Core Viewpoint - NIO is expected to report adjusted operating profit for Q4 2025, marking the first quarterly profit in its 11-year history, with estimates ranging from RMB 700 million (approximately USD 100 million) to RMB 1.2 billion (approximately USD 172 million) [2] Group 1: Financial Performance - In Q4 2024, NIO recorded an adjusted operating loss of RMB 5.5436 billion [2] - For the entire year of 2025, NIO delivered approximately 326,000 new vehicles, with Q4 deliveries reaching a record high of about 124,800 units, representing a year-on-year increase of 71.7% [4] - According to GAAP, NIO is projected to achieve an operating profit of RMB 200 million (approximately USD 29 million) to RMB 700 million (approximately USD 100 million) in Q4 2025 [7] Group 2: Strategic Goals and Management Insights - NIO's Chairman, Li Bin, expressed confidence in achieving profitability in Q4 2025, which aligns with the company's operational goals [6] - Li Bin described 2025 as a "key year" for strategically achieving goals and transitioning to a new phase characterized by improved operational efficiency and quality [6] - The company aims for a gross margin of around 18% in Q4, with the new ES8 model expected to exceed a 20% margin [6] Group 3: Operational Efficiency and Cost Management - Since the second half of 2024, NIO has been restructuring its organizational capabilities and promoting a "full-staff operational transformation" to enhance R&D and operational efficiency [6] - Improvements in operational efficiency have already been noted in Q3 2025, with further enhancements expected in Q4 [6]

Core Viewpoint - NIO is expected to achieve adjusted operating profit of approximately 700 million to 1.2 billion yuan in Q4 2025, marking the company's first quarterly adjusted operating profit in its 11-year history [2] Group 1: Financial Performance - The company anticipates a GAAP operating profit of about 200 million to 700 million yuan for the same period [2] - NIO's Q4 2025 vehicle deliveries are projected to reach 124,800 units, a year-on-year increase of 71.7%, setting a quarterly record [2] - For the entire year of 2025, cumulative vehicle deliveries are expected to be 326,000 units, reflecting a 46.9% year-on-year growth [2] Group 2: Factors Contributing to Profitability - The expected adjusted operating profit is attributed to three main factors: continued growth in vehicle sales, an improved product mix enhancing gross margins, and ongoing cost reduction and efficiency measures [2] - The improvement in product structure is seen as a significant variable for gross margin recovery, with NIO's brands experiencing simultaneous increases in sales and average selling prices [3] Group 3: Industry Context and Competitive Landscape - The competition among new energy vehicle manufacturers is shifting from delivery volume to profitability and cash flow [4] - Other companies like Li Auto and Leap Motor have already achieved quarterly profitability, indicating a potential industry shift towards profitability rankings [4] - If NIO confirms its operating profit in Q4 2025, it will signal a significant operational turning point and enhance market confidence in its business model [4]

Core Viewpoint - NIO is expected to report adjusted operating profit for Q4 2025, marking the first time in 11 years, with estimates ranging from RMB 700 million (approximately USD 100 million) to RMB 1.2 billion (approximately USD 172 million) [1][6] Group 1: Financial Performance - In Q4 2024, NIO recorded an adjusted operating loss of RMB 5.5436 billion [1] - NIO's total vehicle deliveries for 2025 reached approximately 326,000 units, with Q4 deliveries hitting a record high of about 124,800 units, representing a year-on-year increase of 71.7% [3] - The company aims for a vehicle gross margin of around 18% in Q4 2025, with the new ES8 model expected to exceed a 20% gross margin [5] Group 2: Strategic Goals and Developments - NIO's Chairman, Li Bin, expressed confidence in achieving profitability in Q4 2025 and set a goal for the company to achieve full-year profitability in 2026 [5] - The company is undergoing a transformation to enhance operational efficiency and quality, which has already shown results since Q3 2024 [5] - NIO's battery swap service is nearing a milestone of 100 million swaps, highlighting its growth and operational achievements [1]

记者丨刘雪莹 | 名称 | 现价 | 涨跌幅 ▼ | | --- | --- | --- | | 闪迪 | 616.000 | 5.38% | | 博通(BROADCOM) | 323.170 | 4.91% | | 泰瑞达(TERADYNE) | 279.565 | 3.90% | | 英特尔(INTEL) | 50.080 | 3.05% | | 台积电 | 332.161 | 1.97% | | 科天半导体(KLA) | 1331.395 | 1.85% | | 阿斯麦 | 1362.970 | 1.78% | | ARM | 106.700 | 1.72% | 谷歌一度跌逾6%，目前跌幅收窄。谷歌母公司Alphabet一度跌7.5%，创5月7日以来最大盘中跌幅。亚 马逊盘初跌超3%，该股今日盘后将公布财报。 美股加密货币概念股走低，Strategy跌超7%，Coinbase跌超4%，Circle跌超2%。加密货币市场持续重 挫，比特币向下跌破68000美元。截至发稿，近24小时内，全球加密货币市场超21.5万人被爆仓。 美股部分消费股因业绩不及预期而重挫，雅诗兰黛下跌19%，羽绒服巨头加拿大鹅跌超15 ...

Major Events - Genting New Year (01952) subsidiary signed an agreement with Macao to commercialize MT1013 in Greater China and other Asian markets [1] - Junshi Biosciences (02696) entered into a licensing agreement with Eisai for Hansizhuang® to treat tumor indications [1] - Meituan-W (03690) plans to acquire all issued shares of Dingdong Fresh Holding Limited [1] - China Power (02380) subsidiary Xinyuan Zhichu signed a procurement contract for BESS with Tori [1] - Aimee Vaccine (06660) successfully passed the registration site inspection for its globally self-researched serum-free rabies vaccine [1] Operating Performance - NIO-SW (09866) issued a profit warning, expecting adjusted operating profit of 700 million to 1.2 billion yuan in Q4 2025, turning from loss to profit year-on-year [1] - Saint Bella (02508) issued a profit warning, expecting adjusted net profit of no less than 120 million yuan for 2025, a year-on-year increase of no less than 183% [1] - Geek+ (02590) achieved orders of 4.137 billion yuan in 2025, a year-on-year growth of approximately 31.7% [1] - China Overseas Development (00688) achieved contract property sales of approximately 14.478 billion yuan in January, a year-on-year increase of 20.4% [1] - Swire Properties (01972) reported a rental rate of 96% for Swire Plaza in Q4, with rents down by 13% [1] - Greentown China (03900) reported total contract sales of approximately 9.7 billion yuan in January, a year-on-year decrease of 14.16% [1]

蔚来创始人、董事长、CEO李斌发文称：很高兴向大家汇报，今天，我们发布了盈利预告，蔚来公司预 计2025年第四季度录得经调整经营利润为7亿元至12亿元。顺便向大家再汇报另一个即将达成的好消 息：蔚来换电已突破9,990万次，预计明天2月6号蔚来1亿次换电就将达成。欢迎大家一起见证蔚来公司 发展历程中的又一里程碑时刻。 来源：滚动播报 ...

Core Viewpoint - The Nasdaq Golden Dragon China Index saw an initial increase of 1.21%, indicating positive market sentiment towards Chinese stocks listed in the U.S. [1] Company Performance - NIO experienced a significant rise of 7.4% - Miniso increased by 5.4% - Yum China rose by 3.4% - Li Auto gained 2.8% - ZTO Express, Zai Lab, Bilibili, Baidu, and Kingsoft Cloud all saw increases of over 2% - Alibaba had a modest increase of 0.7% - Pony.ai declined by 1.2% - New Oriental fell by 2.8% [1] ETF Performance - KWEB ETF rose by 1.14% - CQQQ ETF increased by 0.7% - ASHR ETF decreased by 0.1% - ASHS ETF fell by 1.3% [1]

蔚来(NIO.US)盘初一度涨8.8%，最高触及4.83美元。消息面上，蔚来发布2025年第四季度盈利预告，预 计录得经调整经营利润(非公认会计准则)介乎约7亿元至12亿元，此为公司首次录得单季度经调整经营 利润，主要归因于销量持续增长；有利的产品组合推动汽车毛利率优化；及公司持续推行全面降本增效 措施。此外，按公认会计准则计量，蔚来预计于2025年第四季度录得经营利润约2亿元至7亿元。(格隆 汇) ...

此外，日前蔚来发布公告，公司于2026年1月交付27,182辆汽车，同比增长96.1%。有关交付包括公司旗 下蔚来品牌的高端智能电动汽车20,894辆，公司旗下乐道品牌的家庭智能电动汽车3481辆，以及公司旗 下萤火虫品牌的智能电动高端小车2807辆。截至2026年1月31日，公司累计汽车交付量达102.48万辆。 智通财经APP获悉，周四，蔚来(NIO.US)开盘涨近8%，报4.78美元。消息面上，蔚来发布盈利预告。公 告称根据公司未经审计合并管理账目及董事会目前可得资料所作的初步评估，预计公司于2025年第四季 度录得经调整经营利润(非公认会计准则)(界定为剔除股权激励费用后的经营利润)，介乎约人民币7亿元 (约1亿美元)至12亿元(约1.72亿美元)，此为公司首次录得单季度经调整经营利润(非公认会计准则)。 ...

周四，蔚来(NIO.US)开盘涨近8%，报4.78美元。消息面上，蔚来发布盈利预告。公告称根据公司未经 审计合并管理账目及董事会目前可得资料所作的初步评估，预计公司于2025年第四季度录得经调整经营 利润(非公认会计准则)(界定为剔除股权激励费用后的经营利润)，介乎约人民币7亿元(约1亿美元)至12亿 元(约1.72亿美元)，此为公司首次录得单季度经调整经营利润(非公认会计准则)。 此外，日前蔚来发布公告，公司于2026年1月交付27,182辆汽车，同比增长96.1%。有关交付包括公司旗 下蔚来品牌的高端智能电动汽车20,894辆，公司旗下乐道品牌的家庭智能电动汽车3481辆，以及公司旗 下萤火虫品牌的智能电动高端小车2807辆。截至2026年1月31日，公司累计汽车交付量达102.48万辆。 ...