股份 代號股份 代號: 9866 年報 578999119188189212229233235236263265280281281281282282282283283283284284284284284285287288288288298300310327 . 1.2.3.4.4A.5.6.7.8.9.10.11.12. . 13.14.15.16.[]16A.16B.16C.16D.16E.16F.16G.16H.16I.16J.16K. . 17.18.19. 2054920-F 193412(b)(g) 19341315(d)20251231 19341315(d) 2 0 2 51 23 1( i )2 , 3 3 4 , 6 6 9 , 9 9 50 . 0 0 0 2 5A(ii)148,500,0000.00025C 405 19341315(d) (1)1219341315(d)(2)90 12S-T405232.405 12b-2 13(a)† †201245 404(b)15 U.S.C. 7262(b) 12(b) 240.10D-1(b) 1718 12b-2 1934121315(d) 20-F •ADAS•ADR•A•AI••••A0.00025A•B0.00025BB2022825A•C0.00025C•••••ICE•GEM ••••AC0.00025•••• 6.99311.00H.1020251231 19953.D. A 1. 2. 3. (i)(ii) (i)(ii)ASC 810 (1)62.7% 2018420214202211202212 • • 4.C. 20232024202512311,3803,1306,24086020232024202512311.1051.2633,7505102023202420251231 A3.D.3.D. 3.D. 3.D. 3.D. ICP3.D. 2021122022215202321720233313.D. 20201218202212292023HFCAPCAOB20211216PCAOBPCAOB202252021123120-FHFCA20221215PCAOB20211216PCAOB20-FHFCAPCAOBPCAOB20-FHFCA3.D.PCAOBPCAOB3.D.PCAOBHFCA (i)(ii)5.B. SAFE2023202420251231422.562551.283752.232107.5683.D. (i)(ii) (1)(2)15%(3)10%5% 20232024202512315,0105,0105,01072020232024202512318,6903,470770110 202320242025123120232024202512317070 20221130202320242025123120232024202512315,8401.7147,6601,090 91.8%202212122023202420251231 8.A.A10.E. 20232024202512312023202420251231 A. []B.C.D. A3.D. ••••••••• ••• •(i)(ii)A • • • •A3.D. •3.D. • • •PCAOBPCAOB •PCAOBHFCA3.D.PCAOBHFCA A A ••••AA•AA • • • • • • • • • • • •••••••••••• 20252023202420251231207.198224.017149.42621.36820252023202413.81578.492 NIOONVOFIREFLY 2020820216(BIS)202511260H(CMC)CMC 2022202310BIS20251BIS(AI)AI20259BISOFAC50%2025103020251110 2024102820251(i)(ii)(iii) AI202512182025COINSCOINSCOINS2027313COINS 2025221(CFIUS)1984United States – ThePeople’s Republic of China Income Tax Convention ADAS 202115%2024202515% 2026 2023619202411202512313202611202712311.520261120252026 4.B.10. NIO Assisted and Intelligent DrivingNADONVOSmart DrivingOSD (Power Home)(Power Swap)(Power Charger)(Destination Charger)(PowerMobile) 202120223.D. 2020820BaaSBaaS BaaSBaaS16.5% BaaSBaaS20251231 3.0% ADAS ADASADASADASADASADAS ADAS ••••••• ••••••••••••BaaS•• 20241030(BEV) 2025 • • • ID 20221220218 4.B. 202172021912021122022215 20249202511 202510202611 202622026 2021816(i)(ii)(iii)(iv) GDPR2018525GDPR 202420245SUV L602025731SUVL9020241220254 ••••••••••••• 2025123113.6051.946 BaaS2023202420252,6303804,670670 2023202420251231 20202202046AA70NIO Power177.742.6 2024312BBBB33100BB28100B20257BB200202512202611.08%2026910.0291.8%92.3% BBBBB (i)8.5%A7.5%B(ii)2027123120281231BB 60%4.B. AAA 202720292030 2025123156.4297.812 2021 • • • • 202512316,4043,24640%35%25% 2025123186.26312.335(i)20293.875%20304.625%(ii)(iii)20270.50%(iv)2025123153.4797.647 202117.5020260.00%20267.5020270.50%20272026202621202620251231202720 20239105.7520293.875%20295.7520304.625%2030 202920302029203020292029101520302030101520292030202920291,00089.9685203020301,00089.9685202920302027101520292028101520302029203020292030100%202710222029202810222030202920291015203020301015202029203020292030100%20292030 20242Forseven LimitedForsevenForsevenForsevenForseven20258ForsevenForsevenMcLaren Automotive LimitedMcLarenAutomotiveForsevenMcLaren Automotive2025101ForsevenMcLarenAutomotiveMcLaren AutomotiveForsevenMcLaren AutomotiveMcLaren Automotive • • • • • • 201520162017201820242015201620172018202420152016201720152025201820242018202320152016201720182024201520162017A46,264,37818,000,00033,000,000201823,000,000A20181.5%202419,288,470A20241.2%202420263312015201620172018202483,205,685A20212025123117.2372.465 20263620262026248,454,460A202622810%202612248,454,460 202210 2002404 2002404 2025123120251231 2020220204620212 ADAS 2010 COVID-19 20102022 2018916,967,776A33,032,224C20194.B. 8.A. 2024(i)50%(ii) ICP4.C. (i)(ii)4.B.3.D. • •••• 2023202420252023202420251231 ASC 8104.C. 100%100%100%4.C. 80%20%80%2.24%17.76%4.C. 153(b)A19C.05A PCAOBPCAOB PCAOBPCAOBPCAOB2022PCAOBPCAOBPCAOB20221215PCAOB20211216PCAOBPCAOB PCAOBHFCA HFCAPCAOB 20211216PCAOBPCAOB202252021123120-FHFCA20221215PCAOBPCAOB20-FHFCA PCAOBPCAOB20-FHFCAAAA 202176 20232172023331(i)(ii)1001,000505001001,0002023217 4.B. 4.B.4.B. ICP(i)ICP(ii)(iii) 20226202281 90 10%50%202512314.B. 3020182019 4.B. 201712262018211201833 4.B. 2016 4.B. 200620092011 4.B. 202215% 2009828282(i)(ii)(iii)(iv)50% 25%10%10%20% 10%25%5%202015.A.202512315% 201527777 10%20171017372017121201861537 737 A A20223109866C19C.11A AA(i)(ii)(iii)(iv)A(a)(b)(c)A C •••••• C2022825 A55% C 20253.028.02A23.7061.75A3.097.84 • • • ••••••A••• A AAA AA AAAA AA ABCABABACACACACCAACCCA C2026331mobike Global Ltd.Originalwish LimitedNIO Users LimitedNIO UsersCommunity LimitedNIO Users Limited34.0% AAA A 2022628Grizzly Research LLC202262920227112022826 AA A AAAF