Core Viewpoint - NIO Inc. has announced a positive earnings forecast, projecting its first-ever adjusted operating profit for Q4 2025, which is expected to range between approximately RMB 700 million (around USD 100 million) and RMB 1.2 billion (around USD 172 million) [1] Group 1: Earnings Forecast - The company expects to record an adjusted operating profit (non-GAAP) for Q4 2025, marking a significant milestone as it will be the first time the company achieves this in a single quarter [1] - The projected profit range is between RMB 700 million and RMB 1.2 billion, indicating a strong financial outlook for the company [1] Group 2: Vehicle Deliveries - In January 2026, NIO delivered a total of 27,182 vehicles, representing a year-on-year increase of 96.1% [1] - The deliveries included 20,894 high-end smart electric vehicles under the NIO brand, 3,481 family smart electric vehicles under the Lada brand, and 2,807 high-end small electric vehicles under the Firefly brand [1] - As of January 31, 2026, the cumulative vehicle delivery volume reached 1,024,800 units [1]

Core Insights - Xiaopeng Motors reported a record delivery of 41,581 vehicles in September 2025, marking a year-on-year increase of 95% and a month-on-month increase of 10% [1] - For the first nine months of 2025, Xiaopeng Motors achieved cumulative deliveries of 313,196 vehicles, representing a year-on-year growth of 218% [1] Delivery Performance - September 2025 deliveries reached 41,581 units, setting a new historical high for the company [1] - The month-on-month growth of 10% indicates a strong upward trend in delivery performance [1] - Year-on-year growth of 95% highlights the company's significant expansion in the electric vehicle market [1] Cumulative Deliveries - Cumulative deliveries from January to September 2025 totaled 313,196 units [1] - The year-on-year increase of 218% reflects the company's robust growth trajectory in the first three quarters of the year [1]

Core Insights - Nomura analysts project BYD's delivery volume for this year to be between 5 million and 5.2 million vehicles [1] - The company may introduce new models or upgrade existing ones, which could provide some bottom-up opportunities for BYD [1]