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NIO Inc. Class A
(9866)
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Rating:45Neutral
Price Target:
HK$24.50
▼(-30.16% Downside)
Action:Reiterated
Date:09/13/26
The score is held down primarily by weak financial fundamentals (ongoing losses, high leverage, and negative free cash flow) and bearish technicals (price below major moving averages with negative MACD). The latest earnings call provides a meaningful offset via improving operating performance and cash flow guidance, while valuation remains difficult to support due to negative earnings and no stated dividend yield.
Positive Factors
Strong Revenue and Delivery Growth
Rapid growth in deliveries and vehicle revenue indicates expanding demand across NIO, ONVO and FIREFLY rather than reliance on one model. Continued volume momentum can improve fixed-cost absorption, support brand reach and strengthen the company’s operating position over the next several quarters.
Negative Factors
Highly Leveraged Balance Sheet
Very high leverage combined with shrinking equity leaves NIO with limited financial flexibility while it continues investing in products, technology and infrastructure. Interest, refinancing and funding requirements could constrain strategic choices and make the company more vulnerable if operating improvements weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue and Delivery Growth
Rapid growth in deliveries and vehicle revenue indicates expanding demand across NIO, ONVO and FIREFLY rather than reliance on one model. Continued volume momentum can improve fixed-cost absorption, support brand reach and strengthen the company’s operating 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$63.48B
Dividend YieldN/A
Average Volume (3M)4.08M
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue Growth70.16%
EPS Growth82.65%
CountryHK
Employees35,032
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-2.08
Shares Outstanding2,361,371,600
10 Day Avg. Volume4,263,099
30 Day Avg. Volume4,079,733
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$49.31Price Target Upside40.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-0.67
Revenue Forecast (FY)HK$150.62B
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:Sep 01, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call was strongly positive overall. NIO reported 49.4% year-over-year delivery growth, 69.1% revenue growth, substantially improved year-over-year margins, continued non-GAAP operating profitability, positive operating and free cash flow, and a cash position of RMB 56.7 billion. The company also highlighted strong flagship-model demand, brand leadership, smart-driving adoption, power-network expansion and future product plans. Key challenges included rising material and chip costs, a slight quarter-over-quarter gross-margin decline, higher SG&A and R&D expenses, a quarter-over-quarter increase in net loss, and moderate ONVO brand awareness and order momentum.Positive Updates
Strong Q2 Vehicle Deliveries
NIO delivered 107,658 smart EVs in Q2, representing year-over-year growth of 49.4%. The NIO, ONVO and FIREFLY brands each achieved year-over-year and quarter-over-quarter growth in both sales volume and average transaction price.
Negative Updates
Raw Material and Chip Cost Pressure
NIO faced pressure from sharply rising raw material costs, including memory chips, batteries and other bulk materials. Compared with late Q4 last year, the average cost impact was around RMB 14,000 per car in Q2, and management expected material costs to increase by another RMB 2,000 to RMB 3,000.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Q2 Vehicle Deliveries
NIO delivered 107,658 smart EVs in Q2, representing year-over-year growth of 49.4%. The NIO, ONVO and FIREFLY brands each achieved year-over-year and quarter-over-quarter growth in both sales volume and average transaction price.
Read all positive updates
Company Guidance
Guidance included Q3 total deliveries of 108,000 to 111,000 units, Q4 average volume of over 40,000 units per month, and annual volume growth of around 40% to 50% for the mid and long term; vehicle gross margin is expected to remain at the same level as Q2’s 18.5% in Q3 and Q4, while positive free cash flow and operating cash flow are expected in Q3 and Q4. Full-year CapEx is expected to be roughly RMB 6 billion to RMB 7 billion per year, the company still plans to build 1,000 new power swap stations this year, R&D investment is expected to be roughly RMB 2.5 billion per quarter, and second-half SG&A expenses are expected to be around 10% to 11% of sales revenue under the non-GAAP standard; material cost is expected to continue to increase by another RMB 2,000 to RMB 3,000.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 | 113.63B | 87.49B | 65.73B | 55.62B | 49.27B | 36.14B |
| Gross Profit | 19.78B | 11.92B | 6.49B | 3.05B | 5.14B | 6.82B |
| EBITDA | -3.82B | -4.56B | -14.17B | -15.15B | -10.05B | -985.36M |
| Net Income | -4.41B | -14.57B | -22.66B | -21.15B | -14.56B | -10.57B |
Balance Sheet | ||||||
| Total Assets | 136.19B | 124.45B | 107.60B | 117.38B | 96.26B | 82.88B |
| Cash, Cash Equivalents and Short-Term Investments | 56.59B | 45.80B | 33.47B | 49.75B | 39.06B | 52.39B |
| Total Debt | 28.99B | 31.26B | 33.77B | 50.38B | 23.71B | 20.10B |
| Total Liabilities | 121.92B | 111.76B | 94.10B | 91.65B | 68.62B | 44.82B |
| Stockholders Equity | 4.06B | 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
28.96
Negative
33.76
Negative
38.63
Negative
Market Momentum
-0.99
Negative
37.62
Neutral
11.25
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 26.47, above the 50-day MA of 28.96, and below the 200-day MA of 38.63, indicating a bearish trend. The MACD of -0.99 indicates Negative momentum. The RSI at 37.62 is Neutral, neither overbought nor oversold. The STOCH value of 11.25 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$147.22B | 7.47 | 17.21% | 3.68% | 27.19% | 3.59% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | HK$119.12B | 19.87 | 6.90% | 6.14% | 19.18% | -48.45% | |
54 Neutral | HK$725.37B | 25.54 | 12.56% | 0.60% | -5.22% | -30.07% | |
53 Neutral | HK$68.14B | -18.75 | -10.72% | ― | 29.34% | 23.96% | |
48 Neutral | HK$89.34B | -16.31 | -6.52% | ― | -24.50% | -159.09% | |
45 Neutral | HK$63.48B | -10.33 | -108.58% | ― | 70.16% | 82.65% |
* Consumer Cyclical Sector Average
HK:9866
NIO Inc. Class A
25.26
-29.34
-53.74%
HK:1211
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-31.87
-31.83%
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13.84
-4.09
-22.79%
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-55.05%
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HK:9868
XPeng, Inc. Class A
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NIO Inc. Class A Corporate Events
NIO Strikes RMB16 Billion Battery Swapping and Charging Alliance With Geely
Sep 28, 2026
NIO Inc., a leading Chinese smart electric vehicle maker, has signed definitive agreements with subsidiaries of Zhejiang Geely Holding Group to deepen cooperation in battery swapping and charging. The deal centers on NIO Power, NIO’s battery...
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...
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.