The tariff-driven market volatility has been rough on shares of Chinese electric vehicle (EV) maker Nio Inc. ...

TECHSTARACQ-Z(07855)公布，于2025年12月4日，TechStar及目标公司Seyond Holdings Ltd.与Nio Nextev Limited订立格式与PIPE投资协议基本一致的认购协议，据此，目标公司(以其作为继承公司的身 份)已有条件同意向Nio Nextev Limited发行合共约2867.21万股继承公司股份，占交割后继承公司总股本 的2.21%，总认购价格为约2.867亿港元，每股继承公司股份价格为10.00港元，且与交割同时进行。另 外，拟透过多家资本市场中介机构向专业投资者配售840.95万股PEF配售股份，募资8409.5万港元。 获准许股权融资的所得款项总额将为约3.71亿港元。获准许股权融资的所得款项净额(经扣除费用及开 支(假设悉数支付酌情费用))估计约为3.605亿港元，相当于每股获准许股权融资股份的净发行价约为9.72 港元。约60%将用于研发新激光雷达架构、硬件及软件升级;约20%将用于升级现有生产线;约10%将用 于继承公司的全球扩张;及约10%将用于一般公司用途。 据悉，Nio Nextev Limited为一家于香港注册成立且由蔚来集团(09 ...

获准许股权融资的所得款项总额将为约3.71亿港元。获准许股权融资的所得款项净额(经扣除费用及开 支(假设悉数支付酌情费用))估计约为3.605亿港元，相当于每股获准许股权融资股份的净发行价约为9.72 港元。约60%将用于研发新激光雷达架构、硬件及软件升级;约20%将用于升级现有生产线;约10% 将用 于继承公司的全球扩张;及约10%将用于一般公司用途。 继承公司已向联交所申请批准继承公司股份及继承公司上市权证于联交所主板上市及买卖。联交所已于 2025年11月11日授出原则上批准。于交割后，继承公司股份及继承公司上市权证将在联交所主板上市。 智通财经APP讯，TECHSTARACQ-Z(07855)公布，于2025年12月4日，TechStar及目标公司Seyond Holdings Ltd.与Nio Nextev Limited订立格式与PIPE投资协议基本一致的认购协议，据此，目标公司(以其 作为继承公司的身份)已有条件同意向Nio Nextev Limited发行合共约2867.21万股继承公司股份，占交割 后继承公司总股本的 2.21%，总认购价格为约2.867亿港元，每股继承公司股份价格为10.0 ...

对行业短期前景愈发谨慎，因市场需求走弱速度超预期，2026年风险信号增多。交银国际表示，4季度 集中放量后，2026年1季度或回到季节性淡季，建议投资者把握结构行情同时保持审慎，关注短期波 动。 对行业短期前景愈发谨慎，因市场需求走弱速度超预期，2026年风险信号增多。交银国际表示，4季度 集中放量后，2026年1季度或回到季节性淡季，建议投资者把握结构行情同时保持审慎，关注短期波 动。 金吾财讯 | 汽车股普遍下滑，广汽集团(02238)跌3.86%，理想汽车-W(02015)跌3.37%，蔚来-SW(09866) 跌2.41%，北京汽车(01958)跌2.34%，小鹏汽车-W(09868)跌2.25%，零跑汽车(09863)跌1.23%，赛力斯 (09927)跌1.12%。 金吾财讯 | 汽车股普遍下滑，广汽集团(02238)跌3.86%，理想汽车-W(02015)跌3.37%，蔚来-SW(09866) 跌2.41%，北京汽车(01958)跌2.34%，小鹏汽车-W(09868)跌2.25%，零跑汽车(09863)跌1.23%，赛力斯 (09927)跌1.12%。 ...

每经AI快讯，12月4日，港股汽车股集体走低，广汽集团跌超4%，理想汽车跌超3%，蔚来、小鹏汽车 跌近3%。 ...

来源：格隆汇APP 蔚来(NIO.US)美股盘前反弹逾3%。消息上，12月3日， 蔚来 ET9荣幸助力线控转向GB17675-2025《汽 车转向系基本要求》国家标准正式发布，搭载「线控转向」的蔚来ET9，成为中国首款线控转向量产车 型，也是全球唯一线控转向获中欧双认证的车型。以技术创新引领行政旗舰标杆。 | NIO 蔚来 | | | | --- | --- | --- | | 4.790 4 -0.240 -4.77% | | 收盘价 12/03 15:59 美东 | | 4.940 + 0.150 +3.13% | | 盘前价 12/04 04:06 美东 | | 三分24号8 9 日 0 | | ● 快捷交易 | | 最高价 4.990 | 开盘价 4.975 | 成交量 9455.37万 | | 最低价 4.730 | 昨收价 5.030 | 成交额 4.56亿 | | 平均价 4.823 | 市盈率TM 亏损 | 总市值 118.48亿 (1) | | 振 幅 5.17% | 市盈率(静) 亏损 | 总股本 24.73亿 | | 换手率 5.33% | 市净率 22.809 | 流通值 84.97亿 ...

Core Insights - NIO's Q3 2025 financial report highlights significant growth in revenue and delivery volume, with revenue reaching 21.79 billion yuan, a year-on-year increase of 16.7%, and delivery volume at 87,071 units, up 40.8% [1][2] - The gross margin for vehicles rose to 14.7%, and the overall gross margin reached 13.9%, both marking the highest levels in nearly three years, indicating a substantial improvement in operational quality [1][2][7] Financial Performance - NIO's Q3 revenue was 21.79 billion yuan, reflecting a 16.7% increase year-on-year [1] - The delivery volume of 87,071 units represents a 40.8% year-on-year growth [1] - The vehicle gross margin increased to 14.7%, while the overall gross margin reached 13.9%, both achieving new highs in three years [2][5] Gross Margin Analysis - The increase in gross margin is attributed to the strong sales of high-margin models, particularly the new ES8 and the L90, which significantly contributed to the overall margin improvement [2][5] - The new ES8 achieved 10,000 deliveries in just 41 days, with a gross margin exceeding 20% [2] - The L90, positioned as a family flagship SUV, maintained a gross margin between 15% and 20%, supporting both sales and profit [2] Strategic Focus - NIO's gross margin improvement is a result of its long-term strategic focus on core business operations, emphasizing technology research and development, brand synergy, and refined operations [3][6] - The company has invested over 50 billion yuan in technology R&D over the past decade, enhancing its competitive edge and cost structure [3][6] - NIO's multi-brand strategy allows it to cover a wide price range, with deliveries from its three brands showing balanced growth [3][6] Cost Control and Efficiency - NIO emphasizes the importance of cost control and efficiency, implementing a "CBU" strategy to manage costs at every operational level [4][6] - The company aims to optimize supply chain costs and enhance its bargaining power as it scales, which is expected to further reduce costs [6] Future Outlook - The significant increase in gross margin may signal a turning point for NIO, indicating a transition to a new phase of organic growth [5][6] - NIO plans to launch new high-margin models in the coming quarters, which is expected to further improve product structure and gross margin [6] - Continued investment in R&D in areas like smart driving and battery technology is anticipated to yield further cost reductions and margin improvements [6][7]

Core Insights - NIO is showing signs of improving its profitability profile after years of significant losses in the electric vehicle manufacturing sector [1] Group 1 - The company has issued a strong outlook for its future performance [1]

Core Insights - NIO's sub-brand, Ladao Automotive, has reached a significant delivery milestone with the delivery of the 40,000th unit of the Ladao L90 Black Knight Special Edition, marking the start of nationwide delivery for this model [1] - The L90 has shown rapid market acceptance, achieving 40,000 units delivered within just four months of its launch, making it the top-selling model in the pure electric large SUV segment [1] - The L90 leverages NIO's decade-long technological expertise and nationwide charging and battery swapping network to address long-distance travel challenges for electric vehicles [1] Product Performance - The L90 is positioned as the flagship product of the Ladao brand, focusing on family-oriented design by optimizing interior space and enhancing third-row seating comfort and luggage capacity [1] - The model aims to accelerate the transition of the large SUV market towards electrification [1] Market Strategy - To boost year-end sales, Ladao Automotive has introduced a special market incentive policy, allocating approximately 110 million yuan in vehicle purchase benefits for December [1] - The brand emphasizes the speed of vehicle supply and offers up to 13,000 yuan in purchase tax exemptions and test drive incentives for recent buyers, aiming to solidify its market share in the segment [1]

Core Insights - The automotive industry in November showed strong sales performance across various companies, with a notable focus on electric vehicle (EV) transitions and global expansion strategies [1][2][3][4] Group 1: Traditional Domestic Brands - BYD achieved a record monthly sales of 480,000 units, maintaining the top position, with overseas sales surpassing 130,000 units, marking a historical high [1] - Geely sold 310,000 units in November, a year-on-year increase of 24%, with its Galaxy series seeing a 76% growth [1] - Chery reported sales of 273,000 units, with EV sales reaching 117,000 units, a 50.1% increase, and export sales of 137,000 units, up 30.3% [1][2] Group 2: New Energy Vehicle Performance - Changan's November sales reached 283,000 units, with EV sales at 125,000 units, a 23% increase [2] - SAIC Group set a new record for EV sales at 209,000 units, reflecting a 38.8% year-on-year growth [2] Group 3: New Forces in the Automotive Sector - Huawei's HarmonyOS Automotive division delivered 82,000 vehicles in November, a remarkable 89.61% increase, establishing itself as a leader among new entrants [3] - Leap Motor delivered over 70,000 vehicles in November, achieving a cumulative sales milestone of over 500,000 units [3] - Xiaomi's automotive division also exceeded its annual delivery target, with over 40,000 units delivered in November and a total exceeding 350,000 units [3] Group 4: Market Dynamics and Challenges - Xpeng and NIO experienced a decline in sales, with Li Auto delivering 33,181 units, a slight increase of 4.45% month-on-month but a 31.92% year-on-year drop [4] - The automotive market is shifting from subsidy-driven growth to a more competitive landscape focused on product capabilities and brand strength, as consumer behavior evolves post-subsidy [4]