Ben Wang's questions to NIO (NIO) leadership • Q2 2025
Question
Ben Wang of Deutsche Bank requested clarification on the company's Q4 breakeven target. He asked for specific guidance on R&D and SG&A expenses for Q3 and Q4, and whether the breakeven goal was for the operating or net profit level, on a GAAP or non-GAAP basis.
Answer
A moderator, speaking for management, clarified that the quarterly breakeven target is on a non-GAAP basis. They guided for non-GAAP R&D expenses to be approximately RMB 2 billion per quarter for Q3 and Q4. For SG&A, the target for Q4 is to be within 10% of sales revenue as volumes increase and efficiencies are realized.