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。 1 • 本公司於2026年2月交付20,797輛汽車，同比增長57.6% • 本公司於2026年至今交付47,979輛汽車，同比增長77.3% • 截至2026年2月28日，本公司累計汽車交付量達1,045,571輛 關於蔚來集團 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 2026年2月交付更新資料 於2026年3月1日 － 全球智能電動汽車市場的先 ...

蔚来作为乘用车领域换电模式的坚定践行者，已实现单季度盈利，印证了换电模式在乘用车赛道的商业化可行性。乘用车换电模式落地后，重卡领域能否复 制这一路径，成为交通领域碳达峰进程中的关键探索方向。 记者从多场机动车污染排放控制专业会议中获悉，重型卡车虽保有量占比低，却是机动车污染物排放的主要来源，换电重卡的规模化推广，或将成为破解交 通领域碳达峰核心难题的重要抓手。 01 低保有量高排放 重卡成污染治理关键靶点 | 类型 | 项目 | 燃油車卡 | | --- | --- | --- | | 初始购置成本 (万元) | 车购置成本 | 37 | | | 电池购置成本 | | | | 小计 | 37 | | 运营成本（万 | 油价/电价 (元/L, 元/kWh) | 7.5 | | | 换电站服务费（元/kWh） | | | | 每公里耗油量/电量 (L/km, kWh/km) | 0.5 | | | 年运营天数 | 312 | | | 单车日运营里程 (km) | 300 | | 元/年) | 电池相金（万元/年） | | | | 能源成本（万元年） | 31.6 | | | 电动重卡运力降低增加成本（万元/年） ...

近日，蔚来换电服务正式突破1亿次，意味着换电模式已经通过了规模化的市场和用户检验，成为电动 汽车重要补能路线。随着我国充电、换电并行的补能体系加速构建和完善，"加电和加油一样方便"的时 代离我们越来越近。 在全球应对气候变化挑战大背景下，新能源汽车已成为全球汽车产业变革核心力量。随着新能源汽车保 有量不断攀升，一个关键问题逐渐凸显——充电难。充电桩布局不均衡、充电时间长、节假日"抢"桩 难，让不少车主在长途出行时陷入"里程焦虑"，也制约了新能源汽车进一步普及。 蔚来是业内首家具备常态化参与电力市场调频服务的车企。2025年3月，国网苏州供电公司和蔚来汽车 合作，通过技术创新将苏州市68座换电站接入新型电力负荷管理系统，形成了调节能力达2万千瓦的充 换电虚拟电厂。电网工作人员在线发出指令，新能源汽车充换电站可以在十几秒内响应，通过能源平台 控制充换电站参与电网互动。这是目前地级市接入换电规模最大的充换电虚拟电厂。 2026年1月22日，江苏省"万瓦级"V2G（车网互动）集中放电试验中，协鑫能科与蔚来联合改造的南京6 座具备V2G功能的4.0换电站，释放出1539.85千瓦的最大功率，贡献了江苏省本次测试15%的 ...

2026年2月6日，蔚来迎来完成第1亿次换电服务的行业标志性时刻，这是国内换电模式从技术验证走向 规模化普及的重要节点。从2018年首次推出换电服务到亿次目标落地，蔚来历时2819天的探索，不仅印 证了换电模式的商业可行性与用户价值，更折射出国内充换电基础设施建设的跨越式发展。 事实上，在行业"充换电并行"政策导向与"三年倍增"行动方案托底下，补能基建已成为新能源汽车产业 高质量发展的核心支撑，以蔚来为代表的企业实践，正推动行业从"造好车"向"建好网"进阶，助力新能 源汽车产业价值链持续上移，同时为国家新型能源体系构建注入新动能。 ● 本报记者 龚梦泽 换电模式规模化成行业共识 中国证券报记者获悉，蔚来第1亿次换电于2月6日22时33分18秒在嘉兴海宁完成，这一数字的背后，是 对换电模式历经市场检验后的认可，也为行业交出了一份可复制的补能解决方案答卷。 蔚来方面数据显示，截至亿次换电达成，蔚来在全国布局换电站3729座，其中高速公路换电站1020座， 建成9纵11横16大城市群高速换电网络，连通全国超550城，整体充换电站数量达8627座，位居行业首 位。如今蔚来日均换电单量已突破10万次，平均0.8秒就有一 ...

Core Viewpoint - The article discusses the challenges and potential of the battery swapping model in the electric vehicle (EV) industry, highlighting the investments made by companies like NIO and CATL, and the financial viability of this model. Investment and Cost Analysis - NIO's first-generation battery swapping station cost approximately 3 million yuan, while the second generation costs between 1.5 to 2 million yuan, with over 1,100 second-generation stations expected by December 2025 [3] - The initial investment for a battery swapping station includes equipment costs of 1.5 million yuan, line costs of 200,000 yuan, and battery costs of 620,000 yuan, with operational costs including a monthly salary of 5,000 yuan and annual rent and maintenance of 100,000 yuan [7] Profitability and Financial Outlook - NIO aims to achieve profitability by the end of 2025, with a forecasted adjusted operating profit of 700 million to 1.2 billion yuan for Q4 2025, marking its first quarterly adjusted operating profit since inception [3] - Long-term projections suggest that the battery swapping model could yield a return rate of 5.5%, potentially becoming a stable cash cow for companies once it reaches a steady state [6] Market Dynamics and Competitive Landscape - CATL has ambitious plans to establish 1,000 battery swapping stations by 2025, with a long-term goal of 30,000 stations, which would cover over 20 million vehicles [5] - The battery swapping model is closely related to the concept of battery separation, which can lower vehicle purchase costs and enhance battery longevity through standardized management [10] Industry Concerns and Challenges - Concerns exist regarding the high costs of building and operating battery swapping stations compared to charging stations, which may deter some automakers from adopting this model [13] - The rapid development of battery technology poses a risk that companies may become locked into outdated models if they heavily invest in battery swapping infrastructure [13] - The lack of standardized battery sizes and interfaces across different automakers complicates the implementation of a universal battery swapping system [13] Consumer Perception and Adoption - Some consumers express reluctance to accept used batteries from swapping stations, and the cost of battery swapping can be comparable to traditional fuel costs, which may hinder adoption [14] - The emergence of ultra-fast charging technologies is narrowing the performance gap between charging and swapping, potentially reducing the perceived value of battery swapping [14] Competitive Positioning - The report indicates that BYD is gaining market share in the 50,000 to 150,000 yuan segment, increasing from 25% in 2019-2020 to an expected 56-57% in 2023-2024, creating competitive pressure on other automakers [15] - For companies without in-house battery production, adopting the battery swapping model may be a viable strategy to remain competitive in the lower-priced vehicle market [16]

Group 1 - The German government announced a €3 billion subsidy to restart electric vehicle incentives in early 2026, opening the door to Chinese brands, reflecting a deeper competition in the global new energy vehicle industry [1] - After the subsidy ended in late 2023, new registrations of electric vehicles in Germany plummeted by 27.4% in 2024, while Chinese new energy vehicles maintained a leading position with 16.49 million units produced and sold in 2025 [1] - The shift in policy indicates China's first-mover advantage in the new energy sector, driven by a combination of forward-looking policies and corporate innovation [1] Group 2 - China remains committed to a pure electric development path, establishing a comprehensive support system that includes fiscal subsidies, tax reductions, and policies for battery swapping [2] - The integration of electrification and intelligence has enhanced consumer experiences and provided cost advantages for new energy vehicles, supported by a robust infrastructure for charging and battery swapping [2] - NIO has built over 3,720 battery swapping stations, achieving a milestone of 100 million battery swaps, validating the battery swapping model as a mainstream solution for electric vehicle charging in China [2][3] Group 3 - NIO's founder, Li Bin, emphasized that the company's success in reaching 100 million battery swaps is due to alignment with national policies and a focus on user benefits [3] - NIO's service model aims to address core consumer pain points related to battery costs and safety, enhancing the overall user experience [3][4] - The transition from initial skepticism to achieving significant milestones in battery swapping demonstrates NIO's commitment and investment in infrastructure, overcoming geographical disparities [4] Group 4 - The rapid increase in battery swapping from 90 million to 100 million swaps in just over 100 days highlights the growing acceptance and utilization of this model [5] - The battery swapping network's efficiency has improved, with an average of 0.86 seconds per vehicle swap, indicating a successful validation of the model in the market [5] - The persistence and innovation of Chinese companies in the face of challenges reflect a broader narrative of resilience and long-term commitment in the new energy vehicle sector [5] Group 5 - The global competitive landscape of the new energy vehicle industry has shifted, with Chinese automotive exports reaching new highs and gaining international recognition [6] - Chinese companies are becoming leaders in innovation and global operations within the new energy vehicle sector, contributing to the overall upgrade of the industrial innovation system [6][7] - Supporting these innovative enterprises is crucial for maintaining China's competitive edge in the global new energy market and ensuring a strong voice in the industry's transformation [7]

Core Insights - NIO plans to build 1,000 battery swap stations by 2026 and expand its charging routes to 100, including the Silk Road route this year [1][2] - The company achieved a significant milestone with its 100 millionth battery swap on February 6, marking a validation of its battery swap model in the market [1][2] - NIO aims to enhance its charging and battery swap network, providing users with a more convenient charging experience [1][2] Summary by Categories Company Plans - NIO intends to construct 1,000 new battery swap stations by 2026 [1][2] - The company will increase its charging routes to 100, including the new Silk Road route [1][2] - The fifth generation of battery swap stations is set for large-scale construction this year [1][2] Milestones - NIO reached its 100 millionth battery swap on February 6, 2023, at 22:33:18 [1][2] - This achievement is seen as a significant milestone in the company's development [1][2] - The success of the battery swap model indicates its acceptance and validation in the Chinese electric vehicle market [1][2] Future Outlook - NIO will continue to advance its charging and battery swap network and technology iterations [1][2] - The company aims to provide users with an increasingly convenient charging experience [1][2]

Core Insights - NIO plans to build 1,000 battery swap stations by 2026 and expand its charging routes to 100, including the Silk Road route this year [1][6] - The company achieved a significant milestone of 100 million battery swaps, which took 2,819 days since the first swap, indicating the successful transition from concept to large-scale operation [6] - Daily battery swap service volume has surpassed 100,000, demonstrating the growing acceptance of battery swapping as a mainstream solution for electric vehicle charging in China [6] Group 1 - NIO's founder and CEO Li Bin announced the expansion plans for battery swap stations and routes [1] - The company has invested over 18 billion yuan in charging and swapping infrastructure over the past 11 years, with over 2,100 patents filed [6] - The first battery swap station was established in May 2018, and the company has achieved an average of over 12 million swaps per year since then [6] Group 2 - The first user to complete the 100 millionth battery swap was a customer from Hangzhou, who received a reward of 100,000 points in the app [6] - The battery swapping model has gained high recognition from users, partners, and the industry, contributing to its growth as a preferred charging solution [6]

随着换电模式的推广，实现降本增效的货运司机日益增多。长期往返该线路的驾驶员徐师傅表示："以 前开柴油车，600公里油费大约1000元。现在用电车，运输成本降低了20%左右，一辆车一年能省下8万 多元。" 这座"绿色能量站"已稳定运行半年。与传统的充电方式不同，它采用"车电分离、分钟级补能"的创新模 式，精准对接长途干线物流的效率需求。一辆电动重卡驶入站内，全自动机械臂最快仅需5分钟即可完 成电池包更换，实现车辆满电出发。每座换电站配备8工位智能换电系统，单站最大充电功率达2340千 瓦，日均服务能力达168车次。 换电站运行以来，自宁波舟山港出发、经甬金高速运输的集装箱有了更绿色的物流选择。据悉，截至1 月底，该换电站累计完成换电4557车次，总用电量125.80万度，相当于减少二氧化碳排放约1006.8吨。 据悉，目前在甬金高速绍兴段，每天有超过100辆纯电动集装箱卡车往返行驶，单车日均里程约600公 里。据测算，这批车辆一年的充换电量预计可达3000万千瓦时，替代柴油约750万升，年减排二氧化碳 约1.8万吨。 (新春走基层)"分钟级"补能 浙江首座高速重卡换电站为新春货运"添绿" 中新网绍兴2月8日电( ...

Core Viewpoint - The article emphasizes the significance of NIO's battery swapping model, highlighting its efficiency, cost savings, and safety, which have led to over 100 million battery swaps, establishing it as a leader in the new energy vehicle sector [3][7][10]. Group 1: Battery Swapping Advantages - NIO's battery swapping stations have achieved a milestone of 100 million swaps, indicating a robust network that spans across various terrains in China [3][7]. - The cost savings from battery swapping exceed 26.3 billion, averaging 2,700 per vehicle owner, which is comparable to receiving additional food packages with the purchase of a NIO vehicle [3][7]. - The time saved from charging is approximately 8.5 million hours, showcasing the efficiency of the battery swapping process compared to traditional charging methods [3][7]. Group 2: Market Position and Strategy - NIO's approach to battery swapping is likened to the development of high-speed rail, where initial skepticism gives way to acceptance as the infrastructure becomes widespread [3][10]. - The company has transitioned from being merely a car manufacturer to an energy operator, with its battery swapping stations acting as distributed energy storage networks that can alleviate grid pressure [7][10]. - NIO's long-term strategy is underscored by its consistent investment in battery swapping infrastructure over the past decade, which is now paying off as the company anticipates profitability in Q4 [10][11]. Group 3: Safety and Reliability - The safety of the battery swapping process is reinforced by the absence of reported issues during the 100 million swaps, indicating a successful stress test of the system [7][10]. - The model addresses the common issues associated with electric vehicle charging, such as waiting times and battery degradation, providing a more reliable alternative for consumers [3][7]. Group 4: Future Outlook - NIO's battery swapping technology is positioned as a foundational element for the future of energy supply in the AI era, potentially becoming a key player in the energy market as electric power becomes increasingly valuable [7][10]. - The article suggests that as consumers become accustomed to the convenience of battery swapping, they are unlikely to revert to traditional charging methods, indicating a shift in consumer behavior [7][10].