蔚来：成本削减/效率提升步伐加快，关注新车型/BSA-20250609

Equity Research Report NIO (NIO US) Cost Cuts/Efficiency Gains Paced Up, Watch New Models/BSA | Huatai Research | Company Update | Rating (Maintain): | OVERWEIGHT | | --- | --- | --- | --- | | 9 June 2025 │ US | Passenger Vehicles | Target price (USD): | 4.09 | NIO's 1Q25 revenue was RMB12.0bn (+21% yoy, -39% qoq) and attributable net loss was RMB6.9bn (+31% yoy, -3% qoq). Revenue slightly missed the company's estimate due to intense competition in the battery electric vehicle (BEV) market. Looking to 2H25, ...