Portfolio Strategy Research 6 February 2026 | 5:01AM GMT Strategy Espresso: Tech wreck: Sharp rotations and what is now priced Sharon Bell +44(20)7552-1341 | sharon.bell@gs.com Goldman Sachs International Guillaume Jaisson +44(20)7552-3000 | guillaume.jaisson@gs.com Goldman Sachs International Peter Oppenheimer +44(20)7552-5782 | peter.oppenheimer@gs.com Goldman Sachs International Giovanni Ferrannini +44(20)7051-2589 | giovanni.ferrannini@gs.com Goldman Sachs International Investors should consider this re ...

Summary of NIO Inc. (NIO) Conference Call Company Overview - **Company**: NIO Inc. (NIO) - **Industry**: Electric Vehicles (EV) Key Financial Highlights - **4Q25 Profit Alert**: NIO announced a non-GAAP operating profit between Rmb700 million and Rmb1,200 million, marking the first positive quarterly non-GAAP operating profit in the company's history [1] - **Sales Volume Growth**: Achieved 124,000 units sold in 4Q25, representing a 71% year-over-year increase [1] - **Product Mix Improvement**: The ES8 model contributed 32% to total sales in 4Q25, a significant increase from 2%-5% in the previous three quarters [1] - **Cost Reduction Efforts**: Ongoing initiatives have contributed to the positive operating profit [1] Future Outlook - **2026 Expectations**: Anticipated launches of ES9 and ONVO L80, along with a facelift of ES7, are expected to drive 46% volume growth and 48% revenue growth [2] - **Vehicle Margin Projection**: Expected to increase to 16.7% in 2026 from 14.5% in 2025 due to scale economics and cost optimization [2] - **Raw Material Price Concerns**: Recent increases in raw material prices (Lithium, Aluminum, Copper, and DRAM) may pressure margins, depending on cost-sharing with suppliers and the ability to pass costs to consumers [2] Investment Rating and Price Target - **Current Rating**: Neutral with a 12-month price target of $7.0 for ADR and HK$55.0 for H-share [3][6] - **Market Capitalization**: Approximately $10.8 billion [8] - **Revenue Forecast**: Projected revenues for 2026 are Rmb127.87 billion, with a gradual increase in subsequent years [8] Competitive Landscape - **Market Share Decline**: NIO's NEV market share has decreased from 3.9% in 2020 to 2.0% in 2024 due to intensified competition [4] - **Model Competitiveness**: Improved competitiveness expected with new model launches, similar to the success of L90 and ES8 [4] Risks and Considerations - **Key Risks**: Potential for stronger government support for the auto industry and better order momentum on the upside; conversely, risks include lower-than-expected sales volume and higher-than-expected price cuts on the downside [6][7] Additional Insights - **Cost Control Measures**: Management has focused on cost reduction since March 2025, contributing to the first positive operating profit in 4Q25 [4] - **Premium Valuation**: NIO is trading at a premium EV/Sales compared to peers, justified by its free cash flow turnaround and near-term product momentum [6] This summary encapsulates the critical financial metrics, future outlook, competitive positioning, and associated risks for NIO Inc. as discussed in the conference call.

Summary of NIO Inc. Conference Call Company Overview - **Company**: NIO Inc. - **Industry**: China Autos & Shared Mobility - **Date of Call**: February 5, 2026 Key Financial Highlights - NIO expects a GAAP net profit of **Rmb200-700 million** in 4Q, a significant improvement from a GAAP net loss of **Rmb3.7 billion** in 3Q25, exceeding market expectations and the company's target of non-GAAP profit breakeven in 4Q [2][3] - Non-GAAP net profit is projected to be between **Rmb0.7-1.2 billion** [2] - Vehicle margin is estimated to have grown by **4-6 percentage points** quarter-over-quarter (QoQ) to nearly **20%** [2] - R&D and SG&A expenses are expected to remain largely steady QoQ [2] Factors Contributing to Profit Turnaround 1. **Record Deliveries**: NIO achieved a record delivery of **125,000 units**, representing a **43% QoQ increase** [3] 2. **Sales Mix**: A strong sales mix with the ES8 model accounting for approximately **32%** of 4Q deliveries, which has a gross margin exceeding **20%** [3] 3. **Operational Efficiency**: Improved operational efficiency following restructuring efforts [3] Market Sentiment and Stock Performance - NIO's share price has decreased by **35%** over the past three months, contrasting with the Hang Seng Index's **4%** increase [4] - The potential for a share price recovery is linked to broader electric vehicle (EV) demand recovery in China [4] - Investors are advised to monitor announcements regarding new models (ES9, ES7, Onvo L80) post-Chinese New Year [4] Valuation and Price Target - **Rating**: Overweight (OW) - **Current Share Price**: **US$4.44** (as of February 4, 2026) - **Price Target**: **US$7.00**, indicating a potential upside of **58%** [4] Financial Projections - **Market Capitalization**: **Rmb148.9 billion** (estimated for 12/25) [4] - **Revenue Projections**: Expected to grow from **Rmb65.732 billion** in 2024 to **Rmb154.873 billion** by 2027 [4] - **EBITDA**: Projected to improve from a loss of **Rmb15.999 billion** in 2024 to a profit of **Rmb1.947 billion** in 2027 [4] Risks and Considerations - **Upside Risks**: Introduction of new models, stronger-than-expected sales volume, and better operational efficiency [10] - **Downside Risks**: Weaker-than-expected sales volume, lack of efficiency improvements, and moderating auto sales growth impacting industry valuations [10] Conclusion NIO Inc. is showing signs of recovery with a positive profit outlook for 4Q, driven by strong delivery numbers and improved operational efficiency. However, the stock has faced significant downward pressure, and future performance will depend on broader market conditions and the successful launch of new models. Investors should remain cautious but optimistic about potential growth in the EV sector in China.

7 February 2026 | 1:40AM HKT Equity Research Xiaomi Corp. (1810.HK): New YU7 GT model filed with MIIT; Expect official launch around mid-2026 to further enrich product lineup; Buy On Feb 6, Xiaomi filed its new YU7 GT model with the Ministry of Industry and Information Technology (MIIT), which is a premium, high-speed performance variant as part of its YU7 product lineup. According to the filing, the YU7 GT model features a lower, longer, and wider stance (dimensions 5015/2007/1597mm) compared to the existi ...

WeRide Inc. and Uber Strategic Robotaxi Expansion Summary Company and Industry Overview - **Company**: WeRide Inc. (Ticker: WRD.O, WRD US) - **Industry**: China Autos & Shared Mobility - **Focus**: Expansion of robotaxi services in collaboration with Uber, particularly in the Middle East and beyond Key Takeaways Strategic Expansion - WeRide plans to deploy over **1,200 Level 4 (L4) robotaxis** across three major cities in the Middle East by **2027**, increasing from approximately **200** currently in operation [2][8] - The collaboration will extend to an additional **12 cities** across Asia and Europe [2][8] Financial Projections - The deal is expected to contribute an additional **RMB 500-600 million** in vehicle revenue during **2026-2027** [3] - Each robotaxi is projected to generate over **US$50,000** (~RMB 350,000) in recurring service revenue annually through technology fees and revenue sharing [3][8] - Revenue visibility is expected to improve under an asset-light business model, supporting sustainable global scaling [3] Market Dynamics - The global competition in the robotaxi sector is intensifying, with the Middle East's **120,000+** cab/ride-hailing fleet presenting a significant opportunity [4] - The adoption of L4+ technology in Europe and ASEAN markets could yield substantial returns [4] - Chinese robotaxi solutions are estimated to reduce time to market by **40%** and costs by **30%** for global players [4] Financial Metrics - **Current Stock Price**: **US$7.81** (as of February 6, 2026) - **Price Target**: **US$14.70**, indicating an **88% upside potential** [6] - **Market Capitalization**: Approximately **RMB 18,542.1 million** [6] - **Projected Revenue Growth**: From **RMB 361 million** in 2024 to **RMB 4,634 million** by 2027 [6] Risks and Considerations Upside Risks - Faster-than-expected commercialization of robotaxis and robovans [11] - Earlier net profit achievement than projected [11] Downside Risks - Potential delays or cancellations of orders for robotaxis and related vehicles [11] - Regulatory challenges in China regarding driverless vehicles [11] - Difficulties in obtaining necessary licenses for overseas operations [11] Conclusion WeRide Inc.'s strategic partnership with Uber marks a significant step in the expansion of robotaxi services, with promising financial projections and a strong market opportunity. However, potential regulatory and operational risks must be carefully monitored as the company scales its operations globally.

Group 1: Incident Overview - A Ford worker, TJ Sabula, confronted President Trump during his visit to the Ford River Rouge complex, calling him a "pedophile protector" [1][5] - The incident occurred while Trump was touring the plant, and he responded by mouthing expletives and giving the middle finger [1][12] - The United Auto Workers (UAW) union confirmed that Sabula was not disciplined and retains his job, emphasizing support for his right to free speech [6][8] Group 2: Reactions and Statements - UAW Vice President Laura Dickerson remarked that Trump's response was inappropriate and not reflective of how a president should treat working people [5][6] - Ford's executive chairman, Bill Ford, expressed embarrassment over the incident, calling it unfortunate [6] - The White House defended Trump's reaction, labeling Sabula as a "lunatic" and asserting that the president's response was appropriate [12] Group 3: Sabula's Perspective - Sabula stated he has "no regrets whatsoever" about his confrontation with Trump, believing he seized an important opportunity [8] - He expressed concerns about potential political retribution for embarrassing Trump in front of his associates [8][11] - Sabula identified himself as a political independent who had not voted for Trump but had supported other Republican candidates [11]

黑猫大数据中心根据国家市场监督管理总局于2026年2月份发布的国内乘用车召回公告相关数据，带消 费者整体回顾2026年1月份汽车召回情况。 黑猫大数据中心依托消费投诉 【下载黑猫投诉客户端】数据，从分布、趋势、行业热点问题等多个角 度全面梳理、盘点消费者投诉情况及关注热点，全面客观地反映消费行业发展动态、热点舆情事件、企 业服务质量。 1月召回17174辆汽车 1月份共发布乘用车召回公告6则，涉及召回乘用车总量共计17174辆，环比2025年12月份减少了 91.38%。 日系品牌占召回总量超九成 1月乘用车召回涉及进口、合资、自主等品牌类型。国别类型具体分布如下： 日系品牌：丰田召回15978辆，占本月召回总量的93.04%； 宾利因"动力电池内部故障，可能导致部分电芯内的隔膜损坏并短路。极端情况下，可能造成动力电池 过热，引发起火事故"召回部分2023-2024年款进口宾利添越混合动力系列汽车，共计64辆。厂商将委托 授权经销商，免费为召回范围内的车辆升级控制单元软件，通过软件监控电池内部潜在的异常情况并向 用户发出预警提示。出现预警提示的车辆将被限制充电量最高至50%，需尽快回店接受检查。经销商将 通过 ...

🚀 Consumer Reports crowns the 2026 Tesla Model Y Best Electric Vehicle — the ONLY full EV on their elite 10 Top Picks list!Why? More compliant ride + acoustic glass for a whisper-quiet cabin, upgraded premium interiors, rear passenger touchscreen, thrilling sports-car acceleration, razor-sharp handling, comfy seats with epic forward views, long real-world range, massive Supercharger access... and most importantly, reliability keeps climbing.The refresh answered every critique — now it's the mature, unbeatab ...

Core Insights - Tesla's head of sales for North America, Raj Jegannathan, is leaving the company, marking a significant turnover in leadership within the organization [1][2] - This departure is part of a broader trend of executive exits at Tesla, coinciding with consecutive annual declines in vehicle deliveries [3] - The company is facing a slowdown in electric vehicle demand in the US and is shifting focus towards investments in artificial intelligence, autonomous driving, and humanoid robots [4] Executive Departures - Raj Jegannathan, who was responsible for sales and IT functions, is the latest in a series of high-profile exits, including longtime Musk confidant Omead Afshar and other key leaders [2][3] - The turnover in leadership positions has been notable, with several executives leaving in a short span, indicating potential instability within the company's management [3] Market Position - Tesla has lost its status as the world's largest seller of electric vehicles to BYD Co. from China, highlighting the competitive pressures in the EV market [4] - The company is navigating a challenging environment with declining vehicle deliveries, which may impact its market share and growth prospects [3][4]

刚过质保期没几天，发动机故障灯就亮了，去4S店一问维修费上万——这种"巧合"让不少车主又气又无 奈。汽车作为大宗消费品，使用周期长、涉及金额高，一旦出现问题，消费者往往处于信息与资源的弱 势方。如何有效维权、找到靠谱的投诉渠道，成为很多车主关心的话题。今天我们就来系统梳理一下汽 车投诉的常见途径，帮你理性维权、少走弯路。 一、官方投诉渠道：12315与市场监管部门 遇到汽车质量问题或服务纠纷，首先应该想到的是12315平台。这是国家市场监督管理总局主办的官方 投诉举报平台，支持网站、APP、微信小程序、电话等多种方式提交。12315的优势在于其权威性和执 法权，投诉信息会直接分流到属地市场监管部门处理，适合涉及安全、欺诈、三包责任等较严重的纠 纷。 此外，如果问题涉及车辆缺陷、安全隐患，还可以向国家市场监督管理总局缺陷产品管理中心提交线 索，这也是汽车召回制度的重要信息来源。对于合同纠纷、价格欺诈等问题，也可向当地商务部门或消 协反映。 二、行业平台与媒体监督：多一个渠道多一份力 除了官方途径，还有一些行业性、媒体性的投诉平台 【下载黑猫投诉客户端】可以作为补充。比如黑 猫投诉，作为新浪旗下的公益性消费纠纷解 ...