Company Dynamics - The company held its 2025 NIO Day in Hangzhou on September 20 [1] - The new ES8 has officially launched, with a price of 406,800/446,800 CNY, and a battery-as-a-service (BaaS) model reducing the purchase threshold to 298,800/338,800 CNY, showcasing a significant price advantage [1] - The ES8 features a larger body compared to the previous model, with an increase of 181mm in length, 21mm in width, 50mm in height, and a 60mm longer wheelbase [1] - To enhance user confidence, the company introduced the "Assured Lock Order Plan," which includes tax subsidies and incentives for delayed vehicle delivery [1] Technological Innovation - The ET9 Horizon Special Edition exemplifies the company's commitment to core technology, integrating 12 innovative features, including a self-developed NX9031 chip and SkyOS operating system [2] - As of August, cumulative sales of the ET9 reached 2,061 units, with the new special edition enhancing luxury attributes through design upgrades [2] - The company anticipates strong sales momentum, projecting monthly sales to exceed 50,000 units in Q4, supported by adjustments in the 5566 model [2] Profit Forecast and Valuation - The current valuation for US and Hong Kong stocks corresponds to 0.8x P/S for 2026, maintaining the profit forecast for 2025/26 [2] - The target prices are set at 68 HKD and 8.8 USD, reflecting a potential upside of 16% and 19% from current stock prices, respectively [2]

Core Viewpoint - The report from CICC maintains a "outperform" rating for NIO-SW (09866) with unchanged profit forecasts for 2025/26 and target prices of HKD 68 / USD 8.8 [1] Group 1: Product and Pricing - The third-generation ES8 has increased dimensions compared to the current model, with a length increase of 181mm, width increase of 21mm, height increase of 50mm, and a wheelbase increase of 60mm [1] - The pricing for the ES8 is set at RMB 406,800 / 446,800, while the BaaS battery leasing option lowers the purchase threshold to RMB 298,800 / 338,800, reflecting a price reduction of RMB 10,000 compared to the pre-sale price and lower than the previous model [1] Group 2: Technological Innovation - The ET9 model showcases the company's technological innovation capabilities, integrating 12 advanced innovations including the self-developed NX9031 chip, SkyOS operating system, 900V high-voltage platform, and steer-by-wire with fully active suspension, demonstrating the strength of the integration of intelligence and electrification [1] - As of August, cumulative sales of the ET9 reached 2,061 units, and the newly released Horizon Special Edition enhances luxury attributes with features like zero-order smooth coating, 23-inch exclusive wheels, and finely embroidered interiors [1] Group 3: Future Outlook - Looking ahead to 2026, the company is expected to benefit from product cycles and internal operational improvements, with the existing 5566 model anticipated to support a rebound in sales through recent adjustments to the standard configuration of 100 kWh batteries [2] - The initiation of the internal CBU reform (Cell Business Unit) is expected to enhance operational and organizational efficiency, as well as the market competitiveness of models, with gradual optimization of cost efficiency anticipated [2]