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NIO Inc. Class A (9866) AI Stock Analysis
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NIO Inc. Class A
(HKEX:9866)
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.
NIO Inc. Class A (9866) vs. iShares MSCI Hong Kong ETF (EWH)
- Market Cap
- HKD 59.54B
- Dividend Yield
- ―
- Average Volume (3M)
- 5.05M
- Price to Earnings (P/E)
- -10.3
- Beta (1Y)
- 1.06
- Revenue Growth
- 70.16%
- EPS Growth
- 82.65%
- Country
- Hong Kong
- Employees
- 35,032
- Sector
- Consumer Cyclical
- Sector Strength
- 61
- Industry
- Auto - Manufacturers
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, availa...
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 to...
NIO Inc. Class A Earnings Call Summary
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.
Q2-2026 Updates
Positive Updates
Negative 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
Revenue growth is strong, but profitability remains deeply negative (2025 operating margin ~-16.9% and net margin ~-17.1%). The balance sheet is a key risk with very high leverage (debt ~26.2B vs equity ~4.2B; debt-to-equity ~6.3x). Operating cash flow improved to positive in 2025 (~2.9B), but free cash flow is still negative (~-3.0B), indicating continued funding needs.
Income Statement
28NegativeBalance Sheet
20Very NegativeCash Flow
34Negative| 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 | -2.99B | -16.99B | -15.72B | -10.84B | -2.11B |
| Operating Cash Flow | 0 | 2.92B | -7.85B | -1.38B | -3.87B | 1.97B |
| Investing Cash Flow | 0 | -10.68B | -4.96B | -10.89B | 10.39B | -39.76B |
| Financing Cash Flow | 0 | 6.18B | 1.77B | 27.66B | -1.62B | 18.13B |
NIO Inc. Class A Technical Analysis
Price Trends
Market Momentum
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 25.26 is below the 20-day moving average (MA) of 26.41, below the 50-day MA of 28.77, and below the 200-day MA of 38.56, indicating a bearish trend. The MACD of -0.98 indicates Negative momentum. The RSI at 37.32 is Neutral, neither overbought nor oversold. The STOCH value of 13.29 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.
Latest Risks Added
3 New RisksNIO Inc. Class A Peers Comparison
Overall Rating
HK:017570Outperform
HK:233353Neutral
HK:986853Neutral
HK:121151Neutral- HK:986645Neutral
HK:201538Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| HK:0175 | 70Outperform | HKD 150.15B | 7.63 | 17.21% | 3.61% | 27.19% | 3.59% |
| Sector * | 61Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
| HK:2333 | 53Neutral | HKD 118.39B | 19.75 | 5.80% | 6.20% | 13.25% | -51.39% |
| HK:9868 | 53Neutral | HKD 68.22B | -18.76 | -10.72% | ― | 29.34% | 23.96% |
| HK:1211 | 51Neutral | HKD 719.87B | 23.53 | 13.09% | 0.60% | 0.29% | -15.06% |
| HK:9866 | 45Neutral | HKD 63.32B | -10.29 | -108.58% | ― | 70.16% | 82.65% |
| HK:2015 | 38Underperform | HKD 87.94B | -16.04 | -6.52% | ― | -24.50% | -159.09% |
* Consumer Cyclical Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| HK:9866 | NIO Inc. Class A | 25.26 | -31.64 | -55.61% | |
| HK:1211 | BYD (BYDDF) | 68.25 | -30.38 | -30.80% | |
| HK:0175 | Geely Automobile | 13.84 | -3.47 | -20.05% | |
| HK:2333 | Great Wall Motor Co Class H | 6.49 | -7.96 | -55.08% | |
| HK:2015 | Li Auto, Inc. Class A | 42.86 | -38.04 | -47.02% | |
| HK:9868 | XPeng, Inc. Class A | 35.60 | -55.60 | -60.96% |
NIO Inc. Class A Corporate Events
NIO Strikes RMB16 Billion Battery Swapping and Charging Alliance With Geely
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 sw...
NIO Boosts August Deliveries and Expands Battery Swap Network to Cement Premium EV Lead
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, underscor...
NIO Sets September 1 Board Meeting to Approve and Present Q2 2026 Results
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 exchange...
NIO’s July Deliveries Surge as ES8 Expansion Bolsters Premium EV Leadership
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 wa...
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.
Date of analysis: Sep 13, 2026