ab 16 September 2025 Global Research NIO Inc Upgrade to Buy: Consumer confidence restored Upgrade from Neutral to Buy We upgrade Nio from Neutral to Buy, as the company's latest products could further attract consumers after the US$1bn equity offerings strengthened visibility on its healthy operations. We expect Nio to hold net cash of Rmb21bn by end-2025 and achieve FCF breakeven in 2026. With upward consensus revisions to its revenue and bottom-line estimates, Nio's valuation discount with its closest pee ...