蔚来第二颗自研芯片，成功流片！

Core Insights - NIO's founder and CEO Li Bin announced the successful tape-out of the second advanced intelligent chip from its subsidiary, Shenji, which is currently in the mass production phase. This chip is designed to meet broader market demands with high cost-performance advantages and competitive performance against industry standards [1] - NIO aims to open its self-developed Shenji high-performance inference chip to more partners across various sectors, including automotive and embodied intelligence, while focusing on core technology and main business development without plans for further business spin-offs [1] - The successful financing of Shenji, the mass commercialization of the first 5nm automotive chip, and NIO's first quarterly profit have drawn significant industry attention to its chip development and profitability plans for the year [1] Financing and Market Position - In February 2026, NIO announced that its chip subsidiary, Anhui Shenji, completed its first round of equity financing, raising over 2.2 billion yuan, with a post-investment valuation nearing 10 billion yuan. This financing attracted several industry-leading investors, highlighting the technical potential of Shenji chips and providing substantial capital for future R&D and market expansion [2] - The core product, Shenji NX9031, is the world's first automotive-grade 5nm high-performance smart driving chip, with over 150,000 units shipped since its production began in 2024. It features over 50 billion transistors, a 32-core CPU architecture, and capabilities that significantly outperform competitors like NVIDIA [2] Development Timeline - NIO's journey in chip development began in 2021, establishing a research team of over 500 people. Key milestones include the launch of the "Yang Jian" lidar control chip and the Shenji NX9031 smart driving chip in 2023, with the latter achieving tape-out success in July 2024 [3] - In June 2025, NIO officially established Anhui Shenji Technology Co., Ltd., to oversee chip R&D, production, and technology licensing, further streamlining its chip business structure for market operations [3] Cost Efficiency and Profitability - Self-developed chips are seen as a crucial strategy for NIO to reduce costs and improve gross margins. Li Bin indicated that in-house chips could lower vehicle costs by at least 10,000 yuan, contrasting with the significant expenditures on NVIDIA chips [4] - NIO reported a historic quarterly profit of 1.25 billion yuan in Q4 2025, with cash reserves reaching 45.9 billion yuan, marking a significant increase. The management has outlined plans for 2026 to enhance profitability and market expansion through a multi-brand strategy [4] Strategic Outlook - The smart electric vehicle industry is entering a phase of technological competition and profitability challenges. NIO, leveraging its Shenji chip as a core asset, aims to solidify its technological moat and clarify its profitability path. With the new generation of chips entering mass production and strategic initiatives being implemented, NIO is positioned for dual breakthroughs in technology and performance, advancing towards a new stage of high-quality development [5]