NIO Inc. Class A (9866) AI Stock Analysis

• Market Cap: HK$85.61B
• Dividend Yield: N/A
• Average Volume (3M): 11.11M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.28
• Revenue Growth: 14.73%
• EPS Growth: 2.81%
• Country: HK
• Employees: 45,635
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Manufacturers
• EPS (TTM): -1.25
• Shares Outstanding: 2,099,062,700
• 10 Day Avg. Volume: 9,875,126
• 30 Day Avg. Volume: 11,109,198
• PEG Ratio: 0.26
• Price to Book (P/B): 11.25
• Price to Sales (P/S): 1.02
• P/FCF Ratio: -3.95
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$58.02
• Price Target Upside: 50.23% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: HK$36.00 ▼(-6.78% Downside)

The score is primarily weighed down by weak financial performance—ongoing losses, deteriorating operating/free cash flow, and a more leveraged balance sheet with sharply reduced equity. Technicals also point to a bearish trend with negative momentum indicators and price below key moving averages. Valuation remains unattractive on an earnings basis due to the company’s loss-making position.

Positive Factors

Delivery and Demand Growth

Sustained, rapid delivery growth is a durable indicator of market traction and revenue scalability. Higher unit volumes improve fixed-cost absorption and dealer/service network economics, supporting long-term top-line expansion and potential pathway to improved unit margins as scale rises.

Battery-as-a-Service (BaaS) Recurring Revenue

The BaaS offering creates a structural recurring revenue stream and customer lock-in, reducing upfront purchase friction. Over time, predictable leasing income can stabilize cash flows, raise lifetime customer value, and enable differentiated pricing and margin expansion versus one-time vehicle sales.

Multi-brand Product Diversification

A diversified product lineup across premium, mid and small-car brands broadens NIO's addressable market and reduces reliance on a single model. Structural portfolio breadth supports better market coverage, cross-selling of services like BaaS, and resilience to shifts in segment-level demand.

Negative Factors

Persistent Unprofitability and Margin Pressure

Despite strong revenue growth, ongoing net losses and falling gross margins indicate structural challenges converting sales into sustainable profits. Continued margin compression undermines internal funding for R&D and capex, increasing reliance on external financing and pressuring long-term return on capital.

Deteriorating Operating Cash Flow and Negative FCF

Deepening negative operating cash flow and free cash flow are durable red flags for liquidity and self-funding capability. Persistent cash burn constrains capital allocation, forces repeated financing or asset sales, and raises the risk that growth initiatives cannot be sustained without dilution or higher leverage.

Rising Leverage and Weakened Equity Base

Significantly higher debt combined with a sharply reduced equity base materially increases financial risk and reduces flexibility. Elevated leverage raises interest and covenant risks, limits ability to absorb shocks, and may constrain strategic investments or force costly refinancing decisions over the medium term.

NIO Inc. Class A Business Overview & Revenue Model

Company Description

NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China. It offers five, six, and seven-seater electric SUVs, as well as smart electric sedans. The company is also involved in the provision of energy and service packages to its users; design and technology development activities; manufacture of e-powertrains, battery packs, and components; and sales and after sales management activities. In addition, it offers power solutions, including Power Home, a home charging solution; Power Swap, a battery swapping service; Power Charger, a fast-charging solution; Power Mobile, a mobile charging service through charging vans; Power Map, an application that provides access to a network of public chargers and their real-time information; and One Click for Power valet service, where it offers vehicle pick up, charging, and swapping services. Further, the company provides repair, maintenance, and bodywork services through its NIO service centers and authorized third-party service centers; statutory and third-party liability insurance, and vehicle damage insurance through third-party insurers; courtesy vehicle services; roadside assistance; data packages; and auto financing and financial leasing services. Additionally, it offers NIO Certified, a used vehicle inspection, evaluation, acquisition, and sales service. The company was formerly known as NextEV Inc. and changed its name to NIO Inc. in July 2017. NIO Inc. was incorporated in 2014 and is headquartered in Shanghai, China.

How the Company Makes Money

NIO generates revenue through multiple key streams, primarily from the sale of its electric vehicles. The company sells its various models directly to consumers, which is a significant portion of its revenue. Additionally, NIO has established a unique battery-as-a-service (BaaS) model that allows customers to buy vehicles without owning the battery, providing flexibility and reducing the initial purchase cost. This service generates recurring revenue through battery leasing fees. The company also benefits from sales of related services, including vehicle maintenance and software updates, as well as partnerships with various organizations for technology development and infrastructure support. Moreover, NIO has engaged in strategic collaborations with other automakers and tech companies to enhance its product offerings and expand its market presence.

NIO Inc. Class A Financial Statement Overview

Summary

Revenue is growing strongly (up to 65.7B in 2024), but profitability remains weak with persistent negative net income, negative EBIT/EBITDA margins, and slightly declining gross margin (10.4% in 2021 to 9.9% in 2024). Balance sheet risk increased as debt rose (20.0B in 2021 to 33.7B in 2024) and equity fell sharply (25.5B in 2023 to 5.9B in 2024). Cash flow is a major concern with operating cash flow deteriorating to -7.85B in 2024 and negative free cash flow.

Income Statement

NIO Inc.'s income statement shows a consistent growth in total revenue over the years, with a noticeable increase from 49.3 billion in 2022 to 65.7 billion in 2024. However, the company has been unable to convert this revenue growth into profitability, as indicated by the persistent negative net income and declining gross profit margins, which fell from 10.4% in 2021 to 9.9% in 2024. The EBIT and EBITDA margins remain negative, reflecting ongoing operational challenges.

Balance Sheet

The balance sheet highlights a stable asset base, but with rising total debt levels, which increased from 20 billion in 2021 to 33.7 billion in 2024, leading to a high debt-to-equity ratio. The stockholders' equity decreased significantly from 25.5 billion in 2023 to 5.9 billion in 2024, indicating financial strain. The equity ratio shows weakness, suggesting a reliance on debt financing.

Cash Flow

The cash flow analysis reveals negative operating cash flow, worsening from -1.38 billion in 2023 to -7.85 billion in 2024, and a negative free cash flow trajectory, which indicates cash flow challenges. The company has been unable to generate sufficient cash from operations to cover capital expenditures, posing liquidity risks.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	69.42B	65.73B	55.62B	49.27B	36.14B	16.26B
Gross Profit	7.13B	6.49B	3.05B	5.14B	6.82B	1.87B
EBITDA	-21.25B	-18.50B	-15.15B	-10.05B	-985.36M	-3.33B
Net Income	-24.31B	-22.66B	-21.15B	-14.56B	-10.57B	-5.61B
Balance Sheet
Total Assets	100.05B	107.60B	117.38B	96.26B	82.88B	54.64B
Cash, Cash Equivalents and Short-Term Investments	17.80B	33.47B	49.75B	39.06B	52.39B	42.38B
Total Debt	29.10B	33.77B	50.38B	23.71B	20.10B	9.52B
Total Liabilities	93.43B	94.10B	91.65B	68.62B	44.82B	27.47B
Stockholders Equity	-1.21B	5.97B	25.55B	23.87B	34.71B	27.17B
Cash Flow
Free Cash Flow	0.00	-16.99B	-15.72B	-10.84B	-2.11B	823.21M
Operating Cash Flow	0.00	-7.85B	-1.38B	-3.87B	1.97B	1.95B
Investing Cash Flow	0.00	-4.96B	-10.89B	10.39B	-39.76B	-5.07B
Financing Cash Flow	0.00	1.77B	27.66B	-1.62B	18.13B	41.36B

NIO Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 38.62
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9866, the sentiment is Neutral. The current price of 38.62 is above the 20-day moving average (MA) of 37.27, below the 50-day MA of 39.56, and below the 200-day MA of 40.00, indicating a neutral trend. The MACD of -0.75 indicates Negative momentum. The RSI at 51.88 is Neutral, neither overbought nor oversold. The STOCH value of 84.66 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:9866.

NIO Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
0175	72 Outperform	HK$182.45B	9.37	17.60%	1.95%	―	―
2333	67 Neutral	HK$176.82B	9.70	13.04%	3.41%	7.93%	-12.94%
2238	64 Neutral	$76.42B	-10.95	-3.15%	1.35%	-8.79%	-212.16%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
2015	59 Neutral	€138.28B	29.15	7.01%	―	-10.21%	-54.95%
9868	53 Neutral	HK$142.71B	-44.98	-9.03%	―	86.21%	51.50%
9866	40 Underperform	HK$85.61B	-3.29	-297.21%	―	14.73%	2.81%

NIO Inc. Class A Corporate Events

NIO Nears One Million EV Deliveries After Record 2025 Growth

NIO Inc., the Chinese smart electric vehicle maker listed in New York, Hong Kong and Singapore, reported record delivery volumes across December, the fourth quarter and full year 2025, underscoring rapid growth across its multi-brand portfolio spanning premium NIO models, family-focused ONVO vehicles and small high-end FIREFLY cars. The company delivered 48,135 vehicles in December, 124,807 in the fourth quarter and 326,028 for the full year, representing year-on-year increases of 54.6%, 71.7% and 46.9% respectively, bringing cumulative deliveries close to the one-million mark at 997,592; its flagship All-New ES8 SUV alone surpassed 40,000 cumulative deliveries and set a speed record among high-priced battery electric vehicles in China, reinforcing NIO’s competitive positioning in the upper-end EV segment and signalling growing consumer acceptance of its technology- and service-driven model.

The most recent analyst rating on (HK:9866) stock is a Hold with a HK$52.00 price target. To see the full list of analyst forecasts on NIO Inc. Class A stock, see the HK:9866 Stock Forecast page.

NIO Inc. Reports Record Vehicle Deliveries in November 2025

NIO Inc. reported a significant increase in vehicle deliveries for November 2025, with 36,275 vehicles delivered, marking a 76.3% year-over-year growth. This includes deliveries from its three brands: NIO, ONVO, and FIREFLY. The company’s cumulative deliveries reached 949,457 by the end of November 2025, reflecting its strong position in the smart electric vehicle market and its commitment to innovation and growth.

The most recent analyst rating on (HK:9866) stock is a Hold with a HK$52.00 price target. To see the full list of analyst forecasts on NIO Inc. Class A stock, see the HK:9866 Stock Forecast page.

NIO Inc. Reports Strong Q3 2025 Financial Results with Increased Deliveries and Revenue

NIO Inc. announced its unaudited financial results for the third quarter of 2025, reporting total revenues of RMB21,793.9 million (US$3,061.4 million) and vehicle deliveries of 87,071 units. This represents a significant increase in both revenue and deliveries compared to the same period in 2024 and the previous quarter, highlighting the company’s strong performance and growth in the smart electric vehicle market.

The most recent analyst rating on (HK:9866) stock is a Sell with a HK$41.00 price target. To see the full list of analyst forecasts on NIO Inc. Class A stock, see the HK:9866 Stock Forecast page.

NIO Inc. Schedules Board Meeting to Approve Q3 2025 Financial Results

NIO Inc. has announced that its board of directors will hold a meeting on November 24, 2025, to approve the company’s unaudited financial results for the third quarter of 2025. The results will be published the following day, and an earnings conference call will be hosted by the company’s management to discuss the outcomes. This announcement is significant for stakeholders as it provides insights into the company’s financial performance and future prospects.

The most recent analyst rating on (HK:9866) stock is a Hold with a HK$60.00 price target. To see the full list of analyst forecasts on NIO Inc. Class A stock, see the HK:9866 Stock Forecast page.