Sina science and technology news, in the early morning of March 25, Beijing time, Wei Lai Automobile (NYSE: NIO) released its fourth quarter and full year financial reports today. According to the report, the total revenue of Weilai Automobile in the fourth quarter of 2021 was 99007 million yuan (US $1553.6 million), an increase of 49.1% over the fourth quarter of 2020 and 1.0% over the third quarter of 2021. The net loss of Weilai in 2021 was 4 billion yuan, down 24.3% year on year. The net loss attributable to common shareholders of Weilai in the fourth quarter of 2021 was 2179.2 million yuan ($342 million), an increase of 46.0% over the fourth quarter of 2020, and a decrease of 23.8% over the third quarter of 2021.
Financial summary of the fourth quarter of 2021:
The automobile sales in the fourth quarter of 2021 will be 9.2154 billion yuan ($1.4461 billion), an increase of 49.3% over the fourth quarter of 2020 and 6.7% over the third quarter of 2021.
The vehicle profit margin in the fourth quarter of 2021 is 20.9%, while that in the fourth quarter of 2020 is 17.2%, and that in the third quarter of 2021 is 18.0%.
The total revenue in the fourth quarter of 2021 is 990.7 billion yuan (US $1553.6 million), an increase of 49.1% over the fourth quarter of 2020 and 1.0% over the third quarter of 2021.
The gross profit in the fourth quarter of 2021 is 1699.5 million yuan (266.7 million dollars), 48.8% higher than that in the fourth quarter of 2020, and 14.7% lower than that in the third quarter of 2021.
The gross profit rate in the fourth quarter of 2021 is 17.2%, that in the fourth quarter of 2020 is 17.2%, and that in the third quarter of 2021 is 20.3%. The main reason why the gross profit margin decreased compared with the third quarter of 2021 is that the automobile regulatory credit in the third quarter of 2021 contributed a higher gross profit margin.
The operating loss in the fourth quarter of 2021 was 2.4451 billion yuan (US $383.7 million), an increase of 162.5% over the fourth quarter of 2020 and 146.5% over the third quarter of 2021. Excluding equity incentive, the adjusted operating loss (non US GAAP) in the fourth quarter of 2021 was 2.0484 billion yuan (321.4 million US dollars), an increase of 135.1% over the fourth quarter of 2020, and an increase of 182.0% over the third quarter of 2021.
The net loss in the fourth quarter of 2021 was 2.1434 billion yuan (336.4 million dollars), an increase of 54.4% over the fourth quarter of 2020 and 156.6% over the third quarter of 2021. Excluding equity incentive expenses, the adjusted net loss (non US GAAP) in the fourth quarter of 2021 was 1.7467 billion yuan ($274.1 million), an increase of 31.5% over the fourth quarter of 2020 and 206.6% over the third quarter of 2021.
The net loss attributable to common shareholders of Weilai in the fourth quarter of 2021 was 2179.2 million yuan ($342 million), an increase of 46.0% over the fourth quarter of 2020, and a decrease of 23.8% over the third quarter of 2021. Equity compensation expenses and redeemable non controlling interests increased the redemption value. After adjustment, the net loss attributable to the common shareholders of Weilai Automobile (non GAAP) was 1.7157 billion yuan (269.2 million dollars).
In the fourth quarter of 2021, the basic and diluted net losses of each American Depositary Share (ADS) were 1.36 yuan (US $0.21). Excluding the increase of equity compensation expenses and redeemable non controlling interests in the redemption value, the adjusted basic and diluted net loss of each ADS (non GAAP) is 1.07 yuan (US $0.16).
As of December 31, 2021, cash and cash equivalents, restricted cash and short-term investments were 55.4 billion yuan (US $8.7 billion).
Financial summary of 2021:
In 2021, the annual auto sales will be 33169.7 million yuan (5.2051 billion dollars), with a year-on-year growth of 118.5%.
The profit margin of automobiles in 2021 will be 20.1%, compared with 12.7% in the previous year.
In 2021, the total revenue of the whole year will be RMB 36136.4 billion (US $5.670.6 billion), with a year-on-year growth of 122.3%.
In 2021, the gross profit of the whole year will be 6.8214 billion yuan (US $1070.4 million), an increase of 264.1% year on year.
The gross profit rate in 2021 will be 18.9%, compared with 11.5% in the previous year.
In 2021, the annual operating loss was RMB 4496.3 million (US $705.6 million), down 2.4% year on year. Excluding equity incentive expenses, the adjusted operating loss (non GAAP) in 2021 is 3.4862 billion yuan (547.1 million dollars), a year-on-year decrease of 21.1%.
In 2021, the annual net loss was 4.0169 billion yuan (US $630.3 million), down 24.3% year on year. Excluding equity incentive expenses, the adjusted net loss (non GAAP) in 2021 was 3.0068 billion yuan (471.8 million dollars), a year-on-year decrease of 41.2%.
In 2021, the net loss attributable to ordinary shareholders of Weilai Automobile in the whole year was 10.5723 billion yuan (US $1.659 billion), an increase of 88.4% year on year. Excluding the increase in redemption value due to equity incentive expenses and redeemable non controlling interests, the adjusted net loss attributable to shareholders of ordinary shares of Weilai Automobile (non GAAP) is 2975.6 million yuan (466.9 million dollars).
The basic and diluted net losses of each ADS in 2021 will be 6.72 yuan (1.05 dollars). Excluding equity compensation expenses and the appreciation of redeemable non controlling interests on the redemption value, the adjusted basic and diluted net loss of each ADS (non US GAAP) is 1.89 yuan (US $0.29).
Executive's speech:
"We ended 2021 with a strong momentum. We delivered 91429 cars in the whole year, up 109.1% year on year. Despite various challenges, especially supply chain fluctuations. Influenced by seasonal factors and the Spring Festival holiday, we delivered 9652 cars in January and 6131 cars in February, up 34% and 10% year on year respectively. Li Bin, founder, chairman and CEO of Weilai Auto, said that we expect to deliver 25000 to 26000 cars in the first quarter of 2022. "2021 is a year of decisive investment in products and technologies as well as power and service infrastructure. In terms of rapid iteration, supply chain response and innovation, it is also a year of operation improvement, capacity expansion and system quality management, making comprehensive preparations for our next stage of development. In addition to our growing user base in China, 2021 also marks the beginning of our global market expansion from the launch and delivery of Weilai Auto in Norway in September 2021. "
"2022 will be a year for Ullair to accelerate again. This year we will launch three new products based on Ullair's technology platform 2.0. In March, we launched the test drive of ET7, which is expected to be delivered on March 28, 2022. After the launch of ET5 in December 2021, we received feedback from users, and it is expected to be delivered in September 2022. In addition, we plan to provide our products and services in more countries and regions in 2022 to further expand our global user base, "Mr. Li concluded.
"On March 10, 2022, under the trust and support of the vast number of users, investors and partners, Weilai Auto began to list on the main board of the Stock Exchange of Hong Kong by way of introduction," added Steven WeiFeng of Weilai Auto. Chief Financial Officer. "With the steady growth of the delivery volume, the stability of the average selling price and the improvement of the manufacturing efficiency, we achieved a sound financial performance in the fourth quarter and the whole year of 2021, and the vehicle profit margin reached 20.1% in 2021. To provide a better experience for our growing global users, based on and accelerating our market expansion, we will continue to make decisive investments in products, core technologies and services in the next few years. "
Financial performance in the fourth quarter and the whole year of 2021:
revenue
The total revenue in the fourth quarter of 2021 is 990.7 billion yuan (US $1553.6 million), an increase of 49.1% over the fourth quarter of 2020 and 1% over the third quarter of 2021.
In 2021, the total revenue of the whole year will be 36136.4 billion yuan (5.670.6 billion dollars), up 122.3% year on year.
The automobile sales in the fourth quarter of 2021 will be 9.2154 billion yuan ($1.4461 billion), an increase of 49.3% over the fourth quarter of 2020 and 6.7% over the third quarter of 2021. The fourth quarter of 2020 is mainly due to the increase in delivery. Compared with the third quarter of 2021, the increase in automobile sales is mainly due to the increase in average selling price, the decrease in subsidies for vehicle financing arrangements and the increase in delivery.
In 2021, the annual auto sales will be 33169.7 million yuan (5.2051 billion dollars), with a year-on-year growth of 118.5%.
Other sales in the fourth quarter of 2021 were 685.4 million yuan ($107.5 million), an increase of 46.8% over the fourth quarter of 2020, and a decrease of 41.3% over the third quarter of 2021. The fourth quarter of 2020 is mainly due to the increase in sales revenue of services, energy packs and accessories, used car sales and auto financial services with the increase in auto sales. In 2021, it will be partially offset by the sales of auto regulatory credits in the fourth quarter of 2020. The main reason for the decrease of other sales compared with the third quarter of 2021 is the sales of automobile supervision points in the third quarter.
In 2021, other sales of the whole year will be 2966.7 million yuan (465.5 million dollars), up 175.9% year on year.
Cost of sales and gross profit margin
The cost of sales in the fourth quarter of 2021 is 82012 million yuan (US $1286.9 million), an increase of 49.1% over the fourth quarter of 2020 and 5.0% over the third quarter of 2021. The sales in the fourth quarter of 2020 and the third quarter of 2021 are mainly driven by the year-on-year growth of delivery in the fourth quarter of 2021.
In 2021, the annual sales cost will be 29.315 billion yuan (US $4.6002 billion), an increase of 103.8% over the previous year.
The gross profit in the fourth quarter of 2021 is 1699.5 million yuan (266.7 million dollars), 48.8% higher than that in the fourth quarter of 2020, and 14.7% lower than that in the third quarter of 2021.
The gross profit of the whole year was 6.8214 billion yuan (US $1070.4 million), an increase of 264.1% over the previous year.
The gross profit rate in the fourth quarter of 2021 is 17.2%, that in the fourth quarter of 2020 is 17.2%, and that in the third quarter of 2021 is 20.3%. The main reason why the gross profit margin decreased compared with the third quarter of 2021 is that the automobile regulatory credit in the third quarter of 2021 contributed a higher gross profit margin.
The annual gross profit rate in 2021 will be 18.9%, while that in 2020 will be 11.5%.
The vehicle profit margin in the fourth quarter of 2021 is 20.9%, while that in the fourth quarter of 2020 is 17.2%, and that in the third quarter of 2021 is 18.0%. The growth of vehicle profit margin in the fourth quarter of 2020 is mainly due to the high average level of 100kWh battery usage and the high price. The increase in vehicle profit margin compared with the third quarter of 2021 is mainly due to the reduction of subsidies for vehicle financing arrangements of users.
In 2021, the annual automobile profit rate will be 20.1%, while in 2020, it will be 12.7%.
Operating expenses
The R&D expenses in the fourth quarter of 2021 will be RMB 1828.5 million (US $286.9 million), an increase of 120.5% over the fourth quarter of 2020 and 53.3% over the third quarter of 2021. Remuneration expenses (non US GAAP) and R&D expenses were 1.639 billion yuan (US $257.2 million), an increase of 102.1% over the fourth quarter of 2020 and 49.7% over the third quarter of 2021. The increase of R&D expenses in the fourth quarter of 2020 and the third quarter of 2021 is mainly due to the increase of R&D personnel costs and the incremental design and development costs of new products and technologies.
In 2021, the annual R&D expenditure will be 4591.9 million yuan (720.6 million dollars), an increase of 84.6% year on year. Excluding equity incentive expenses (non GAAP), R&D expenses were 4.1849 billion yuan (656.7 million dollars). The increase of R&D expenses is mainly due to the increase of R&D personnel costs and the increase of design and development costs of new products and technologies.
The sales, general and administrative expenses in the fourth quarter of 2021 will be RMB 2358.2 million (US $370.1 million), an increase of 95.4% over the fourth quarter of 2020, and an increase of 29.2% over the third quarter of 2021- GAAP), sales, general and administrative expenses were 2.163 billion yuan (339.4 million dollars), an increase of 85.3% over the fourth quarter of 2020 and 29.7% over the third quarter of 2021. The general and administrative expenses in the fourth quarter of 2020 and the third quarter of 2021 are mainly due to the increase in personnel costs of sales and service functions, costs related to sales and service network expansion, and incremental marketing and promotion expenses, including the sponsor of NIODay in December 2021.
In 2021, the annual sales, general and administrative expenses will be 6.8781 billion yuan (US $1079.3 million), an increase of 74.9% over the previous year. Excluding equity incentive expenses (non GAAP), sales, general and administrative expenses were 6308.9 million yuan ($990 million). The increase in sales, general and administrative expenses is mainly due to the increase in personnel costs of sales and service functions, costs related to the expansion of sales and service networks, and the increase in marketing and promotion expenses.
Operational losses
The operating loss in the fourth quarter of 2021 was 2.4451 billion yuan (US $383.7 million), an increase of 162.5% over the fourth quarter of 2020 and 146.5% over the third quarter of 2021. Excluding equity incentive, the adjusted operating loss (non US GAAP) in the fourth quarter of 2021 was 2.0484 billion yuan (321.4 million US dollars), an increase of 135.1% over the fourth quarter of 2020, and an increase of 182.0% over the third quarter of 2021.
The annual operating loss in 2021 was 4.4963 billion yuan (705.6 million dollars), while the operating loss in 2020 was 4.6076 billion yuan. After deducting the equity incentive expenses, the adjusted operating loss (non GAAP) in 2021 is 3486.2 million yuan (547.1 million dollars).
Share based compensation expenses
The equity incentive expense in the fourth quarter of 2021 was 396.7 million yuan (US $62.3 million), an increase of 559.0% over the fourth quarter of 2020 and 49.4% over the third quarter of 2021. The equity incentive expenses in the fourth quarter of 2020 and the third quarter of 2021 are mainly attributable to the additional options and restricted stocks granted.
In 2021, the annual equity incentive expense was 1.0101 billion yuan (US $158.5 million), compared with 187.1 million yuan in the previous year.
Net profit and loss per share
The net loss in the fourth quarter of 2021 was 2.1434 billion yuan (336.4 million dollars), an increase of 54.4% over the fourth quarter of 2020 and 156.6% over the third quarter of 2021. Excluding equity incentive expenses, the adjusted net loss (non US GAAP) in the fourth quarter of 2021 was 1.7467 billion yuan ($274.1 million), an increase of 31.5% over the fourth quarter of 2020 and 206.6% over the third quarter of 2021.
The annual net loss in 2021 was 4.0169 billion yuan (630.3 million dollars), while the net loss in 2020 was 5.3041 billion yuan. After deducting the equity incentive expenses, the adjusted net loss (non GAAP) is RMB 3006.8 yuan and USD 1 million (USD 471.8 million) in 2021.
The net loss attributable to ordinary shareholders of Weilai Automobile in the fourth quarter of 2021 was 2179.2 million yuan (US $342 million), an increase of 46.0% over the fourth quarter of 2020, and a decrease of 23.8% over the third quarter of 2021. In the fourth quarter of 2021, the net loss (non GAAP) attributable to common shareholders of Weilai Automobile after adjustment based on equity compensation expense was RMB 1715.7 million (US $269.2 million).
In 2021, the net loss attributable to shareholders of ordinary shares of Weilai Automobile was 10.5723 billion yuan (US $1.659 billion), while in 2020, the net loss attributable to shareholders of ordinary shares of Weilai Automobile was 5.6108 billion yuan. A small number of strategic investors, with a total consideration of 8 billion yuan, increased the redeemable non controlling interests by 6.5866 billion yuan (US $1033.6 million) in 2021. Excluding equity incentive expenses and redeemable value-added non controlling interests, compared with the redemption value, the net loss (non GAAP) attributable to ordinary shareholders of Weilai Automobile after adjustment in 2021 is 2975.6 million yuan (466.9 million dollars).
The basic and diluted net losses of each ADS in the fourth quarter of 2021 are 1.36 yuan (US $0.21). Excluding the increase of equity compensation expenses and redeemable non controlling interests on the redemption value, the basic and diluted net losses of each ADS (non GAAP) after adjustment are 1.07 yuan (0.16 dollars).
In 2021, the basic and diluted net losses of ADS per share were both 6.72 yuan (US $1.05). After excluding the equity incentive expenses and the increased redemption value of redeemable non controlling interests, the basic and diluted net losses of each ADS (non GAAP) after adjustment in 2021 are RMB 1.89 (US $0.29).
Balance Sheet
As of December 31, 2021, the balance of cash and cash equivalents, restricted cash and short-term investments was 55.4 billion yuan (US $8.7 billion).
Business Outlook
For the first quarter of 2022, the company expects:
The number of delivered vehicles will be between 25000 and 26000, an increase of 24.6% to 29.6% over the same period in 2021.
The total revenue will be between 9631 million yuan (US $1.511 billion) and 9987 million yuan (US $1.567 billion), an increase of 20.6% to 25.1% over the same period in 2021.
The business outlook reflects the company's current and preliminary views on the business situation and market conditions, which may change.
Teleconferencing
The Company's management will hold a financial report teleconference at 9:00 p.m. on March 24, 2022 (Beijing/Hong Kong time 9:00 a.m. on March 25, 2022).
Real time and archived webcasts of teleconferences will be available on the company's investor relations website https://ir.nio.com/news-events/events.
For participants who want to join the conference with a dial in number, please use the link provided below to register in advance and dial in 10 minutes before the call. The DirectEvent password and unique registrant ID will be provided when registering.
http://apac.directeventreg.com/registration/event/3078818
The replay of the teleconference will be conducted at the following telephone numbers about two hours after the end of the real-time teleconference, until 9:59 a.m. EST on April 1, 2022:
United States:+1-646-254-3697
International:+61-2-8199-0299
Hong Kong, China:+852-3051-2780
Mainland China:+86-400-820-9703
Meeting No.: 3078818
