NIO Inc. Class A (9866) AI Stock Analysis

• Market Cap: HK$79.23B
• Dividend Yield: N/A
• Average Volume (3M): 7.47M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.49
• Revenue Growth: 22.93%
• EPS Growth: 4.35%
• Country: HK
• Employees: 45,635
• Sector: Consumer Cyclical
• Sector Strength: 64
• Industry: Auto - Manufacturers
• EPS (TTM): -3.28
• Shares Outstanding: 1,946,478,900
• 10 Day Avg. Volume: 11,399,587
• 30 Day Avg. Volume: 7,473,489
• PEG Ratio: 0.40
• Price to Book (P/B): -172.61
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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$30.17
• Price Target Upside: -20.92% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 4

• Rating: 50 Neutral
• Price Target: HK$39.00 ▲(2.23%Upside)

NIO Inc.'s overall stock score reflects the company's strong revenue growth and positive market momentum but is hampered by significant financial challenges, including negative profitability and high debt. The mixed sentiment from the earnings call further tempers the score, with operational inefficiencies and cost challenges persisting.

Positive Factors

Market Position

NIO is recognized as a pioneer and leading company in the premium smart electric vehicle market.

Product Innovation

Major product cycle refresh with seven new models to lift sales, estimating a shipment volume CAGR of ~40%.

Sales Strategy

New models to boost sales with the launch of Firefly and ramp-up of multiple models under its multi-brand strategy.

Negative Factors

Financial Performance

Net losses widened, with SG&A expenses increasing over 40% year-over-year to clear old inventory.

Guidance and Results

Weaker than expected 1Q25 guidance and 4Q24 results could negatively impact share price performance.

Market Competition

New model sales could be slower than expected due to intense market competition from affordable brands.

NIO Inc. Class A Business Overview & Revenue Model

Company Description

NIO Inc. Class A (9866) is a Chinese multinational automobile manufacturer specializing in designing and developing premium electric vehicles (EVs). Founded in 2014, NIO is headquartered in Shanghai, China, and is known for its innovative approach to electric mobility, offering smart, high-performance EVs integrated with advanced autonomous driving technologies. The company’s core products include electric SUVs and sedans, and it is recognized for its commitment to creating a user-centric brand with a focus on design, technology, and sustainability.

How the Company Makes Money

NIO Inc. primarily generates revenue through the sale of electric vehicles, including various models of SUVs and sedans. Additionally, the company offers value-added services such as battery swapping, power solutions, and an expanding network of charging stations, which further contribute to its revenue streams. NIO also provides a subscription-based Battery-as-a-Service (BaaS) model, allowing users to lease batteries separately from vehicle ownership, thus enhancing affordability and customer flexibility. Significant partnerships with technology and automotive companies help NIO enhance its product offerings and expand its market presence, further driving sales and revenue.

NIO Inc. Class A Financial Statement Overview

Summary

NIO Inc. shows strong revenue growth but struggles with profitability and cash flow management. Persistent negative net income, declining gross profit margins, high debt levels, and negative cash flows highlight operational inefficiencies and financial risks.

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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	65.73B	55.62B	49.27B	36.14B	16.26B
Gross Profit	6.49B	3.05B	5.14B	6.82B	1.87B
EBITDA	-18.50B	-15.15B	-10.05B	-985.36M	-3.33B
Net Income	-22.66B	-21.15B	-14.56B	-10.57B	-5.30B
Balance Sheet
Total Assets	107.60B	117.38B	96.26B	82.88B	54.64B
Cash, Cash Equivalents and Short-Term Investments	33.47B	49.75B	39.06B	52.39B	39.51B
Total Debt	33.77B	50.38B	23.71B	20.10B	9.43B
Total Liabilities	94.10B	91.65B	68.62B	44.82B	27.47B
Stockholders Equity	5.97B	25.55B	23.87B	34.71B	27.17B
Cash Flow
Free Cash Flow	-16.99B	-15.72B	-10.84B	-2.11B	823.21M
Operating Cash Flow	-7.85B	-1.38B	-3.87B	1.97B	1.95B
Investing Cash Flow	-4.96B	-10.89B	10.39B	-39.76B	-5.07B
Financing Cash Flow	1.77B	27.66B	-1.62B	18.13B	41.36B

NIO Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 38.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9866, the sentiment is Positive. The current price of 38.15 is above the 20-day moving average (MA) of 31.22, above the 50-day MA of 29.53, and above the 200-day MA of 34.18, indicating a bullish trend. The MACD of 2.62 indicates Negative momentum. The RSI at 74.17 is Negative, neither overbought nor oversold. The STOCH value of 81.68 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	76 Outperform	$196.25B	8.76	24.35%	0.10%	―	―
2015	73 Outperform	HK$234.35B	28.43	12.25%	―	9.84%	-30.05%
2333	70 Neutral	HK$187.81B	9.16	15.09%	0.28%	5.32%	10.61%
2238	63 Neutral	$71.33B	37.14	-0.98%	0.58%	-18.42%	-82.40%
Sector *	57 Neutral	HK$26.04B	4.09	-2.03%	5.50%	-0.23%	-68.02%
9868	54 Neutral	HK$143.36B	―	-15.50%	―	49.80%	50.02%
9866	50 Neutral	HK$79.23B	―	-239.29%	―	22.93%	4.35%

NIO Inc. Class A Corporate Events

NIO Inc. Successfully Passes Resolution at 2025 Annual General Meeting

NIO Inc. announced that the proposed resolution from their annual general meeting notice dated May 23, 2025, was successfully passed during the meeting on June 25, 2025. This development reflects the company’s ongoing governance processes and may influence its strategic direction and stakeholder engagement.

The most recent analyst rating on (HK:9866) stock is a Buy with a HK$68.10 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 AGM to Discuss Auditor Reappointment

NIO Inc. has announced its upcoming Annual General Meeting (AGM) scheduled for June 25, 2025, in Shanghai, China. The primary agenda is to re-appoint PricewaterhouseCoopers Zhong Tian LLP as the company’s auditor for the upcoming year. This meeting is significant for stakeholders as it involves voting on key resolutions that could impact the company’s governance and financial oversight.

The most recent analyst rating on (HK:9866) stock is a Buy with a HK$62.50 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. to Announce Q1 2025 Financial Results

NIO Inc. has announced a board meeting scheduled for June 3, 2025, to approve and publish its unaudited financial results for the first quarter of 2025. The company will also host an earnings conference call on the same day to discuss these results, which will be accessible via a live webcast on their investor relations website.

The most recent analyst rating on (HK:9866) stock is a Buy with a HK$68.10 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. Sets Record Date for Annual General Meeting

NIO Inc. has announced the record date for its upcoming annual general meeting of shareholders, set for May 23, 2025. This meeting will allow holders of Class A and Class C ordinary shares to vote as a single class, with specific instructions provided for those holding shares through various depository services. The announcement underscores the company’s structured approach to shareholder engagement and governance, reflecting its commitment to maintaining transparency and inclusivity in its corporate operations.