NIO-SW (09866) climbed more than 4% in Hong Kong trading, extending recent gains. At the time of writing, the stock was up 4.38% to HK$46.76, with a turnover of HK$127 million. On February 26, NIO announced that its chip subsidiary, Anhui Shenji, had completed the signing of its first round of equity financing, raising over RMB 2.2 billion and achieving a post-investment valuation nearing RMB 10 billion. On March 10, NIO released its financial results for the fourth quarter and full year of 2025. The report revealed that NIO achieved a net profit of RMB 280 million in the fourth quarter, with non-GAAP adjusted operating profit reaching RMB 1.25 billion, marking the company's first quarterly profit. Pu Bank International issued a research note stating that NIO's fourth-quarter profit met expectations, and operational quality is expected to improve further. With several new models set to launch within the year, NIO aims to achieve a 40% to 50% year-on-year increase in deliveries. Additionally, the company plans to continue enhancing operational efficiency through its CBU mechanism. Sustained improvements in performance are anticipated to further support valuation recovery.