---
title: "Daiwa: Nio's performance in the fourth quarter of last year was strong, expects a robust model cycle and urges \"buy\""
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/278813849.md"
description: "Daiwa's research report indicates that Nio will have strong performance in the fourth quarter of 2025, with revenue reaching RMB 35 billion, a year-on-year increase of 76%. The non-GAAP net profit is expected to be RMB 728 million, a significant improvement from the loss of RMB 2.8 billion in the third quarter. It is anticipated that the delivery volume in the first quarter of 2026 will reach 80,000 to 83,000 vehicles, with revenue between RMB 24.5 billion and RMB 25 billion, and sales growth of 40% to 50%. Based on the strong model cycle and cost-saving measures, Daiwa has given Nio a \"Buy\" rating"
datetime: "2026-03-12T03:14:45.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278813849.md)
  - [en](https://longbridge.com/en/news/278813849.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278813849.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/278813849.md) | [English](https://longbridge.com/en/news/278813849.md)


# Daiwa: Nio's performance in the fourth quarter of last year was strong, expects a robust model cycle and urges "buy"

Daiwa Research Report indicates that Nio (09866.HK) will have strong performance in Q4 2025, with revenue reaching RMB 35 billion, representing a year-on-year and quarter-on-quarter increase of 76% and 59%, respectively. The non-GAAP net profit recorded is RMB 728 million, while the third quarter reported a loss of RMB 2.8 billion. The full-year revenue for 2025 is expected to grow by 33% year-on-year to RMB 87 billion, with a non-GAAP net loss of RMB 12 billion, narrowing by 39% year-on-year.

Management guidance for Q1 2026 indicates delivery volume of 80,000 to 83,000 vehicles, representing a year-on-year growth of 90% to 97%; total revenue is projected to be RMB 24.5 billion to RMB 25 billion, a year-on-year growth of 103% to 109%; expected sales volume growth is 40% to 50%, with plans to launch three new models within the year. Additionally, management guidance suggests that Nio could reach non-GAAP operating profit breakeven in 2026.

Based on the strong model cycle and ongoing cost-saving measures, the firm gives Nio's U.S. stock (NIO.US) a "Buy" rating

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## 相關資訊與研究

- [Nio Just Accomplished Something Ford, General Motors Wish They Could Have Done For Electric Vehicles](https://longbridge.com/zh-HK/news/278773871.md)
- [Earnings snapshot: NIO tops Q4 estimates, vehicle deliveries jump 43.3% from Q3](https://longbridge.com/zh-HK/news/278546289.md)
- [NIO (NYSE:NIO) Upgraded by Nomura to "Buy" Rating](https://longbridge.com/zh-HK/news/278729105.md)
- [Nio's smart driving usage surges in 1st full month after world model update](https://longbridge.com/zh-HK/news/278339091.md)
- [Nio launches Firefly brand in Thailand, entering 2nd right-hand drive market](https://longbridge.com/zh-HK/news/278027969.md)