TLDR
- Nio stock rose ~4% in Hong Kong trading on Feb 22 after returning from the Lunar New Year holiday.
- The company set an all-time daily battery swap record of 177,627 on the sixth day of Chinese New Year.
- Nio operates 3,750 battery swap stations across China and crossed 100 million cumulative swaps on Feb 6.
- Q4 2025 deliveries hit a record 124,807 vehicles, up ~72% year-on-year.
- Nio forecast its first-ever adjusted operating profit for Q4 2025, between 700 million and 1.2 billion yuan.
Nio stock climbed around 4% in Hong Kong on Monday, Feb 22, as the Chinese EV maker returned from the Lunar New Year break with a string of record-breaking battery swap numbers.
The milestone that got attention: 177,627 battery swaps in a single day on Sunday, the sixth day of Chinese New Year. That’s an all-time high for the company.
It wasn’t a one-off either. February saw Nio break its own daily swap record six times in the month, including five consecutive days of new highs during the Spring Festival travel rush, which ran from Feb 15 to Feb 23.
Nio now runs 3,750 battery swap stations across China, with 1,022 of those on expressways covering 550 cities. On Feb 6, the company crossed 100 million cumulative battery swaps — a milestone CEO William Li flagged as a turning point toward making the power business profitable.
The company has put more than 18 billion yuan into charging and battery-swap infrastructure over the past 11 years. In 2026, it plans to add 1,000 more swap stations and begin mass construction of fifth-generation units.
Record Deliveries and First-Ever Profit Forecast
On the vehicle side, Nio delivered 124,807 vehicles in Q4 2025 across its Nio, Onvo, and Firefly brands — a record quarter and roughly 72% higher than the same period a year earlier.
January deliveries came in at 27,182 vehicles, up 96.1% year-on-year, though down 43.5% from December’s pace.
Nio also said it expects its first-ever adjusted operating profit in Q4 2025, projecting between 700 million yuan ($101.3 million) and 1.2 billion yuan ($173.7 million). That compares to an adjusted operating loss of 5.54 billion yuan in the same quarter a year prior.
On a GAAP basis, the company forecast operating profit of 200 million to 700 million yuan.
Nio credited the turnaround to higher sales volumes, a better product mix boosting vehicle margins, and cost reductions. Q3 2025 revenue rose 17% to 21.79 billion yuan, though it came in below analyst estimates.
Analyst Caution and Industry Headwinds
It’s not all smooth road ahead. Nio has flagged that Q1 2026 could be soft as China’s vehicle purchase tax incentives begin to phase out — something it described as an industry-wide challenge.
JPMorgan cut its price target on Nio to $7 from $8 earlier this month, while keeping an Overweight rating. The bank cited expectations that China’s auto sector could underperform in 2026, with passenger vehicle growth turning negative and margins under pressure.
China Passenger Car Association data showed passenger NEV wholesale sales hit around 900,000 units in January — up just 1% year-on-year and down more than 42% from December.
On the institutional side, quantitative hedge fund D.E. Shaw & Co. became Nio’s largest institutional shareholder, a move that points to growing interest in the company’s EV and battery-swap infrastructure play.
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