智通财经网·2025-09-04 01:30Core Viewpoint - Company maintains a positive outlook with strong product cycles and expects to achieve profitability in 2026, leading to target price increases for both Hong Kong and US stocks by 51% and 52% respectively [1] Financial Performance - Company reported 2Q25 revenue of 19 billion, with a gross margin of 10% and effective cost control, meeting market expectations [2][3] - Vehicle deliveries reached 72,056 units in 2Q25, a 71.2% increase quarter-over-quarter, contributing to the revenue growth [3] Gross Margin and Cost Control - Gross margin improved by 2.3 percentage points to 10%, with automotive gross margin slightly up by 0.1 percentage points to 10.3% [3] - Research and administrative expenses decreased, leading to an overall expense ratio reduction of 26.3 percentage points [3] Product Cycle and Sales Outlook - Company anticipates delivering 87,000 to 91,000 vehicles in 3Q25, aiming for a monthly sales breakthrough of 50,000 units in 4Q25 [4] - The introduction of new models is expected to enhance sales and maintain a gross margin above 20% [4] Cash Flow and New Model Launch - Company aims for positive free cash flow for the year, supported by improved operational cash flow starting from 2Q25 [5] - The first version of the NWM (NIO World Model) was launched, focusing on safety and enhancing user experience across various driving scenarios [5]