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NIO Inc. Class A
(9866)
Select Model
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Rating:51Neutral
Price Target:
HK$30.00
▼(-14.48% Downside)
Action:Reiterated
Date:08/21/26
The score is held back primarily by weak financial fundamentals—persistent losses, negative free cash flow, and elevated leverage—alongside a technically weak price trend below key moving averages. These are partly offset by a constructive earnings-call outlook showing sharp YoY operational improvements, stronger margins, positive non-GAAP profitability/cash generation, and supportive guidance, while valuation remains difficult to support due to negative earnings and no dividend yield provided.
Positive Factors
Rapid delivery and revenue growth
Near-doubling deliveries and more than doubling revenue indicate strong customer adoption across NIO, ONVO, and FIREFLY. If the product cycle sustains this momentum, greater scale should support brand reach, operating leverage, and a stronger competitive position over the next several quarters.
Negative Factors
Persistent GAAP losses and negative free cash flow
Despite improved operating cash flow and narrower losses, NIO remains unprofitable under GAAP and continues to consume cash after investment spending. This limits internally funded growth, leaves execution dependent on continued financial resources, and makes durable earnings conversion a key unresolved issue.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid delivery and revenue growth
Near-doubling deliveries and more than doubling revenue indicate strong customer adoption across NIO, ONVO, and FIREFLY. If the product cycle sustains this momentum, greater scale should support brand reach, operating leverage, and a stronger competitive position over the next several quarters.
Read all positive factors
NIO Inc. Class A (9866) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$72.40B
Dividend YieldN/A
Average Volume (3M)5.73M
Price to Earnings (P/E)―
Beta (1Y)1.13
Revenue Growth70.16%
EPS Growth82.65%
CountryHK
Employees35,032
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-4.10
Shares Outstanding2,361,371,600
10 Day Avg. Volume7,631,300
30 Day Avg. Volume5,731,025
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)20.09
Price to Sales (P/S)0.96
P/FCF Ratio-27.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$48.76Price Target Upside39.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-0.68
Revenue Forecast (FY)HK$151.52B
NIO Inc. Class A Business Overview & Revenue Model
Company Description
NIO Inc., based in Shanghai, China, is a prominent player in the smart electric vehicle market, managing the entire process from design and development to manufacturing and sales within China. Its product lineup features various electric SUVs, ava...
How the Company Makes Money
NIO primarily makes money by selling electric vehicles to customers, with revenue recognized from delivering vehicles (typically including the vehicle body and, depending on the customer’s configuration, the battery and other options). In addition...
NIO Inc. Class A Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong year-over-year operational and financial improvement: nearly doubled deliveries YoY, revenue growth >100% YoY, materially improved vehicle and overall gross margins, positive non-GAAP operating profit and positive operating cash flow, large cash balance, multiple product milestones and substantial progress on in-house chips and smart driving. Offsetting risks include quarter-over-quarter revenue and delivery declines, ongoing GAAP net loss, significant raw material and memory cost pressure (>RMB 10,000 per car), upfront investment needs for swap station expansion, and the need to build brand awareness for newer brands (ONVO). Management provided margin and profitability targets (vehicle margin ~17%-18% for full year, positive non-GAAP operating profit) and outlined mitigation actions. On balance, the strong YoY growth, improved margins, product momentum and cash generation outweigh the near-term headwinds and execution risks highlighted on the call.Positive Updates
Strong YoY Delivery Growth
Total deliveries of 83,465 smart EVs in Q1 2026, up 98.3% year-over-year. Brand breakdown: NIO 58,543; ONVO 13,339; FIREFLY 11,583. April deliveries 29,356, up 22.8% year-over-year.
Negative Updates
Quarter-over-Quarter Revenue and Delivery Decline
Revenues down 26.3% quarter-over-quarter and vehicle sales down 27.9% quarter-over-quarter, driven by fewer deliveries in the quarter and decreases in technical R&D services and used car sales.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong YoY Delivery Growth
Total deliveries of 83,465 smart EVs in Q1 2026, up 98.3% year-over-year. Brand breakdown: NIO 58,543; ONVO 13,339; FIREFLY 11,583. April deliveries 29,356, up 22.8% year-over-year.
Read all positive updates
Company Guidance
Guidance highlights: management expects Q2 deliveries of 11,000–11,500 units (implying year‑over‑year growth of 52.7%–59.6%), targets vehicle margin of roughly 17%–18% for Q2 and the full year despite an estimated >RMB10,000 per‑unit cost headwind, and aims to deliver a positive full‑year non‑GAAP operating profit; quarterly R&D spending is guided at about RMB2.0–2.5 billion and SG&A is targeted around 10% of revenues (with Q2 marketing/launch spend seasonally higher), other‑sales margin is targeted near 20% for 2026, and the company plans to add >1,000 power‑swap stations this year (fifth‑generation swaps rolling out at scale in Q3) while equipping >80%–85% of cars with its in‑house driving chip in H2; for context Q1 results included 83,465 deliveries (+98.3% YoY), RMB25.5 billion total revenue (+112.2% YoY), RMB22.8 billion vehicle sales (+129.2% YoY), Q1 vehicle margin 18.8%, overall gross margin 19.0%, other sales margin 20.6%, positive operating cash flow and ending cash/equivalents of RMB48.2 billion (adjusted operating profit RMB66.8 million; adjusted net profit RMB43.5 million).NIO Inc. Class A Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
20
Very Negative
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 100.47B | 87.49B | 65.73B | 55.62B | 49.27B | 36.14B |
| Gross Profit | 15.77B | 11.92B | 6.49B | 3.05B | 5.14B | 6.82B |
| EBITDA | -7.89B | -4.56B | -18.50B | -15.15B | -10.05B | -985.36M |
| Net Income | -9.02B | -14.57B | -22.66B | -21.15B | -14.56B | -10.57B |
Balance Sheet | ||||||
| Total Assets | 126.20B | 124.45B | 107.60B | 117.38B | 96.26B | 82.88B |
| Cash, Cash Equivalents and Short-Term Investments | 31.77B | 45.80B | 33.47B | 49.75B | 39.06B | 52.39B |
| Total Debt | 26.57B | 31.26B | 33.77B | 50.38B | 23.71B | 20.10B |
| Total Liabilities | 111.70B | 111.76B | 94.10B | 91.65B | 68.62B | 44.82B |
| Stockholders Equity | 4.34B | 4.16B | 5.97B | 25.55B | 23.87B | 34.71B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -2.99B | -16.99B | -15.72B | -10.84B | -2.11B |
| Operating Cash Flow | 0.00 | 2.92B | -7.85B | -1.38B | -3.87B | 1.97B |
| Investing Cash Flow | 0.00 | -10.68B | -4.96B | -10.89B | 10.39B | -39.76B |
| Financing Cash Flow | 0.00 | 6.18B | 1.77B | 27.66B | -1.62B | 18.13B |
NIO Inc. Class A Technical Analysis
Negative
35.08
Price Trends
36.10
Negative
40.63
Negative
41.03
Negative
Market Momentum
-2.12
Positive
31.17
Neutral
10.12
Positive
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 35.08 is above the 20-day moving average (MA) of 33.15, below the 50-day MA of 36.10, and below the 200-day MA of 41.03, indicating a bearish trend. The MACD of -2.12 indicates Positive momentum. The RSI at 31.17 is Neutral, neither overbought nor oversold. The STOCH value of 10.12 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9866.
NIO Inc. Class A Risk Analysis
NIO Inc. Class A disclosed 122 risk factors in its most recent earnings report. NIO Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NIO Inc. Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$183.56B | 9.22 | 17.21% | 3.01% | 34.63% | 6.58% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | HK$127.55B | 20.76 | 6.90% | 5.25% | 19.18% | -48.45% | |
54 Neutral | HK$824.84B | 26.59 | 12.56% | 0.50% | -5.22% | -30.07% | |
53 Neutral | HK$81.05B | -22.47 | -10.72% | ― | 29.34% | 23.95% | |
51 Neutral | HK$72.40B | -12.70 | -108.55% | ― | 70.16% | 82.65% | |
48 Neutral | HK$101.20B | -17.97 | -6.52% | ― | -24.50% | -159.09% |
* Consumer Cyclical Sector Average
HK:9866
NIO Inc. Class A
29.72
-16.18
-35.25%
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NIO Inc. Class A Corporate Events
NIO Boosts August Deliveries and Expands Battery Swap Network to Cement Premium EV Lead
Sep 1, 2026
NIO reported August 2026 deliveries of 35,836 vehicles, up 14.5% year over year, with contributions from its NIO, ONVO and FIREFLY brands pushing cumulative deliveries to 1,260,485. Year-to-date deliveries reached 262,893, a 57.9% increase, unders...
NIO Sets September 1 Board Meeting to Approve and Present Q2 2026 Results
Aug 20, 2026
NIO Inc. has scheduled a board meeting for September 1, 2026, to approve its unaudited financial results for the three- and six-month periods ended June 30, 2026, and plans to publish the second-quarter figures that day on both the Hong Kong excha...
NIO’s July Deliveries Surge as ES8 Expansion Bolsters Premium EV Leadership
Aug 2, 2026
NIO Inc. reported strong July 2026 performance with 35,934 vehicle deliveries, a 71% year‑on‑year increase that lifted total deliveries in the first seven months of 2026 to 227,057, up 68% year‑over‑year. The monthly figure...
NIO Shareholders Approve All Resolutions at 2026 Annual General Meeting
Jun 24, 2026
NIO Inc., a weighted voting rights-controlled electric vehicle maker listed in Hong Kong and on the NYSE, maintains a dual-class share structure in which Class A ordinary shares carry one vote and Class C ordinary shares carry eight votes at gener...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.