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.

Core Viewpoint - NIO Inc. is positioned positively in the market, with Morgan Stanley maintaining an Overweight rating and a price target of $7, reflecting confidence in the company's growth potential and strategic direction [1][2]. Group 1: Company Performance and Strategy - NIO Inc. anticipates a delivery growth of 40-50% annually over the next two years, projecting 2026 volumes between 456,000 and 489,000 vehicles [3]. - The introduction of new models, including the ES9, ES7, and Onvo L80, is expected to drive higher demand, with the ES9 projected to be a significant profit contributor at an average selling price of approximately ¥500,000 [3]. - The estimated profit margin on the ES9 is expected to exceed ¥100,000 per vehicle, indicating strong potential for profitability [3]. Group 2: Market Position and Competitive Landscape - Despite facing a competitive domestic market, NIO's management has updated its strategy to be more focused, which is viewed positively by analysts [2]. - The company's long-term potential in autonomous driving is highlighted as a key area for future growth [2].

Summary of NIO Inc. Conference Call Company Overview - **Company**: NIO Inc. - **Industry**: China Autos & Shared Mobility - **Date of Call**: January 27, 2026 Key Points Deliveries and Growth Projections - NIO's founder, William Li, projected that deliveries could achieve a **40-50% CAGR** over the next two years, estimating **456-489k units** in 2026, supported by new models such as ES9, ES7, and Onvo L80 [2] - The ES9 model is expected to be crucial for higher margins, potentially exceeding **Rmb100k** profit per unit, with an average selling price (ASP) above **Rmb500k**, allowing competition with models like BMW X5 and Mercedes GLE [2] Market Strategy - NIO plans to introduce **2-3 Onvo models** in the **Rmb150-200k** segment, targeting an **8-10% market share** in this segment [3] - The company aims to reach potential customers in the sub-**Rmb150k** segment through a Battery-as-a-Service (BAAS) subscription model [3] - Enhancing brand awareness and sales efficiency for Onvo is deemed critical in the near term [3] Autonomous Driving Commitment - NIO is committed to regaining its leading position in the **China autonomous driving (AD)** space, leveraging its in-house developed World Model, reinforcement learning model, and Shenji chips [4] - The company is optimistic about monetizing its AD software in the long run and is exploring opportunities to sell its AD chips externally [4] Market Conditions and Financial Outlook - The founder believes that **Battery Electric Vehicles (BEVs)** can grow **20% YoY** in 2026, with premium BEVs (priced over **Rmb300k**) continuing to outperform despite a weaker-than-expected January [9] - Non-auto business segments, including after-sales, financial, and technical engineering services, along with NIO Life, are expected to offset narrowing losses from battery swapping [9] - Management anticipates a maximum cost inflation of **Rmb5k** per car due to rising prices of copper, aluminum, lithium, and DRAM, but remains confident in offsetting these costs through economies of scale and improved operational efficiency [9] International Expansion - NIO targets a **20% overseas sales mix** by 2030, planning to first introduce the Firefly brand overseas, followed by Onvo, and then the NIO brand [9] Financial Metrics and Valuation - Current stock price as of January 26, 2026, is **US$4.61**, with a price target of **US$7.00**, indicating a **52% upside potential** [7] - Market capitalization is estimated at **Rmb148,901 million** [7] - Revenue projections for the fiscal years ending in 2024, 2025, and 2026 are **Rmb65,732 million**, **Rmb86,600 million**, and **Rmb128,033 million**, respectively [7] - Expected net profit is projected to break even by 2028, with a weighted average cost of capital (WACC) of **17.8%** [10] Risks - Upside risks include the introduction of new models, stronger-than-expected sales volume, and better-than-expected improvements in operating efficiency [12] - Downside risks involve weaker-than-expected sales volume and lack of efficiency improvements, alongside moderating auto sales growth affecting overall industry valuations [12] Conclusion NIO Inc. is positioning itself for significant growth in the electric vehicle market, with ambitious delivery targets and a strong focus on autonomous driving technology. The company is also exploring international markets and new product segments to enhance its market share and profitability.

November 25, 2025 05:14 PM GMT NIO Inc. | Asia Pacific Upbeat margin guidance - One step closer to breakeven? Key Takeaways NIO plans to launch three new large-size SUVs - NIO ES9, ES7, and Onvo L80 - in 2Q-3Q26 to support higher volume growth in 2026. Management targets 20% GPM in 2026 on the back of supply chain cost savings, scale, and a favorable product mix. As NIO ES6, EC6, and ES8 all come with 20%+ GPM, management is confident it can maintain its group GPM target even if promotions widen slightly am ...

Investment Rating - The report maintains an investment rating of OVERWEIGHT for the company [1][5]. Core Views - The company reported a revenue of RMB12.0 billion in Q1 2025, reflecting a year-on-year increase of 21% but a quarter-on-quarter decrease of 39%. The attributable net loss was RMB6.9 billion, up 31% year-on-year and down 3% quarter-on-quarter. The revenue slightly missed the company's estimate due to intense competition in the battery electric vehicle (BEV) market [1]. - The report suggests monitoring the sales ramp-ups of new models such as the Onvo L90 and L80 in the second half of 2025, alongside ongoing cost cuts and efficiency gains, which could lead to marginal improvements [1]. - The company delivered 42,000 new vehicles in Q1 2025, a 40% increase year-on-year but a 42% decrease quarter-on-quarter. The gross profit margin (GPM) for the quarter was 7.6%, with the automobile GPM at 10.2%. The decline in automobile GPM quarter-on-quarter is attributed to lower output and rising manufacturing costs [2]. - The Onvo L90 and L80 models are expected to leverage spacious interiors and competitive pricing to capture market share in the RMB200,000-300,000 family-facing BEV segment [3]. - The deployment of the NIO World Model (NWM) has improved safety and user experience, with a 40% improvement in precision for highway and urban scenarios [4]. - The company maintains its 2025/2026/2027 attributable net profit forecasts at RMB-14.5 billion, RMB-7.7 billion, and RMB-1.9 billion respectively, with a target price of USD4.09 [5]. Financial Summary - The company expects revenue growth from RMB55.6 billion in 2023 to RMB149.9 billion in 2027, with a compound annual growth rate (CAGR) of 19.42% [12]. - The net profit attributable to the parent is projected to improve from a loss of RMB21.1 billion in 2023 to a loss of RMB1.9 billion in 2027 [12]. - The gross profit margin is expected to increase significantly over the forecast period, reaching RMB31.8 billion by 2027 [12]. - The company’s market capitalization is approximately USD8.14 billion, with a potential upside of 13% from the current closing price of USD3.63 [8].