Core Viewpoint - The official launch of NIO's battery swap station on January 1, 2026, marks the completion of the NIO battery swap route in Yunnan-Tibet, enhancing the convenience and efficiency of energy replenishment for users traveling to key tourist destinations in the region [1] Group 1 - The Yunnan-Tibet battery swap route starts in Kunming and spans over 2,700 kilometers, connecting 19 battery swap stations in major tourist cities such as Dali, Lijiang, Shangri-La, Nyingchi, Lhasa, and Shigatse [1] - There is an average of one battery swap station every 142 kilometers along the route, facilitating easier access for users [1] - Users in Yunnan can travel from Kunming to the Everest Base Camp with full battery swaps, while users nationwide can rely on over 3,670 NIO battery swap stations for a seamless journey to the Everest Base Camp [1]

Core Viewpoint - The new energy vehicle market in 2025 did not experience a significant year-end surge, but several companies achieved substantial annual growth in deliveries, with Leap Motor and Xpeng Motors doubling their delivery volumes, while NIO saw a 46.88% year-on-year increase. Li Auto, however, struggled to regain its peak performance due to unmet expectations in its pure electric strategy [1]. Group 1: Company Performance - Leap Motor delivered 60,423 vehicles in December 2025, marking a year-on-year increase of 42.11%, and achieved a total of 596,555 deliveries for the year, a 103.1% increase, setting a new record for new energy vehicle sales [2][3]. - NIO's December deliveries reached 48,135 vehicles, a historical monthly high with a year-on-year growth of 54.59%. The total deliveries for 2025 amounted to 326,028 vehicles, reflecting a 46.88% increase [5]. - Li Auto delivered 44,246 vehicles in December, with a total of 406,343 for the year, representing an 18.81% decline. However, it became the first new energy brand to surpass 1.54 million cumulative deliveries [7]. - Xpeng Motors achieved 429,445 deliveries in 2025, a significant year-on-year increase of 125.94%, although December deliveries were 37,508, falling short of its quarterly guidance [9]. Group 2: Market Trends and Future Outlook - The absence of a year-end surge in the 2025 car market was confirmed by industry analysts, with government policies expected to stabilize the market in 2026 [11]. - Leap Motor aims to reach a delivery target of one million vehicles in 2026, with new models from the A and D series set to launch [3]. - NIO's ES8 model has become a key contributor to sales, with a significant number of orders expected to mitigate performance dips in early 2026 [5]. - Li Auto is focusing on expanding its overseas market presence to alleviate domestic competition pressures [7]. - Xpeng Motors plans to introduce seven new models with advanced configurations in 2026, aiming to significantly expand its market reach [9].

Core Viewpoint - NIO has successfully completed the connection of its battery swap route in the Yunnan-Tibet region, covering over 2,700 kilometers and featuring 19 battery swap stations along the way, enabling direct battery swaps to Mount Everest [1] Group 1 - The battery swap route spans more than 2,700 kilometers [1] - There are 19 NIO battery swap stations strategically located along the route [1] - The route allows for uninterrupted battery swapping directly to Mount Everest [1]

Core Insights - NIO Inc. achieved a record high in vehicle deliveries in December 2025, with a total of 48,135 vehicles delivered, representing a year-on-year increase of 54.6% [1] Delivery Performance - In December 2025, NIO brand delivered 31,897 vehicles, marking a historical high with a year-on-year growth of 54.8%, and the delivery volume has increased for five consecutive months [1] - The Ladao brand delivered 9,154 vehicles, while the Firefly brand delivered 7,084 vehicles, also reaching historical highs with a month-on-month growth of 16.4% [1] Quarterly Performance - In Q4 2025, NIO delivered a total of 124,807 vehicles, achieving a record high with a year-on-year increase of 71.7% [1] - The NIO brand delivered 67,433 vehicles in Q4, reflecting a year-on-year growth of 27.8% [1] - The Ladao brand saw a significant increase in Q4 deliveries, with 38,290 vehicles delivered, representing a year-on-year growth of 92.1% [1] - The Firefly brand delivered 19,084 vehicles in Q4, showing a month-on-month growth of 52.8% [1]

Core Insights - In 2025, several new energy vehicle companies reported significant growth in their delivery numbers, with many achieving record monthly deliveries in December [1][9]. Group 1: Company Performance - Leap Motor delivered approximately 59.66 million vehicles in 2025, marking a year-on-year increase of 103%. In December alone, the company delivered about 6.04 million vehicles, a 42% increase year-on-year [1][2]. - Xiaomi Auto surpassed 50,000 vehicles in December 2025 for the first time, with total deliveries exceeding 350,000 for the year, achieving a significant milestone [2]. - NIO reported a December delivery of over 48,000 vehicles, a 54.6% increase year-on-year, contributing to a total of approximately 326,000 vehicles delivered in 2025, a 46.9% increase [3][5]. - Li Auto delivered about 44,000 vehicles in 2025, with December deliveries reaching approximately 44,300 vehicles [5]. - Xpeng Motors achieved a total of approximately 429,400 vehicles delivered in 2025, reflecting a 126% year-on-year growth [5]. Group 2: Market Trends - The overall passenger vehicle market in China saw a decline in December 2025, with retail sales dropping by 17% year-on-year to approximately 1.928 million vehicles [9]. - Despite the decline in the overall market, the new energy vehicle sector showed resilience, with many brands reporting record monthly deliveries [9]. - The absence of the typical year-end "tail effect" in the market is expected to lead to a positive start for 2026, with forecasts indicating growth in the first quarter [9].

Core Viewpoint - NIO-SW (09866) reported a record monthly delivery of 48,100 vehicles in December 2025, representing a year-on-year increase of 54.6% [1] Group 1: Delivery Performance - The December 2025 deliveries included 31,900 vehicles from the NIO brand, 9,154 vehicles from the Ladao brand, and 7,084 vehicles from the Firefly brand [1] - In Q4 2025, the company delivered 124,800 vehicles, achieving a quarterly record with a year-on-year growth of 71.7% [1] - The total delivery volume for the year 2025 reached 326,000 vehicles, marking a year-on-year increase of 46.9% [1] - As of December 31, 2025, the cumulative delivery volume of the company reached 997,600 vehicles [1] Group 2: Product Highlights - The NIO ES8, the company's flagship SUV, surpassed 40,000 cumulative deliveries in December 2025, setting a record for the fastest delivery of pure electric vehicles priced above 400,000 RMB in China [1] - The ES8's success is attributed to the company's leading smart electric vehicle technology and its comprehensive charging, swapping, and upgrading support network [1] - The ES8 has solidified its leading position in the large three-row SUV segment, showcasing exceptional product competitiveness and broad user recognition [1]

Core Insights - NIO-SW (09866) achieved a record monthly delivery of 48,100 vehicles in December 2025, representing a year-on-year increase of 54.6% [1] - The total vehicle deliveries for the fourth quarter of 2025 reached 124,800 units, marking a quarterly increase of 71.7% [1] - For the entire year of 2025, the company delivered 326,000 vehicles, which is a year-on-year growth of 46.9% [1] - As of December 31, 2025, the cumulative vehicle delivery reached 997,600 units [1] Delivery Breakdown - In December 2025, the NIO brand delivered 31,900 high-end smart electric vehicles, while the Ladao brand delivered 9,154 family smart electric vehicles, and the Firefly brand delivered 7,084 high-end smart electric cars [1] - The new ES8 SUV, a flagship model, surpassed 40,000 cumulative deliveries in December 2025, setting a record for the fastest delivery of pure electric vehicles priced above 400,000 RMB in China [1] Competitive Positioning - The new ES8 solidified its leading position in the large three-row SUV segment, showcasing exceptional product competitiveness and broad user recognition, supported by industry-leading smart electric vehicle technology and a comprehensive energy replenishment network [1]

Group 1: NIO Performance - In December 2025, NIO delivered 48,135 vehicles, marking a historical high with a year-on-year increase of 54.6% [1] - For the entire year of 2025, NIO delivered a total of 326,028 vehicles, also a historical high, with a year-on-year growth of 46.9% [1] Group 2: XPeng Performance - XPeng reported cumulative deliveries of 429,445 vehicles for the year 2025, achieving a year-on-year growth of 126% [3] - In December 2025, XPeng delivered 37,508 vehicles, showing both month-on-month and year-on-year growth [3] Group 3: Li Auto Performance - Li Auto delivered 44,246 vehicles in December 2025, bringing the cumulative total to 1,540,215 vehicles by the end of the year [4] Group 4: Xiaomi Auto Performance - Xiaomi Auto exceeded 50,000 vehicle deliveries in December 2025 [5] - Xiaomi's CEO announced a promotional financing plan for the YU7 model, which has already surpassed 150,000 deliveries in six months, 2.3 times the deliveries of the SU7 during the same period [7] Group 5: Leap Motor Performance - Leap Motor delivered 60,423 vehicles in December 2025, reflecting a year-on-year increase of 42% [7] - The total deliveries for Leap Motor in 2025 reached 596,555 vehicles, with a year-on-year growth of 103% [7] Group 6: Hongmeng Zhixing Performance - Hongmeng Zhixing reported total deliveries of 589,107 vehicles for the year 2025, with a year-on-year growth of 32% [8] - In December 2025, the company delivered 89,611 vehicles, achieving a historical monthly delivery high for three consecutive months [8] Group 7: Zeekr Performance - Zeekr announced December 2025 deliveries of 30,267 vehicles, with a year-on-year increase of 11.3% and a month-on-month increase of 4.9% [11] - The cumulative sales for Zeekr exceeded 224,000 vehicles [11]

Core Viewpoint - The official launch of the NIO battery swap station at Deqin Meili Snow Mountain marks the completion of the NIO Yunnan-Tibet battery swap route, enhancing connectivity for electric vehicle users in the region [1] Summary by Categories Infrastructure Development - The NIO Yunnan-Tibet battery swap route starts from Kunming, Yunnan, and spans over 2700 kilometers, connecting 19 battery swap stations along the way [1] - Key tourist cities such as Dali and Lijiang are linked by this route, with an average of one battery swap station every 142 kilometers [1] User Accessibility - Yunnan users can now travel from Kunming to the base camp of Mount Everest using battery swaps, showcasing the route's practicality for long-distance travel [1] - National users can rely on over 3670 NIO battery swap stations across the country to reach the Mount Everest base camp seamlessly [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。 • 本公司於2025年12月交付48,135輛汽車，同比增長54.6% • 本公司於截至2025年12月止三個月交付124,807輛汽車，同比增長71.7% • 本公司於2025年總共交付326,028輛汽車，同比增長46.9% • 截至2025年12月31日，本公司累計汽車交付量達997,592輛 2025年12月、第四季度及全年交付更新資料 本公司創下月度及季度交付量新高紀錄 於2026年1月1日 － 全球智能電動汽車市場的先驅及領跑者蔚來集團（紐交所： NIO；港交所：9866；新交所：NIO）（「蔚來」或「本公司」）宣佈其於2025年12 月、第四季度及全年的交付結果。 本公司於2025年12月交付48,135輛汽車，創下月度新高，同比增長54.6%。有關 交付包括本公司旗下蔚來品牌的高端智能電動汽車31,897輛，本公司旗下樂道品 牌的家庭智能電動汽車9,154輛，以及本公司旗下螢火蟲品牌的智能 ...