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CONSOLIDATED BALANCE SHEETS
¥ in Thousands, $ in Thousands
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Current assets:      
Cash and cash equivalents ¥ 11,274,094 $ 1,612,174 ¥ 19,328,920
Restricted cash 14,745,975 2,108,646 8,320,728
Short-term investments 19,755,809 2,825,043 14,137,566
Trade and notes receivables, net (Allowance for expected credit losses of RMB38.5 million and RMB26.6 million as of December 31, 2024 and 2025, respectively) 1,394,445 199,403 1,676,246
Amounts due from related parties, net (Allowance for expected credit losses of RMB10.1 million and RMB20.6 million as of December 31, 2024 and 2025, respectively) 16,078,250 2,299,159 7,702,404
Inventory 8,530,854 1,219,896 7,087,223
Prepayments and other current assets, net (Allowance for expected credit losses of RMB1.9 million and RMB1.5 million as of December 31, 2024 and 2025, respectively) 4,853,610 694,057 3,632,956
Total current assets 76,633,037 10,958,378 61,886,043
Non-current assets:      
Long-term restricted cash 88,325 12,630 97,720
Property, plant and equipment, net 25,827,968 3,693,350 25,892,904
Intangible assets, net 29,648 4,240 29,648
Land use rights, net 196,691 28,126 201,995
Long-term investments 2,480,518 354,709 3,126,007
Right-of-use assets - operating lease 11,711,306 1,674,694 12,797,158
Other non-current assets, net (Allowance for expected credit losses of RMB59.4 million and RMB14.7 million as of December 31, 2024 and 2025, respectively) 7,433,585 1,062,989 3,573,137
Total non-current assets 47,768,041 6,830,738 45,718,569
Total assets 124,401,078 17,789,116 107,604,612
Current liabilities:      
Short-term borrowings 4,691,910 670,934 5,729,561
Trade and notes payable 53,309,727 7,623,190 34,387,266
Amounts due to related parties, current ¥ 625,903 $ 89,503 ¥ 409,363
Other Liability, Current, Related Party [Extensible Enumeration] Related party Related party Related party
Taxes payable ¥ 439,240 $ 62,810 ¥ 400,146
Current portion of operating lease liabilities 2,163,768 309,415 1,945,987
Current portion of long-term borrowings 655,971 93,803 3,397,622
Accruals and other liabilities 16,696,044 2,387,502 16,041,079
Total current liabilities 78,582,563 11,237,157 62,311,024
Non-current liabilities:      
Long-term borrowings 8,626,272 1,233,540 11,440,755
Non-current operating lease liabilities 10,092,039 1,443,142 11,260,735
Deferred tax liabilities 112,691 16,115 127,467
Total non-current liabilities 33,125,958 4,736,947 31,787,045
Total liabilities 111,708,521 15,974,104 94,098,069
Commitments and contingencies (Note 26)
MEZZANINE EQUITY      
Redeemable non-controlling interests 8,551,854 1,222,899 7,441,997
Total mezzanine equity 8,551,854 1,222,899 7,441,997
SHAREHOLDERS' EQUITY      
Less: Treasury shares (3,472,933 and 2,951,528 shares as of December 31, 2024 and 2025, respectively) (123,910) (17,719) (239,328)
Additional paid in capital 131,728,259 18,836,891 118,688,242
Accumulated other comprehensive income 579,799 82,910 582,659
Accumulated deficit (128,000,000) (18,307,908) (113,068,210)
Total NIO Inc. shareholders' equity 4,159,460 594,795 5,967,023
Non-controlling interests (18,757) (2,682) 97,523
Total shareholders' equity 4,140,703 592,113 6,064,546
Total liabilities, mezzanine equity and shareholders' equity 124,401,078 17,789,116 107,604,612
Related party      
Non-current liabilities:      
Other non-current liabilities 604,178 86,396 329,492
Nonrelated party      
Non-current liabilities:      
Other non-current liabilities 13,690,778 1,957,754 8,628,596
Class A Ordinary Shares      
SHAREHOLDERS' EQUITY      
Ordinary shares 4,089 585 3,406
Class C Ordinary Shares      
SHAREHOLDERS' EQUITY      
Ordinary shares ¥ 254 $ 36 ¥ 254