Core Viewpoint - NIO has demonstrated resilience in a challenging automotive market, achieving significant growth in vehicle deliveries despite intense competition and market pressures [3][8]. Delivery Performance - In June, NIO delivered a total of 24,925 vehicles across its three brands, marking a year-on-year increase of 17.5%. For Q2, total deliveries reached 72,056 units, a quarter-on-quarter increase of 71.2%, achieving the second-best performance in history [3]. - The main brand, NIO, delivered 14,593 units in June, while the Lada brand reached a new monthly high with 6,400 units, and the Firefly brand delivered 3,932 units, also a record for the year [7]. Chip Development - NIO's self-developed 5nm automotive-grade chip, the Shenji NX9031, has met its performance design goals, showcasing the company's strong chip design and engineering capabilities [10][12]. - The Shenji NX9031 chip significantly enhances vehicle safety and user experience, while also optimizing single-vehicle costs by approximately 10,000 yuan, thereby improving gross margins [12]. Organizational Changes - Starting in early 2025, NIO will implement a Cell Business Unit (CBU) mechanism to address the complexities of managing multiple brands and projects [23]. - The CBU mechanism emphasizes operational autonomy, with each unit responsible for its own ROI, thus shifting from a traditional KPI-driven approach to a focus on profitability [26]. Market Expansion - NIO is actively restructuring its sales system, particularly for the Lada brand, which has seen significant delivery growth due to improved sales team effectiveness and brand recognition [30]. - The company is also expanding its battery swap station network, with over 2,000 stations currently operational, enhancing its market penetration in lower-tier cities [33]. Long-term Investment Strategy - NIO has consistently invested in R&D, with cumulative investments exceeding 60 billion yuan since its inception, maintaining quarterly R&D expenditures around 3 billion yuan since 2022 [20]. - The development of the SkyOS, a comprehensive operating system for smart electric vehicles, exemplifies NIO's commitment to technological innovation and long-term strategy [36][38]. Future Outlook - NIO's foundational infrastructure, including its self-developed chip and operating system, is expected to yield significant returns as vehicle sales and financial performance improve [43].