Core Viewpoint - NIO-SW (09866) announced a record delivery of 40,397 vehicles in October 2025, representing a year-on-year increase of 92.6% [1] Delivery Performance - The deliveries included 17,143 high-end smart electric vehicles under the NIO brand, 17,342 family smart electric vehicles under the Lada brand, and 5,912 high-end small electric vehicles under the Firefly brand [1] - As of October 31, 2025, the cumulative vehicle delivery reached 913,182 units [1] Product Highlights - The flagship SUV, Lada L90, achieved a new delivery high in October 2025, maintaining strong growth since its official launch at the end of July 2025, with monthly deliveries exceeding 10,000 units for three consecutive months [1] - The L90 is positioned to lead the large SUV market into the era of pure electric vehicles due to its industry-leading status and exceptional product competitiveness [1]

Core Viewpoint - NIO-SW (09866) achieved a record monthly delivery of 40,397 vehicles in October 2025, representing a year-on-year increase of 92.6% [1] Delivery Performance - The October 2025 deliveries included 17,143 high-end smart electric vehicles under the NIO brand, 17,342 family smart electric vehicles under the Lada brand, and 5,912 high-end smart electric cars under the Firefly brand [1] - Cumulative vehicle deliveries reached 913,182 units as of October 31, 2025 [1] Product Highlights - The flagship SUV, Lada L90, set a new delivery record in October 2025, maintaining strong growth since its official launch at the end of July 2025, with monthly deliveries exceeding 10,000 units for three consecutive months [1] - The L90 is positioned to lead the large SUV market into the electric era due to its industry-leading status and exceptional product competitiveness [1]

Core Insights - NIO announced that it delivered 40,397 vehicles in October, representing a year-on-year increase of 92.6% [1] - Cumulatively, from 2025 to date, NIO has delivered 241,618 vehicles, showing a year-on-year growth of 41.9% [1] Summary by Categories - **Delivery Performance** - October deliveries reached 40,397 vehicles, marking a significant growth of 92.6% compared to the same month last year [1] - Total deliveries since 2025 amount to 241,618 vehicles, with a year-on-year increase of 41.9% [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。 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） 自願公告 關於蔚來 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 ...

Group 1 - The State Council, led by Premier Li Qiang, is focusing on deepening reforms in key areas and expanding institutional openness, aiming to enhance the level of market openness and optimize service market access rules [2] - The China Securities Regulatory Commission (CSRC) and the Asset Management Association of China (AMAC) have released important draft guidelines to enhance the stability of public fund investment behavior and clarify product investment styles [3] - The Ministry of Finance and the State Taxation Administration announced tax policies regarding gold transactions, including exemptions from value-added tax for certain transactions involving standard gold [4] Group 2 - A significant breakthrough in the nuclear energy sector was reported, with China achieving the conversion of thorium-uranium nuclear fuel based on molten salt reactors, which could lead to industrial applications of thorium-based molten salt reactors [5] - The high-end equipment manufacturing sector has seen major advancements, including the acceptance of the world's largest skin-stretching machine, marking a significant step in domestic production capabilities in aviation and high-speed rail [6] - The latest holdings of the "national team" in ETFs show a substantial increase in average returns, with an average gain of over 20% in the third quarter [7] Group 3 - The U.S. Treasury Secretary indicated that a U.S.-China trade agreement may be signed soon, with both countries expressing a willingness to enhance economic cooperation [8] - Major U.S. stock indices closed higher, with the Nasdaq achieving a seven-month consecutive increase, driven by significant gains in tech stocks like Amazon [9] - Upcoming economic data releases include October import and export figures, as well as CPI and PPI data, which are expected to provide insights into economic trends [10] Group 4 - The eighth China International Import Expo is scheduled to take place from November 5 to 10, showcasing China's commitment to opening up its market [11] - The CSRC has approved IPO registrations for two companies, indicating ongoing activity in the capital markets [12] - A total of 36 companies will have their restricted shares unlocked this week, with a total market value of approximately 205.46 billion yuan [15][16]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - In October 2025, the penetration rate of new energy vehicles is expected to reach 60%, with approximately 1.32 million units sold, despite a 2% month-over-month decline in total retail sales of narrow-sense passenger vehicles [22] - Jiushi Intelligent has completed a $100 million B4 round of financing, marking it as the largest single-round financing in the Robovan sector in China [22] - Major automotive manufacturers are advancing in autonomous driving technology, with plans for L3 level and above by 2027-2030 [22] Market Performance - The A-share automotive sector outperformed the broader market, with a weekly increase of 0.92%, while the CSI 300 index fell by 0.43% [3][9] - The passenger vehicle segment saw a decline of 1.88%, while commercial vehicles increased by 3.11% [3] - Key players in the passenger vehicle sector include BYD, Great Wall Motors, and Li Auto, while commercial vehicle focus includes China National Heavy Duty Truck Group and FAW Liberation [3] Industry News - Notable developments include NIO's ES8 model surpassing 10,000 deliveries and a recall of 11,411 units of the 2024 MEGA model by Li Auto [22] - Partnerships are forming, such as Changan Automobile collaborating with JD.com to develop new energy unmanned intelligent vehicles [22] - Bosch has indicated potential production disruptions due to disputes with semiconductor manufacturer Anshi [22] Upstream Data Tracking - Key material prices are being monitored, including steel, aluminum, and lithium carbonate, which are critical for automotive manufacturing [24][25][27]

Core Insights - The company reported a revenue of 3.48 billion yuan in Q3 2025, representing a year-on-year increase of 31.43% and a quarter-on-quarter increase of 23.34% [1] - The net profit for Q3 2025 was 220 million yuan, showing a year-on-year increase of 23.74% and a quarter-on-quarter increase of 18.32% [1] - The company is deepening collaborations with major clients like Huawei and Xiaomi, providing various cockpit products for multiple vehicle models [1] Financial Performance - Q3 2025 revenue reached 3.48 billion yuan, up 31.43% year-on-year and 23.34% quarter-on-quarter [1] - Net profit for Q3 2025 was 220 million yuan, reflecting a year-on-year increase of 23.74% and a quarter-on-quarter increase of 18.32% [1] - The company's net profit margin decreased by 0.3 percentage points quarter-on-quarter, with a gross margin of 18.9%, down 1.5 percentage points year-on-year [1] Business Development - The company is focusing on automotive intelligence and lightweighting, with continuous product upgrades and optimization of customer structure [2] - In the automotive electronics sector, sales of products like HUD and wireless charging have significantly increased, with a balanced share among the top five customers [2] - The company has made progress in expanding its international brand customer base, securing projects with major automotive brands [2] Product Innovation - The company has launched integrated cockpit control products and is developing cross-domain fusion products like central computing units [2] - The precision die-casting business is experiencing rapid growth, particularly in components related to automotive intelligence and new energy vehicles [2] - The company is providing components for major clients in the telecommunications and automotive sectors, indicating a strong order growth in zinc alloy precision die-casting [2]

Core Viewpoint - The October performance of the new energy vehicle (NEV) market has shown significant growth, marking a strong sales season that contrasts with the overall automotive market's decline [2][7][8]. Group 1: Sales Performance - Multiple NEV brands reported record-high delivery numbers in October, with Leap Motor delivering 70,289 vehicles, a year-on-year increase of over 84% [2][5]. - BYD achieved sales of 441,706 vehicles in October, the highest for the year, with cumulative sales from January to October reaching 3,701,852 vehicles, and over 14.2 million NEVs sold cumulatively [3]. - Geely's passenger car sales reached 307,133 units in October, a year-on-year increase of 35%, maintaining an upward trend for eight consecutive months [3]. - Changan's Avita Technology reported sales of 13,500 units in October, a year-on-year increase of 34%, marking a historical high [6]. Group 2: Market Dynamics - The NEV market's robust performance is attributed to supportive policies and the launch of new models, positioning it as a key driver for growth in the automotive industry [2][9]. - Despite the NEV market's growth, the overall passenger car market saw a decline, with retail sales dropping by 7% year-on-year in October [7][8]. - The China Passenger Car Association anticipates that the NEV penetration rate will reach new heights, driven by ongoing policy support and new model launches [9]. Group 3: Future Outlook - The fourth quarter is expected to see continued support from vehicle scrappage and replacement, as well as demand driven by the upcoming reduction in NEV purchase tax subsidies [9]. - Analysts suggest focusing on leading companies in the NEV industry and those with international market presence, as well as component suppliers and infrastructure firms benefiting from the NEV growth [9].

Core Insights - The new energy vehicle market in China is experiencing a significant reshaping, with leading brands achieving record deliveries while differentiation among companies intensifies [1][3] - Li Auto has faced a decline in deliveries, with a 38% year-on-year drop in October, marking five consecutive months of declining sales [2] Group 1: Leading Brands Performance - Leap Motor topped the delivery charts with over 70,000 units in October, achieving a year-on-year growth of over 84% and maintaining its position as the leading new energy vehicle brand for eight consecutive months [1] - Hongmeng Zhixing followed closely with a record delivery of 68,200 units, while XPeng and NIO delivered 42,013 and 40,397 units respectively, both surpassing 40,000 for the first time [1] - NIO is expanding its brand matrix, with the NIO brand delivering 17,143 units and the Le Dao brand surpassing it with 17,342 units in October [1] Group 2: Other Brands and Market Trends - Li Auto's deliveries fell to 31,767 units in October, a 38% year-on-year decrease, despite the CEO's optimism about the i6 model's strong sales and high order volume [2] - Traditional automakers' new energy brands also performed well, with Zeekr and Lynk & Co achieving a combined monthly sales of over 60,000 units, marking a year-on-year increase of 9.8% [2] - The market is characterized by an expanding advantage for leading brands, increased differentiation among companies, and a reshaping of the market landscape due to favorable sales conditions and policy incentives [3]

Core Insights - The October delivery data from various new energy vehicle manufacturers indicates a significant divergence in performance among companies, with leading brands achieving record deliveries while others struggle [2][3][4]. Group 1: Delivery Performance - Leap Motor topped the delivery charts with over 70,000 units delivered in October, marking a year-on-year increase of over 84%, maintaining its position as the leading new energy vehicle brand for eight consecutive months [2]. - Hongmeng Zhixing followed closely with a record delivery of 68,200 units across all models in October [2]. - Xiaopeng and NIO both surpassed 40,000 units delivered, achieving historical highs with deliveries of 42,013 and 40,397 units respectively [2]. - NIO is expanding its multi-brand strategy, with the NIO brand delivering 17,143 units and the Ladao brand surpassing it with 17,342 units delivered [2]. Group 2: Declining Performance - Li Auto reported a decline in deliveries, with 31,767 units delivered in October, representing a year-on-year drop of 38% and a month-on-month decrease of 6.43% [3]. - Li Auto has faced five consecutive months of year-on-year sales declines since June, although the CEO noted strong demand for the new Li i6 model with over 70,000 orders [3]. Group 3: Traditional Automakers - Traditional automakers' new energy brands also showed strong performance, with Zeekr and Lynk & Co achieving a combined monthly sales of over 60,000 units, a year-on-year increase of 9.8% and a month-on-month increase of 20.5% [3]. - BAIC New Energy delivered over 30,000 units in October, marking a year-on-year increase of 112% and a month-on-month increase of 48.7% [3]. Group 4: Market Trends - The data indicates a trend of increasing advantages for leading brands, exacerbated differentiation among companies, and a reshaping of the market landscape [4]. - The favorable consumer environment, driven by traditional sales peaks and policy incentives, has allowed leading brands to effectively convert market demand into actual sales [4]. Group 5: Competitive Landscape - Differences in investment and outcomes in technology research, product innovation, and service enhancement among companies have led to varying product competitiveness [5]. - As the fourth quarter approaches, the product competitiveness and capacity release speed of new energy vehicle companies will be crucial in determining their annual rankings [5].