Core Insights - NIO Inc. reported a record monthly delivery of 40,397 vehicles in October 2025, representing a year-over-year increase of 92.6% [1] - Year-to-date deliveries reached 241,618 vehicles, marking a 41.9% increase compared to the previous year [1] - Goldman Sachs raised its sales forecast for NIO from 2026 to 2030 by 6% to 11%, citing improved competitiveness of new models L90 and ES8 [1] Delivery Performance - October 2025 deliveries reached 40,397 units, a new monthly record [1] - Year-to-date deliveries as of early November 2025 totaled 241,618 units [1] - The year-over-year growth rates for October and year-to-date deliveries were 92.6% and 41.9%, respectively [1] Future Outlook - NIO plans to accelerate the delivery of the new ES8 model in November, with a projected 70% increase in production capacity compared to October [1] - The company is set to expand its product line by introducing two new models, L80 and ES9, along with a refreshed ES7 by 2026 [1] - The introduction of these new models is expected to further enhance sales momentum [1]

Core Insights - The automotive market in October experienced strong performance, driven by favorable policies and the launch of new models, leading to a "golden October" for the industry [3] Group 1: New Energy Vehicle Sales - Leap Motor achieved a monthly delivery of 70,289 units, marking a year-on-year increase of over 84%, maintaining its position as the monthly sales champion among new forces [1] - Xiaopeng Motors delivered 42,013 vehicles in October, a historical high with a year-on-year growth of 76% and a month-on-month increase of 1% [1] - NIO's deliveries reached 40,397 units, a year-on-year increase of 92.6%, supported by the launch of new models [1] - Xiaomi Motors also surpassed 40,000 monthly deliveries [1] - Li Auto's deliveries decreased both year-on-year and month-on-month, totaling 31,767 units in October [1] Group 2: Traditional Automakers' Performance - Geely's Zeekr brand sold 21,400 units in October, a year-on-year increase of 63.8% [2] - BAIC's Arcfox brand achieved sales of 23,400 units, a remarkable year-on-year growth of 110% [2] - Dongfeng's Lantu delivered 17,200 units, while Changan's Avita Technology sold 13,500 units, both reaching historical highs [2] - SAIC's Zhiji brand sold 13,200 units, also a record for the brand [2] Group 3: Overall Market Trends - BYD's new energy vehicle sales reached 441,706 units in October, showing a year-on-year decline of 12% but a month-on-month increase of 11.47%, with overseas sales surging by 155% [2] - SAIC's total vehicle sales for October were 453,978 units, reflecting a year-on-year growth of 12.96%, with new energy vehicle sales increasing by 31.6% [2] - Chery Group's total sales reached 281,161 units, a year-on-year increase of 3.3%, with new energy vehicle sales surpassing 110,000 units for the first time [2]

Core Viewpoint - NIO-SW (09866) shares rose over 3%, reaching HKD 56.35 with a trading volume of HKD 63.84 million following the release of October delivery data, which showed significant year-on-year growth in vehicle deliveries [1] Delivery Performance - In October, NIO delivered 40,397 vehicles, marking a year-on-year increase of 92.6% and surpassing the 40,000 mark for the first time [1] - NIO brand deliveries reached 17,143 units, reflecting a month-on-month growth of 24.9% [1] - The new ES8 model achieved 10,000 deliveries, setting a record for electric vehicles priced above 400,000 yuan [1] Brand Highlights - The Ladao brand delivered 17,342 units, achieving a new historical high [1] - The Ladao L90 model, launched three months ago, has delivered 33,348 units, maintaining its position as the best-selling large electric SUV for three consecutive months [1] - The Firefly brand delivered 5,912 units, also reaching a new historical high and continuing to lead in the 100,000 yuan compact car segment [1]

Core Viewpoint - Goldman Sachs has raised NIO's sales forecast for 2026 to 2030 by 6% to 11% due to the improved market competitiveness of new models like the L90 and ES8, which have driven continuous sales growth in the past quarter [1] Group 1 - The company has accelerated its new model product line rollout to 2026, planning to launch two new models, L80 and ES9, along with a facelifted model ES7, which is expected to further enhance sales momentum [1] - The firm now predicts that the company will achieve full-year non-GAAP EBIT breakeven by 2028, one year earlier than the previous forecast of 2029 [1] - The target price for the US stock has been raised from $4.3 to $7, while the target price for the H-shares has been increased from HKD 33.3 to HKD 55, maintaining a "Neutral" rating [1]

Sales Performance Summary - BYD achieved sales of 441,700 units in October, representing a year-on-year increase of 5.31% and a month-on-month increase of 11%. Cumulative sales for 2025 reached 3.7019 million units, with a year-on-year growth of 20.93% [1] - Geely Automobile reported sales of 307,100 units in October, showing a year-on-year increase of 35.49% and a month-on-month increase of 12%. Cumulative sales for 2025 reached 2.4773 million units, with a year-on-year growth of 44.33% [1] - Great Wall Motors sold 143,100 units in October, marking a year-on-year increase of 22.50% and a month-on-month increase of 7%. Cumulative sales for 2025 reached 1.0664 million units, with a year-on-year growth of 9.87% [1] - Xpeng Motors recorded sales of 42,000 units in October, a significant year-on-year increase of 76% and a month-on-month increase of 1%. Cumulative sales for 2025 reached 355,200 units, with a year-on-year growth of 190.02% [1] - Li Auto's sales were 31,800 units in October, reflecting a year-on-year decline of 38.25% and a month-on-month decline of 6%. Cumulative sales for 2025 reached 328,900 units, with a year-on-year decrease of 16.36% [1] - NIO sold 40,400 units in October, achieving a year-on-year increase of 92.59% and a month-on-month increase of 16%. Cumulative sales for 2025 reached 241,600 units, with a year-on-year growth of 41.91% [1] - Leap Motor reported sales of 70,300 units in October, with a year-on-year increase of 94.78% and a month-on-month increase of 5%. Cumulative sales for 2025 reached 465,800 units, with a year-on-year growth of 126.93% [1] - Zeekr's sales were 21,400 units in October, showing a year-on-year decline of 14.48% but a month-on-month increase of 17%. Cumulative sales for 2025 reached 165,000 units, with a year-on-year decrease of 1.73% [1] - Deep Blue sold 36,800 units in October, marking a year-on-year increase of 69.33% and a month-on-month increase of 9%. Cumulative sales for 2025 reached 262,400 units, with a year-on-year growth of 80.66% [1] - Lantu reported sales of 17,200 units in October, achieving a year-on-year increase of 69.52% and a month-on-month increase of 13%. Cumulative sales for 2025 reached 114,200 units, with a year-on-year growth of 82.14% [1]

Summary of China Consumer Pulse Q3 2025 Industry Overview - **Industry**: Chinese Consumer Market - **Key Sectors Analyzed**: Alcohol, Apparel, Beauty, Travel, Luxury Goods, Autos Core Insights 1. **Mixed Consumer Sentiment**: Chinese consumer sentiment remains mixed, with a notable divergence in spending patterns across sectors [2][29][30] 2. **Experiential Spending Resilience**: Experiential categories such as restaurants (+24% YoY) and travel (+16% YoY) show resilience, indicating a shift towards experiences over goods [2][35] 3. **Premium Demand Recovery**: Onshore luxury spending has improved, with premium auto sales stabilizing and showing positive year-over-year growth in September, ending a 19-month decline [2][30] 4. **Digital Channels Outperform**: Digital retail channels continue to outperform traditional retail, although there are signs of weakness in specific segments like beauty e-commerce, which saw a -3% decline [2][29][30] 5. **GDP and Retail Growth Slowdown**: China's Q3 GDP growth slowed to 4.8% YoY, with retail growth easing to 2.1%, attributed to fading consumer incentives and macroeconomic uncertainties [3][29] 6. **Deflationary Trends**: Deflationary pressures persist across travel and hotel pricing, with moderate price declines observed [12][29] Sector-Specific Insights Premium Beverages - **Weak Demand**: Ultra-premium Baijiu prices continued to slide in Q3 due to weak demand, particularly around the Mid-Autumn Festival [4][30] Apparel and Sportswear - **Mixed Performance**: The apparel market is growing online but remains negative offline, with brands like Adidas showing over 20% growth while Nike faces challenges [5][22] Home Appliances - **Sector Contraction**: The home appliance sector contracted by 7% in Q3, with significant declines in both domestic and overseas exports [7][31] Luxury Goods - **Signs of Improvement**: Early signs of recovery in the luxury market, with brands like Hermès and Louis Vuitton performing well, while Kering struggles [8][9][30] Automotive - **Sales Growth Slowdown**: Auto sales growth slowed to +2.5% YoY in Q3, with EV sales decelerating to +12.5% YoY. However, EV penetration reached 55.1% [10][16][17] Hotels - **RevPAR Declines**: Domestic hotel RevPAR continues to decline, with luxury hotels being the only segment not experiencing persistent declines [10][23] Travel - **Resilient Growth**: The travel industry showed stable positive growth of 16% during the National Day Golden Week, reflecting ongoing domestic travel trends [11][12] Cosmetics - **Moderate Growth**: The cosmetics sector saw a +6.5% YoY increase in gross merchandise value, marking an improvement from previous quarters [13][29] Additional Considerations - **Cautious Consumer Behavior**: The macroeconomic environment is expected to lead to cautious, value-driven consumer behavior, highlighting the uneven recovery across sectors [3][32] - **Investment Implications**: The outlook for various sectors remains cautious, with potential growth in EVs and premium segments, while traditional sectors face challenges [16][17][22][23]

Core Viewpoint - NIO-SW (09866.HK) has seen a stock price increase of over 3%, currently trading at 56.35 HKD with a transaction volume of 63.84 million HKD [1] Group 1 - NIO-SW's stock price rose by 3.21% [1] - The current trading price is 56.35 HKD [1] - The total transaction volume reached 63.84 million HKD [1]

Core Viewpoint - The Hang Seng Index opened with a gain of 0.36%, while the Hang Seng Tech Index increased by 0.48%, indicating a positive market sentiment towards technology stocks and overall market performance [1] Group 1: Market Performance - The Hang Seng Index opened at a 0.36% increase [1] - The Hang Seng Tech Index saw a rise of 0.48% [1] Group 2: Company Performance - NIO and Xpeng Motors both experienced gains of over 3% [1]

Core Viewpoint - NIO-SW (09866) shares increased by over 3%, reaching HKD 56.35, with a trading volume of HKD 63.84 million, following the release of October delivery data showing significant growth in vehicle deliveries [1] Delivery Performance - In October, NIO reported a total delivery of 40,397 vehicles, marking a year-on-year increase of 92.6%, and for the first time exceeding 40,000 units in a single month [1] - NIO brand deliveries reached 17,143 units, reflecting a month-on-month growth of 24.9% [1] - The new ES8 model achieved 10,000 deliveries, setting a record for electric vehicles priced above 400,000 yuan [1] - The Ladao brand delivered 17,342 units, achieving a new historical high [1] - The Ladao L90 model, launched three months ago, delivered 33,348 units, maintaining its position as the best-selling large electric SUV for three consecutive months [1] - The Firefly brand delivered 5,912 units, also reaching a new historical high, and continues to lead in the 100,000 yuan compact car segment [1]

Core Insights - NIO-SW (9866.HK) saw a 4.5% increase in early trading, reaching HKD 57.1 [1] - NIO announced a record delivery of 40,397 vehicles in October 2025, representing a year-on-year growth of 92.6% [1] - Year-to-date deliveries for 2025 reached 241,618 vehicles, showing a year-on-year increase of 41.9% [1] - The new ES8 model has surpassed 10,000 deliveries, with expectations for accelerated deliveries in November [1] - NIO's Vice President of Brand and Communication, Ma Lin, indicated a projected 70% increase in production capacity compared to October [1]