NIO-SW (09866) opened 15% higher following its earnings release. As of writing, the stock was up 15% at HK$43.86, with a turnover of HK$9.3874 million.
On March 10, NIO-SW announced its financial results. For the fourth quarter of 2025, vehicle sales reached RMB 31.6062 billion (US$4.5196 billion), representing an 80.9% increase compared to the fourth quarter of 2024 and a 64.6% increase from the third quarter of 2025. Total revenue amounted to RMB 34.6502 billion (US$4.9549 billion), up 75.9% year-over-year and 59.0% quarter-over-quarter. Gross profit was RMB 6.0741 billion (US$868.6 million), soaring 163.1% from the fourth quarter of 2024 and 100.8% from the previous quarter.
For the full year 2025, vehicle sales totaled RMB 76.8839 billion (US$10.9942 billion), a 32.0% increase from the prior year. Total revenue reached RMB 87.4875 billion (US$12.5105 billion), growing 33.1% year-over-year. Gross profit stood at RMB 11.9157 billion (US$1.7039 billion), up 83.5% annually. The full-year gross margin was 13.6%, compared to 9.9% in the previous year.
On the same day, NIO-SW announced that its board of directors had approved the 2026 Share Incentive Plan. Under this plan, approximately 248 million restricted shares will be granted to William Li, the company's founder, chairman, and CEO. The restricted shares are divided into ten equal batches, with vesting conditions tied to specific performance targets related to the company's market capitalization and net profit. The plan took effect on March 6, 2026, and remains valid for twelve years. It is important to note that the shares will vest in batches only upon the achievement of predetermined performance goals, which are directly linked to the company's market value and net profit.
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