NIO Inc. Class A (9866) AI Stock Analysis

• Market Cap: HK$117.89B
• Dividend Yield: N/A
• Average Volume (3M): 11.11M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.31
• 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: 1,946,478,900
• 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$58.67
• Price Target Upside: 45.80% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 39 Underperform
• Price Target: HK$41.00 ▲(1.89% Upside)

The overall stock score is primarily influenced by financial performance and technical analysis. NIO's strong revenue growth is overshadowed by profitability and liquidity challenges. The bearish technical indicators and negative valuation metrics further weigh down the score. Despite positive guidance from the earnings call, the financial and technical weaknesses are more significant.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, supporting long-term business expansion.

Technological Advancements

Developing proprietary technology enhances competitive advantage and positions NIO as a leader in smart vehicle innovation.

Market Expansion

Expanding infrastructure supports vehicle adoption and customer convenience, strengthening NIO's market presence.

Negative Factors

Profitability Challenges

Persistent net losses highlight ongoing profitability challenges, which can impact long-term financial sustainability.

Rising Debt Levels

Increasing debt levels may strain financial resources and limit strategic flexibility, posing risks to future growth.

Cash Flow Issues

Negative cash flow indicates challenges in covering operational costs, potentially affecting liquidity and investment capacity.

NIO Inc. Class A Business Overview & Revenue Model

Company Description

NIO Inc. Class A (9866) is a leading Chinese electric vehicle manufacturer, specializing in the design, development, manufacturing, and sale of smart electric vehicles. The company primarily operates in the electric vehicle sector, focusing on premium electric cars equipped with advanced technology and innovative features. NIO's product portfolio includes several electric vehicle models, such as the ES8, ES6, and EC6, as well as the innovative battery-as-a-service (BaaS) model that allows customers to lease batteries separately from the vehicle.

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

NIO Inc. shows strong revenue growth but struggles with profitability and cash flow management. Declining gross profit margins and negative net income highlight operational inefficiencies. High debt levels and reduced equity position indicate financial risks, while negative cash flows present liquidity concerns.

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: Negative
• Last Price: 40.24
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9866, the sentiment is Negative. The current price of 40.24 is below the 20-day moving average (MA) of 42.76, below the 50-day MA of 50.19, and above the 200-day MA of 39.31, indicating a neutral trend. The MACD of -3.17 indicates Negative momentum. The RSI at 35.27 is Neutral, neither overbought nor oversold. The STOCH value of 36.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
2333	73 Outperform	$187.42B	10.89	13.04%	3.29%	7.93%	-12.94%
0175	72 Outperform	$175.38B	9.70	17.60%	1.86%	―	―
2238	64 Neutral	$71.31B	-9.34	-3.15%	1.37%	-8.79%	-212.16%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
2015	59 Neutral	€156.95B	18.96	7.01%	―	-10.21%	-54.95%
9868	53 Neutral	HK$169.45B	-36.42	-9.03%	―	86.21%	51.50%
9866	39 Underperform	HK$117.89B	-4.52	-297.21%	―	14.73%	2.81%

NIO Inc. Class A Corporate Events

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.

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.

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.

NIO Day 2025: Unveiling Innovations in Electric Vehicles

NIO Inc. recently held its NIO Day 2025 event in Hangzhou, China, marking the first time the event took place in autumn. The event, themed ‘Grow with the Light,’ showcased NIO’s latest products and innovations, including the launch of the ET9 Horizon Edition and the All-New ES8, which highlight NIO’s commitment to technological advancement and luxury in the electric vehicle market. The ET9 Horizon Edition, with its unique two-tone design, and the All-New ES8, a premium large three-row SUV, represent NIO’s ongoing innovation in the electric vehicle sector. The event also emphasized NIO’s dedication to community support, with proceeds from the user marketplace being donated to charity.

NIO Inc. Completes $1.16 Billion Equity Offering to Fuel Innovation and Growth

NIO Inc. has announced the completion of a US$1.16 billion equity offering, involving the sale of Class A ordinary shares and American depositary shares (ADSs). The proceeds from this offering will be used to invest in research and development of core technologies for smart electric vehicles, develop future technology platforms, expand its battery swapping and charging network, and strengthen its balance sheet. This move is expected to bolster NIO’s position in the smart electric vehicle industry and support its growth and innovation strategies.