Core Thesis - NIO Inc. is positioned for growth with a multi-brand strategy and strong operational performance, aiming for sustainable profitability and global market relevance [1][6]. Company Overview - NIO Inc. designs, develops, manufactures, and sells smart electric vehicles across China, Europe, and internationally, with a focus on premium and family-oriented segments through its NIO, ONVO, and FIREFLY brands [3]. Operational Performance - The company achieved record deliveries of 87,071 vehicles in Q3 2025 and 40,397 in October, resulting in a 40% year-over-year growth [4]. - Revenue increased by 16.7% year-over-year to RMB 21.79 billion (approximately US$3.06 billion), with vehicle gross margins improving to 14.7% and overall gross profit rising by 51% year-over-year [4]. Strategic Initiatives - NIO's battery swap network, consisting of 3,600 stations globally, enhances customer loyalty and supports the Battery-as-a-Service (BaaS) model [5]. - The company is expanding its international presence, particularly with FIREFLY deliveries entering Europe [3]. Market Challenges - NIO faces intense competition from companies like BYD, Tesla, Xpeng, and Li Auto, along with potential impacts from policy shifts and economic cycles affecting its mid-range ONVO models [5]. Future Outlook - NIO anticipates Q4 deliveries of 120,000–125,000 vehicles, representing approximately 70% year-over-year growth, and aims for quarterly break-even [6]. - Long-term targets include achieving annualized deliveries of 500,000–600,000 units, with a focus on strategic expansion, margin improvement, and technology leadership [6].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Aulton New Energy Co., Ltd. 奧動新能源股份有限公司 (the "Company") (A joint stock company incorporated in the People's Republi ...

As filed with the U.S. Securities and Exchange Commission on March 27, 2023. Registration No. 333-268949 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ AMENDMENT NO. 5 To FORM F-1 REGISTRATION STATEMENT Under The Securities Act of 1933 ____________________________ U Power Limited (Exact name of Registrant as specified in its charter) ____________________________ Not Applicable (Translation of Registrant's name into English) ____________________________ | ...

As filed with the U.S. Securities and Exchange Commission on March 17, 2023. Registration No. 333-268949 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ AMENDMENT NO. 4 To FORM F-1 REGISTRATION STATEMENT Under The Securities Act of 1933 ____________________________ U Power Limited (Exact name of Registrant as specified in its charter) ____________________________ Not Applicable (Translation of Registrant's name into English) ____________________________ | ...

(Exact name of Registrant as specified in its charter) ____________________________ Not Applicable As filed with the U.S. Securities and Exchange Commission on February 14, 2023. Registration No. 333-268949 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ AMENDMENT NO. 1 To FORM F-1 REGISTRATION STATEMENT Under The Securities Act of 1933 ____________________________ U Power Limited (Translation of Registrant's name into English) ___________________________ ...