With the release of NIO's financial report on June 3rd, the first quarter results of the first tier of domestic car making new forces, "NIO Xiaoli," and the emerging force, Zero Run Auto, have been released.

In 2025, we will have a decisive battle at the beginning of the year. From the financial report, it can be seen that Zero Run and Xiaopeng, who submitted their papers ahead of others, saw a significant increase in sales and a significant reduction in losses compared to the same period last year. The financial report data is commendable; The ideal of submitting the exam later is still steadily advancing, demonstrating strong strength in sales, revenue, profit and loss, and cash reserves; NIO, which will only submit its papers in June, although still incurs significant losses, its sales are expected to climb soon. The delivery guidance of at least 72000 vehicles in the second quarter, the firm goal of profitability in the fourth quarter, and the media communication meeting held after the financial report all demonstrate NIO's confidence in the future.

Q1 New Power Financial Report: Leading Zero Run, Wanting Future NIO | One sentence Comment

Figure | Financial report data of four new energy car companies in Q1 2025, with outstanding data highlighted

Through longitudinal analysis of previous data and horizontal comparison of first quarter data from four brands, the operational situation of each brand in the first quarter can be clearly seen from the table. From the delivery guidelines and marketing actions of each brand after the financial report in the second quarter, we can also glimpse their future development trends.

Someone is speeding, someone is stepping

In the first quarter, Xiaopeng exceeded the ideal with a delivery volume of 94000 vehicles, taking the lead among the four brands. In addition to a 330% year-on-year growth, Xiaopeng also broke market rules and achieved a month on month increase in sales during the recognized off-season for automobile sales. On the revenue side, Xiaopeng has also shown great potential, with a year-on-year growth of 142%, reaching 15.81 billion yuan. The revenue generated blood transfusion also significantly narrowed Xiaopeng's losses to 660 million yuan, with a 50% year-on-year and month on month growth.

Zero Run is also racing on the track of sales, revenue, and net profit with Xiaopeng. In the first quarter, Zero Run delivered 87500 new cars, a year-on-year increase of 162%. Among them, the C-series made a huge contribution, delivering 67800 vehicles, accounting for 77.5% of the total sales. The rapid growth of sales has also brought about a rapid increase in revenue. In the first quarter, Zero Run's revenue was 10.02 billion yuan, a year-on-year increase of 187.1%.

Thanks to the positive economies of scale brought about by the increase in sales, as well as cost control and product portfolio optimization, Zero Run's gross profit margin in the first quarter reached a historic high of 14.9%. At the same time, the improvement level of gross profit is higher than the increase in expenses, which has helped Zero Run's net profit to tighten significantly year-on-year. Although it has not continued the profit trend of the previous quarter, the turnaround of profits is just around the corner.

Q1 New Power Financial Report: Leading Zero Run, Wanting Future NIO | One sentence Comment

The ideal that has always stabilized, the delivery volume in the first quarter also exceeded 90000 vehicles. Although the month on month decline is significant, it should be noted that in the first quarter, the Ideal only refreshed the Ideal L6 at the Shanghai Auto Show in mid April and unveiled two new models in the MEGA series. The size of the high-end market means that the MEGA is not a high-volume model, and the delivery of the MEGA HOME family special edition is also scheduled for May, which has a certain impact on the delivery volume. In addition, the full range refresh of the L series in early May also gave potential consumers a brief wait and see. In May, the delivery of Ideal Automobile has returned to 40000 units, which has also verified its stability in delivery.

In terms of revenue, Ideal's first quarter revenue was 25.92 billion yuan. Although it still leads other new forces and is the only brand to achieve profitability, its revenue fluctuation was only 1% with a 15.5% sales growth, and its net profit decreased by 80% month on month. This is closely related to the ideal price adjustment and the entry-level product Ideal L6 occupying nearly half of the sales. How to ensure profits while maintaining sales growth is an ideal issue that needs to be faced.

Q1 New Power Financial Report: Leading Zero Run, Wanting Future NIO | One sentence Comment

NIO also has its own troubles. Compared to the other three brands' sales of around 80000 to 90000 units, NIO only delivered 42000 units in the first quarter, a 40% year-on-year increase but a 42% decline from the fourth quarter of 2024. The most fatal thing is its net loss of 6.75 billion yuan, which is particularly embarrassing against the backdrop of ideal profit stability, significant narrowing of Xiaopeng's losses, and zero running stepping into the profit and loss threshold.

It should also be noted that NIO's gross profit margin of 7.6% in the first quarter showed an unusual decline compared to the previous quarter. On the contrary, both Xiaopeng and Zero Run achieved historic high gross profit margins in the first quarter. Although the ideal net profit has significantly declined, its 19.8% automotive gross profit margin and 20.5% overall gross profit margin still hold a leading position among new energy brands.

At a time when Xiaopeng and Zero Run are racing and ideals are steadily advancing, NIO seems to have fallen behind a bit.

Not just in front of you, let the bullet fly for a while longer

Despite the poor performance of NIO's financial report, the media briefing held the day after the report was released had a significant effect, and the stock price rebounded slightly.

At the exchange meeting, Li Bin, who adheres to long-term thinking, showed no one-sided emotions. We have no reason not to be optimistic about the next performance, "Li Bin said." As long as we execute it well this year, selling 50000 vehicles per month is not a fantasy

In the first quarter, NIO delivered a total of 41000 vehicles, and in the second quarter, Li Bin set the delivery volume at 72000 to 75000 vehicles, almost doubling the increase. For the further fourth quarter, NIO's appetite is even more astonishing, with monthly sales of 50000 vehicles. Li Bin hopes that the NIO flagship model "5566", which has completed its replacement, will increase its sales and help NIO brand achieve a monthly sales volume of 25000 units; In terms of Ledao, the L90 and L80, which will be launched in the third quarter, will support an additional 25000 delivery targets along with the L60.

In addition to open source, NIO is also cutting costs. In the first quarter, NIO carried out reforms in multiple fields such as sales and service, research and development, and supply chain. According to financial report data, NIO achieved significant results in reducing costs and increasing efficiency in the first quarter. Among them, R&D expenses decreased by 12.5% month on month, sales costs decreased by 36.1% month on month, and net losses decreased by 5.1% month on month.

Under the policy of increasing revenue and reducing expenses, NIO's fourth quarter profit seems to be within reach. However, how much of the beautiful imagination about sales volume, gross profit, and cost control can be translated into reality in the current difficult environment?

Q1 New Power Financial Report: Leading Zero Run, Wanting Future NIO | One sentence Comment

Having experienced the disappointment of hope, this year's goals are more pragmatic. Previously, it was reported that Ideal has adjusted its annual production target for this year to 640000 units, with a target of 520000 units for the extended range L series. Compared to the original target of 700000 units, the sales expectation for the extended range series has been lowered.

This is related to the slowdown in the growth rate of the extended range series. In May, against the backdrop of a complete overhaul of the L series, Ideal Motors' sales returned to 40000 units. Including the retail sales of 34000 units in April, Ideal Motors needs to achieve sales of at least 49000 units in June to meet the minimum sales target for the second quarter.

However, according to official data, Ideal Auto's sales have rapidly climbed in recent weeks, with sales reaching 12000 units in the 22nd week. At this pace, it is also possible to achieve the second quarter target.

In addition, Ideal also holds two trump cards, i8 and i6. The pure electric SUV field is still a blue ocean that Ideal has not yet entered. With the support of brand influence, the sales of these two models are worth looking forward to. The dilemma of declining profitability may also seek breakthroughs in these two new cars.

Q1 New Power Financial Report: Leading Zero Run, Wanting Future NIO | One sentence Comment

For Xiaopeng, who achieved excellent results in the off-season, in addition to the main MONA M03 and P7+, the newly launched G6/G9 twin stars have also played a positive role, forming a strong supplement to sales. Its long slope and thick snow effect will be further released during the peak sales season.

However, Xiaopeng also has his own hidden concerns. Cost effectiveness is not only a good way to overtake Xiaopeng on the bend, but also a shackle that hinders the upward development of the Xiaopeng brand. The upcoming all-new pure electric SUV model G7, the new generation P7 priced at 300000 yuan, and the extended range SUV codenamed G01 are all products with higher positioning. After being labeled as cost-effective, it is still unknown whether the market can still recognize the high-end products.

Q1 New Power Financial Report: Leading Zero Run, Wanting Future NIO | One sentence Comment

On the other hand, after the first quarter, the momentum of Zero Run remains strong. The 2026 Zero Run C10 will be launched in May, bringing high-end features such as an 800V high-voltage platform, end-to-end LiDAR assisted driving, and million dollar luxury car level chassis technology to the 140000 level market. With its support, the sales of Zero Run reached a new high of 45000 units in May, a year-on-year increase of 148%, ranking first among new energy brands for three consecutive months.

Despite being known as the 'price butcher', with the support of sales, the scale effect of Zero Run will be further released, and it is only a matter of time before it enters the profitable period. Like Xiaopeng, Zero Run, which deeply roots down, also needs to seek upward. Compared to the former, the "one trick" approach of zero run dislocation competition seems to have strong appeal in the mid to high end market.

The Zero Run C16, which was launched last year with a price range of 155800 to 179800 yuan, is a preliminary attempt to upgrade Zero Run. After one year on the market, the monthly sales of over 5000 have confirmed the effectiveness of Zero Run's inherent strategy. Cao Li, Senior Vice President of Zero Run, previously stated that Zero Run will launch D-series products in the 250000 to 300000 yuan range next year, which is its 10th anniversary. It will continue to adopt a strategy of hitting high with low prices and equip the car with the configuration of its 500000 yuan competitor models.

If this strategy can be effective in the D series, the growth space for zero run sales will be further expanded, and high selling prices are also expected to drive up gross profit margins. However, whether the 250000 level market that focuses on branding can accept zero running still needs to be tested by time.

Q1 New Power Financial Report: Leading Zero Run, Wanting Future NIO | One sentence Comment

It can be seen that the first quarter financial report clearly outlines the accelerated differentiation of the new power camp: Xiaopeng and Zero Run are making rapid progress, but they also have their own short-term concerns and long-term plans; Ideal stability seeks change, seeking a balance between extended range and pure electricity on a high base, and exploring sustainable profit models; Although NIO is deeply mired in declining sales and losses, its transformative effects are about to become apparent.

The blueprint of "monthly sales of 50000" and the profit target for the fourth quarter drawn by Li Bin are undoubtedly the counterattack horn sounded by NIO. However, whether the blueprint can be implemented depends on whether Ledao can quickly increase its workload and share the pressure, whether "5566" can revive its momentum, and whether cost reduction and efficiency improvement can continue to show results. This is not only a pursuit of sales, but also a comprehensive test of profit model, operational efficiency, and market confidence.

NIO still has cards to play, but the time window left for it in the market is narrowing. Whether NIO can seize the key climbing period in the second and third quarters will directly determine whether it returns to the table or further slides to the edge. To make the bullet fly, it depends more on whether the bullet can ultimately hit the bullseye.