NIO-SW (09866.HK)  +0.320 (+0.661%)    Short selling $112.64M; Ratio 125.877%   's 4Q25 revenue grew by 59% QoQ to RMB34.65 billion, driven by the rapid increase in delivery volume and the expansion of the high-end model NIO ES8, according to a CMSI research report. The revenue per vehicle was around RMB253,000, up by about RMB33,000 QoQ.

As the gross profit margin continued to improve, product structure optimization made significant contributions, and the expense ratio decreased markedly, NIO-SW managed to achieve positive profit for the first time on a quarterly basis.

As the product cycle is moving upward, the proportion of high-end models is expected to increase. In 2026, NIO-SW plans to launch several new models to complete its product matrix, including the flagship SUV, NIO ES9, and several facelift models, while the Onvo brand will introduce the L80 and upgrade the L60 and L90. In the future, NIO-SW is expected to form a core product lineup of five medium and large SUVs, further strengthening its competitiveness in the high-end SUV market. Product structure optimization is likely to offset cost pressures, and profitability will continue improving.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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