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Nomura issued a report pointing out that Nio (NIO.N) announced its first quarter performance in 2025 in the US stock market before trading on June 3. The group's revenue reached 12 billion yuan, an annual increase of 21% and a quarterly decrease of 39%, slightly lower than expected. The quarterly car shipment volume met expectations, with a 40% annual increase to 42,100 units. Automotive sales revenue reached 9.9 billion yuan, a year-on-year increase of 19%, but a quarterly decrease of 43% due to changes in product structure, resulting in a 15% annual decrease in average selling price of cars. Nomura believes that the above growth is mainly influenced by the annual and quarterly changes in sales volume, and that both growth rates have narrowed. The company's operating loss rate was 53.3%. The bank believes that this is due to a 47% year-on-year increase in sales and management expenses, as well as increased sales personnel costs and sales and marketing activities. They are temporarily maintaining a neutral rating on the group's US stock with a target price of $5.