NIO (NIO)

Outperform Recap: Q1 2026

The Margin Held Through the Trough: NIO Confirms the Profitability Inflection Is Structural — Maintain Outperform

Outperform Recap: Q4 2025

NIO Prints Its First-Ever Profit — and It's GAAP, Not Just Adjusted: Upgrading to Outperform

Hold Recap: Q3 2025

Margins Inflect and Cash Flow Turns Positive — But Beijing Pulls the Subsidy and the Volume Target Slips: Maintain Hold

Hold Recap: Q2 2025

The Breakeven Promise Gets a Date: L90 Ignites the Ramp, But the 2x Q4 Bet Keeps Us on the Sidelines — Initiating at Hold