,947
25,532,655

29,058,229
3,078,632
32,136,861

4,282,653
453,734
4,736,387

(14,473,222)
(2,637,920)
(17,111,142)
1,897,523

(18,491,467)
(2,182,051)
(20,673,518)
4,859,137

(23,673,959)
(2,556,412)
(26,230,371)
5,906,490

(3,489,110)
(376,769)
(3,865,879)
870,508

(3,007,032)
(3,964,921)
165,572
(6,806,381)
(4,908,858)
107,529
(212,748)
(124,664)
186,879
(4,951,862)
(42,939)
(4,994,801)

(1,885,024)
(3,497,306)
214,382
(5,167,948)
(308,811)
115,894
(214,405)
(37,908)
125,266
(319,964)
(12,118)
(332,082)

(2,144,918)
(4,424,516)
315,725
(6,253,709)
(347,219)
(18,959)
(242,389)
(149,383)
262,774
(495,176)
(32,833)
(528,009)

(316,122)
(652,093)
46,532
(921,683)
(51,175)
(2,794)
(35,724)
(22,016)
38,728
(72,981)
(4,839)
(77,820)

(148,374)
1,868

(164,987)
1,061

(192,325)
(1,257)

(28,345)
(185)

(5,141,307)

(496,008)

(721,591)

(106,350)

15

June 30, 2025
RMB
Net loss
Other comprehensive income/(loss)
Foreign currency translation adjustment,
net of nil tax
Total other comprehensive income/(loss)
Total comprehensive loss
Accretion on redeemable non-controlling
interests to redemption value
Net loss/(profit) attributable to
non-controlling interests
Comprehensive loss attributable to
ordinary shareholders of NIO Inc.
Weighted average number of ordinary
shares/ADSs used in computing
net loss per share/ADS
Basic and diluted
Net loss per share/ADS attributable to
ordinary shareholders
Basic and diluted

Three Months Ended
Mar 31, 2026 June 30, 2026
RMB
RMB

June 30, 2026
US$

(4,994,801)

(332,082)

(528,009)

(77,820)

184,568
184,568
(4,810,233)

(148,948)
(148,948)
(481,030)

(120,909)
(120,909)
(648,918)

(17,820)
(17,820)
(95,640)

(148,374)

(164,987)

(192,325)

(28,345)

1,868

1,061

(1,257)

(185)

(4,956,739)

(644,956)

(842,500)

(124,170)

2,230,044,617

2,481,180,303

2,496,741,061

2,496,741,061

(2.31)

(0.20)

(0.29)

(0.04)

16

NIO INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except for share and per share/ADS data)
Six Months Ended
June 30,
2025

June 30,
2026

June 30,
2026

RMB

RMB

US$

Revenues:
Vehicle sales
Other sales

26,075,419
4,967,975

51,841,937
5,827,579

7,640,556
858,879

Total revenues

31,043,394

57,669,516

8,499,435

Cost of sales:
Vehicle sales
Other sales

(23,398,863)
(4,827,454)

(42,165,426)
(4,738,463)

(6,214,415)
(698,363)

Total cost of sales

(28,226,317)

(46,903,889)

(6,912,778)

Gross profit

2,817,077

10,765,627

1,586,657

Operating expenses:
Research and development
Selling, general and administrative
Other operating income, net

(6,188,435)
(8,365,684)
410,056

(4,029,942)
(7,921,822)
530,107

(593,940)
(1,167,532)
78,128

Total operating expenses

(14,144,063)

(11,421,657)

(1,683,344)

Loss from operations
Interest and investment income
Interest expenses
Loss on extinguishment of debt
Share of losses of equity investees
Other income, net

(11,326,986)
280,745
(457,610)
(14,660)
(380,859)
202,106

(656,030)
96,935
(456,794)
–
(187,291)
388,040

(96,687)
14,286
(67,323)
–
(27,603)
57,190

Loss before income tax expense
Income tax expense

(11,697,264)
(47,570)

(815,140)
(44,951)

(120,137)
(6,625)

Net loss
Accretion on redeemable non-controlling
interests to redemption value
Net loss/(profit) attributable to
non-controlling interests

(11,744,834)

(860,091)

(126,762)

(292,864)

(357,312)

(52,661)

5,330

(196)

(29)

(12,032,368)

(1,217,599)

(179,452)

Net loss attributable to ordinary
shareholders of NIO Inc.

17

Six Months Ended

Net loss

June 30,
2025

June 30,
2026

June 30,
2026

RMB

RMB

US$

(11,744,834)

(860,091)

(126,762)

Other comprehensive income/(loss)
Foreign currency translation adjustment,
net of nil tax

260,479

(269,857)

(39,772)

Total other comprehensive income/(loss)

260,479

(269,857)

(39,772)

(11,484,355)

(1,129,948)

(166,534)

(292,864)

(357,312)

(52,661)

5,330

(196)

(29)

(11,771,889)

(1,487,456)

(219,224)

2,162,319,854

2,489,003,668

2,489,003,668

(5.56)

(0.49)

(0.07)

Total comprehensive loss
Accretion on redeemable non-controlling
interests to redemption value
Net loss/(profit) attributable to
non-controlling interests
Comprehensive loss attributable to ordinary
shareholders of NIO Inc.
Weighted average number of ordinary
shares/ADSs used in computing
net loss per share/ADS
Basic and diluted
Net loss per share/ADS attributable to
ordinary shareholders
Basic and diluted

18

NIO INC.
Unaudited Reconciliation of GAAP and Non-GAAP Results
(All amounts in thousands, except for share and per share/ADS data)
Three Months Ended June 30, 2026
Accretion on
redeemable
non-controlling
interests to
Share-based
redemption
compensation
value
RMB
RMB

GAAP
Result
RMB
Cost of sales
Research and development expenses
Selling, general and administrative expenses
Total
(Loss)/profit from operations
Net (loss)/profit
Net (loss)/profit attributable to ordinary
shareholders of NIO Inc.
Net (loss)/profit per share/ADS attributable to ordinary
shareholders, basic and diluted (RMB)
Net (loss)/profit per share/ADS attributable to ordinary
shareholders, basic and diluted (USD)

(26,230,371)
(2,144,918)
(4,424,516)
(32,799,805)
(347,219)
(528,009)

7,487
161,705
384,881
554,073
554,073
554,073

—
—
—
—
—
—

(26,222,884)
(1,983,213)
(4,039,635)
(32,245,732)
206,854
26,064

(721,591)

554,073

192,325

24,807

(0.29)

0.22

0.08

0.01

(0.04)

0.03

0.01

0.00

Three Months Ended March 31, 2026
Accretion on
redeemable
non-controlling
interests to
Share-based
redemption
compensation
value
RMB
RMB

GAAP
Result
RMB
Cost of sales
Research and development expenses
Selling, general and administrative expenses
Total
(Loss)/profit from operations
Net (loss)/profit
Net (loss)/profit attributable to ordinary
shareholders of NIO Inc.
Net (loss)/profit per share/ADS attributable to ordinary
shareholders, basic and diluted (RMB)

Adjusted
Result
(Non-GAAP)
RMB

Adjusted
Result
(Non-GAAP)
RMB

(20,673,518)
(1,885,024)
(3,497,306)
(26,055,848)
(308,811)
(332,082)

10,097
176,844
188,629
375,570
375,570
375,570

—
—
—
—
—
—

(20,663,421)
(1,708,180)
(3,308,677)
(25,680,278)
66,759
43,488

(496,008)

375,570

164,987

44,549

(0.20)

0.15

0.07

0.02

19

Three Months Ended June 30, 2025
Accretion on
redeemable
Organizational
non-controlling
Share-based
optimization
interests to
compensation
charges
redemption value
RMB
RMB
RMB

GAAP
Result
RMB
Cost of sales
Research and development expenses
Selling, general and administrative expenses
Total
Loss from operations
Net loss
Net loss attributable to ordinary
shareholders of NIO Inc.
Net loss per share/ADS attributable to
ordinary shareholders, basic
and diluted (RMB)

(17,111,142)
(3,007,032)
(3,964,921)
(24,083,095)
(4,908,858)
(4,994,801)

12,867
302,620
110,688
426,175
426,175
426,175

54,282
215,532
172,074
441,888
441,888
441,888

—
—
—
—
—
—

(17,043,993)
(2,488,880)
(3,682,159)
(23,215,032)
(4,040,795)
(4,126,738)

(5,141,307)

426,175

441,888

148,374

(4,124,870)

(2.31)

0.19

0.20

0.07

(1.85)

Six Months Ended June 30, 2026
Accretion on
redeemable
non-controlling
interests to
Share-based
redemption
compensation
value
RMB
RMB

GAAP
Result
RMB
Cost of sales
Research and development expenses
Selling, general and administrative expenses
Total
(Loss)/profit from operations
Net (loss)/profit
Net (loss)/profit attributable to ordinary
shareholders of NIO Inc.
Net (loss)/profit per share/ADS attributable to ordinary
shareholders, basic and diluted (RMB)
Net (loss)/profit per share/ADS attributable to ordinary
shareholders, basic and diluted (USD)

Adjusted
Result
(Non-GAAP)
RMB

Adjusted
Result
(Non-GAAP)
RMB

(46,903,889)
(4,029,942)
(7,921,822)
(58,855,653)
(656,030)
(860,091)

17,584
338,549
573,510
929,643
929,643
929,643

—
—
—
—
—
—

(46,886,305)
(3,691,393)
(7,348,312)
(57,926,010)
273,613
69,552

(1,217,599)

929,643

357,312

69,356

(0.49)

0.37

0.14

0.02

(0.07)

0.05

0.02

0.00

20

Six Months Ended June 30, 2025
Accretion on
redeemable
non-controlling
Organizational
interests to
Share-based
optimization
redemption
compensation
charges
value
RMB
RMB
RMB

GAAP
Result
RMB
Cost of sales
Research and development expenses
Selling, general and administrative expenses
Total
Loss from operations
Net loss
Net loss attributable to ordinary
shareholders of NIO Inc.
Net loss per share/ADS attributable
to ordinary shareholders, basic
and diluted (RMB)

Adjusted
Result
(Non-GAAP)
RMB

(28,226,317)
(6,188,435)
(8,365,684)
(42,780,436)
(11,326,986)
(11,744,834)

27,868
569,667
299,579
897,114
897,114
897,114

54,282
215,532
172,074
441,888
441,888
441,888

—
—
—
—
—
—

(28,144,167)
(5,403,236)
(7,894,031)
(41,441,434)
(9,987,984)
(10,405,832)

(12,032,368)

897,114

441,888

292,864

(10,400,502)

(5.56)

0.41

0.20

0.14

(4.81)

i

All translations from RMB to USD for the second quarter of 2026 were made at the rate of RMB6.7851 to
US$1.00, the noon buying rate in effect on June 30, 2026 in the H.10 statistical release of the Federal Reserve
Board.

ii

Vehicle margin is the margin of new vehicle sales, which is calculated based on revenues and cost of sales
derived from new vehicle sales only.

iii

Except for gross margin and vehicle margin, where absolute changes instead of percentage changes are
calculated.

21

Reconciliation between U.S. GAAP and IFRS Accounting Standards
The Company’s consolidated financial statements for its primary listing in the United States are
prepared in accordance with the accounting principles generally accepted in the United States of
America (the “U.S. GAAP”). As a secondary listed issuer of the Hong Kong Stock Exchange,
the Company is required to include a reconciliation statement in our annual financial statements
starting from the first full financial year commencing on or after January 1, 2022, and in all
subsequent financial statements (including interim financial statements).
For our interim reporting with the Hong Kong Stock Exchange for the six month period ended
June 30, 2026, we have prepared and included as Appendix, the reconciliation statement of the
unaudited condensed consolidated statement of comprehensive loss for the six months ended June
30, 2026 and the unaudited condensed consolidated balance sheets as of June 30, 2026 of the
Company, its subsidiaries and consolidated VIEs (collectively referred to as “the Group”) between
the accounting policies adopted by the Group of the relevant period in accordance with U.S.
GAAP and IFRS Accounting Standards as issued by the International Accounting Standards Board
(together, the “Reconciliation Statement”).
PricewaterhouseCoopers, the auditor of the Company in Hong Kong, has performed a limited
assurance engagement on the Reconciliation Statement in accordance with International Standard
on Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or
Reviews of Historical Financial Information”.

22

Reconciliation between U.S. GAAP and IFRS Accounting Standards
The unaudited consolidated condensed statement of comprehensive loss and the unaudited
condensed consolidated balance sheets are prepared in accordance with U.S. GAAP, which differ
in certain respects from IFRS Accounting Standards. The effects of material differences between
the unaudited interim condensed consolidated financial information of the Group prepared under
U.S. GAAP and IFRS Accounting Standards are as follows:
Reconciliation of unaudited condensed consolidated statement of comprehensive loss
For the six months ended June 30, 2026
Amounts
under
U.S. GAAP

Amounts
under IFRS
Accounting
Standards

IFRS adjustments
RMB (in thousands)
Derivative
financial Redeemable
instrumentnonShare-based Convertible
capped controlling
compensation
notes call options interests
Note (i) Note (ii) Note (iii) Note (iv)

Equity
securities
Availablewithout
for-sale
readily
debt determinable
securities fair value
Note (v)
Note (vi)

Warranty
Leases Accrual
Note (vii) Note (viii)

Software
Note (ix)

Cost of revenues
Research and development
Selling, general and
administrative

(46,903,889)
(4,029,942)

2,314
(172,037)

–
–

–
–

–
–

–
–

–
–

131,997
13,858

136,370
–

– (46,633,208)
– (4,188,121)

(7,921,822)

124,837

–

–

–

–

–

71,442

–

– (7,725,543)

Loss from operations

(656,030)

(44,886)

–

–

–

–

–

217,297

136,370

–

(347,249)

Interest expenses
Fair value changes of
convertible notes

(456,794)

–

176,518

–

(357,312)

–

–

(235,542)

(83,909)

–

(957,039)

–

–

(372,786)

–

–

–

–

–

–

–

(372,786)

Loss before income tax
expense

(815,140)

(44,886)

(196,268)

–

(357,312)

–

–

(18,245)

52,461

– (1,379,390)

Net loss

(860,091)

(44,886)

(196,268)

–

(357,312)

–

–

(18,245)

52,461

– (1,424,341)

23

For the six months ended June 30, 2026
Amounts
under
U.S. GAAP

Amounts
under IFRS
Accounting
Standards

IFRS adjustments
RMB (in thousands)
Equity
Derivative
securities
financial Redeemable Availablewithout
instrumentnon- for-sale
readily
Share-based Convertible
capped controlling
debt determinable
compensation
notes call options interests securities fair value
Note (i) Note (ii) Note (iii) Note (iv) Note (v)
Note (vi)

Fair value change on convertible
notes due to own credit risk

Warranty
Leases Accrual
Note (vii) Note (viii)

Software
Note (ix)

–

–

118,097

–

–

–

–

–

–

–

118,097

Total other comprehensive
income

(269,857)

–

118,097

–

–

–

–

–

–

–

(151,760)

Total comprehensive loss

(1,129,948)

(44,886)

(78,171)

–

(357,312)

–

–

(18,245)

52,461

Accretion on redeemable
non-controlling interests to
redemption value

(357,312)

–

–

–

357,312

–

–

–

–

Comprehensive loss
attributable to ordinary
shareholders of NIO Inc.

(1,487,456)

(44,886)

(78,171)

–

–

–

–

(18,245)

52,461

24

– (1,576,101)

–

–

– (1,576,297)

For the six months ended June 30, 2025
Amounts
under
U.S. GAAP

Amounts
under IFRS
Accounting
Standards

IFRS adjustments
RMB (in thousands)
Equity
Derivative
securities
financial Redeemable Availablewithout
instrumentnon- for-sale
readily
Share-based Convertible
capped controlling
debt determinable
compensation
notes call options interests securities fair value
Note (i) Note (ii) Note (iii) Note (iv) Note (v)
Note (vi)

Warranty
Leases Accrual
Note (vii) Note (viii)

Software
Note (ix)

Cost of revenues
Research and development
Selling, general and
administrative

(28,226,317)
(6,188,435)

10,547
378,719

–
–

–
–

–
–

–
–

–
–

82,627
27,122

10,372
–

– (28,122,771)
– (5,782,594)

(8,365,684)

135,405

–

–

–

–

–

169,792

–

– (8,060,487)

Loss from operations

(11,326,986)

524,671

–

–

–

–

–

279,541

10,372

– (10,512,402)

Interest and investment income
Interest expenses
Loss on extinguishment of debt
Fair value changes of
convertible notes

280,745
(457,610)
(14,660)

–
–
–

(56,296)
183,497
14,660

–
–
–

–
(292,864)
–

–
–
–

3,511
–
–

–
(282,624)
–

–
(72,359)
–

–
–
–

227,960
(921,960)
–

–

–

(154,151)

–

–

–

–

–

–

–

(154,151)

Loss before income tax
expense

(11,697,264)

524,671

(12,290)

–

(292,864)

–

3,511

(3,083)

(61,987)

– (11,539,306)

Net loss

(11,744,834)

524,671

(12,290)

–

(292,864)

–

3,511

(3,083)

(61,987)

– (11,586,876)

25

For the six months ended June 30, 2025
Amounts
under
U.S. GAAP

Amounts
under IFRS
Accounting
Standards

IFRS adjustments
RMB (in thousands)
Equity
Derivative
securities
financial Redeemable Availablewithout
instrumentnon- for-sale
readily
Share-based Convertible
capped controlling
debt determinable
compensation
notes call options interests securities fair value
Note (i) Note (ii) Note (iii) Note (iv)
Note (v) Note (vi)

Fair value change on convertible
notes due to own credit risk
Changes in the fair value of
equity instruments at fair
value through other
comprehensive income or loss

Warranty
Leases Accrual
Note (vii) Note (viii)

Software
Note (ix)

–

–

88,230

–

–

–

–

–

–

–

88,230

–

–

–

–

–

–

(3,511)

–

–

–

(3,511)

Total other comprehensive
income

260,479

–

88,230

–

–

–

(3,511)

–

–

–

345,198

Total comprehensive loss

(11,484,355)

524,671

75,940

–

(292,864)

–

–

(3,083)

(61,987)

Accretion on redeemable
non-controlling interests to
redemption value

(292,864)

–

–

–

292,864

–

–

–

–

Comprehensive loss
attributable to ordinary
shareholders of NIO Inc.

(11,771,889)

524,671

75,940

–

–

–

–

(3,083)

(61,987)

26

– (11,241,678)

–

–

– (11,236,348)

Reconciliation of unaudited condensed consolidated balance sheets
As of June 30, 2026
Amounts
under
U.S. GAAP

Amounts
under IFRS
Accounting
Standards

IFRS adjustments
RMB (in thousands)

Equity
Derivative
securities
financial Redeemable Availablewithout
instrumentnon- for-sale
readily
Share-based Convertible
capped controlling
debt determinable
compensation
notes call options interests securities fair value
Note (i) Note (ii) Note (iii) Note (iv) Note (v)
Note (vi)
Financial assets at fair value
through profit or loss
–
Financial assets at fair value
through other comprehensive
income or loss
–
Property, plant and equipment,
net
25,251,240
Intangible assets, net
173,212
Long-term investments
2,340,908
Right-of-use assets
10,957,091
Total assets

136,211,340

Current portion of long-term
borrowings
897,712
Accruals and other liabilities 15,371,799
Financial liabilities measured
at amortized cost
–
Financial liabilities at fair value
through profit or loss
–
Long-term borrowings
8,550,926
Other non-current liabilities
15,029,869

Warranty
Leases Accrual
Note (vii) Note (viii)

Software
Note (ix)

–

–

–

–

967,503

–

–

–

–

967,503

–

–

–

–

–

187

–

–

–

187

–
–
–
–

–
–
–
–

–
–
–
–

–
–
–
–

–
–
(967,503)
–

–
–
(187)
–

–
–
–
(561,352)

–
–
–
–

(149,262) 25,101,978
149,262 322,474
– 1,373,218
– 10,395,739

–

–

–

–

–

–

(561,352)

–

– 135,649,988

–
–

(1,448)
(68,836)

–
–

–
–

–
–

–
–

–
–

–
–

– 896,264
– 15,302,963

–

–

– 10,222,746

–

–

–

–

– 10,222,746

– 6,644,115
– (7,756,532)
–
–

–
–
–

–
–
–

–
–
–

–
–
–

–
–
–

–
–
(720,558)

– 6,644,115
– 794,394
– 14,309,311
– 130,262,602

Total liabilities

121,943,115

– (1,182,701)

– 10,222,746

–

–

–

(720,558)

Redeemable non-controlling
interests

10,222,746

–

–

– (10,222,746)

–

–

–

–

–

–

Mezzanine equity

10,222,746

–

–

– (10,222,746)

–

–

–

–

–

–

Additional paid-in capital
Accumulated other
comprehensive loss
Accumulated deficit

132,774,453

391,998

–

(614,849) 8,985,339

–

–

–

–

– 141,536,941

309,943
(128,889,318)

– (389,533)
(391,998) 1,572,234

–
–
614,849 (8,985,339)

–
–

62,540
(62,540)

–
(561,352)

–
720,558

–
(17,050)
– (135,982,906)

Total shareholders’ equity

4,045,479

–

–

(561,352)

720,558

–

–

1,182,701

–

–

27

5,387,386

As of December 31, 2025
Amounts
under
U.S. GAAP

Amounts
under IFRS
Accounting
Standards

IFRS adjustments
RMB (in thousands)

Equity
securities
Derivative
without
financial Redeemable Availablereadily
non- for-sale
instrumentdebt determinable
capped controlling
Share-based Convertible
compensation
notes call options interests securities fair value
Note (i) Note (ii) Note (iii) Note (iv) Note (v)
Note (vi)
Financial assets at fair value
through profit or loss
–
Financial assets at fair value
through other comprehensive
income or loss
–
Property, plant and equipment,
net
25,827,968
Intangible assets, net
29,648
Long-term investments
2,480,518
Right-of-use assets
11,711,306
Total assets

124,401,078

Current portion of long-term
borrowings
655,971
Accruals and other liabilities 16,696,044
Financial liabilities at fair value
through profit or loss
–
Financial liabilities measured
at amortized cost
–
Long-term borrowings
8,626,272
Other non-current liabilities
13,690,778

Warranty
Leases Accrual
Note (vii) Note (viii)

Software
Note (ix)

–

–

–

–

979,071

–

–

–

–

979,071

–

–

–

–

–

362,687

–

–

–

362,687

–
–
–
–

–
–
–
–

–
–
–
–

–
–
–
–

–
–
(979,071)
–

–
–
(362,687)
–

–
–
–
(543,107)

–
–
–
–

(201,011) 25,626,957
201,011 230,659
– 1,138,760
– 11,168,199

–

–

–

–

–

(543,107)

–

– 123,857,971

–
–

(6,409)
(71,042)

–
–

–
–

–
–

–
–

–
–

–
–

– 649,562
– 16,625,002

–

–

–

8,551,854

–

–

–

–

–

– 6,814,288
– (7,997,709)
–
–

–
–
–

–
–
–

–
–
–

–
–
–

–
–
–

–
–
(668,097)

– 6,814,288
– 628,563
– 13,022,681
– 118,331,406

Total liabilities

111,708,521

– (1,260,872)

–

8,551,854

–

–

–

(668,097)

Redeemable non-controlling
interests
Mezzanine equity

8,551,854
8,551,854

–
–

–
–

– (8,551,854)
– (8,551,854)

–
–

–
–

–
–

–
–

–
–

8,551,854

–
–

Additional paid-in capital
Accumulated other
comprehensive loss
Accumulated deficit

131,728,259

347,112

–

(614,849) 8,628,027

–

–

–

–

– 140,088,549

579,799
(128,029,031)

– (507,630)
(347,112) 1,768,502

–
–
614,849 (8,628,027)

–
–

62,540
(62,540)

–
(543,107)

–
668,097

– 134,709
– (134,558,369)

Total shareholders’ equity

4,140,703

–

–

(543,107)

668,097

–

–

1,260,872

–

–

28

5,526,565

Basis of Preparation
The Directors of the Company are responsible for preparation of the Reconciliation Statement
in accordance with the relevant requirements of the HKEX Guidance Letter HKEX-GL111-22.
The Reconciliation Statement was prepared based on the Group’s unaudited interim condensed
consolidated financial information for the six months ended June 30, 2026 prepared under U.S.
GAAP, with adjustments made thereto in arriving at the unaudited financial information of the
Group prepared under IFRS Accounting Standards. The adjustments reflect the differences between
the Group’s accounting policies under U.S. GAAP and IFRS Accounting Standards.
(i)

Share-based compensation
1)

Attribution – awards with graded-vesting features
Under U.S. GAAP, the Group has elected to recognize compensation expense using the
straight-line method for all employee equity awards granted with graded vesting over
the requisite service period.
Under IFRS Accounting Standards, the graded vesting method is required to recognize
compensation expense for all employee equity awards granted with graded vesting.

2)

Awards with performance targets
Under U.S. GAAP, the fulfilment of a qualified initial public offering (the “QIPO”) is a
performance vesting condition and such condition is generally not considered probable
until it actually occurs. Accordingly, related share-based compensation expense for
these awards with QIPO condition would not be recognized until an IPO occurs.
Under IFRS Accounting Standards, the estimation of the QIPO completion date is
required to determine the actual vesting period, and Company recognized share-based
compensation expenses over the longer of: (1) the period derived from the estimated
IPO completion date, or (2) the original vesting period.

(ii)

Convertible notes
Under U.S. GAAP, the convertible notes are measured at amortized cost, with any difference
between the initial carrying value and the repayment amount recognized as interest expense
using effective interest method over the period from issuance date to maturity date.
Under IFRS Accounting Standards, the Group ’ s convertible notes are designated as at
fair value through profit or loss such that the convertible notes are initially recognized at
fair value. Subsequent to initial recognition, the amounts of changes in fair value of the
convertible notes that are attributed to changes in own credit risk are presented in other
comprehensive income and the remaining fair value changes are presented in the profit or
loss.

29

(iii) Derivative financial instruments-capped call options
Under U.S. GAAP, the costs for the capped call options are recorded as deduction of
additional paid-in capital within total shareholders’ deficit.
Under IFRS Accounting Standards, the capped call options are recognized as financial assets
at fair value through profit or loss such that they are initially recognized at fair value and
subsequent to initial recognition, the amounts of changes in fair value are recognized in the
profit or loss.
(iv) Redeemable non-controlling interests
Under U.S. GAAP, SEC guidance provides for mezzanine-equity (temporary equity)
category in addition to the financial liability and permanent equity categories. The purpose
of this “in-between” category is to indicate that a security may not be a permanent part of
equity. The Group classifies the redeemable non-controlling interests as mezzanine equity
in the consolidated balance sheets and are recorded initially at fair value, net of issuance
costs. The Group recognizes accretion to the respective redemption value of the redeemable
non-controlling interests over the period starting from issuance date to the earliest redemption
date.
Under IFRS Accounting Standards, the Group ’ s obligation to purchase its own equity
instruments for cash is recognized as a financial liability initially at the present value of
the redemption amount and reclassified from equity. Subsequently, the financial liability is
measured at amortized cost using the effective interest rate method.
(v)

Available-for-sale debt securities
Under U.S. GAAP, the Group reports available-for-sale debt securities measured at fair value
at each balance sheet date with the aggregate unrealized gains and losses, net of tax, reflected
in other comprehensive income.
Under IFRS Accounting Standards, since those debt investments could not meet the definition
of the equity instrument from the perspective of issuer, and the contractual cashflow of these
financial assets does not represent solely payments of principal and interest, thus they should
be reclassified from long-term investments to financial assets measured at fair value through
profit or loss such that they are initially recognized at fair values and subsequent to initial
recognition, the amounts of changes in fair value are recognized in the profit or loss.

(vi) Equity securities without readily determinable fair value
Under U.S. GAAP, the Group elected to measure an equity security without a readily
determinable fair value using a measurement alternative that measures the securities at cost
minus impairment, if any, plus or minus changes resulting from qualifying observable price
changes.
Under IFRS Accounting Standards, the Group elected to measure the investments in equity
instruments at fair value through other comprehensive income or loss (FVOCI). Fair value
changes of these investments were recognized in the other comprehensive income or loss.

30

(vii) Leases
Under U.S. GAAP, for operating leases, the amortization of right-of-use assets and the
interest expense element of lease liabilities are recorded together as lease expenses, which
results in a straight-line recognition effect in profit or loss.
Under IFRS Accounting Standards, the right-of-use assets are generally depreciated on a
straight-line basis while the interest expense related to the lease liabilities are measured under
the effective interest method, which results in higher expenses in earlier periods and lower
expenses in later periods. The amortization of the right-of-use assets is recorded as lease
expense and the interest expense is required to be presented in separate line item.
(viii) Warranty accrual
Under U.S. GAAP, warranty accrual is generally recorded at the amount that will be paid to
settle the provisions and there is a policy choice to discount the warranty accrual. The Group
elects to record the warranty accrual without considering the discount of the provisions.
Under IFRS Accounting Standards, there is no accounting policy choice and the initial
amount of the warranty accrual is the present value of the anticipated cash flows expected to
be required to settle the obligation. The carrying amount of the warranty accrual increases
in each period to reflect the passage of time with said increase recognized as an interest
expense.
(ix) Software
Under U.S. GAAP, software is not presented as intangible assets and so the Group records
software in property, plant and equipment.
Under IFRS Accounting Standards, software is reported under the intangible assets category.
Accordingly, software is reclassified from property, plant and equipment to intangible assets.

31

APPENDIX I

Weighted Voting Rights Structure
Our Company is controlled through weighted voting rights (“WVR”). Under our WVR structure,
each Class A ordinary share entitles the holder to exercise one vote, and each Class C ordinary
share entitles the holder to exercise eight votes, on any resolution tabled at our general meetings,
subject to Rule 8A.24 of the Hong Kong Listing Rules that requires certain matters (the “Reserved
Matters”) to be voted on a one vote per share basis.
Our WVR structure enables our founder, Mr. Bin Li (the “WVR Beneficiary”), controlling the
Class C ordinary shares through Originalwish Limited, mobike Global Ltd. and NIO Users Limited,
to exercise voting control over our Company notwithstanding the WVR Beneficiary does not hold
a majority economic interest in the share capital of our Company. This will enable us to benefit
from the continuing vision and leadership of our WVR Beneficiary who will control our Company
with a view to our long-term prospects and strategy.
Shareholders and prospective investors are advised to be aware of the potential risks of investing
in our Company with a WVR structure, in particular that the interests of the WVR Beneficiary may
not necessarily always be aligned with those of the shareholders as a whole, and that the WVR
Beneficiary will be in a position to exert significant influence over the affairs of our Company and
the outcome of shareholders’ resolutions, irrespective of how other shareholders vote. Shareholders
and prospective investors should make the decision to invest in our Company only after due and
careful consideration.
As of June 30, 2026, Mr. Bin Li (i) was interested in and beneficially owned 7,703 Class A
ordinary shares in the form of American depositary shares; and (ii) was interested in and controlled
through (a) Originalwish Limited, 89,013,451 Class C ordinary shares, (b) mobike Global
Ltd., 26,454,325 Class C ordinary shares, (c) NIO Users Limited, 33,032,224 Class C ordinary
shares, and (d) NIO Users Community Limited, 16,967,776 Class A ordinary shares, which in
total amounts to 16,967,776 Class A ordinary shares and 148,500,000 Class C ordinary shares
on an aggregate basis, representing approximately 33.9% of the voting rights in our Company
with respect to shareholders’ resolutions relating to matters other than certain Reserved Matters,
calculated based on 2,509,871,468 issued and outstanding ordinary shares as of June 30, 2026,
comprising of 2,361,371,468 Class A ordinary shares (excluding 18,820,673 Class A ordinary
shares issued and reserved for future issuance upon the exercising or vesting of awards granted
under our stock incentive plans) and 148,500,000 Class C ordinary shares.

32

NIO Users Community Limited is a British Virgin Islands company wholly owned by NIO Users
Limited. NIO Users Limited is a British Virgin Islands holding company wholly owned by Maples
Trustee Services (Cayman) Limited in its capacity as trustee of NIO Users Trust, a trust in which
Mr. Bin Li is the settlor, protector, investment advisor and the only existing de facto beneficiary
as of June 30, 2026. Mr. Bin Li has the power to direct the trustee with respect to the retention
or disposal of, and the exercise of any voting and other rights attached to, the shares held by NIO
Users Community Limited and NIO Users Limited in our Company. Originalwish Limited and
mobike Global Ltd. are British Virgin Island companies wholly owned by Mr. Bin Li.
In the event that the holder of Class C ordinary shares elects to convert the Class C ordinary
shares to Class A ordinary shares, each Class C ordinary share may be converted into one Class
A ordinary share on a one-to-one ratio. Upon the conversion of all the issued and outstanding
Class C ordinary shares, our Company will re-designate them into 148,500,000 Class A ordinary
shares, representing approximately 5.9% of the total issued and outstanding shares of our Company
(excluding 18,820,673 Class A ordinary shares issued and reserved for future issuance upon the
exercising or vesting of awards granted under our stock incentive plans) as of June 30, 2026.
The WVR attached to the Class C ordinary shares will cease when the WVR Beneficiary no longer
has any beneficial ownership of any of the Class C ordinary shares, in accordance with Rule 8A.22
of the Hong Kong Listing Rules. This may occur:
(i)

upon the occurrence of any of the circumstances set out in Rule 8A.17 of the Hong Kong
Listing Rules, in particular where the WVR Beneficiary is: (1) deceased; (2) no longer
a member of the board of our Company; (3) deemed by The Stock Exchange of Hong
Kong Limited (the “Hong Kong Stock Exchange”) to be incapacitated for the purpose of
performing his duties as a director; or (4) deemed by the Hong Kong Stock Exchange to no
longer meet the requirements of a director set out in the Hong Kong Listing Rules;

(ii)

when the WVR Beneficiary has transferred to another person the beneficial ownership of, or
economic interest in, all of the Class C ordinary shares or the voting rights attached to them,
other than in the circumstances permitted by Rule 8A.18 of the Hong Kong Listing Rules;

(iii) where a vehicle holding Class C ordinary shares on behalf of a WVR Beneficiary no longer
complies with Rule 8A.18(2) of the Hong Kong Listing Rules; or
(iv) when all of the Class C ordinary shares have been converted to Class A ordinary shares.

33

Roles of WVR Beneficiary in NIO Users Trust
During the six months ended June 30, 2026, Mr. Bin Li is the settlor, the protector, the investment
advisor and the only existing de facto beneficiary of NIO Users Trust and continues to retain
the voting rights of the shares in our Company controlled by NIO Users Trust and held by NIO
Users Limited. Mr. Li has been the only existing de facto beneficiary who has been specifically
named and identified under the trust deed (the “Trust Deed”) of NIO Users Trust and has full
control over the NIO Users Trust as the sole settlor, sole protector and sole investment advisor
since its establishment, although two other categories of beneficiaries were written in the Trust
Deed, including (i) charities (which refers to any company, body or trust which is (a) charitable
in the place where it is situated, registered, incorporated or established and (b) charitable under
the laws of the Cayman Islands) and (ii) any person or class of persons added to the class of
beneficiaries by the protector by deed delivered to the trustee. As of June 30, 2026, no charity has
been identified as the beneficiary and no other person or class of persons has been added by Mr. Li
as the protector to the class of beneficiaries. Therefore, Mr. Li has the sole control over the voting
rights attached to the shares, including Class C ordinary shares, held by NIO Users Limited and
Mr. Li is the only person with economic interest in the trust fund.
Any changes to the roles of the (i) protector, (ii) investment advisor or (iii) beneficiary of NIO
Users Trust will have material impact on our WVR structure due to the power entrusted to them (in
the case of the investment advisor and the protector) or the economic interests vested in them (in
the case of the beneficiary) in the Class C ordinary shares held by NIO Users Limited. Upon the
change of any of such roles to any person other than Mr. Bin Li, the beneficial ownership of, or
the economic interest in, the Class C ordinary shares or the control over the voting rights attached
to the shares held by NIO Users Limited will no longer be solely vested in Mr. Bin Li. Mr. Bin
Li may cease to be a protector or investment advisor in the event of death, resignation by written
notice to the trustee, or refusal, unfitness or incapacity to act. In such circumstances, the Class C
ordinary shares held by NIO Users Limited will be automatically converted to Class A ordinary
shares pursuant to Rule 8A.18(1) of the Hong Kong Listing Rules.
During the six months ended June 30, 2026, there has been no material change to the powers,
rights and obligations of the (i) protector, (ii) investment advisor, or (iii) beneficiary of NIO Users
Trust that would have any material impact on our WVR structure.
Nominating and ESG Committee
The applicable requirements in relation to corporate governance as set out in Chapter 8A of
the Hong Kong Listing Rules became applicable to us since March 10, 2022, the date on which
listing of and dealings in our Class A ordinary shares first commenced on the Hong Kong Stock
Exchange.
We have established the Nominating and ESG Committee in compliance with Rules 8A.27, 8A.28
and 8A.30 of the Hong Kong Listing Rules. All of the members of the Nominating and ESG
Committee are independent directors, namely, Ms. Yu Long, Mr. Denny Ting Bun Lee and Mr. Hai
Wu. Ms. Yu Long is the chairwoman of the Nominating and ESG Committee.
34

The following is a summary of work that has been performed by the Nominating and ESG
Committee during the six months ended June 30, 2026 in respect of its corporate governance
functions as well as other functions under its terms of reference:
•

Reviewed and monitored whether our Company is operated and managed for the benefits of
all the shareholders.

•

Made recommendations on the frequency and structure of board meetings and monitored the
functioning of the committees of the board.

•

Reviewed and monitored the adequacy of the policies and practices of our Company on
corporate governance and on compliance with legal and regulatory requirements.

•

Reviewed our Company ’ s compliance with the Corporate Governance Code set out in
Appendix C1 to the Hong Kong Listing Rules (the “Corporate Governance Code”) to the
extent required by Chapter 8A of the Hong Kong Listing Rules and our Company’s disclosure
for compliance with Chapter 8A of the Hong Kong Listing Rules.

•

Reviewed and monitored the management of conflicts of interest between our Company and
its subsidiaries and consolidated affiliated entities (the “Group”), and/or the shareholders on
one hand and the WVR Beneficiary on the other.

•

Reviewed and monitored all risks related to the WVR structure, including any connected
transactions between the Group on one hand and the WVR Beneficiary on the other, and
made recommendation to the board on any such transaction.

•

Reviewed the arrangements for the training and continuous professional development of
directors and senior management (in particular, Chapter 8A of the Hong Kong Listing Rules
and knowledge in relation to the risks relating to the WVR structure).

•

Sought to ensure effective and ongoing communication between our Company and its
shareholders, particularly with regard to the requirements of Rule 8A.35 of the Hong Kong
Listing Rules.

•

Reviewed the structure, size and composition (including the skills, knowledge and
experience) of the board as a whole.

•

Identified and interviewed individuals suitably qualified to become board members and
select or make recommendations to the board on the selection of individuals nominated for
directorships.

•

Made recommendations to the board on the appointment or re-appointment of directors and
succession planning for directors.

•

Reviewed committee assignments and the policy on the rotation of committee memberships
and/or chairpersonships.
35

•

Reported on the work of the Nominating and ESG Committee on a half-yearly basis covering
areas of its terms of reference.

•

Advised the board periodically with respect to significant developments in the law and
practice of corporate governance as well as our Company ’ s compliance with applicable
laws and regulations, and made recommendations to the board on all matters of corporate
governance and on any corrective action to be taken.

•

Evaluated the performance of the Nominating and ESG Committee by: (i) reviewing whether
the committee charter appropriately addresses the matters that are or should be within
the work scope of the Nominating and ESG Committee; and (ii) address matters that the
Nominating and ESG Committee considers relevant to its performance.

•

Reviewed the remuneration and terms of engagement of the compliance advisor.

In particular, the Nominating and ESG Committee has confirmed to the board it is of the view
that our Company has adopted sufficient corporate governance measures to manage the potential
conflict of interest between our Group and/or shareholders on one hand and the WVR Beneficiary
on the other, in order to ensure that the operations and management of our Company are in the
interests of the shareholders as a whole indiscriminately. These measures include the Nominating
and ESG Committee (i) reviewing and monitoring transactions contemplated to be entered
into by our Group and making a recommendation to the board on any matter where there is a
potential conflict of interest between our Group and/or shareholders on one hand and the WVR
Beneficiary on the other, and (ii) ensuring that (a) any transactions between our Group and the
WVR Beneficiary are disclosed and dealt with in accordance with the requirements of the Hong
Kong Listing Rules applicable to us, (b) the terms of transactions between our Group and the
WVR Beneficiary are fair and reasonable and in the interest of our Company and shareholders
as a whole, (c) any directors who have a conflict of interest abstain from voting on the relevant
board resolution, and (d) the compliance advisor is consulted on any matters related to transactions
between our Group and the WVR Beneficiary or involving a potential conflict of interest. The
Nominating and ESG Committee recommended the board continue the implementation of these
measures and periodically review their efficacy towards these objectives.
Miscellaneous

Shareholders ’ protection during the period while our Company maintains its secondary
listing status on the Hong Kong Stock Exchange
In the thirteenth amended and restated articles of association of our Company (the “Thirteenth
Amended and Restated Articles”), we refer to the period commencing from the date on which
any of our shares first become secondary listed on the Hong Kong Stock Exchange to and including
the date immediately before the day which the secondary listing is withdrawn from the Hong Kong
Stock Exchange as the relevant period (the “Relevant Period”).

36

During the Relevant Period:
(i)

NIO Users Trust will not have any director nomination right;

(ii)

we shall have only one class of shares with enhanced or weighted voting rights;

(iii) our directors shall not have the power to, amongst others, authorize the division of shares,
designate a new share class with enhanced voting rights or the issue of preferred shares; and
(iv) certain restrictions on the WVR structure of our Company under Chapter 8A of the Hong
Kong Listing Rules shall apply, including, among others, (a) no further increase in the
proportion of Class C ordinary shares to the total number of shares in issue, (b) only a
director or a director holding vehicle being permitted to hold Class C ordinary shares, and (c)
automatic conversion of Class C ordinary shares into Class A ordinary shares under certain
circumstances.
Notwithstanding the above and at any time after the Relevant Period, the provisions which are
subject to the Relevant Period will continue to apply in the circumstances where our Company
has a change of listing status on the Hong Kong Stock Exchange other than in the case where the
secondary listing of our Company is withdrawn from the Hong Kong Stock Exchange (referred to
in scenario (a) below) pursuant to the applicable Hong Kong Listing Rules.
Given certain shareholder protection under the Hong Kong Listing Rules will only be applicable
during the Relevant Period, shareholders may be afforded less protection after the Relevant Period
as compared with other companies secondary listed in Hong Kong. In particular, Rules 8A.07,
8A.09, 8A.13, 8A.14, 8A.15, 8A.16, 8A.17, 8A.18, 8A.19, 8A.21, 8A.22, 8A.23 and 8A.24 of the
Hong Kong Listing Rules will be rendered no longer applicable after the Relevant Period pursuant
to the Thirteenth Amended and Restated Articles. Furthermore, after the Relevant Period, (i) NIO
Users Trust shall be entitled to nominate one director to the board; and (ii) in the event that Mr.
Bin Li is not an incumbent director and the board is composed of no less than six directors, NIO
Users Trust shall be entitled to nominate one extra director to the board. In addition, after the
Relevant Period, our directors will also have the power to, amongst others, authorize the division
of shares, designate a new share class with enhanced voting rights, or issue preferred shares.
Prospective investors are advised to be aware of the potential risks involved in any potential
change of listing venue. For instance, if our shares are no longer traded on the Hong Kong Stock
Exchange, investors may lose the shareholder protection mechanisms afforded under the relevant
Hong Kong Listing Rules.

37

Our Company may only cease to be secondary listed under Chapter 19C of the Hong Kong Listing
Rules under one of the following situations:
(a)

withdrawal, in the case where we are primary listed on another stock exchange and
voluntarily withdraw our secondary listing on the Hong Kong Stock Exchange;

(b)

migration of the majority of trading to the Hong Kong Stock Exchange’s markets, in the
case where the majority of trading in our listed shares migrates to the Hong Kong Stock
Exchange’s markets on a permanent basis;

(c)

primary conversion, i.e., a voluntary conversion by our Company to a dual-primary listing on
the Hong Kong Stock Exchange;

(d)

overseas delisting, where the shares or depositary receipts issued on our shares cease to be
listed on the stock exchange which it is primary listed;

(e)

if the Hong Kong Stock Exchange cancels the listing of our securities; and

(f)

if the SFC directs the Hong Kong Stock Exchange to cancel the listing of our securities.

The scenarios under which we may cease to be secondary listed on the Hong Kong Stock Exchange
are subject to the changing market conditions, our listing or delisting in other jurisdictions, our
compliance with the Hong Kong Listing Rules and other factors beyond our control. As a result,
there are substantial uncertainties relating to applicability of the shareholders’ rights and protection
under the aforementioned provisions of the Thirteenth Amended and Restated Articles, particularly
in the case where we delist from the Hong Kong Stock Exchange.

38

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性
或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴
該等內容而引致的任何損失承擔任何責任。
根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任
何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或
《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東
及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存
託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。

蔚來集團

（於開曼群島註冊成立以不同投票權控制的有限責任公司）

（股份代號：9866）

2026年第二季度業績公告
我們謹此發佈我們截至2026年6月30日止三個月及六個月的未經審計業績（「2026
年第二季度業績」）。2026年第二季度業績乃根據《香港聯合交易所有限公司證券
上市規則》
（「《香港上市規則》」）第13.48(1)條作為我們截至2026年6月30日止六個
月的中期報告向股東提供。2026年第二季度業績可於香港聯合交易所有限公司網
站 www.hkexnews.hk 及本公司網站 http://ir.nio.com 查閱。根據《香港上市規則》
規定，於附錄一載列我們不同投票權架構的相關資料。
承董事會命
蔚來集團
創始人、董事長兼首席執行官
李斌
香港，2026年9月1日

於本公告日期，本公司董事會包括董事長為李斌先生，董事為秦力洪先生，非執
行董事為Eddy Georges Skaf先生及Nicholas Paul Collins先生，獨立董事為吳海先
生、李廷斌先生、龍宇女士及文勇剛先生。

1

蔚來集團2026年第二季度未經審計財務業績報告
季度收入總額達人民幣321.369億元（47.364億美元）i
季度汽車交付量達107,658輛
中國上海，2026年9月1日 － 全球智能電動汽車市場的先驅及領跑者蔚來集團（紐
交所：NIO；港交所：9866；新交所：NIO）
（「蔚來」或「本公司」）今天宣佈其截
至2026年6月30日止第二季度未經審計財務業績。

2026年第二季度經營摘要
•

2026年第二季度的汽車交付量為107,658輛，較2025年第二季度增長49.4%、
較2026年第一季度增長29.0%。有關交付包括蔚來品牌汽車60,945輛、樂道
品牌汽車29,124輛以及螢火蟲品牌汽車17,589輛。

主要經營業績

交付量

交付量

2026年
第二季度

2026年
第一季度

2025年
第四季度

2025年
第三季度

107,658

83,465

124,807

87,071

2025年
第二季度

2025年
第一季度

2024年
第四季度

2024年
第三季度

72,056

42,094

72,689

61,855

2026年第二季度財務摘要
•

2026 年第二季度的汽車銷售額為人民幣 290.582 億元（42.827 億美元），較
2025年第二季度增長80.1%、較2026年第一季度增長27.5%。

•

2026年第二季度的汽車毛利率 ii 為18.5%，而2025年第二季度為10.3%、2026
年第一季度為18.8%。

•

2026年第二季度的收入總額為人民幣321.369億元（47.364億美元），較2025
年第二季度增長69.1%、較2026年第一季度增長25.9%。

•

2026年第二季度的毛利為人民幣59.065億元（8.705億美元），較2025年第二
季度增長211.3%、較2026年第一季度增長21.6%。

•

2026年第二季度的毛利率為18.4%，而2025年第二季度為10.0%、2026年第
一季度為19.0%。
2

•

2026年第二季度的經營虧損為人民幣3.472億元（0.512億美元），而2025年第
二季度的經營虧損為人民幣49.089億元、2026年第一季度的經營虧損為人民
幣3.088億元。扣除股權激勵費用，2026年第二季度的經調整經營利潤（非公
認會計準則）為人民幣2.069億元（0.305億美元），而2025年第二季度的經調
整經營虧損（非公認會計準則）為人民幣40.408億元，2026年第一季度的經調
整經營利潤（非公認會計準則）為人民幣0.668億元。

•

2026年第二季度的淨虧損為人民幣5.28億元（0.778億美元），而2025年第二
季度的淨虧損為人民幣49.948億元、2026年第一季度的淨虧損為人民幣3.321
億元。扣除股權激勵費用，2026 年第二季度的經調整淨利潤（非公認會計準
則）為人民幣0.261億元（380萬美元），而2025年第二季度的經調整淨虧損（非
公認會計準則）為人民幣41.267億元，2026年第一季度的經調整淨利潤（非公
認會計準則）為人民幣0.435億元。

•

截至2026年6月30日，現金及現金等價物、受限制現金、短期投資及長期定
期存款為人民幣567億元（84億美元）。

2026年第二季度主要財務業績
（人民幣百萬元，百分比除外）
2026年
2026年
2025年
第二季度 第一季度 第二季度

汽車銷售額
29,058.2
汽車毛利率
18.5%
收入總額
32,136.9
毛利
5,906.5
毛利率
18.4%
經營虧損
(347.2)
經調整經營利潤 ╱（虧損）
（非公認會計準則）
206.9
淨虧損
(528.0)
經調整淨利潤 ╱（虧損）
（非公認會計準則）
26.1

變動百分比 iii
環比
同比

22,783.7
18.8%
25,532.7
4,859.1
19.0%
(308.8)

16,136.1
10.3%
19,008.7
1,897.5
10.0%
(4,908.9)

27.5%
-30基點
25.9%
21.6%
-60基點
12.4%

80.1%
820基點
69.1%
211.3%
840基點
-92.9%

66.8
(332.1)

(4,040.8)
(4,994.8)

209.7%
59.0%

不適用
-89.4%

43.5

(4,126.7)

-40.0%

不適用

近期發展
2026年7月及8月交付量
•

本公司分別於2026年7月及8月交付35,934輛汽車和35,836輛汽車。截至2026
年8 月31 日，本公司於2026 年已交付262,893 輛汽車，累計汽車交付量達到
1,260,485輛。
3

蔚來全新ES8大五座版發佈
•

2026年7月9日，公司正式發佈全新蔚來ES8大五座版，並於次日開啟交付。
ES8 大五座版憑藉卓越空間、尊享舒適及領先智能科技，進一步拓展高端純
電SUV的產品邊界。全新產品佈局進一步強化了蔚來在高端大五座及高端大
三排SUV市場的競爭力，鞏固公司在高端SUV市場的領先地位。

神璣融資
•

2026年6月及8月，公司附屬公司安徽神璣技術有限公司（「神璣」）與中國境內
若干投資者訂立兩輪最終協議，該等投資者同意以現金共計人民幣4.93億元
認購神璣新發行的股份，投後估值人民幣122.5億元。相關融資交易完成後，
蔚來一家子公司將持有神璣59.95%的控股權益。

首席執行官及首席財務官評論
「2026年第二季度，公司共計交付107,658輛智能電動汽車，同比增長49.4%。蔚
來、樂道、螢火蟲三大品牌實現量價齊升。我們預計第三季度的總交付量將在
108,000至111,000輛之間，同比增長24.0%至27.5%。」蔚來創始人、董事長兼首
席執行官李斌表示。
「二季度，蔚來品牌在中國成交價35萬元以上乘用車市場排名第一。蔚來ES8上市
後市場表現持續強勁，上市335天完成第十四萬台交付，在40萬級乘用車市場以
及大型SUV市場均保持領先。科技行政旗艦SUV ES9持續轉化傳統豪華燃油SUV
用戶，6月及7月在中國成交價50萬元以上乘用車市場銷量位居第一。樂道L90和
L80 憑藉突出的產品優勢，帶動樂道品牌成為20-30 萬區間大型SUV市場銷量第
一。與此同時，螢火蟲則已連續15個月位居中國高端小車市場市佔率第一，穩固
細分市場龍頭地位。」李斌補充道。
「2026 年第二季度，公司整體經營質量持續向好。在高毛利車型熱銷與成本結構
持續優化的支撐下，儘管面對成本上漲壓力，公司綜合毛利率、整車毛利率均維
持穩健水平。服務與社區相關業務持續貢獻利潤。本季度公司保持Non-GAAP經
營利潤盈利，現金儲備進一步提升，為長期可持續發展提供更強資金保障。基於
紮實的體系化能力與清晰的經營策略，我們對完成全年經營目標、實現高質量增
長充滿信心。」蔚來首席財務官曲玉表示。

4

2026年第二季度財務業績
收入
•

2026年第二季度的收入總額為人民幣321.369億元（47.364億美元），較2025
年第二季度增長69.1%、較2026年第一季度增長25.9%。

•

2026 年第二季度的汽車銷售額為人民幣 290.582 億元（42.827 億美元），較
2025 年第二季度增長80.1%、較2026年第一季度增長27.5%。汽車銷售額較
2025年第二季度有所增加，主要由於交付量增長，且產品組合變動導致平均
售價上升。汽車銷售額較2026年第一季度有所增加，主要由於交付量增加。

•

2026年第二季度的其他銷售額為人民幣30.786億元（4.537億美元），較2025
年第二季度增長7.2%、較2026年第一季度增長12.0%。其他銷售額較2025年
第二季度有所增加，主要由於隨保有量持續提升而帶來的零部件、配件銷售
及車輛售後服務收入增加，部分被二手車銷售及技術研發服務的收入減少所
抵銷。其他銷售額較2026年第一季度有所增加，主要由於(i)二手車銷售的收
入增加及(ii)零部件、配件銷售及車輛售後服務收入增加，部分被汽車金融服
務收入減少所抵銷。

銷售成本及毛利率
•

2026年第二季度的銷售成本為人民幣262.304億元（38.659億美元），較2025
年第二季度增長53.3%、較2026年第一季度增長26.9%。銷售成本較2025年第
二季度及2026年第一季度有所增長，主要由於交付量增長。

•

2026年第二季度的毛利為人民幣59.065億元（8.705億美元），較2025年第二
季度增長211.3%、較2026年第一季度增長21.6%。

•

2026年第二季度的毛利率為18.4%，而2025年第二季度為10.0%、2026年第
一季度為19.0%。毛利率較2025年第二季度有所增長，主要由於汽車毛利率
的增長。毛利率較2026年第一季度略有下降，主要來自於汽車銷售、能源解
決方案以及零部件、配件銷售及車輛售後服務的毛利率。

•

2026年第二季度的汽車毛利率為18.5%，而2025 年第二季度為10.3%、2026
年第一季度為18.8%。汽車毛利率較2025年第二季度有所增加，主要由於產
品組合改善。汽車毛利率較2026年第一季度保持相對穩定。

5

營業費用
•

2026年第二季度的研發費用為人民幣21.449億元（3.161億美元），較2025年
第二季度下降28.7%，較2026 年第一季度增長13.8%。扣除股權激勵費用，
2026 年第二季度的經調整研發費用（非公認會計準則）為人民幣 19.832 億
元（2.923 億美元），較2025 年第二季度下降20.3%，較2026 年第一季度增長
16.1%。研發費用較2025年第二季度有所下降，主要由於(i)組織優化帶來的
研發職能人員成本下降，及(ii)不同開發階段以及經營效率提升所帶來的設計
及開發費用下降。研發費用較2026年第一季度有所增長，主要由於新產品及
新技術所帶來的設計及開發費用增長，以及研發職能人員成本增長。

•

2026 年第二季度的銷售、一般及行政費用為人民幣44.245 億元（6.521 億美
元），較2025年第二季度增長11.6%，較2026年第一季度增長26.5%。扣除股
權激勵費用，2026 年第二季度的經調整銷售、一般及行政費用（非公認會計
準則）為人民幣40.396億元（5.954億美元），較2025年第二季度增長9.7%，較
2026年第一季度增長22.1%。銷售、一般及行政費用較2025年第二季度有所
增長，主要由於與推出新產品相關的銷售及營銷活動增加。銷售、一般及行
政費用較2026年第一季度增長，主要由於(i)與推出新產品相關的銷售及營銷
活動增加，以及營銷職能人員及相關成本增加；及(ii)一般企業職能的股權激
勵增加。

經營虧損
•

2026年第二季度的經營虧損為人民幣3.472億元（0.512億美元），而2025年第
二季度的經營虧損為人民幣49.089億元、2026年第一季度的經營虧損為人民
幣3.088億元。扣除股權激勵費用，2026年第二季度的經調整經營利潤（非公
認會計準則）為人民幣2.069億元（0.305億美元），而2025年第二季度的經調
整經營虧損（非公認會計準則）為人民幣40.408億元，2026年第一季度的經調
整經營利潤（非公認會計準則）為人民幣0.668億元。

淨虧損及每股普通股 ╱ 美國存託股份盈利
•

2026年第二季度的淨虧損為人民幣5.28億元（0.778億美元），而2025年第二
季度的淨虧損為人民幣49.948億元、2026年第一季度的淨虧損為人民幣3.321
億元。扣除股權激勵費用，2026 年第二季度的經調整淨利潤（非公認會計準
則）為人民幣0.261億元（380萬美元），而2025年第二季度的經調整淨虧損（非
公認會計準則）為人民幣41.267億元，2026年第一季度的經調整淨利潤（非公
認會計準則）為人民幣0.435億元。

6

•

2026年第二季度歸屬於蔚來普通股股東的淨虧損為人民幣7.216億元（1.064億
美元），而2025 年第二季度歸屬於蔚來普通股股東的淨虧損為人民幣51.413
億元、2026年第一季度歸屬於蔚來普通股股東的淨虧損為人民幣4.96億元。
扣除股權激勵費用及可贖回非控股權益贖回價值的增值，2026年第二季度歸
屬於蔚來普通股股東的經調整淨利潤（非公認會計準則）為人民幣0.248 億元
（370萬美元），而2025年第二季度歸屬於蔚來普通股股東的經調整淨虧損（非
公認會計準則）為人民幣41.249 億元，2026年第一季度歸屬於蔚來普通股股
東的經調整淨利潤（非公認會計準則）為人民幣0.445億元。

•

2026年第二季度的每股普通股 ╱ 美國存託股份基本及攤薄淨虧損均為人民幣
0.29元（0.04美元），而2025年第二季度的每股普通股 ╱ 美國存託股份基本及
攤薄淨虧損為人民幣2.31元、2026年第一季度的每股普通股 ╱ 美國存託股份
基本及攤薄淨虧損為人民幣0.20元。扣除股權激勵費用及可贖回非控股權益
贖回價值的增值，2026年第二季度的經調整每股普通股 ╱ 美國存託股份基本
及攤薄淨利潤（非公認會計準則）均為人民幣0.01元（0.00美元），而2025年第
二季度的經調整每股普通股 ╱ 美國存託股份基本及攤薄淨虧損（非公認會計
準則）為人民幣1.85元，2026年第一季度的經調整每股普通股 ╱ 美國存託股
份基本及攤薄淨利潤（非公認會計準則）為人民幣0.02元。

資產負債表
•

截至2026年6月30日，現金及現金等價物、受限制現金、短期投資及長期定
期存款為人民幣567 億元（84 億美元）。截至2026 年6 月30日，我們錄得淨流
動資產，並且在 2026 年第二季度實現了正向經營活動現金流及經調整淨利
潤（非公認會計準則），儘管本季度按公認會計準則仍錄得淨虧損。根據我們
的持續經營及流動性評估（已考慮我們的業務計劃，包括現有車型及新車型
銷售帶來的收入增長、持續優化運營效率以改善經營現金流量、營運資金管
理，於需要時在可用信貸額度下自銀行和其他渠道籌集資金的能力，以及評
估業務計劃成功執行存在的不確定性），我們認為，我們的財務資源（包括可
用現金及現金等價物、受限制現金及短期投資、經營活動產生的現金，以及
可用信貸額度和其他渠道的資金）將足以支持我們在未來十二個月日常業務
活動的持續經營。

業務展望
於2026年第三季度，本公司預期：
•

汽車交付量介乎 108,000 至 111,000 輛，較 2025 年同一季度增長約 24.0% 至
27.5%。

•

收入總額介乎人民幣332.85億元（49.06億美元）至人民幣340.51億元（50.19億
美元）之間，較2025年同一季度增長約52.7%至56.2%。

本業務展望反映了本公司對業務情況及市場狀況的當前及初步看法，可能會發生
變動。
7

電話會議
本公司管理層將於美國東部時間2026年9月1日上午八時正（北京 ╱ 香港 ╱ 新加坡
時間2026年9月1日下午八時正）舉行業績電話會議。
電話會議的網絡直播及回放可於本公司投資者關係網站https://ir.nio.com/news-events/events
收聽。
欲使用撥入號碼參加會議的參會者，請使用以下提供的鏈接提前註冊並於電話會
議前10分鐘撥通電話。撥入號碼、會議密碼及唯一進入PIN將於註冊時提供。
https://s1.c-conf.com/diamondpass/10056744-ju876y.html
電話會議的重播將可透過以下電話號碼進行收聽，直至2026年9月8日：
美國：
中國香港：
中國內地：
新加坡：
國際：
重播PIN：

+1-855-883-1031
+852-800-930-639
+86-400-1209-216
+65-800-1013-223
+61-7-3107-6325
10056744

關於蔚來集團
蔚來集團是全球智能電動汽車市場的先驅及領跑者。成立於2014 年11 月，蔚來
致力於共創可持續和更美好的未來，實現「Blue Sky Coming」的使命。蔚來的願
景是成為技術與體驗領先的用戶企業。蔚來設計、開發、製造及銷售智能電動汽
車，推動新一代核心技術的創新。蔚來通過持續的技術突破及創新、極致的產品
及服務，和共同成長的社區使自己脫穎而出。公司旗下的蔚來品牌專注於高端智
能電動汽車，樂道品牌聚焦於高品質家庭智能電動汽車，螢火蟲品牌提供智能電
動高端小車。

8

安全港聲明
本新聞稿包含根據1995 年《美國私人證券訴訟改革法》的「安全港」條文可能構成
「前瞻性」聲明的陳述。該等前瞻性陳述可透過「將會」、「預期」、「預計」、「旨
在」、「未來」、「擬」、「計劃」、「相信」、「估計」、「可能」等詞彙以及類似的陳述
來識別。蔚來亦可能在其提交給美國證券交易委員會（「證監會」）的定期報告、致
股東的年度報告、在香港聯合交易所有限公司（「香港聯交所」）及新加坡交易所證
券交易有限公司（「新交所」）的網站上發佈的公告、通函或其他出版物以及在其高
級管理人員、董事及僱員向第三方發表的新聞稿及其他書面材料或口頭聲明中作
出書面或口頭前瞻性陳述。不屬歷史事實的陳述（包括關於蔚來的信念、計劃及
預期的陳述）均屬前瞻性陳述。前瞻性陳述涉及固有風險及不確定性。多種因素
可能導致實際業績與任何前瞻性聲明所載業績存在重大差異，包括但不限於以下
因素：蔚來的策略；蔚來未來業務發展、財務狀況及經營業績；蔚來按期、大規
模地開發及製造足夠質量且對客戶具有吸引力的汽車的能力；其確保及擴大製造
產能的能力，包括與第三方建立及維持合作夥伴關係；其為客戶提供便捷及全面
的能源解決方案的能力；換電、BaaS及蔚來智能駕駛及其訂閱服務的可行性、增
長潛力及前景；其改良技術或開發替代技術以滿足不斷變化的市場需求及產業發
展的能力；蔚來滿足有關汽車的強制性安全標準的能力；其維持汽車所用原材料
或其他部件供應的能力；其維持足夠的車輛預訂和銷售的能力；其控制與其經營
相關的成本的能力；其打造現今及未來品牌的能力；全球及中國整體經濟及業務
狀況以及與上述任何一項相關或有關的假設。有關該等及其他風險的進一步資料
包括在蔚來向證監會提交的文件中以及於香港聯交所及新交所各自網站上的公告
及文件中。本新聞稿中提供的所有資料均為截至本新聞稿日期的資料，而除適用
法律要求外，蔚來並不負有更新任何前瞻性陳述的義務。

9

非公認會計準則披露
本公司使用經調整銷售成本（非公認會計準則）、經調整研發費用（非公認會計準
則）、經調整銷售、一般及行政費用（非公認會計準則）、經調整經營利潤 ╱（虧
損）
（非公認會計準則）、經調整淨利潤 ╱（虧損）
（非公認會計準則）、經調整歸屬
於普通股股東的淨利潤 ╱（虧損）
（非公認會計準則）及經調整每股普通股 ╱ 美國
存託股份基本及攤薄淨利潤 ╱（虧損）
（非公認會計準則）等非公認會計準則指標，
以評估其經營業績以及用於財務和經營決策中。本公司將經調整銷售成本（非公
認會計準則）、經調整研發費用（非公認會計準則）、經調整銷售、一般及行政費
用（非公認會計準則）、經調整經營利潤 ╱（虧損）
（非公認會計準則）及經調整淨利
潤 ╱（虧損）
（非公認會計準則）定義為扣除股權激勵費用及組織優化費用的銷售成
本、研發費用、銷售、一般及行政費用、經營利潤 ╱（虧損）及淨利潤 ╱（虧損）。
本公司將經調整歸屬於普通股股東的淨利潤 ╱（虧損）
（非公認會計準則）及經調整
每股普通股 ╱ 美國存託股份基本及攤薄利潤 ╱（虧損）
（非公認會計準則）定義為
扣除股權激勵費用、組織優化費用及可贖回非控股權益贖回價值的增值的歸屬於
普通股股東的利潤 ╱（虧損）及每股普通股 ╱ 美國存託股份基本及攤薄利潤 ╱（虧
損）。通過剔除股權激勵費用、組織優化費用及可贖回非控股權益贖回價值的增
值之影響（上述項目為非現金或其規模或性質未能反映本公司日常或持續經營狀
況），本公司認為非公認會計準則財務指標有助於識別其業務的基本趨勢及增強對
本公司過往表現及未來前景的整體理解。本公司亦認為非公認會計準則財務指標
有助於更清晰地了解本公司管理層在財務和經營決策中所使用的核心指標。
非公認會計準則財務指標並無根據美國公認會計準則呈列，或有別於其他公司所
使用的非公認會計準則會計處理及報告方法。非公認會計準則財務指標作為分析
工具有局限性，且於評估本公司的經營表現時，投資者不應單獨考慮該等指標，
或取代根據美國公認會計準則編製的淨利潤 ╱（虧損）或其他合併綜合利潤 ╱（虧
損）表數據。本公司鼓勵投資者及其他人士全面審查其財務資料，而非依賴單一
的財務指標。
本公司將非公認會計準則財務指標調整至最具可比性的美國公認會計準則業績指
標，以減少此限制，所有指標均應於評估本公司業績時予以考慮。
有關非公認會計準則財務指標的更多資料，請參閱本新聞稿末尾所載「未經審計
公認會計準則和非公認會計準則業績對賬」表格。

10

匯率
為方便讀者閱讀，本公告將若干人民幣金額按指定匯率轉換為美元。除非另有所
指，所有人民幣兌換為美元的換算乃按人民幣6.7851元兌1.00美元的匯率作出（即
聯邦儲備局H.10統計數據所載2026年6月30日之中午買入匯率）。本公司並無聲明
所述人民幣或美元金額可以按任何特定匯率或任何匯率兌換為美元或人民幣（視
情況而定）。
有關更多資料，請訪問：http://ir.nio.com 。
投資者關係
ir@nio.com
媒體關係
global.press@nio.com
資料來源：蔚來

11

蔚來集團
未經審計簡明合併資產負債表
（所有金額均以千計）
截至
2025年
12月31日

2026年
6月30日

2026年
6月30日

人民幣

人民幣

美元

資產
流動資產：
現金及現金等價物
受限制現金
短期投資
應收貿易款項及應收票據
應收關聯方款項
存貨
預付款項及其他流動資產
流動資產總額

11,274,094
14,745,975
19,755,809
1,394,445
16,078,250
8,530,854
4,853,610
76,633,037

17,453,564
13,510,507
25,634,741
1,196,734
14,986,044
11,089,742
5,378,445
89,249,777

2,572,337
1,991,202
3,778,093
176,377
2,208,670
1,634,426
792,685
13,153,790

非流動資產：
長期受限制現金
物業、廠房及設備淨值
無形資產淨值
土地使用權淨值
長期投資
使用權資產 － 經營租賃
其他非流動資產
非流動資產總額

88,325
25,827,968
29,648
196,691
2,480,518
11,711,306
7,433,585
47,768,041

68,625
25,251,240
173,212
194,039
2,340,908
10,957,091
7,976,448
46,961,563

10,114
3,721,572
25,528
28,598
345,007
1,614,875
1,175,584
6,921,278

資產總額

124,401,078 136,211,340

20,075,068

12

2025年
12月31日
人民幣

截至
2026年
6月30日
人民幣

2026年
6月30日
美元

負債
流動負債：
短期借款
應付貿易款項及應付票據
應付關聯方款項，即期
應交稅費
經營租賃負債的即期部分
長期借款的即期部分
應計費用及其他負債
流動負債總額

4,691,910
53,309,727
625,903
439,240
2,163,768
655,971
16,696,044
78,582,563

8,164,766
60,385,478
502,353
334,595
1,961,855
897,712
15,371,799
87,618,558

1,203,338
8,899,718
74,038
49,313
289,142
132,306
2,265,523
12,913,378

非流動負債：
長期借款
非流動經營租賃負債
應付關聯方款項，非即期
遞延稅項負債
其他非流動負債
非流動負債總額

8,626,272
10,092,039
604,178
112,691
13,690,778
33,125,958

8,550,926
9,420,681
1,190,070
133,011
15,029,869
34,324,557

1,260,251
1,388,437
175,395
19,603
2,215,128
5,058,814

負債總額

111,708,521 121,943,115

17,972,192

13

蔚來集團
未經審計簡明合併資產負債表
（所有金額均以千計）
截至
2025年
12月31日

2026年
6月30日

2026年
6月30日

人民幣

人民幣

美元

夾層權益
可贖回非控股權益

8,551,854

10,222,746

1,506,646

夾層權益總額

8,551,854

10,222,746

1,506,646

股東權益
蔚來集團股東權益總額

4,159,460

4,064,040

598,966

非控股權益

(18,757)

(18,561)

(2,736)

股東權益總額

4,140,703

4,045,479

596,230

124,401,078 136,211,340

20,075,068

負債、夾層權益及股東權益總額

14

蔚來集團
未經審計簡明合併綜合虧損表
（除股份及每股股份 ╱ 美國存託股份數據外，所有金額均以千計）
截至下列日期止三個月
2025年
6月30日

2026年
3月31日

2026年
6月30日

2026年
6月30日

人民幣

人民幣

人民幣

美元

收入：
汽車銷售
其他銷售

16,136,114
2,872,551

22,783,708
2,748,947

29,058,229
3,078,632

4,282,653
453,734

收入總額

19,008,665

25,532,655

32,136,861

4,736,387

銷售成本：
汽車銷售
其他銷售

(14,473,222)
(2,637,920)

(18,491,467)
(2,182,051)

(23,673,959)
(2,556,412)

(3,489,110)
(376,769)

銷售成本總額

(17,111,142)

(20,673,518)

(26,230,371)

(3,865,879)

毛利

1,897,523

4,859,137

5,906,490

870,508

營業費用：
研發
銷售、一般及行政
其他經營收益淨額
營業費用總額

(3,007,032)
(3,964,921)
165,572
(6,806,381)

(1,885,024)
(3,497,306)
214,382
(5,167,948)

(2,144,918)
(4,424,516)
315,725
(6,253,709)

(316,122)
(652,093)
46,532
(921,683)

經營虧損
利息及投資收益 ╱（虧損）
利息開支
股權投資的應佔虧損
其他收入淨額
除所得稅開支前虧損
所得稅開支

(4,908,858)
107,529
(212,748)
(124,664)
186,879
(4,951,862)
(42,939)

(308,811)
115,894
(214,405)
(37,908)
125,266
(319,964)
(12,118)

(347,219)
(18,959)
(242,389)
(149,383)
262,774
(495,176)
(32,833)

(51,175)
(2,794)
(35,724)
(22,016)
38,728
(72,981)
(4,839)

淨虧損
可贖回非控股權益贖回
價值的增值
歸屬於非控股權益的淨虧損 ╱
（利潤）

(4,994,801)

(332,082)

(528,009)

(77,820)

(148,374)

(164,987)

(192,325)

(28,345)

1,868

1,061

(1,257)

(185)

(5,141,307)

(496,008)

(721,591)

(106,350)

歸屬於蔚來集團普通股
股東的淨虧損

15

截至下列日期止三個月
2026年
2026年
3月31日
6月30日
人民幣
人民幣

2025年
6月30日
人民幣
淨虧損

2026年
6月30日
美元

(4,994,801)

(332,082)

(528,009)

(77,820)

其他綜合收益 ╱（虧損）
外匯換算調整，經扣除
零稅項

184,568

(148,948)

(120,909)

(17,820)

其他綜合收益 ╱（虧損）總額

184,568

(148,948)

(120,909)

(17,820)

(4,810,233)

(481,030)

(648,918)

(95,640)

(148,374)

(164,987)

(192,325)

(28,345)

1,868

1,061

(1,257)

(185)

(4,956,739)

(644,956)

(842,500)

(124,170)

綜合虧損總額
可贖回非控股權益贖回
價值的增值
歸屬於非控股權益的
淨虧損 ╱（利潤）
歸屬於蔚來集團普通股
股東的綜合虧損
用於計算每股股份 ╱
美國存託股份淨虧損的
普通股 ╱ 美國存託
股份加權平均數
基本及攤薄
歸屬於普通股股東的每股
股份 ╱ 美國存託股份淨虧損
基本及攤薄

2,230,044,617 2,481,180,303 2,496,741,061 2,496,741,061

(2.31)

16

(0.20)

(0.29)

(0.04)

蔚來集團
未經審計簡明合併綜合虧損表
（除股份及每股股份 ╱ 美國存託股份數據外，所有金額均以千計）
截至下列日期止六個月
2025年
6月30日

2026年
6月30日

2026年
6月30日

人民幣

人民幣

美元

收入：
汽車銷售
其他銷售

26,075,419
4,967,975

51,841,937
5,827,579

7,640,556
858,879

收入總額

31,043,394

57,669,516

8,499,435

銷售成本：
汽車銷售
其他銷售

(23,398,863)
(4,827,454)

(42,165,426)
(4,738,463)

(6,214,415)
(698,363)

銷售成本總額

(28,226,317)

(46,903,889)

(6,912,778)

2,817,077

10,765,627

1,586,657

營業費用：
研發
銷售、一般及行政
其他經營收益淨額
營業費用總額

(6,188,435)
(8,365,684)
410,056
(14,144,063)

(4,029,942)
(7,921,822)
530,107
(11,421,657)

(593,940)
(1,167,532)
78,128
(1,683,344)

經營虧損
利息及投資收益
利息開支
償還債務虧損
股權投資的應佔虧損
其他收入淨額
除所得稅開支前虧損
所得稅開支

(11,326,986)
280,745
(457,610)
(14,660)
(380,859)
202,106
(11,697,264)
(47,570)

(656,030)
96,935
(456,794)
–
(187,291)
388,040
(815,140)
(44,951)

(96,687)
14,286
(67,323)
–
(27,603)
57,190
(120,137)
(6,625)

淨虧損
可贖回非控股權益贖回價值的增值
歸屬於非控股權益的淨虧損 ╱（利潤）

(11,744,834)
(292,864)
5,330

(860,091)
(357,312)
(196)

(126,762)
(52,661)
(29)

歸屬於蔚來集團普通股股東的淨虧損

(12,032,368)

(1,217,599)

(179,452)

毛利

17

截至下列日期止六個月
2025年
2026年
2026年
6月30日
6月30日
6月30日
人民幣
人民幣
美元
淨虧損

(11,744,834)

(860,091)

(126,762)

其他綜合收益 ╱（虧損）
外匯換算調整，經扣除零稅項

260,479

(269,857)

(39,772)

其他綜合收益 ╱（虧損）總額

260,479

(269,857)

(39,772)

綜合虧損總額

(11,484,355)

(1,129,948)

(166,534)

可贖回非控股權益贖回價值的增值
歸屬於非控股權益的淨虧損 ╱（利潤）
歸屬於蔚來集團普通股股東的綜合虧損

(292,864)
5,330
(11,771,889)

(357,312)
(196)
(1,487,456)

(52,661)
(29)
(219,224)

用於計算每股股份 ╱
美國存託股份淨虧損的普通股 ╱
美國存託股份加權平均數
基本及攤薄
歸屬於普通股股東的每股股份 ╱
美國存託股份淨虧損
基本及攤薄

2,162,319,854 2,489,003,668 2,489,003,668

(5.56)

18

(0.49)

(0.07)

蔚來集團
未經審計公認會計準則和非公認會計準則業績對賬
（除股份及每股股份 ╱ 美國存託股份數據外，所有金額均以千計）
截至2026年6月30日止三個月
可贖回非控 經調整業績
採用公認
股權益贖回 （非公認
會計準則
計算的業績 股權激勵 價值的增值 會計準則）
人民幣
人民幣
人民幣
人民幣
銷售成本
研發費用
銷售、一般及行政費用
總計
經營（虧損）╱ 利潤
淨（虧損）╱ 利潤
歸屬於蔚來集團普通股
股東的淨（虧損）╱ 利潤
歸屬於普通股股東的每股
股份 ╱ 美國存託股份
淨（虧損）╱ 利潤，基本
及攤薄（人民幣）
歸屬於普通股股東的每股
股份 ╱ 美國存託股份
淨（虧損）╱ 利潤，基本
及攤薄（美元）

— (26,222,884)
— (1,983,213)
— (4,039,635)
— (32,245,732)
—
206,854
—
26,064

(26,230,371)
(2,144,918)
(4,424,516)
(32,799,805)
(347,219)
(528,009)

7,487
161,705
384,881
554,073
554,073
554,073

(721,591)

554,073

192,325

24,807

(0.29)

0.22

0.08

0.01

(0.04)

0.03

0.01

0.00

截至2026年3月31日止三個月
可贖回非控 經調整業績
採用公認
股權益贖回 （非公認
會計準則
計算的業績 股權激勵 價值的增值 會計準則）
人民幣
人民幣
人民幣
人民幣
銷售成本
(20,673,518)
研發費用
(1,885,024)
銷售、一般及行政費用
(3,497,306)
總計
(26,055,848)
經營（虧損）╱ 利潤
(308,811)
淨（虧損）╱ 利潤
(332,082)
歸屬於蔚來集團普通股股東
的淨（虧損）╱ 利潤
(496,008)
歸屬於普通股股東的每股
股份 ╱ 美國存託股份
淨（虧損）╱ 利潤，基本
及攤薄（人民幣）
(0.20)
19

10,097
176,844
188,629
375,570
375,570
375,570

— (20,663,421)
— (1,708,180)
— (3,308,677)
— (25,680,278)
—
66,759
—
43,488

375,570

164,987

44,549

0.15

0.07

0.02

採用公認
會計準則
計算的業績
人民幣
銷售成本
(17,111,142)
研發費用
(3,007,032)
銷售、一般
及行政費用
(3,964,921)
總計
(24,083,095)
經營虧損
(4,908,858)
淨虧損
(4,994,801)
歸屬於蔚來集團普通
股股東的淨虧損
(5,141,307)
歸屬於普通股
股東的每股股份 ╱
美國存託股份
淨虧損，基本及
攤薄（人民幣）
(2.31)

截至2025年6月30日止三個月
可贖回非控
組織
股權益贖回
股權激勵
優化費用
價值的增值
人民幣
人民幣
人民幣

經調整業績
（非公認
會計準則）
人民幣

12,867
302,620

54,282
215,532

—
—

(17,043,993)
(2,488,880)

110,688
426,175
426,175
426,175

172,074
441,888
441,888
441,888

—
—
—
—

(3,682,159)
(23,215,032)
(4,040,795)
(4,126,738)

426,175

441,888

148,374

(4,124,870)

0.19

0.20

0.07

(1.85)

截至2026年6月30日止六個月
採用公認
可贖回非控 經調整業績
會計準則
股權益贖回 （非公認
計算的業績 股權激勵 價值的增值 會計準則）
人民幣
人民幣
人民幣
人民幣
銷售成本
研發費用
銷售、一般及行政費用
總計
經營（虧損）╱ 利潤
淨（虧損）╱ 利潤
歸屬於蔚來集團普通股
股東的淨（虧損）╱ 利潤
歸屬於普通股股東的每股
股份 ╱ 美國存託股份
淨（虧損）╱ 利潤，基本
及攤薄（人民幣）
歸屬於普通股股東的每股
股份 ╱ 美國存託股份
淨（虧損）╱ 利潤，基本
及攤薄（美元）

— (46,886,305)
— (3,691,393)
— (7,348,312)
— (57,926,010)
—
273,613
—
69,552

(46,903,889)
(4,029,942)
(7,921,822)
(58,855,653)
(656,030)
(860,091)

17,584
338,549
573,510
929,643
929,643
929,643

(1,217,599)

929,643

357,312

69,356

(0.49)

0.37

0.14

0.02

(0.07)

0.05

0.02

0.00

20

截至2025年6月30日止六個月
採用公認
會計準則
計算的業績

股權激勵

組織
優化費用

人民幣

人民幣

人民幣

可贖回非控
股權益贖回
價值的增值
人民幣

經調整業績
（非公認
會計準則）
人民幣

銷售成本
研發費用
銷售、一般及
行政費用

(28,226,317)
(6,188,435)

27,868
569,667

54,282
215,532

—
—

(28,144,167)
(5,403,236)

(8,365,684)

299,579

172,074

—

(7,894,031)

總計
經營虧損
淨虧損
歸屬於蔚來集團
普通股股東的
淨虧損
歸屬於普通股
股東的每股股份 ╱
美國存託股份淨
虧損，基本及
攤薄（人民幣）

(42,780,436)
(11,326,986)
(11,744,834)

897,114
897,114
897,114

441,888
441,888
441,888

—
—
—

(41,441,434)
(9,987,984)
(10,405,832)

(12,032,368)

897,114

441,888

292,864

(10,400,502)

(5.56)

0.41

0.20

0.14

(4.81)

i

2026年第二季度，所有人民幣兌換為美元的換算均按人民幣6.7851元兌1.00美元的匯率作
出，即聯邦儲備局H.10統計數據所載2026年6月30日之中午買入匯率。

ii

汽車毛利率為新車銷售的毛利率，僅根據新車銷售產生的收入及銷售成本計算。

iii

按絕對變動而非百分比變動呈列的毛利率及汽車毛利率除外。

21

《美國公認會計準則》與國際財務報告準則會計準則之間的對賬
本公司於美國作主要上市的合併財務報表乃根據美利堅合眾國公認會計準則（「美
國公認會計準則」）編製。作為香港聯交所的第二上市發行人，本公司須於2022年
1月1日或之後開始的首個完整財政年度開始的年度財務報表以及其後的所有財務
報表（包括中期財務報表）中納入對賬報表。
就截至2026年6月30日止六個月期間向香港聯交所提交的中期報告而言，我們已
根據美國公認會計準則及國際會計準則理事會頒佈的國際財務報告準則會計準
則，基於本集團於有關期間採納的會計政策編製本公司、其子公司及合併可變利
益實體（統稱「本集團」）截至2026年6月30日止六個月的未經審計簡明合併綜合虧
損表與截至2026年6月30日的未經審計簡明合併資產負債表的對賬表（統稱「對賬
表」），並將其納入附錄。
本公司的香港核數師羅兵咸永道會計師事務所已根據國際鑒證工作準則第3000號
（經修訂）
「歷史財務資料審計或審閱以外的鑒證工作」對對賬表進行有限的鑒證工
作。

22

《美國公認會計準則》與國際財務報告準則會計準則之間的對賬
未經審計合併簡明綜合虧損表及未經審計簡明合併資產負債表乃根據《美國公認
會計準則》編製，該準則在若干方面有別於國際財務報告準則會計準則。本集團
根據《美國公認會計準則》及國際財務報告準則會計準則編製的未經審計中期簡明
合併財務資料之間的重大差異的影響如下：
未經審計簡明合併綜合虧損表對賬
截至2026年6月30日止六個月
根據
《美國公認
會計準則》
所呈報金額

根據國際
財務報告
準則會計
準則所
呈報金額

國際財務報告準則調整
（以人民幣千元計）

可贖回
非控股
權益

可供
出售
債務
證券

附註(i) 附註(ii) 附註(iii) 附註(iv)

附註(v)

股權
激勵

銷售成本
研發
銷售、一般及行政

衍生
金融工具
可轉換
看漲
債券 封頂期權

(46,903,889)
2,314
(4,029,942) (172,037)
(7,921,822) 124,837

不具有
可隨時
釐定
公允價值
的股本證券

租賃

應計
質保金

軟件

附註(vi) 附註(vii) 附註(viii) 附註(ix)

–
–
–

–
–
–

–
–
–

–
–
–

– 131,997 136,370
– 13,858
–
– 71,442
–

– (46,633,208)
– (4,188,121)
– (7,725,543)

–

–

–

–

– 217,297 136,370

–

(347,249)

經營虧損

(656,030)

利息開支
可轉換債券的
公允價值變動

(456,794)

– 176,518

– (357,312)

–

– (235,542) (83,909)

–

(957,039)

–

– (372,786)

–

–

–

–

–

–

–

(372,786)

除所得稅開支前虧損

(815,140)

(44,886) (196,268)

– (357,312)

–

–

(18,245)

52,461

– (1,379,390)

淨虧損

(860,091)

(44,886) (196,268)

– (357,312)

–

–

(18,245)

52,461

– (1,424,341)

(44,886)

23

截至2026年6月30日止六個月
根據
《美國公認
會計準則》
所呈報金額

根據國際
財務報告
準則會計
準則所
呈報金額

國際財務報告準則調整
（以人民幣千元計）

可贖回
非控股
權益

可供
出售
債務
證券

附註(i) 附註(ii) 附註(iii) 附註(iv)

附註(v)

股權
激勵

自有信貸風險引致的
可轉換債券公允價值
變動

衍生
金融工具
可轉換
看漲
債券 封頂期權

不具有
可隨時
釐定
公允價值
的股本證券

租賃

應計質
保金

軟件

附註(vi) 附註(vii) 附註(viii) 附註(ix)

–

– 118,097

–

–

–

–

–

–

–

118,097

其他綜合收入總額

(269,857)

– 118,097

–

–

–

–

–

–

–

(151,760)

綜合虧損總額

(1,129,948)

(44,886) (78,171)

– (357,312)

–

–

(18,245)

52,461

可贖回非控股權益贖回
價值的增值

(357,312)

– 357,312

–

–

–

–

歸屬於蔚來集團普通股
股東的綜合虧損

(1,487,456)

–

–

–

(18,245)

52,461

–

–

(44,886) (78,171)

–

24

– (1,576,101)

–

–

– (1,576,297)

截至2025年6月30日止六個月
根據
《美國公認
會計準則》
所呈報金額

根據國際
財務報告
準則會計
準則所
呈報金額

國際財務報告準則調整
（以人民幣千元計）
衍生
金融工具
可轉換
看漲
債券 封頂期權

可贖回
非控股
權益

可供
出售
債務
證券

附註(i) 附註(ii) 附註(iii) 附註(iv)

附註(v)

股權
激勵

不具有
可隨時
釐定
公允價值
的股本證券

租賃

應計
質保金

軟件

附註(vi) 附註(vii) 附註(viii) 附註(ix)

銷售成本
研發
銷售、一般及行政

(28,226,317) 10,547
(6,188,435) 378,719
(8,365,684) 135,405

–
–
–

–
–
–

–
–
–

–
–
–

– 82,627
– 27,122
– 169,792

10,372
–
–

– (28,122,771)
– (5,782,594)
– (8,060,487)

經營虧損

(11,326,986) 524,671

–

–

–

–

– 279,541

10,372

– (10,512,402)

利息及投資收入
利息開支
償還債務虧損
可轉換債券的
公允價值變動

280,745
(457,610)
(14,660)

– (56,296)
– 183,497
– 14,660

–
–
– (292,864)
–
–

–
–
–

3,511
–
–
– (282,624) (72,359)
–
–
–

–

– (154,151)

–

–

–

–

–

–

–
–
–

227,960
(921,960)
–

–

(154,151)

除所得稅開支前虧損

(11,697,264) 524,671

(12,290)

– (292,864)

–

3,511

(3,083) (61,987)

– (11,539,306)

淨虧損

(11,744,834) 524,671

(12,290)

– (292,864)

–

3,511

(3,083) (61,987)

– (11,586,876)

25

截至2025年6月30日止六個月
根據
《美國公認
會計準則》
所呈報金額

根據國際
財務報告
準則會計
準則所
呈報金額

國際財務報告準則調整
（以人民幣千元計）

可贖回
非控股
權益

可供
出售
債務
證券

附註(i) 附註(ii) 附註(iii) 附註(iv)

附註(v)

股權
激勵

自有信貸風險引致的
可轉換債券公允價值
變動
以公允價值計量且其
變動計入其他綜合
收入或虧損的股權
工具公允價值變動

衍生
金融工具
可轉換
看漲
債券 封頂期權

不具有
可隨時
釐定
公允價值
的股本證券

租賃

應計
質保金

軟件

附註(vi) 附註(vii) 附註(viii) 附註(ix)

–

–

88,230

–

–

–

–

–

–

–

88,230

–

–

–

–

–

–

(3,511)

–

–

–

(3,511)

260,479

–

88,230

–

–

–

(3,511)

–

–

–

345,198

(11,484,355) 524,671

75,940

– (292,864)

–

–

–

–

– 292,864

–

–

歸屬於蔚來集團普通股
股東的綜合虧損
(11,771,889) 524,671

75,940

–

–

–

其他綜合收入總額
綜合虧損總額
可贖回非控股權益贖回
價值的增值

(292,864)

–

26

(3,083) (61,987)

–

–

(3,083) (61,987)

– (11,241,678)

–

–

– (11,236,348)

未經審計簡明合併資產負債表對賬
截至2026年6月30日
根據
《美國公認
會計準則》
所呈報金額

根據國際
財務報告
準則會計
準則所
呈報金額

國際財務報告準則調整
（以人民幣千元計）

股權
激勵
附註(i)

衍生
金融工具
看漲
可轉換
債券 封頂期權
附註(ii) 附註(iii)

可贖回
非控股
權益
附註(iv)

可供
出售
債務
證券
附註(v)

967,503

不具有
可隨時
釐定
公允價值
應計
的股本證券
租賃 質保金
附註(vi) 附註(vii) 附註(viii)

軟件
附註(ix)

以公允價值計量且其
變動計入損益的金融
資產
以公允價值計量且其
變動計入其他綜合
收入或虧損的
金融資產
物業、廠房及設備淨值
無形資產淨值
長期投資
使用權資產

–

–

–

–

–

–
25,251,240
173,212
2,340,908
10,957,091

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–
–
– (967,503)
–
–

187
–
–
–
–
–
(187)
–
– (561,352)

資產總額

136,211,340

–

–

–

–

–

– (561,352)

–

– 135,649,988

長期借款的即期部分
應計費用及其他負債
按攤銷成本計量的
金融負債
以公允價值計量且其
變動計入損益的
金融負債
長期借款
其他非流動負債

897,712
15,371,799

–
–

(1,448)
(68,836)

–
–

–
–

–
–

–
–

–
–

–
–

–
–

896,264
15,302,963

–

–

–

– 10,222,746

–

–

–

–

–

10,222,746

–
8,550,926
15,029,869

– 6,644,115
– (7,756,532)
–
–

–
–
–

–
–
–

–
–
–

–
–
–

–
–
–
–
– (720,558)

–
–
–

6,644,115
794,394
14,309,311

負債總額

121,943,115

– (1,182,701)

– 10,222,746

–

–

– (720,558)

– 130,262,602

可贖回非控股權益

10,222,746

–

–

– (10,222,746)

–

–

–

–

–

–

夾層權益

10,222,746

–

–

– (10,222,746)

–

–

–

–

–

–

轉增資本公積
累計其他綜合虧損
累計虧絀

132,774,453
309,943
(128,889,318)

391,998
– (614,849) 8,985,339
– (389,533)
–
–
(391,998) 1,572,234 614,849 (8,985,339)

–
–
–

–
–
62,540
–
(62,540) (561,352)

–
–
720,558

– 141,536,941
–
(17,050)
– (135,982,906)

股東權益總額

4,045,479

–

– (561,352)

720,558

–

– 1,182,701

–

–
27

–

–

–

–

967,503

–
–
187
– (149,262) 25,101,978
– 149,262
322,474
–
– 1,373,218
–
– 10,395,739

5,387,386

截至2025年12月31日
根據
《美國公認
會計準則》
所呈報金額

根據國際
財務報告
準則會計
準則所
呈報金額

國際財務報告準則調整
（以人民幣千元計）

股權激勵
附註(i)

衍生
金融工具
可轉換
看漲 可贖回
債券 封頂期權 非控股權益
附註(ii) 附註(iii) 附註(iv)

可供
出售
債務
證券
附註(v)

以公允價值計量且其
變動計入損益的
金融資產
以公允價值計量且其
變動計入其他綜合
收入或虧損的金融資產
物業、廠房及設備淨值
無形資產淨值
長期投資
使用權資產

–

–

–

–

–

–
25,827,968
29,648
2,480,518
11,711,306

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–
–
– (979,071)
–
–

資產總額

124,401,078

–

–

長期借款的即期部分
應計費用及其他負債
以公允價值計量且其
變動計入損益的
金融負債
按攤銷成本計量的
金融負債
長期借款
其他非流動負債

655,971
16,696,044

–
–

(6,409)
(71,042)

–

–

–

–
8,626,272
13,690,778

負債總額

979,071

不具有
可隨時
釐定
公允價值
應計
的股本證券
租賃 質保金
附註(vi) 附註(vii) 附註(viii)

–

–

362,687
–
–
–
–
–
(362,687)
–
– (543,107)

–

軟件
附註(ix)

–

979,071

–
–
362,687
– (201,011) 25,626,957
– 201,011
230,659
–
– 1,138,760
–
– 11,168,199

–

–

– (543,107)

–

– 123,857,971

–
–

–
–

–
–

–
–

–
–

–
–

649,562
16,625,002

– 8,551,854

–

–

–

–

–

8,551,854

– 6,814,288
– (7,997,709)
–
–

–
–
–

–
–
–

–
–
–

–
–
–

–
–
–
–
– (668,097)

–
–
–

6,814,288
628,563
13,022,681

111,708,521

– (1,260,872)

– 8,551,854

–

–

– (668,097)

– 118,331,406

可贖回非控股權益
夾層權益

8,551,854
8,551,854

–
–

– (8,551,854)
– (8,551,854)

–
–

–
–

–
–

–
–

–
–

轉增資本公積
累計其他綜合虧損
累計虧絀

131,728,259
579,799
(128,029,031)

347,112
– (614,849) 8,628,027
– (507,630)
–
–
(347,112) 1,768,502 614,849 (8,628,027)

–
–
–

–
–
62,540
–
(62,540) (543,107)

–
–
668,097

– 140,088,549
–
134,709
– (134,558,369)

股東權益總額

4,140,703

–

– (543,107)

668,097

–

–
–

– 1,260,872

–
–

–

–

28

–
–

5,526,565

編製基準
本公司董事負責根據香港交易所指引函件HKEX-GL111-22的相關規定編製對賬
表。對賬表乃按本集團根據《美國公認會計準則》編製的截至2026年6月30日止六
個月的未經審計中期簡明合併財務資料編製，並於得出本集團根據國際財務報告
準則會計準則編製的未經審計財務資料時對其作出調整。該等調整反映本集團根
據《美國公認會計準則》及國際財務報告準則會計準則制定的會計政策差異。
(i)

股權激勵
1)

分佔 － 附有逐步歸屬機制的獎勵
根據《美國公認會計準則》，本集團已選擇使用直線法確認於必要服務期
通過分級歸屬授出的所有員工股權獎勵的薪酬開支。
根據國際財務報告準則會計準則，須採用分級歸屬方法來確認通過分級
歸屬授出的所有員工股權獎勵的薪酬開支。

2)

附有績效目標的獎勵
根據《美國公認會計準則》，完成合資格首次公開發售（「合資格首次公開
發售」）為一項績效歸屬條件，而該條件在其實際發生之前一般不會被視
為有望達成。因此，對於該等附帶合資格首次公開發售條件的獎勵，在
首次公開發售發生之前不會確認相關股權激勵費用。
根據國際財務報告準則會計準則，須對合資格首次公開發售完成日期作
出估計以釐定實際歸屬期，而本公司按(1)根據估計首次公開發售完成日
期推算的期間或(2)原歸屬期之較長者確認股權激勵費用。

(ii) 可轉換債券
根據《美國公認會計準則》，可轉換債券按攤銷成本計量，其初始賬面值與償
付金額的任何差額自發行日期至到期日期間乃使用實際利率法確認為利息開
支。
根據國際財務報告準則會計準則，本集團的可轉換債券會被指定為以公允價
值計量且其變動計入損益，因此可轉換債券以公允價值進行初始確認。初始
確認後，由於自有信貸風險變動導致的可轉換債券的公允價值變動金額於其
他綜合收入中呈列，而剩餘公允價值變動於損益中呈列。
29

(iii) 衍生金融工具看漲封頂期權
根據《美國公認會計準則》，看漲封頂期權的成本入賬列作股東虧絀總額的資
本公積扣除額。
根據國際財務報告準則會計準則，看漲封頂期權確認為以公允價值計量且其
變動計入損益的金融資產，因此看漲封頂期權以公允價值進行初始確認，並
於初始確認後將公允價值的變動金額於損益中確認。
(iv) 可贖回非控股權益
根據《美國公認會計準則》，除了金融負債及永久權益的類別外，美國證交會
指引規定了夾層權益（暫時權益）的類別。該種「中間」類別旨在表明證券或非
永久性權益。本集團將可贖回非控股權益分類為合併資產負債表中的夾層權
益，並按公允價值（減去發行成本）進行初始記錄。自發行日期起至最早贖回
日期止期間，本集團已確認可贖回非控股權益贖回價值的增值。
根據國際財務報告準則會計準則，本集團以現金購買本身權益工具的責任按
贖回金額現值初始確認為金融負債並自權益中重分類轉出。隨後，金融負債
將採用實際利率法按攤銷成本計量。
(v) 可供出售債務證券
根據《美國公認會計準則》，本集團於各資產負債表日按公允價值計量可供出
售債務證券，未實現的總損益（除稅後）反映在其他綜合收入中。
根據國際財務報告準則會計準則，由於從發行人的角度來看，這些債務投資
不符合權益工具的定義，且該等金融資產的合同現金流並非僅代表本金及利
息的付款，因此應將其從長期投資重新歸類為以公允價值計量且其變動計入
損益的金融資產，因此該等金融資產以公允價值進行初始確認，並於初始確
認後將公允價值的變動金額於損益中確認。
(vi) 不具有可隨時釐定公允價值的股本證券
根據《美國公認會計準則》，本集團選擇使用一種計量替代方法來計量不具有
可隨時釐定公允價值的股本證券，該方法以成本扣除減值（如有），同時加上
或減去符合條件的可觀察到的價格變化所產生的變動來計量證券。
根據國際財務報告準則會計準則，本集團選擇以公允價值計量權益工具投
資，且其變動計入其他綜合收入或虧損(FVOCI)。這些投資的公允價值變動
計入其他綜合收入或虧損。

30

(vii) 租賃
根據《美國公認會計準則》，對於經營租賃，使用權資產的攤銷和租賃負債的
利息費用部分一併記錄為租賃費用，這會導致在損益中以直線法確認。
根據國際財務報告準則會計準則，使用權資產通常按直線法折舊，而與租賃
負債相關的利息費用則按實際利率法計量，這導致前期的費用較高，而後期
的費用較低。使用權資產攤銷入賬列作租賃開支，而利息開支須於單獨項目
中呈列。
(viii) 應計質保金
根據《美國公認會計準則》，應計質保金通常按為結算撥備而支付的金額記
錄，並且可以選擇對應計質保金進行貼現的政策。本集團選擇在不考慮撥備
貼現的情況下記錄應計質保金。
根據國際財務報告準則會計準則，尚無會計政策選擇及應計質保金的初始金
額為結清債務預計所需的預期現金流量的現值。應計質保金的賬面值於各期
間均有所增加，反映隨著時間流逝，上述增加確認為利息費用。
(ix) 軟件
根據《美國公認會計準則》，軟件不作為無形資產列示，因此本集團將軟件記
錄在物業、廠房及設備中。
根據國際財務報告準則會計準則，軟件在無形資產類別下進行呈報。因此，
軟件從物業、廠房及設備重新分類為無形資產。

31

附錄一

不同投票權架構
本公司以不同投票權（「不同投票權」）控制。根據不同投票權架構，就本公司股東
大會提呈的任何決議案，各A類普通股持有人每股可投一票，而各C類普通股持
有人每股可投八票，惟根據《香港上市規則》第8A.24條，有關若干事項（「保留事
項」）的投票按每股一票的基準進行。
本公司採用不同投票權架構，儘管不同投票權受益人並未持有本公司股本的大
部分經濟利益，但此架構使我們的創始人李斌先生（「不同投票權受益人」）通過
Originalwish Limited、mobike Global Ltd.及NIO Users Limited控制C類普通股，
以對本公司行使投票控制權。控制本公司的不同投票權受益人目光長遠，實施長
期策略，其遠見及領導將使我們持續受惠。
敬請股東及有意投資者注意投資具有不同投票權架構的公司的潛在風險，特別是
不同投票權受益人的利益未必始終與股東整體利益一致，而無論其他股東如何投
票，不同投票權受益人將對本公司事務及股東決議案的結果有重大影響。股東及
有意投資者應在經過審慎適當考慮後作出投資本公司的決定。
2026年6月30日，李斌先生(i)以美國存託股份的形式擁有並實益擁有7,703股A類
普通股的權益；及(ii)(a)通過Originalwish Limited擁有及控制89,013,451股C類普
通股的權益、(b)通過mobike Global Ltd.擁有及控制26,454,325股C類普通股的權
益，(c)通過NIO Users Limited擁有及控制33,032,224股C類普通股的權益，及(d)
通過NIO Users Community Limited擁有及控制16,967,776股A類普通股的權益，
合計16,967,776 股A類普通股及148,500,000 股C類普通股，按2026 年6 月30 日已
發行及流通在外的2,509,871,468 股普通股（包括2,361,371,468 股A類普通股（不
包括就根據股份激勵計劃授出的獎勵獲行使或歸屬後發行及保留作未來發行的
18,820,673股A類普通股）及148,500,000股C類普通股）計算，相當於本公司若干
保留事項外的股東決議案約33.9%的投票權。

32

NIO Users Community Limited為一間由NIO Users Limited全資擁有的英屬維爾京
群島公司。NIO Users Limited為一間英屬維爾京群島控股公司，由Maples Trustee
Services (Cayman) Limited以蔚來用戶信託受託人的身份全資擁有，而李斌先生為
蔚來用戶信託的設立人、保護人、投資顧問及於2026年6月30日唯一現有實際受
益人。李斌先生有權就NIO Users Community Limited及NIO Users Limited於本公
司所持股份的保留或出售，以及行使隨附的任何投票權及其他權利向受託人作出
指示。Originalwish Limited及mobike Global Ltd.為由李斌先生全資擁有的英屬維
爾京群島公司。
倘C類普通股持有人選擇將C類普通股轉換為A類普通股，則每股C類普通股可按
一換一比率轉換為一股A類普通股。於全部已發行及流通在外C類普通股轉換後，
本公司將重新指定其為148,500,000股A類普通股，佔截至2026年6月30日本公司
已發行及流通在外股份總數（不包括就根據股權激勵計劃授出的獎勵獲行使或歸
屬後發行及保留作未來發行的18,820,673股A類普通股）的約5.9%。
根據《香港上市規則》第8A.22 條，當不同投票權受益人不再於任何C類普通股中
擁有任何實益擁有權，C類普通股附有的不同投票權即告終止。以下事項可導致
上述情況：
(i)

發生《香港上市規則》第 8A.17 條所載的任何情況，尤其是不同投票權受益
人：(1) 身故；(2) 不再為本公司董事會成員；(3) 香港聯合交易所有限公司
（「香港聯交所」）認為其喪失履行董事職責的能力；或(4)香港聯交所認為其不
再符合《香港上市規則》所載有關董事的要求；

(ii) 除《香港上市規則》第8A.18 條批准的情況外，當不同投票權受益人將全部C
類普通股的實益擁有權或當中經濟利益或當中附有的投票權轉讓予他人；
(iii) 代表不同投票權受益人持有C類普通股的工具均不再符合《香港上市規則》第
8A.18(2)條規定；或
(iv) 所有C類普通股均已轉換為A類普通股。

33

不同投票權受益人於蔚來用戶信託的角色
截至 2026 年 6 月 30 日止六個月，李斌先生為蔚來用戶信託的設立人、保護人、
投資顧問及唯一現有實際受益人，並繼續保留由蔚來用戶信託控制及NIO Users
Limited持有的本公司股份的投票權。李先生為蔚來用戶信託的信託契諾（「信託契
諾」）明確指明及認定的唯一現有實際受益人，且儘管信託契諾中載有其他兩類受
益人（包括(i)慈善機構（指(a)於所在、註冊、註冊成立或成立地點屬慈善性質及
(b)根據開曼群島法律屬慈善性質的任何公司、組織或信託）及(ii)由保護人通過向
受託人交付契諾加入至受益人類別的任何人士或類別人士），自信託成立以來，
李先生（作為唯一設立人、唯一保護人及唯一投資顧問）對蔚來用戶信託擁有全權
控制權。截至2026年6月30日，概無任何慈善機構被識別為受益人，且李先生（作
為類別受益人的保護人）並無加入其他人士或類別人士。因此，李先生擁有對NIO
Users Limited持有的股份（包括C類普通股）隨附投票權的唯一控制權且李先生為
唯一於該信託基金擁有經濟利益的人士。
由於在NIO Users Limited持有的C類普通股中向彼等賦予的權力（就投資顧問及
保護人而言）或歸屬於彼等的經濟利益（就受益人而言），對(i)保護人、(ii)投資
顧問，或(iii)蔚來用戶信託受益人角色的任何變動將對我們的不同投票權架構產
生重大影響。於李斌先生以外任何人士的該等角色變動後，C類普通股或對NIO
Users Limited持有的股份隨附的投票權的控制權的實益擁有權或經濟利益將不再
單獨歸屬於李斌先生。在死亡、通過向受託人發出書面通知辭職，或不願意、
不適宜或喪失能力行事的情況下，李斌先生可能停止擔任保護人或投資顧問。
在該等情況下，NIO Users Limited持有的C類普通股將根據《香港上市規則》第
8A.18(1)條自動轉換為A類普通股。
截至2026年6月30日止六個月，概無蔚來用戶信託的(i)保護人、(ii)投資顧問，或
(iii)受益人的權力、權利及義務發生任何重大變動而對我們的不同投票權架構產
生任何重大影響。

提名及ESG委員會
與《香港上市規則》第八A章所載企業管治有關的適用規定自2022年3月10日（即我
們的A類普通股首次在香港聯交所上市及開始買賣之日）起適用於我們。
我們已遵照《香港上市規則》第8A.27、8A.28及8A.30條的規定設立提名及ESG委
員會。提名及ESG委員會成員均為獨立董事，即龍宇女士、李廷斌先生及吳海先
生。龍宇女士為提名及ESG委員會的主席。

34

以下是提名及ESG委員會截至2026年6月30日止六個月就其企業管治職能及其職
權範圍內的其他職能開展的工作摘要：
•

審閱及監督本公司的營運及管理是否符合全體股東的利益。

•

對董事會會議的頻率及結構提出建議並監督董事委員會的職能。

•

審閱及監督本公司的企業管治政策和常規的充分性及本公司對法律法規規定
的遵守情況。

•

審閱本公司在《香港上市規則》第八A章要求的範圍內對《香港上市規則》附錄
C1 所載《企業管治守則》
（「《企業管治守則》」）的遵守情況，以及本公司對遵
守《香港上市規則》第八A章的披露。

•

審閱及監督本公司及其子公司及合併附屬實體（「本集團」），及 ╱ 或股東（為
一方）與不同投票權受益人（為另一方）之間的利益衝突管理。

•

審閱及監督與不同投票權架構有關的所有風險，包括本集團（為一方）與不同
投票權受益人（為另一方）之間的任何關連交易，並就任何該等交易向董事會
提出建議。

•

審閱董事及高級管理層的培訓及持續專業發展安排（尤其是《香港上市規則》
第八A章及與不同投票權架構風險相關的知識）。

•

致 力 確 保 本 公 司 與 股 東 持 續 有 效 地 溝 通 ， 尤 其 是 針 對《 香 港 上 市 規 則 》第
8A.35條規定的溝通。

•

審閱董事會整體結構、大小及構成情況（包括技能、知識及經驗）。

•

物色及面試具備合適資格成為董事會成員的人士，甄選提名為董事的人士或
就甄選向董事會提出建議。

•

就董事委任或重新委任及董事繼任計劃向董事會提出建議。

•

審閱委員會工作分配及委員會成員及 ╱ 或主席的輪值退任政策。

35

•

每半年報告提名及ESG委員會工作（涵蓋其職權範圍所有領域）。

•

定期就有關企業管治法律及常規的重大發展以及本公司對適用法律法規的遵
守情況向董事會提出建議，並就所有企業管治事宜及將予採取的任何糾正措
施向董事會提出建議。

•

評估提名及ESG委員會的表現，方式為：(i)審閱委員會章程有否妥善地解決
於或應於提名及ESG委員會工作範圍內的事宜；及(ii)處理提名及ESG委員會
認為與其履行職責有關的事宜。

•

審閱合規顧問的薪酬及聘用條款。

尤其是，提名及ESG委員會已向董事會確認，其認為本公司已採取充分的企業管
治措施來管理本集團及 ╱ 或股東（為一方）與不同投票權受益人（為另一方）之間
的潛在利益衝突，以確保本公司的營運及管理一致符合全體股東的整體利益。該
等措施包括提名及ESG委員會(i)審閱及監督本集團擬訂立的交易，並就本集團
及 ╱ 或股東（為一方）與不同投票權受益人（為另一方）的任何有潛在利益衝突的
事宜向董事會提出建議，及(ii)確保(a)本集團與不同投票權受益人之間的任何交易
均根據《香港上市規則》中適用於我們的規定進行披露及處理，(b)本集團與不同投
票權受益人之間的交易條款屬公平合理且符合本公司及股東的整體利益；(c)任何
有利益衝突的董事須就相關董事會決議案放棄投票；及(d)就本集團與不同投票權
受益人之間的交易或涉及潛在利益衝突的任何事宜諮詢合規顧問的意見。提名及
ESG委員會建議董事會繼續實施該等措施，並定期審閱其對實現該等目標的有效
性。

其他
本公司在香港聯交所維持第二上市地位期間的股東保障
在本公司第十三版經修訂及重述章程細則（「《第十三版經修訂及重述細則》」）中，
有關期間（「有關期間」）指任何股份首次於香港聯交所第二上市之日期起至撤銷於
香港聯交所第二上市前一天（包括當日）止之期間。

36

於有關期間：
(i)

蔚來用戶信託將不會擁有任何董事提名權；

(ii) 我們僅能有一類具增強或不同投票權的股份；
(iii) 本公司董事不應有權（其中包括）授權股份拆細或指定具增強投票權的新股份
類別或發行優先股；及
(iv)《香港上市規則》第八A章項下的若干限制應適用於本公司不同投票權架構，
其中包括，(a)C類普通股佔已發行股份總數的比例不能再增加，(b)僅董事或
董事控股公司獲允許持有C類普通股，且(c)能於若干情況下將C類普通股自
動轉換為A類普通股。
儘管存在上述情況，於有關期間後任何時間，倘本公司根據所適用《香港上市規
則》撤銷在香港聯交所的第二上市，受有關期間規限的條款將繼續適用於本公司
在香港聯交所上市地位發生變化的情況（如下文情形(a)所述）。
鑒於《香港上市規則》項下的若干股東保障將僅適用於有關期間，股東於有關期
間後與其他於香港第二上市公司相比可能獲得較少的保障。具體而言，根據《第
十三版經修訂及重述細則》，《香港上市規則》第8A.07、8A.09、8A.13、8A.14、
8A.15、8A.16、8A.17、8A.18、8A.19、8A.21、8A.22、8A.23及8A.24條規定於
有關期間後將不再適用。此外，於有關期間後，(i)蔚來用戶信託應有權提名一名
董事加入董事會；且(ii)於李斌先生並非現任董事且董事會成員不少於六名董事的
情況下，蔚來用戶信託應有權提名一名額外董事加入董事會。此外，於有關期間
後，本公司董事將亦有權（其中包括）授權股份拆細或指定具增強投票權的新股份
類別或發行優先股。有意投資者務請注意上市地點可能變更所涉及的潛在風險。
例如，倘本公司股份不再於香港聯交所買賣，投資者可能失去相關《香港上市規
則》下提供的股東保護機制。

37

根據《香港上市規則》第十九C章，本公司僅於下列情況下能停止第二上市：
(a) 撤銷，倘我們於其他證券交易所主要上市並自願撤銷於香港聯交所的第二上
市；
(b) 在我們上市股票的大部分交易永久轉移至香港聯交所市場的情況下，大部分
交易轉移至香港聯交所市場；
(c) 主要轉換，即本公司自願轉換為於香港聯交所的雙重主要上市；
(d) 海外除牌，即股份或就我們的股份發行的預託證券不再於其主要上市的證券
交易所上市；
(e) 倘香港聯交所取消我們的證券上市；及
(f) 倘香港證監會指示香港聯交所取消我們的證券上市。
我們可能停止在香港聯交所第二上市的情境受限於不斷變化的市場情況、我們於
其他司法管轄區的上市或除牌、我們對《香港上市規則》的遵守情況及超出我們的
控制範圍的其他因素。因此，特別是在本公司從香港聯交所除牌的情況下，《第十
三版經修訂及重述細則》項下的前述規定中，有關股東權利與保障的適用性存在
重大不確定性。

38