Market Overview - On March 11, A-shares opened higher, but the Shanghai Composite Index turned negative, dropping by 0.07% by 9:40 AM, while the Shenzhen Component Index rose by 0.29%, the ChiNext Index increased by 0.67%, and the Sci-Tech Innovation Board Index gained 0.32% [1] - More than 2,600 stocks in the Shanghai and Shenzhen markets experienced price increases [1] Sector Performance - The industrial mother machine, optical communication, and precious metals sectors saw the highest index gains [4] - The optical fiber concept has been particularly strong, with Changfei Optical Fiber achieving two consecutive trading limits and setting a new historical high, while companies like Zhongtian Technology, Hengtong Optic-Electric, Tongding Interconnection, and Changying Technology also saw price increases [4] - The industrial mother machine sector was active, with Huadong CNC hitting the daily limit, Hengjin Induction rising over 12%, and Huazhong CNC, Nuwai CNC, and Qiaofeng Intelligent also experiencing gains [5] Hong Kong Market - The Hong Kong market also opened higher, with the Hang Seng Index up by 0.4% and the Hang Seng Technology Index increasing by 0.56% [5] - Major technology stocks led the gains, with NIO rising over 15%, and Tencent Holdings, Xiaopeng Motors, Baidu Group, and Lenovo Group all increasing by more than 2% [5]

Core Insights - NIO Group achieved its first-ever quarterly profit after ten years of cash burn, marking a significant milestone that boosted its stock in the U.S. market [1][2] Financial Performance - The company's operating profit for the quarter ending in December was 807.3 million RMB (approximately 115 million USD), a stark contrast to a loss of 6 billion RMB in the same period last year [1][2] - Revenue for the quarter increased by 76% to 34.65 billion RMB, exceeding analyst expectations [1][2] - Adjusted net profit was reported at 726.8 million RMB [1][2] - The key metric for production efficiency and pricing capability, the vehicle gross margin, rose from 13.1% in the previous year to 18.1% [1][2] Market Reaction - Following the earnings report, NIO's American Depositary Receipts (ADRs) surged by 15% to 5.70 USD, recovering from a decline of approximately 3% earlier in the year [1][2]

Core Viewpoint - The automotive industry is shifting its focus towards energy storage solutions as electric vehicle sales growth slows, with companies investing heavily in this new profitable sector that is closely tied to the future of energy [4][10]. Group 1: Industry Trends - By 2026, the trend of automotive companies entering the energy storage market is expected to accelerate, with significant investments and projects being launched globally [5]. - Major automotive companies like NIO, Ford, and Volkswagen are establishing energy storage facilities and partnerships to enhance their capabilities in this sector [6][7][8]. Group 2: Market Demand and Growth - According to BloombergNEF, the global energy storage market is projected to add 92GW/247GWh of new capacity in 2025, a 23% increase from 2024, indicating a shift from optional to essential energy storage systems [10][11]. - China and the U.S. are leading the way, with China accounting for over 50% of new installations and the U.S. following with 14% [12]. Group 3: Technological Advantages - Automotive companies have a natural advantage in entering the energy storage market due to their existing expertise in battery technology, which is similar for both electric vehicles and battery energy storage systems (BESS) [17][20]. - The production processes for electric vehicle batteries and storage batteries are largely compatible, allowing companies to repurpose existing manufacturing lines for energy storage [20]. Group 4: Financial Performance - Energy storage business models are proving to be more profitable than traditional automotive sales, with Tesla's energy storage gross margin reaching 31.4%, nearly double that of its automotive business [23]. - As electric vehicle sales face price wars and reduced margins, energy storage presents a lucrative alternative for companies like Tesla, Geely, and Volkswagen [24]. Group 5: Strategic Positioning - Automotive companies are leveraging their battery technology to create a dual market presence in both household and grid-side energy storage, with Tesla's Powerwall and BYD's Battery-Box being prominent examples [27][29]. - The shift towards energy storage allows companies to transform their business models from merely selling vehicles to providing energy services, enhancing customer engagement and loyalty [30][31]. Group 6: Challenges and Market Dynamics - The energy storage market is becoming increasingly competitive, with traditional energy companies and battery manufacturers posing significant challenges to automotive firms [55][56]. - Companies must navigate complex market dynamics, including user-side battery anxiety and the need for stable energy pricing mechanisms, to successfully implement vehicle-to-grid (V2G) solutions [60][61]. Group 7: Regulatory Environment - In China, government policies are increasingly supportive of integrating electric vehicles into the energy system, providing a favorable regulatory environment for automotive companies to expand their energy storage initiatives [62][66]. - In the U.S., market mechanisms and incentives are being developed to encourage user participation in energy storage programs, further driving the growth of this sector [67].

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Core Insights - Nio has reported its first quarterly profit with a net income of 282.7 million yuan, marking a significant financial turnaround after years of losses [1] - The company attributes this success to strong demand for premium electric SUVs, record vehicle deliveries, and effective cost management [1] Financial Performance - Nio's revenue for the fourth quarter rose by 75.9% year on year to 34.65 billion yuan, with an overall gross margin of 17.5%, up from 11.7% in the same quarter of 2024 [1] - Adjusted non-GAAP net income reached 726.8 million yuan, aligning with the profit alert issued previously [1] Vehicle Deliveries - The company delivered 124,807 vehicles in the fourth quarter, a year-over-year increase of 71.70%, with the ES8 model accounting for about 32% of total deliveries [1] - The ES8, priced over 400,000 yuan, has a gross margin of approximately 20%, significantly contributing to revenue growth [1] Cost Management - Nio successfully reduced research and development expenses by 44.3% year on year to 2.03 billion yuan, alongside a 27.5% decrease in selling, general, and administrative costs to 3.54 billion yuan [1] - These reductions were achieved through organizational optimization and lower personnel costs [1] Future Outlook - For the first quarter of 2026, Nio expects deliveries between 80,000 and 83,000 vehicles, indicating a year-on-year increase of about 90.1% to 97.2% [1] - Projected revenue for the first quarter is estimated between 24.48 billion yuan and 25.17 billion yuan, reflecting growth of roughly 103.4% to 109.2% from the same period in 2025 [1] - Challenges such as fading stimulus policies, rising material costs, and changing market conditions may impact future growth [1]

Financial Data and Key Metrics Changes - In Q4 2025, total revenues reached RMB 34.7 billion, up 75.9% year-over-year and 59% quarter-over-quarter [24] - Vehicle sales were RMB 31.6 billion, representing an increase of 80.9% year-over-year and 64.6% quarter-over-quarter [24] - Non-GAAP operating profit reached RMB 1.25 billion, while GAAP operating profit was RMB 810 million [7] - The vehicle margin improved to 18.1% compared to 13.1% in Q4 last year and 14.7% last quarter [25] - Overall gross margin increased to 17.5% from 11.7% in Q4 last year and 13.9% last quarter [27] - Net profit was RMB 0.3 billion, compared to a net loss of RMB 7.1 billion in Q4 last year [28] Business Line Data and Key Metrics Changes - The NIO, Onvo, and Firefly brands delivered a total of 326,028 vehicles in 2025, up 46.9% year-over-year [5] - The NIO brand's all-new ES8 reached 70,000 deliveries in just 160 days, setting a monthly delivery record among vehicles priced above CNY 400,000 [9] - The Onvo brand's L90 became the best-selling large battery electric SUV in 2025 [10] - The Firefly brand ranked number one in the high-end small car market for seven consecutive months in 2025 [11] Market Data and Key Metrics Changes - The penetration rate of battery electric vehicles (BEVs) in the premium segment increased from 14% in Q4 2024 to 27% in Q4 2025 [35] - The overall BEV penetration in the premium segment saw an increase driven by strong demand for large three-row and five-seater battery electric SUVs [36] Company Strategy and Development Direction - The company plans to launch three new models in 2026, further strengthening its product portfolio and expanding its share in the premium large vehicle segment [22] - Continued investments in charging and swapping infrastructure are planned, with a target of installing 1,000 new Power Swap stations annually [91] - The company aims to maintain a balance between sales volume and vehicle gross margin, focusing on long-term competitiveness [102] Management's Comments on Operating Environment and Future Outlook - The management acknowledged challenges in the auto industry but remains confident in achieving a year-over-year volume growth target of 40%-50% for 2026 [38] - The company expects to maintain vehicle gross margin at a similar level as Q4 2025 despite rising raw material costs [50] - The management emphasized the importance of the Power Swap system as a systematic solution to address mismatched life cycles of vehicles and batteries [79] Other Important Information - The company achieved positive operating cash flow and free cash flow for two consecutive quarters, ending Q4 2025 with total cash and cash equivalents of RMB 45.9 billion [29] - Shenji, the company's smart driving chip subsidiary, raised CNY 2.257 billion in its first round of equity financing, enhancing its R&D capabilities [20] Q&A Session Summary Question: What is the plan for product and volume sales growth target in the second half of the year? - Management acknowledged industry challenges but remains confident in achieving a year-over-year growth target of 40%-50% for 2026, supported by new model launches [33][38] Question: What feedback has been received regarding user experience with autonomous driving? - The share of smart driving time increased by over 80% month-over-month after the rollout of the new model, indicating positive user experience [42] Question: Can the company pass on raw material cost inflation to customers? - Management indicated that while there are pressures on vehicle cost structure, larger models with higher margins are expected to help mitigate these impacts [55][56] Question: What is the outlook for R&D and SG&A expenses? - R&D expenses are expected to be maintained at around CNY 2-2.5 billion per quarter, while SG&A expenses will grow but remain controlled within 10% of sales revenue [97][98] Question: What is the expected gross margin for the service business in 2026? - The service revenue gross margin is expected to continue improving as the user base grows and operational efficiency increases [90][92]

Financial Data and Key Metrics Changes - In Q4 2025, total revenues reached RMB 34.7 billion, up 75.9% year-over-year and 59% quarter-over-quarter [24] - Vehicle sales were RMB 31.6 billion, representing an increase of 80.9% year-over-year and 64.6% quarter-over-quarter [24] - Non-GAAP operating profit reached RMB 1.25 billion, while GAAP operating profit was RMB 810 million [6] - The company achieved its first-ever quarterly profit with a net profit of RMB 0.3 billion, compared to a net loss of RMB 7.1 billion in Q4 last year [27] Business Line Data and Key Metrics Changes - In Q4 2025, vehicle margin reached 18.1%, up from 13.1% in Q4 last year and 14.7% last quarter [25] - Other sales margin reached a record high of 11.9%, reflecting improvements in profitability from services and community-related businesses [25] - The company delivered a total of 326,028 vehicles for the full year 2025, marking a 46.9% year-over-year increase [4] Market Data and Key Metrics Changes - The penetration rate of battery electric vehicles (BEVs) in the premium segment increased from 14% in Q4 2024 to 27% in Q4 2025 [34] - The large three-row battery electric SUV model led the segment across all powertrain types for five consecutive months [36] Company Strategy and Development Direction - The company plans to launch three new models in 2026, further strengthening its product portfolio in the premium large vehicle segment [23] - The company is committed to investing in 12 full-stack technology domains for smart EVs to ensure leadership in products and technology [23] - The Power Swap network is seen as a unique competitive advantage, with over 3,800 stations installed and plans to expand by 1,000 new stations annually [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the auto industry but remains confident in achieving a year-over-year volume growth target of 40%-50% for 2026 [40] - The company expects to maintain vehicle gross margin at a similar level as in Q4 2025 despite rising raw material costs [49] - Management highlighted the importance of the Power Swap system as a systematic solution to address mismatched life cycles of vehicles and batteries [81] Other Important Information - The company achieved positive free cash flow for two consecutive quarters and positive operating cash flow for the full year of 2025 [7] - The smart driving chip subsidiary, GeniTech, raised CNY 2.257 billion in its first round of equity financing, enhancing its R&D capabilities [20][21] Q&A Session Summary Question: What is the plan for product and volume sales growth target in the second half of the year? - Management confirmed that despite industry challenges, they maintain a target of 40%-50% annual volume growth, supported by new model launches [32][40] Question: What feedback has been received regarding user experience with autonomous driving? - The usage of smart driving functionality increased by over 80% month-over-month after the rollout of the new version, indicating positive user feedback [42] Question: Can the company pass on raw material cost inflation to customers? - Management indicated that while there are pressures from rising material costs, they believe larger vehicle models will help mitigate these impacts [56][57] Question: What is the outlook for SG&A expenses in 2026? - SG&A expenses are expected to grow in absolute terms but will be controlled to remain within 10% of sales revenue [97] Question: What is the expected gross margin for the service business in 2026? - The company anticipates continued improvement in service gross margin, supported by the growth of the user base and operational efficiency [92]

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。 1 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） 2025年第四季度及全年業績公告 我們謹此發佈我們截至2025年12月31日止三個月及全年的未經審計財務業績（「第 四季度及2025財年業績」）。第四季度及2025財年業績可於香港聯合交易所有限公 司網站www.hkexnews.hk及本公司網站ir.nio.com查閱。 承董事會命 蔚來集團 創始人、董事長兼首席 ...

Core Insights - NIO achieved its first-ever net profit in the final quarter of 2025, driven by record sales and strong margins [1] Company Performance - The company reported record sales figures in the final quarter of 2025, contributing significantly to its profitability [1] - Strong margins were a key factor in NIO's ability to report a net profit for the first time [1]

Exhibit 99.1 NIO Inc. Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results Quarterly Adjusted Profit From Operations (non-GAAP) Reached RMB1,251.3 Million (US$178.9 Million) Quarterly Total Revenues Reached RMB34,650.2 Million (US$4,954.9 Million) Quarterly Vehicle Deliveries Were 124,807 Units Full Year Total Revenues Reached RMB87,487.5 Million (US$12,510.5 Million) Full Year Vehicle Deliveries Were 326,028 Units SHANGHAI, China, March 10, 2026 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE: NIO; HKE ...