Chang Jiang Shang Bao·2026-02-09 23:46Core Viewpoint - NIO has achieved its first quarterly profit after 11 years of establishment, with an expected adjusted operating profit of 700 million to 1.2 billion yuan for Q4 2025, marking a significant milestone for the company [1][2] Financial Performance - The adjusted operating profit for Q4 2025 is projected to be between 700 million and 1.2 billion yuan, compared to a loss of 5.5436 billion yuan in the same quarter of 2024 [2] - The operating profit under GAAP is expected to range from 200 million to 700 million yuan for the same quarter [2] - Total vehicle deliveries for Q4 2025 reached 124,807 units, a year-on-year increase of 71.7%, setting a new quarterly delivery record [2] - The total annual delivery volume for 2025 is projected to be 326,028 units, reflecting a year-on-year growth of 46.9% [2] Sales and Market Strategy - In December 2025, NIO delivered 48,135 vehicles, achieving a year-on-year growth of 54.6% and setting a new monthly delivery record [2] - The delivery structure in December showed a balanced performance across brands, with NIO brand delivering 31,897 units, Lido brand 9,154 units, and Firefly brand 7,084 units [2][3] - The flagship model, the new ES8 SUV, has surpassed 40,000 cumulative deliveries as of December 2025, driving significant growth [3] Battery Swap Business - NIO's battery swap service has completed over 100 million swaps, marking a key milestone in its operations [6][7] - As of February 6, 2026, NIO has established a total of 8,627 charging and swapping stations nationwide, including 3,729 battery swap stations [7] - The cumulative energy from 100 million battery swaps reached 52.8 billion kWh, saving users approximately 263 billion yuan compared to traditional refueling [7] Research and Development Investment - Since its IPO in the U.S. in 2018, NIO has invested a total of approximately 61.389 billion yuan in R&D [8] - R&D expenditures from 2018 to 2024 have shown significant increases, with 2025's first three quarters alone accounting for 8.578 billion yuan [7][8] Stock Market Reaction - Following the announcement of its first quarterly profit, NIO's stock price saw a notable increase, with a 9.8% rise in Hong Kong shares and a 13.51% rise in U.S. shares over two days [8]