Core Viewpoint - NIO-SW (09866) reported a significant increase in vehicle deliveries for November 2025, with a total of 36,275 vehicles delivered, representing a year-on-year growth of 76.3% [1] Delivery Breakdown - The deliveries included 18,393 high-end smart electric vehicles under the NIO brand, 11,794 family smart electric vehicles under the Ladao brand, and 6,088 high-end smart electric microcars under the Firefly brand [1] - Year-to-date deliveries from 2025 amount to 277,893 vehicles, showing a year-on-year increase of 45.6% [1] Cumulative Deliveries - As of November 30, 2025, the total cumulative vehicle deliveries reached 949,457 units [1]

Core Viewpoint - NIO-SW (09866.HK) reported a significant increase in vehicle deliveries for November 2025, with a total of 36,275 vehicles delivered, representing a year-on-year growth of 76.3% [1] Delivery Performance - The deliveries included 18,393 high-end smart electric vehicles under the NIO brand, 11,794 family smart electric vehicles under the Ladao brand, and 6,088 high-end smart electric microcars under the Firefly brand [1] - Year-to-date deliveries from 2025 amounted to 277,893 vehicles, reflecting a year-on-year increase of 45.6% [1] - As of November 30, 2025, the cumulative vehicle delivery reached 949,457 units [1]

Core Viewpoint - NIO Inc. reported significant growth in vehicle deliveries for November 2025, highlighting its strong position in the smart electric vehicle market with a year-over-year increase of 76.3% [2]. Delivery Results - The company delivered a total of 36,275 vehicles in November 2025, which includes: - 18,393 vehicles from the NIO brand - 11,794 vehicles from the ONVO brand - 6,088 vehicles from the FIREFLY brand [2][5] - Year-to-date deliveries for 2025 reached 277,893 vehicles, marking a 45.6% increase compared to the previous year [5]. - Cumulative deliveries as of November 30, 2025, totaled 949,457 vehicles [2][5]. Company Overview - NIO Inc. is a leading player in the global smart electric vehicle market, founded in November 2014, with a mission to create a sustainable future [3]. - The company focuses on innovative technology and user experience, offering premium smart electric vehicles under the NIO brand, family-oriented vehicles through the ONVO brand, and high-end small electric cars under the FIREFLY brand [3].

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、極致的產品及服 務，和共同成長的社區使自己脫穎而出。公司旗下的蔚來品牌專注於高端智能電 動汽車，樂道品牌聚焦於家庭智 ...

Group 1 - Multiple new energy vehicle manufacturers reported their latest delivery data for November [1] - Leap Motor achieved a record high delivery of 70,327 units in November, representing a year-on-year increase of over 75%, marking nine consecutive months of growth [1] - Xiaomi Motors delivered over 40,000 units in November, with a new "in-stock selection" program set to launch on December 1 [1][4] Group 2 - Xiaomi Motors confirmed that all in-stock vehicles passed strict quality inspections, with some models being officially repaired and not previously registered [4] - Lantu Motors delivered 20,005 new vehicles in November, an 84% year-on-year increase, marking the first time the brand's monthly deliveries surpassed 20,000 units [1][4] - Hongmeng Zhixing announced a total delivery of 81,864 vehicles in November, achieving a year-on-year growth of 89.61%, setting a new monthly delivery record [1][4] Group 3 - IM Motors reported sales of 13,577 units in November, reflecting a month-on-month growth of 3% [1][4] - As of the report, XPeng Motors had not disclosed November delivery data but achieved a record quarterly delivery of 116,007 units in Q3, with Q4 guidance of 125,000 to 132,000 units [1] - NIO's November delivery data was also not disclosed, but the company reported a record high of 87,071 units delivered in Q3, with Q4 guidance of 120,000 to 125,000 units [1]

Core Viewpoint - NIO reported significant losses despite revenue and net profit growth, lagging behind competitors in the new energy vehicle sector [3][5][8]. Financial Performance - For Q3 2025, NIO achieved revenue of 21.794 billion yuan, a year-on-year increase of 16.7%, with a net loss of 3.481 billion yuan, reducing losses by 39.5% compared to the previous year [5][7]. - Cumulative losses for the first three quarters of 2025 reached 15.225 billion yuan, nearly unchanged from the same period last year [9]. Vehicle Deliveries - NIO delivered 87,071 vehicles in Q3, marking a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [7][8]. - The company expects to deliver between 120,000 and 125,000 vehicles in Q4, representing a year-on-year growth of 65.1% to 72% [8]. Cost Management - NIO reduced operating costs, with R&D expenses decreasing by 28% year-on-year, attributed to organizational optimization and changes in product development stages [7][8]. Financing and Debt - NIO completed an equity issuance of $1.16 billion in September 2023, improving cash flow and increasing cash reserves to 36.7 billion yuan by the end of Q3 [12][14]. - The company's total liabilities are on the rise, with a debt total nearing 100 billion yuan by Q3 2025 [12][14]. Competitive Landscape - Compared to peers, NIO is trailing behind companies like Li Auto, Leap Motor, and Xiaomi Auto, all of which have achieved profitability [3][9][10]. - Li Auto reported net profits of 11.809 billion yuan in 2023, while Leap Motor and Xiaomi Auto also entered profitability this year [9][10].

Policy and Regulation - Six departments issued a plan to expand automotive aftermarket consumption, focusing on areas like vehicle modification and RV camping, aiming for significant optimization of consumer goods supply structure by 2027 [2][3] - The Ministry of Industry and Information Technology (MIIT) announced the creation of demonstration bases for emerging industries, targeting new technologies and industries, with plans to establish around 100 park-type and 1,000 enterprise-type bases by 2035 [4] - A UN global technical regulation on electric heavy vehicle battery durability was passed, which will standardize testing methods and requirements for battery performance, supporting the global electric truck industry [5] - A new group standard for automotive data export safety assessment was approved, providing clear guidelines for data compliance in the automotive sector [6] - The Ministry of Public Security proposed a standard limiting passenger cars' acceleration to 100 km/h in no less than 5 seconds, promoting safety in vehicle performance [7][8] - The Ministry of Commerce and other departments announced stricter controls on new cars being exported as used cars, aiming to address the issue of "zero-kilometer used cars" [9] - MIIT set new credit ratio requirements for new energy vehicles for 2026 and 2027, mandating 48% and 58% respectively, to encourage investment in new energy [10][11] Industry Information - The automotive industry donated over 80 million HKD to support Hong Kong after a severe fire incident, showcasing corporate social responsibility [13][14] - Two new academicians from the automotive industry were elected, indicating a boost in innovation and research capabilities within China's new energy vehicle sector [15][16] - At the Guangzhou Auto Show, nearly 60% of the displayed vehicles were new energy vehicles, marking a significant shift towards electric and intelligent vehicles [17] - In the first ten months of the year, China's new energy vehicle exports exceeded 2 million units, highlighting the sector's growth and importance in the global market [18][19] - China's combined driving assistance technology has reached an international leading level, with a market penetration rate of 62.58% [20][21] - The 8th China International Import Expo showcased advancements in the automotive ecosystem, emphasizing electric, intelligent, and low-carbon technologies [22][23] International News - In Europe, new car sales increased by 4.9% in October, with electric vehicle registrations surpassing gasoline and diesel vehicles, although overall sales remain below pre-pandemic levels [25] - The UK government announced an additional £1.3 billion in electric vehicle subsidies and £200 million for charging infrastructure, reinforcing its commitment to zero-emission vehicles [26][27] - Japan's exports to the US have declined for seven consecutive months, with a 7.5% drop in automotive exports, reflecting the impact of external trade policies [28] - The Eurasian Economic Union initiated an anti-dumping investigation on Chinese heavy-duty tires, indicating potential challenges for Chinese exports [29] - In the US, electric vehicle sales dropped significantly in October following the expiration of federal subsidies, highlighting the importance of policy support for market growth [30][31] Company Information - NIO reported a significant increase in gross margin and revenue for Q3 2025, with a revenue of 21.79 billion CNY, and expressed confidence in achieving profitability in Q4 [33] - GAC Group announced the completion of a pilot production line for solid-state batteries, marking a key step towards mass production [34] - Huawei applied for the "Qijie" trademark, indicating its ongoing commitment to the smart automotive sector [35] - The Aion UT super electric vehicle was launched exclusively on JD.com, aiming to invigorate the small electric car market [37] - Seres completed its IPO on the Hong Kong Stock Exchange, raising 14.016 billion HKD, marking the largest IPO for a Chinese car company to date [39] - Geely and Renault signed a strategic cooperation agreement in Brazil, with plans to invest 3.8 billion BRL in new energy technology [41][42]

Core Insights - Wuxi CheLianTianXia Intelligent Technology Co., Ltd. has officially submitted its main board listing application to the Hong Kong Stock Exchange on November 28 [1] - The company focuses on providing full-stack solutions for in-vehicle computing platforms, including smart cockpit domain controllers and self-developed AutoseeOS software [1] - According to Frost & Sullivan, CheLianTianXia ranks second in China's smart cockpit domain controller market by revenue in 2024 and is expected to lead global shipments of smart cockpit domain controllers based on Qualcomm's Snapdragon SA8155P platform by June 30, 2025 [1] Financial Performance - The company's revenue is projected to grow significantly from 369 million yuan in 2022 to 2.656 billion yuan in 2024, representing an increase of over six times [1] - Gross profit is also expected to rise from 35 million yuan to 430 million yuan during the same period [1] Partnerships and Collaborations - CheLianTianXia has established partnerships with major Chinese automakers such as Geely, Chery, and GAC, securing mass production projects for over 100 models of smart cockpit domain controllers as a first-tier supplier by June 30, 2025 [1] Shareholders and IPO Plans - The company's shareholders include NIO Capital, Bosch Venture Capital, Wingtech Technology, and several state-owned funds from Wuxi and Wuhu [2] - The IPO proceeds are planned to be used for research and development of in-vehicle computing and regional controller solutions, enhancing production capacity, strengthening international expansion, and supplementing working capital [2]

Core Insights - Anhui Province has become a leading automotive manufacturing hub in China, with a cumulative export of over 5 million vehicles by Chery Automobile and significant production growth in new energy vehicles (NEVs) [2][3] - The province's automotive production reached 2.7555 million units in the first ten months of the year, with NEV production at 1.4303 million units, maintaining the top position nationally [2] - The growth is attributed to strategic government policies and investments in the NEV sector, fostering a complete automotive industry ecosystem [3][8] Industry Development - Since the 18th National Congress, China has prioritized the development of the NEV industry, with Anhui actively implementing supportive policies and establishing a dual-core development model centered around Hefei and Wuhu [3][11] - The automotive industry in Anhui is supported by over 3,000 regulated parts manufacturers, creating a robust supply chain for NEVs [8][9] Production Capacity and Growth - Hefei's NEV production has seen exponential growth, with output increasing from 145,000 units in 2021 to an expected 1.3761 million units in 2024 [4] - Major automotive companies, including BYD and Volkswagen, have established significant production bases in Anhui, contributing to the rapid increase in NEV output [4][8] Innovation and Technology - Anhui's automotive sector benefits from numerous research institutions, enhancing its competitive edge through innovation and technology transfer [5][6] - Collaborations between automotive companies and universities have led to advancements in key technologies, such as AI-driven manufacturing and vehicle control systems [6][7] Supply Chain and Component Manufacturing - The province is focusing on attracting core component suppliers to establish local production, enhancing the efficiency and integration of the automotive supply chain [8][10] - The automotive parts industry in Xuancheng has developed a comprehensive ecosystem, with over 700 companies and projected output exceeding 85 billion yuan by 2024 [9] Chip Manufacturing and Integration - To address the shortage of automotive chips, Anhui is developing a regional IDM model centered around wafer fabrication, integrating design and manufacturing capabilities [10] - The province has successfully achieved domestic production of vehicle chips, enhancing the local supply chain for the automotive industry [10]

New Car Launches - Leap Motor Lafa5 launched with a limited-time price of 92,800-116,800 yuan, featuring a compact design and advanced technology including a 600km range and laser radar assistance [2][12] - Xpeng ET5 launched with a limited-time replacement price of 134,900-149,900 yuan, emphasizing configuration and cost-effectiveness, with a 210km electric range [12][21] - New Mercedes EQE launched with prices ranging from 478,000 to 627,000 yuan, maintaining a luxurious design and advanced features [22][30] Company Dynamics - NIO reported Q3 revenue of 21.79 billion yuan, a 16.7% year-on-year increase, with a gross margin of 13.9%, the highest in three years [31][34] - Hesai Technology launched a high-performance intelligent control chip for laser radar, achieving full self-research capabilities across key components [35][39] - Li Auto reported Q3 revenue of 27.4 billion yuan, with a delivery guidance of 100,000 to 110,000 vehicles for Q4, while facing increased competition in the extended-range vehicle segment [40][46] - Pony.ai achieved single-vehicle profitability in its Robotaxi business, with a revenue increase of 72% year-on-year [47][52] - Avita submitted a listing application to the Hong Kong Stock Exchange, aiming to accelerate its growth in the smart vehicle market [53][60] - XPeng's flying car project has successfully produced its first land carrier vehicle, indicating a significant step towards mass production [61][66] - Tesla has deployed millions of self-developed AI chips, planning to release a new chip annually, enhancing its technological leadership [68][74]