Core Viewpoint - Nio has experienced significant volatility, with a peak gain of over 2,000% during the pandemic, but has since lost more than 90% of its value from its all-time high [1] Group 1: Competitive Landscape - Nio faces intense competition in the EV market, particularly from BYD and Tesla, and is not among the top-10 EV sellers in China [2] - The competitive environment has led to price cuts among EV manufacturers, which negatively impacts profit margins [3][4] Group 2: Financial Performance - In Q3 2025, Nio reported a net loss of $488.9 million on revenues of $3.1 billion, highlighting ongoing profitability challenges [3] - Vehicle deliveries increased by 40.8% year over year in Q3, but revenue only grew by 16.7%, indicating a decline in revenue per vehicle [6] - Despite trimming net operating losses and improving profit margins, Nio has not achieved a profitable quarter in its 11-year history, raising concerns about its long-term viability [7] Group 3: Market Demand - Demand for EVs in China is cooling as the government rolls back subsidies, making EVs less attractive to consumers [8]

Core Viewpoint - The automotive industry is experiencing a promotional wave centered around "7-year low-interest" financing options, significantly lowering the barriers for consumers to purchase electric vehicles [2][5]. Group 1: Promotional Strategies - Multiple electric vehicle brands are emphasizing low down payments, low interest rates, and low monthly payments, with monthly payments generally around 2000 yuan [3][4]. - Tesla initiated this trend with a 7-year low-interest financing plan, prompting at least 10 other automakers, including Xiaomi, Li Auto, and Xpeng, to follow suit [2][6]. - The promotional period primarily spans January to February, with various automakers offering different financing terms and conditions [4][5]. Group 2: Financing Models - The financing options are predominantly provided by automotive financing leasing companies or third-party financial institutions, rather than traditional banks [3][7]. - Consumers are advised to be cautious of the hidden costs associated with long-term low-interest financing, as extended payment periods may lead to higher total interest costs [3][9]. - The ownership structure differs between bank loans and financing leases, with the latter retaining ownership with the leasing company until the end of the lease term [8][9]. Group 3: Market Impact - The introduction of 7-year low-interest financing is expected to intensify competition among automakers, providing an alternative to direct subsidies and incentives [7]. - The regulatory environment has evolved to support longer financing terms, allowing for more flexible consumer financing options [7].

Core Viewpoint - NIO is expected to report adjusted operating profit for Q4 2025, marking the first quarterly profit in its 11-year history, with estimates ranging from RMB 700 million (approximately USD 100 million) to RMB 1.2 billion (approximately USD 172 million) [2] Group 1: Financial Performance - In Q4 2024, NIO recorded an adjusted operating loss of RMB 5.5436 billion [2] - For the entire year of 2025, NIO delivered approximately 326,000 new vehicles, with Q4 deliveries reaching a record high of about 124,800 units, representing a year-on-year increase of 71.7% [4] - According to GAAP, NIO is projected to achieve an operating profit of RMB 200 million (approximately USD 29 million) to RMB 700 million (approximately USD 100 million) in Q4 2025 [7] Group 2: Strategic Goals and Management Insights - NIO's Chairman, Li Bin, expressed confidence in achieving profitability in Q4 2025, which aligns with the company's operational goals [6] - Li Bin described 2025 as a "key year" for strategically achieving goals and transitioning to a new phase characterized by improved operational efficiency and quality [6] - The company aims for a gross margin of around 18% in Q4, with the new ES8 model expected to exceed a 20% margin [6] Group 3: Operational Efficiency and Cost Management - Since the second half of 2024, NIO has been restructuring its organizational capabilities and promoting a "full-staff operational transformation" to enhance R&D and operational efficiency [6] - Improvements in operational efficiency have already been noted in Q3 2025, with further enhancements expected in Q4 [6]

从更长周期看，作为成立于2014年的智能电动汽车企业，蔚来近年来在多品牌布局、充换电体系与服务 体系等方面持续投入。截至目前，蔚来能源在全国已布局充换电站8626座，建设数量行业第一。与此同 时，蔚来董事长李斌多次强调第四季度实现单季度盈利的重要性，外界亦普遍将其视为蔚来经营效率与 体系能力的阶段性"硬指标"。 在造车新势力仍处深度竞争与价格博弈阶段的当下，"单季盈利"被视为车企迈向可持续经营的重要节 点。蔚来在公告中表示，本次预计实现的经调整经营利润主要归因于三方面综合影响。一是2025年第四 季度销量持续增长；二是有利的产品组合推动汽车毛利率优化；三是公司持续推行全面降本增效措施。 销量端的"规模效应"是支撑盈利预期的关键底盘。根据公司此前披露的数据，2025年第四季度累计交付 新车12.48万辆，同比增长71.7%，创季度历史新高；2025年全年累计交付新车32.60万辆，同比增长 46.9%，刷新年度纪录。 产品结构改善亦被市场视作"毛利修复"的重要变量。蔚来品牌、乐道品牌、firefly萤火虫品牌在2025年 呈现"量价齐升"态势，销量与产品均价同步提升，共同推动整体经营质量迈上新台阶。 中国欧洲经 ...

For years, the primary cloud hanging over Nio Inc (NYSE: NIO) has been its inability to translate technological brilliance into sustainable profitability. Its persistent "cash burn†often scared away ... ...

Core Viewpoint - NIO is expected to report adjusted operating profit for Q4 2025, marking the first time in 11 years, with estimates ranging from RMB 700 million (approximately USD 100 million) to RMB 1.2 billion (approximately USD 172 million) [1][6] Group 1: Financial Performance - In Q4 2024, NIO recorded an adjusted operating loss of RMB 5.5436 billion [1] - NIO's total vehicle deliveries for 2025 reached approximately 326,000 units, with Q4 deliveries hitting a record high of about 124,800 units, representing a year-on-year increase of 71.7% [3] - The company aims for a vehicle gross margin of around 18% in Q4 2025, with the new ES8 model expected to exceed a 20% gross margin [5] Group 2: Strategic Goals and Developments - NIO's Chairman, Li Bin, expressed confidence in achieving profitability in Q4 2025 and set a goal for the company to achieve full-year profitability in 2026 [5] - The company is undergoing a transformation to enhance operational efficiency and quality, which has already shown results since Q3 2024 [5] - NIO's battery swap service is nearing a milestone of 100 million swaps, highlighting its growth and operational achievements [1]

记者丨刘雪莹 | 名称 | 现价 | 涨跌幅 ▼ | | --- | --- | --- | | 闪迪 | 616.000 | 5.38% | | 博通(BROADCOM) | 323.170 | 4.91% | | 泰瑞达(TERADYNE) | 279.565 | 3.90% | | 英特尔(INTEL) | 50.080 | 3.05% | | 台积电 | 332.161 | 1.97% | | 科天半导体(KLA) | 1331.395 | 1.85% | | 阿斯麦 | 1362.970 | 1.78% | | ARM | 106.700 | 1.72% | 谷歌一度跌逾6%，目前跌幅收窄。谷歌母公司Alphabet一度跌7.5%，创5月7日以来最大盘中跌幅。亚 马逊盘初跌超3%，该股今日盘后将公布财报。 美股加密货币概念股走低，Strategy跌超7%，Coinbase跌超4%，Circle跌超2%。加密货币市场持续重 挫，比特币向下跌破68000美元。截至发稿，近24小时内，全球加密货币市场超21.5万人被爆仓。 美股部分消费股因业绩不及预期而重挫，雅诗兰黛下跌19%，羽绒服巨头加拿大鹅跌超15 ...

Major Events - Genting New Year (01952) subsidiary signed an agreement with Macao to commercialize MT1013 in Greater China and other Asian markets [1] - Junshi Biosciences (02696) entered into a licensing agreement with Eisai for Hansizhuang® to treat tumor indications [1] - Meituan-W (03690) plans to acquire all issued shares of Dingdong Fresh Holding Limited [1] - China Power (02380) subsidiary Xinyuan Zhichu signed a procurement contract for BESS with Tori [1] - Aimee Vaccine (06660) successfully passed the registration site inspection for its globally self-researched serum-free rabies vaccine [1] Operating Performance - NIO-SW (09866) issued a profit warning, expecting adjusted operating profit of 700 million to 1.2 billion yuan in Q4 2025, turning from loss to profit year-on-year [1] - Saint Bella (02508) issued a profit warning, expecting adjusted net profit of no less than 120 million yuan for 2025, a year-on-year increase of no less than 183% [1] - Geek+ (02590) achieved orders of 4.137 billion yuan in 2025, a year-on-year growth of approximately 31.7% [1] - China Overseas Development (00688) achieved contract property sales of approximately 14.478 billion yuan in January, a year-on-year increase of 20.4% [1] - Swire Properties (01972) reported a rental rate of 96% for Swire Plaza in Q4, with rents down by 13% [1] - Greentown China (03900) reported total contract sales of approximately 9.7 billion yuan in January, a year-on-year decrease of 14.16% [1]

蔚来创始人、董事长、CEO李斌发文称：很高兴向大家汇报，今天，我们发布了盈利预告，蔚来公司预 计2025年第四季度录得经调整经营利润为7亿元至12亿元。顺便向大家再汇报另一个即将达成的好消 息：蔚来换电已突破9,990万次，预计明天2月6号蔚来1亿次换电就将达成。欢迎大家一起见证蔚来公司 发展历程中的又一里程碑时刻。 来源：滚动播报 ...

Core Viewpoint - The Nasdaq Golden Dragon China Index saw an initial increase of 1.21%, indicating positive market sentiment towards Chinese stocks listed in the U.S. [1] Company Performance - NIO experienced a significant rise of 7.4% - Miniso increased by 5.4% - Yum China rose by 3.4% - Li Auto gained 2.8% - ZTO Express, Zai Lab, Bilibili, Baidu, and Kingsoft Cloud all saw increases of over 2% - Alibaba had a modest increase of 0.7% - Pony.ai declined by 1.2% - New Oriental fell by 2.8% [1] ETF Performance - KWEB ETF rose by 1.14% - CQQQ ETF increased by 0.7% - ASHR ETF decreased by 0.1% - ASHS ETF fell by 1.3% [1]