Core Viewpoint - NIO-SW (09866) achieved a record monthly delivery of 40,397 vehicles in October 2025, representing a year-on-year increase of 92.6% [1] Delivery Performance - The October 2025 deliveries included 17,143 high-end smart electric vehicles under the NIO brand, 17,342 family smart electric vehicles under the Lada brand, and 5,912 high-end smart electric cars under the Firefly brand [1] - Cumulative vehicle deliveries reached 913,182 units as of October 31, 2025 [1] Product Highlights - The flagship SUV, Lada L90, set a new delivery record in October 2025, maintaining strong growth since its official launch at the end of July 2025, with monthly deliveries exceeding 10,000 units for three consecutive months [1] - The L90 is positioned to lead the large SUV market into the electric era due to its industry-leading status and exceptional product competitiveness [1]

Core Insights - NIO announced that it delivered 40,397 vehicles in October, representing a year-on-year increase of 92.6% [1] - Cumulatively, from 2025 to date, NIO has delivered 241,618 vehicles, showing a year-on-year growth of 41.9% [1] Summary by Categories - **Delivery Performance** - October deliveries reached 40,397 vehicles, marking a significant growth of 92.6% compared to the same month last year [1] - Total deliveries since 2025 amount to 241,618 vehicles, with a year-on-year increase of 41.9% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 自願公告 關於蔚來 蔚來是全球智能電動汽車市場的先驅及領跑者。成立於2014年11月，蔚來致力 於共創可持續和更美好的未來，實現「Blue Sky Coming」的使命。蔚來的願景是 成為技術與體驗領先的用戶企業。蔚來設計、開發、製造及銷售智能電動汽車， 推動新一代核心技術的創新。蔚來通過持續的技術突破及創新、極致的產 ...

Core Viewpoint - The October performance of the new energy vehicle (NEV) market has shown significant growth, marking a strong sales season that contrasts with the overall automotive market's decline [2][7][8]. Group 1: Sales Performance - Multiple NEV brands reported record-high delivery numbers in October, with Leap Motor delivering 70,289 vehicles, a year-on-year increase of over 84% [2][5]. - BYD achieved sales of 441,706 vehicles in October, the highest for the year, with cumulative sales from January to October reaching 3,701,852 vehicles, and over 14.2 million NEVs sold cumulatively [3]. - Geely's passenger car sales reached 307,133 units in October, a year-on-year increase of 35%, maintaining an upward trend for eight consecutive months [3]. - Changan's Avita Technology reported sales of 13,500 units in October, a year-on-year increase of 34%, marking a historical high [6]. Group 2: Market Dynamics - The NEV market's robust performance is attributed to supportive policies and the launch of new models, positioning it as a key driver for growth in the automotive industry [2][9]. - Despite the NEV market's growth, the overall passenger car market saw a decline, with retail sales dropping by 7% year-on-year in October [7][8]. - The China Passenger Car Association anticipates that the NEV penetration rate will reach new heights, driven by ongoing policy support and new model launches [9]. Group 3: Future Outlook - The fourth quarter is expected to see continued support from vehicle scrappage and replacement, as well as demand driven by the upcoming reduction in NEV purchase tax subsidies [9]. - Analysts suggest focusing on leading companies in the NEV industry and those with international market presence, as well as component suppliers and infrastructure firms benefiting from the NEV growth [9].

Core Insights - The new energy vehicle market in China is experiencing a significant reshaping, with leading brands achieving record deliveries while differentiation among companies intensifies [1][3] - Li Auto has faced a decline in deliveries, with a 38% year-on-year drop in October, marking five consecutive months of declining sales [2] Group 1: Leading Brands Performance - Leap Motor topped the delivery charts with over 70,000 units in October, achieving a year-on-year growth of over 84% and maintaining its position as the leading new energy vehicle brand for eight consecutive months [1] - Hongmeng Zhixing followed closely with a record delivery of 68,200 units, while XPeng and NIO delivered 42,013 and 40,397 units respectively, both surpassing 40,000 for the first time [1] - NIO is expanding its brand matrix, with the NIO brand delivering 17,143 units and the Le Dao brand surpassing it with 17,342 units in October [1] Group 2: Other Brands and Market Trends - Li Auto's deliveries fell to 31,767 units in October, a 38% year-on-year decrease, despite the CEO's optimism about the i6 model's strong sales and high order volume [2] - Traditional automakers' new energy brands also performed well, with Zeekr and Lynk & Co achieving a combined monthly sales of over 60,000 units, marking a year-on-year increase of 9.8% [2] - The market is characterized by an expanding advantage for leading brands, increased differentiation among companies, and a reshaping of the market landscape due to favorable sales conditions and policy incentives [3]

Core Insights - The October delivery data from various new energy vehicle manufacturers indicates a significant divergence in performance among companies, with leading brands achieving record deliveries while others struggle [2][3][4]. Group 1: Delivery Performance - Leap Motor topped the delivery charts with over 70,000 units delivered in October, marking a year-on-year increase of over 84%, maintaining its position as the leading new energy vehicle brand for eight consecutive months [2]. - Hongmeng Zhixing followed closely with a record delivery of 68,200 units across all models in October [2]. - Xiaopeng and NIO both surpassed 40,000 units delivered, achieving historical highs with deliveries of 42,013 and 40,397 units respectively [2]. - NIO is expanding its multi-brand strategy, with the NIO brand delivering 17,143 units and the Ladao brand surpassing it with 17,342 units delivered [2]. Group 2: Declining Performance - Li Auto reported a decline in deliveries, with 31,767 units delivered in October, representing a year-on-year drop of 38% and a month-on-month decrease of 6.43% [3]. - Li Auto has faced five consecutive months of year-on-year sales declines since June, although the CEO noted strong demand for the new Li i6 model with over 70,000 orders [3]. Group 3: Traditional Automakers - Traditional automakers' new energy brands also showed strong performance, with Zeekr and Lynk & Co achieving a combined monthly sales of over 60,000 units, a year-on-year increase of 9.8% and a month-on-month increase of 20.5% [3]. - BAIC New Energy delivered over 30,000 units in October, marking a year-on-year increase of 112% and a month-on-month increase of 48.7% [3]. Group 4: Market Trends - The data indicates a trend of increasing advantages for leading brands, exacerbated differentiation among companies, and a reshaping of the market landscape [4]. - The favorable consumer environment, driven by traditional sales peaks and policy incentives, has allowed leading brands to effectively convert market demand into actual sales [4]. Group 5: Competitive Landscape - Differences in investment and outcomes in technology research, product innovation, and service enhancement among companies have led to varying product competitiveness [5]. - As the fourth quarter approaches, the product competitiveness and capacity release speed of new energy vehicle companies will be crucial in determining their annual rankings [5].

Core Insights - NIO delivered 40,397 vehicles in October, marking a year-on-year increase of 92.6%, with a cumulative delivery of 913,182 vehicles to date [2] Group 1: Brand Performance - NIO brand delivered 17,143 vehicles in October, a month-on-month increase of 24.9%, with the new ES8 achieving 10,000 deliveries, setting a record for electric vehicles priced above 400,000 yuan [3] - The Ladao brand delivered 17,342 vehicles, setting a new historical record, with the Ladao L90 achieving 33,348 deliveries in three months, leading the large electric SUV sales for three consecutive months [3] - The Firefly brand delivered 5,912 vehicles, also reaching a historical high, maintaining its lead in the 100,000 yuan small car market [3] Group 2: Battery Swap Network - NIO's battery swap service surpassed 90 million swaps, averaging one swap every 0.86 seconds, with daily swap volumes exceeding 100,000, indicating a strong preference for battery swapping among users [4] Group 3: Technological Advancements - NIO's self-developed vehicle operating system "SkyOS" received global recognition as an innovative technology in the electric vehicle sector, supporting the development of NIO, Ladao, and Firefly brands [5]

Core Insights - The new energy vehicle (NEV) market in China is experiencing significant growth, with major players reporting increased delivery volumes in October compared to September, despite some companies facing year-on-year declines [2][6]. Company Performance - BYD achieved a record monthly sales of 441,706 units in October 2025, marking an 11.47% increase from September, but a 12.13% decrease year-on-year [3][6]. - Geely's NEV sales reached 177,882 units in October, a 63.61% increase year-on-year and a 7.68% increase month-on-month, setting a historical high [8]. - Chery's NEV sales surpassed 110,000 units for the first time, totaling 110,346 units in October, reflecting a 54.70% year-on-year increase and a 20.48% month-on-month increase [10]. - Leap Motor reported a record monthly delivery of 70,289 units, marking an 84.11% year-on-year increase [11]. - NIO's delivery volume reached 40,397 units in October, a 92.59% year-on-year increase and a 16.25% month-on-month increase [14]. - Ideal Auto's delivery volume fell to 31,767 units, representing a 38.25% year-on-year decline and a 6.43% month-on-month decline [23]. Market Trends - The competition among NEV manufacturers is intensifying, with no clear leader emerging as companies like Leap Motor, Xpeng, and NIO continue to innovate and expand their offerings [2][12]. - State-owned enterprises in the NEV sector, such as BAIC and Lantu, are also showing strong performance, with BAIC's sales increasing by 112.02% year-on-year [16][20]. - Lantu aims to establish itself as the leading high-end NEV brand among state-owned enterprises, achieving nine consecutive months of sales growth [20]. Future Outlook - Leap Motor is optimistic about achieving a total delivery of at least 500,000 units for the year, having already delivered 465,800 units in the first ten months [10]. - Ideal Auto is focusing on expanding its market presence in Central Asia, the Middle East, Europe, and the Asia-Pacific region, while also addressing production capacity issues [23][25].

Core Insights - The article highlights the significant growth in the delivery volumes of new energy vehicle (NEV) companies in China for October, with many companies achieving record highs in their monthly sales figures [2][3]. Group 1: Performance of Major NEV Companies - BYD achieved a monthly sales volume of 441,706 units in October, marking an 11.47% increase month-on-month but a 12.13% decrease year-on-year [5][9]. - Geely's NEV sales reached 177,882 units in October, showing a remarkable year-on-year growth of 63.61% and a month-on-month increase of 7.68% [11]. - Chery's NEV sales surpassed 110,000 units for the first time, totaling 110,346 units, with a year-on-year increase of 54.70% and a month-on-month increase of 20.48% [14][15]. Group 2: New Entrants and Emerging Players - Leap Motor reported a record monthly delivery of 70,289 units in October, marking an 84.11% year-on-year increase [4][18]. - Xiaopeng Motors achieved a new high with 42,013 units delivered, reflecting a year-on-year growth of 75.66% [20]. - NIO also saw significant growth, with a delivery volume of 40,397 units, representing a 92.59% year-on-year increase [22][25]. Group 3: State-Owned Enterprises in NEV Sector - State-owned NEV companies collectively reported over 30% year-on-year growth in October, with BAIC New Energy leading with a 112.02% increase [27]. - The Changan brand's Deep Blue achieved sales of 36,792 units, ranking first among state-owned NEV companies [28]. - Lantu, another state-owned brand, recorded sales of 17,218 units, with a year-on-year growth of 69.52% [30][34]. Group 4: Challenges for Established Players - Li Auto, once a leader among new car manufacturers, faced a decline in deliveries, with 31,767 units sold in October, down 38.25% year-on-year [37][41]. - The article notes that the competition among NEV companies is intensifying, making it difficult to determine a clear winner in the market [4][22]. - The article emphasizes the importance of sustained efforts and systemic capabilities for companies to maintain competitive advantages in the long run [44].

Company News - Berkshire Hathaway reported a net profit of $30.796 billion for Q3, up from $26.251 billion year-on-year, exceeding market expectations of $12.73 billion [4] - The company's operating revenue reached $94.972 billion, slightly up from $92.995 billion year-on-year, and above market expectations of $91.55 billion [4] - As of September 30, cash reserves reached a record $381.67 billion (approximately 2716.5 billion RMB) [4] - The top five holdings accounted for 66% of the total fair value of equity securities, including American Express, Apple, Bank of America, Coca-Cola, and Chevron [4] Automotive Industry - Hongmeng Zhixing reported a record delivery of 68,216 new vehicles in October, marking the highest monthly delivery in history, with total deliveries surpassing 1 million [4] - Geely Automobile announced a total passenger car sales of 307,133 units in October, a year-on-year increase of 35% and a month-on-month increase of 12%, achieving a historical monthly sales record [5] - BYD reported sales of 441,706 vehicles in October, the highest for the year, with cumulative sales of 3,701,852 units from January to October, including over 14.2 million new energy vehicles [5] - NIO delivered 40,397 vehicles in October, a year-on-year increase of 92.6%, with total deliveries from early 2025 reaching 241,618 units, up 41.9% year-on-year [5] - XPeng Motors delivered 42,013 new vehicles in October, setting a historical monthly delivery record, with cumulative deliveries of 355,209 units from January to October, a year-on-year increase of 190% [5] Industry Research - Zhongshan Securities reported that the growth rate of mobile phone sales is slowing, reducing the likelihood of exceeding performance expectations for consumer electronics and semiconductor companies in the mobile supply chain [6] - The demand for storage chips and related production equipment is strong due to AI-related needs, while power semiconductor companies are expected to perform well driven by new energy demand [6] - Zhongyuan Securities noted that the photovoltaic industry is still undervalued historically, with potential for valuation recovery as the competitive landscape and industry chain ecology improve [6]