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<Research>BOCI Raises NIO (NIO.US) TP to USD11, Rating Buy
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NIO (NIO.US)'s 4Q25 revenue grew by 59% QoQ, while the comprehensive gross margin increased by 3.7 ppts to 17.5%, marking a new high since 2022, according to a report from BOCI.

Despite increased investment losses in joint ventures, NIO achieved its first-ever quarterly earnings through strict cost control and enhanced operational leverage. Its non-GAAP net profit came in at RMB728 million.

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Benefiting from strong operating cash inflows in 4Q25, NIO also saw a QoQ growth of RMB9.9 billion in its net cash, pushing year-end cash reserves close to RMB46 billion.

BOCI has raised NIO's target price to USD11, with a Buy rating.
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