NIO Inc. USD OV NIO

Original report: PDF p. 318 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 318 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 319 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 319 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 320 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 320 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 321 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 321 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 325 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 325 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 326 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 326 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 327 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 327 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 404 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 404 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 405 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 405 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 406 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 406 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 322 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 322 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 323 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 323 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 324 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 324 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 407 ↗

Original Note 29 reconciliation: RMB thousands; US GAAP, nine adjustments and resulting IFRS amounts have different accounting scopes. Original adjustment blanks are not replaced by zero.

Note (i): US GAAP uses straight-line share-based compensation for graded vesting; IFRS requires graded-vesting recognition.

Note (ii): Convertible notes are at amortised cost under US GAAP; IFRS designates fair value through profit or loss, separating own-credit-risk changes into other comprehensive income.

Note (iii): Capped-call costs reduce additional paid-in capital under US GAAP; IFRS treats them as fair-value-through-profit-or-loss financial assets.

Note (iv): US GAAP uses mezzanine equity for redeemable interests, initially fair value net of issuance costs with redemption-value accretion, and nets shareholder receivables from mezzanine equity. IFRS recognises a redemption financial liability initially at present value and subsequently amortised cost, while recognising the contractual receivable separately as an asset.

Note (v): Available-for-sale debt instruments have fair-value movements in other comprehensive income under US GAAP; these instruments fail IFRS equity or solely-principal-and-interest criteria, so IFRS uses fair value through profit or loss.

Note (vi): For equity instruments without readily determinable fair value, US GAAP uses cost less impairment plus qualifying observable price changes; the IFRS election measures fair value through other comprehensive income or loss.

Note (vii): US GAAP operating leases combine right-of-use amortisation and interest into straight-line lease expense; IFRS separates usually straight-line depreciation and effective-interest lease-liability expense, producing higher expense earlier.

Note (viii): US GAAP permits an undiscounted warranty-accrual policy, which the Group elects; IFRS requires present-value measurement with subsequent passage-of-time accretion as interest expense.

Note (ix): Software is included in property, plant and equipment under US GAAP and reclassified to intangible assets under IFRS.

Original report: PDF p. 408 ↗

Original Note 29 reconciliation: RMB thousands; US GAAP, nine adjustments and resulting IFRS amounts have different accounting scopes. Original adjustment blanks are not replaced by zero.

Note (i): US GAAP uses straight-line share-based compensation for graded vesting; IFRS requires graded-vesting recognition.

Note (ii): Convertible notes are at amortised cost under US GAAP; IFRS designates fair value through profit or loss, separating own-credit-risk changes into other comprehensive income.

Note (iii): Capped-call costs reduce additional paid-in capital under US GAAP; IFRS treats them as fair-value-through-profit-or-loss financial assets.

Note (iv): US GAAP uses mezzanine equity for redeemable interests, initially fair value net of issuance costs with redemption-value accretion, and nets shareholder receivables from mezzanine equity. IFRS recognises a redemption financial liability initially at present value and subsequently amortised cost, while recognising the contractual receivable separately as an asset.

Note (v): Available-for-sale debt instruments have fair-value movements in other comprehensive income under US GAAP; these instruments fail IFRS equity or solely-principal-and-interest criteria, so IFRS uses fair value through profit or loss.

Note (vi): For equity instruments without readily determinable fair value, US GAAP uses cost less impairment plus qualifying observable price changes; the IFRS election measures fair value through other comprehensive income or loss.

Note (vii): US GAAP operating leases combine right-of-use amortisation and interest into straight-line lease expense; IFRS separates usually straight-line depreciation and effective-interest lease-liability expense, producing higher expense earlier.

Note (viii): US GAAP permits an undiscounted warranty-accrual policy, which the Group elects; IFRS requires present-value measurement with subsequent passage-of-time accretion as interest expense.

Note (ix): Software is included in property, plant and equipment under US GAAP and reclassified to intangible assets under IFRS.

Original report: PDF p. 409 ↗

Original Note 29 reconciliation: RMB thousands; US GAAP, nine adjustments and resulting IFRS amounts have different accounting scopes. Original adjustment blanks are not replaced by zero.

Note (i): US GAAP uses straight-line share-based compensation for graded vesting; IFRS requires graded-vesting recognition.

Note (ii): Convertible notes are at amortised cost under US GAAP; IFRS designates fair value through profit or loss, separating own-credit-risk changes into other comprehensive income.

Note (iii): Capped-call costs reduce additional paid-in capital under US GAAP; IFRS treats them as fair-value-through-profit-or-loss financial assets.

Note (iv): US GAAP uses mezzanine equity for redeemable interests, initially fair value net of issuance costs with redemption-value accretion, and nets shareholder receivables from mezzanine equity. IFRS recognises a redemption financial liability initially at present value and subsequently amortised cost, while recognising the contractual receivable separately as an asset.

Note (v): Available-for-sale debt instruments have fair-value movements in other comprehensive income under US GAAP; these instruments fail IFRS equity or solely-principal-and-interest criteria, so IFRS uses fair value through profit or loss.

Note (vi): For equity instruments without readily determinable fair value, US GAAP uses cost less impairment plus qualifying observable price changes; the IFRS election measures fair value through other comprehensive income or loss.

Note (vii): US GAAP operating leases combine right-of-use amortisation and interest into straight-line lease expense; IFRS separates usually straight-line depreciation and effective-interest lease-liability expense, producing higher expense earlier.

Note (viii): US GAAP permits an undiscounted warranty-accrual policy, which the Group elects; IFRS requires present-value measurement with subsequent passage-of-time accretion as interest expense.

Note (ix): Software is included in property, plant and equipment under US GAAP and reclassified to intangible assets under IFRS.

Original report: PDF p. 410 ↗

Original Note 29 reconciliation: RMB thousands; US GAAP, nine adjustments and resulting IFRS amounts have different accounting scopes. Original adjustment blanks are not replaced by zero.

Note (i): US GAAP uses straight-line share-based compensation for graded vesting; IFRS requires graded-vesting recognition.

Note (ii): Convertible notes are at amortised cost under US GAAP; IFRS designates fair value through profit or loss, separating own-credit-risk changes into other comprehensive income.

Note (iii): Capped-call costs reduce additional paid-in capital under US GAAP; IFRS treats them as fair-value-through-profit-or-loss financial assets.

Note (iv): US GAAP uses mezzanine equity for redeemable interests, initially fair value net of issuance costs with redemption-value accretion, and nets shareholder receivables from mezzanine equity. IFRS recognises a redemption financial liability initially at present value and subsequently amortised cost, while recognising the contractual receivable separately as an asset.

Note (v): Available-for-sale debt instruments have fair-value movements in other comprehensive income under US GAAP; these instruments fail IFRS equity or solely-principal-and-interest criteria, so IFRS uses fair value through profit or loss.

Note (vi): For equity instruments without readily determinable fair value, US GAAP uses cost less impairment plus qualifying observable price changes; the IFRS election measures fair value through other comprehensive income or loss.

Note (vii): US GAAP operating leases combine right-of-use amortisation and interest into straight-line lease expense; IFRS separates usually straight-line depreciation and effective-interest lease-liability expense, producing higher expense earlier.

Note (viii): US GAAP permits an undiscounted warranty-accrual policy, which the Group elects; IFRS requires present-value measurement with subsequent passage-of-time accretion as interest expense.

Note (ix): Software is included in property, plant and equipment under US GAAP and reclassified to intangible assets under IFRS.

Original report: PDF p. 411 ↗

Original Note 29 reconciliation: RMB thousands; US GAAP, nine adjustments and resulting IFRS amounts have different accounting scopes. Original adjustment blanks are not replaced by zero.

Note (i): US GAAP uses straight-line share-based compensation for graded vesting; IFRS requires graded-vesting recognition.

Note (ii): Convertible notes are at amortised cost under US GAAP; IFRS designates fair value through profit or loss, separating own-credit-risk changes into other comprehensive income.

Note (iii): Capped-call costs reduce additional paid-in capital under US GAAP; IFRS treats them as fair-value-through-profit-or-loss financial assets.

Note (iv): US GAAP uses mezzanine equity for redeemable interests, initially fair value net of issuance costs with redemption-value accretion, and nets shareholder receivables from mezzanine equity. IFRS recognises a redemption financial liability initially at present value and subsequently amortised cost, while recognising the contractual receivable separately as an asset.

Note (v): Available-for-sale debt instruments have fair-value movements in other comprehensive income under US GAAP; these instruments fail IFRS equity or solely-principal-and-interest criteria, so IFRS uses fair value through profit or loss.

Note (vi): For equity instruments without readily determinable fair value, US GAAP uses cost less impairment plus qualifying observable price changes; the IFRS election measures fair value through other comprehensive income or loss.

Note (vii): US GAAP operating leases combine right-of-use amortisation and interest into straight-line lease expense; IFRS separates usually straight-line depreciation and effective-interest lease-liability expense, producing higher expense earlier.

Note (viii): US GAAP permits an undiscounted warranty-accrual policy, which the Group elects; IFRS requires present-value measurement with subsequent passage-of-time accretion as interest expense.

Note (ix): Software is included in property, plant and equipment under US GAAP and reclassified to intangible assets under IFRS.

Original report: PDF p. 311 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 312 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 316 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 317 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 318 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.

Original report: PDF p. 399 ↗

The original FY2025 Form 20-F cover reports 2,334,669,995 Class A shares outstanding at December 31, 2025, while the audited balance-sheet caption reports 2,328,724,852 Class A shares issued and 2,325,773,324 outstanding at that date (after 2,951,528 treasury shares). These source counts differ; preserve each original disclosure without assuming an undocumented reconciliation.

Five full twelve-month financial years end on December 31, 2021–2025. The selected FY2025 Hong Kong annual supplies Group and condensed Parent Company financial statements; older SGX annual originals supply the missing earlier comparisons. The FY2021 standalone IR PDF download returned HTTP 403; this is an independent-control download gap, not missing FY2021 values in the archived FY2022/FY2023 annuals.

Primary accounting basis is US GAAP. RMB and current USD convenience translation columns are separate; the USD amounts are printed source translations, not an additional reporting period. Note 29 separately reconciles US GAAP to IFRS. Monetary amounts are thousands, while share/ADS denominators are whole counts and loss per share/ADS is currency per share, not cents.

The Hong Kong auditor PricewaterhouseCoopers gives a true-and-fair opinion dated April 10, 2026, partner Jack Li. Going concern assessment is a key audit matter under that opinion, not an inferred modified opinion. The same-date US Form 20-F is a separate original audit context; corresponding Group primary values agree apart from dash typography.

Group FY2025 cash-flow closing cash, cash equivalents and restricted cash 26,108,394 equals cash 11,274,094 plus restricted cash 14,745,975 plus non-current restricted cash 88,325 (RMB000). Parent FY2021 cash-flow closing 3,330,943 includes bank cash 2,207,347 and restricted cash 1,123,596. These are not bank-overdraft bridges.

Redeemable non-controlling interests are mezzanine equity, separate from liabilities and permanent shareholders equity under US GAAP. FY2025 ordinary loss (15,570,678) includes Group net loss (14,942,601), accretion (609,857) and signed non-controlling attribution (18,220), in RMB000. Whole-share denominator 2,272,635,997 supports loss per ordinary share/ADS (6.85) RMB.

Historical source presentation differences are retained: later combined ordinary-share/ADS EPS rows replace duplicate identical ADS figures; nil rows and one repeated original parent comprehensive-loss subtotal are omitted in later comparatives. Certain historical equity control compartments are genuinely blank where later annuals print dashes; selected primary cells are not filled from blanks.

FY2022 original financing cash flows report third-party borrowing repayments (8,550,306); the later comparative separates convertible senior-note repurchases (1,202,365) and third-party borrowing repayments (7,347,941), which sum to the same original cash outflow (RMB000). Original order changes and source labels are retained; no formal financial restatement is inferred.

Original Note 29 contains three genuinely empty adjustment compartments in FY2024 total other comprehensive income and FY2023 operating loss / fair-value changes of convertible notes. These remain blank, not assumed zero. Printed amounts and printed adjustments reconcile to the printed IFRS totals.

NIO China effective equity 100% in Note 1 differs from 91.80% actual paid-in capital at December 31, 2025; PE CNHC effective 100% differs from 90.91% paid-in capital. Redeemable interests explain the source treatment. GeniTech year-end 100%, report-date chart 86.2667% and conditional post-investment 62.7% have distinct dates and conditions. VIE consolidation is contractual, not asserted legal full ownership.

Share ownership dated March 31, 2026 separates ordinary shares, beneficial holdings including 60-day exercise rights and voting power. Class A has one vote and Class C eight votes except reserved matters. The one disclosed United States ADR record holder is not a global top-twenty register. Item 6 and Additional Information exchange the NIO Users Limited / NIO Users Community Limited holder-class attribution; both originals and the inconsistency are retained.

The March 15, 2024 FY2022 Form 20-F/A only amends Part II Item 16I foreign-jurisdiction inspection disclosure, and expressly does not update the financial statements; it is not a replacement financial report.