蔚来(NIO.N)盘前涨近3%，报4.58美元。消息面上，蔚来宣布，全新ES8将于8月21日正式亮相，新车定 位为全场景科技旗舰SUV。据介绍，全新ES8车长5米28，为同级最大车身尺寸，带来六座与七座两种 座椅布局。新车搭载三颗激光雷达，及旗舰级AQUILA天鹰座超感系统，实现旗舰级的主动安全保障和 智能驾驶体验。另外，蔚来全球首创900V超充快换平台，新车支持最高5C的充电倍率，即可5分钟"闪 电充"超过250km，或3分钟"极速换"满电出发。(格隆汇) ...

Company Overview - On July 31, NIO's sub-brand, Ladao Auto, held a product launch for the Ladao L90, which offers configurations for six and seven seats, with a starting price of 265,800 yuan for the vehicle and 179,800 yuan for the BaaS battery rental option [1] - The L90's pricing exceeds market expectations, and its product capabilities are considered industry-leading [1] Product Delivery and Market Strategy - The company plans to officially start deliveries on August 1, addressing previous market concerns regarding the ramp-up of new product deliveries [1] - Based on pre-sale order numbers, the company is expected to deliver over 10,000 units in September, capitalizing on the initial buzz surrounding the new product launch [1] Product Highlights - The L90 features significant competitive advantages in space, energy consumption, and safety [1] - It offers a spacious interior, which is a core demand for large three-row SUV users, achieved through 36 technical innovations in lightweight design and high integration [1] - Safety features include 45 active and intelligent safety assistance functions, with a focus on reducing accidents and enhancing user experience [1] Future Product Pipeline - The company plans to launch the Ladao L80 and a new ES8 in the second half of the year, with expectations for monthly deliveries to gradually exceed 30,000 to 40,000 units in Q3 and Q4 [2] - The new models are priced competitively, and shared technology from the NIO NT3.0 platform is expected to drive cost reductions [2] Financial Outlook - The company anticipates achieving a gross margin of over 15% for the NIO brand and 10% for the Ladao brand, supported by overall sales growth [2] - In Q2, the company incurred one-time expenses due to personnel adjustments, but these are expected to diminish in Q3 and Q4, leading to a decrease in quarterly Non-GAAP R&D expenses to around 2 billion yuan [2] - The company aims for profitability and positive free cash flow in Q4 2025 [2] Smart Driving Developments - The company continues to invest in smart driving technology, with the first version of the NIO World Model (NWM) launched on May 30 [2] - The focus remains on safety, with upgrades in four key scenarios: active safety, highway navigation, urban navigation, and smart parking [2] - The company has ensured sufficient space for updates and iterations in its smart driving technology architecture, allowing all vehicle owners to benefit from the latest advancements [2] Profit Forecast and Valuation - Current valuations for U.S. and Hong Kong stocks correspond to 0.8x P/S for 2025, with Non-GAAP net profit estimates maintained [3] - The company has raised target prices for Hong Kong and U.S. stocks by 10% and 9% to 45 HKD and 5.8 USD, respectively, indicating a potential upside of 29% for both markets [3]

Core Insights - NIO delivered 21,017 new vehicles in July 2025, marking a year-on-year growth of 25.2% in the first seven months [2] - The launch of the NIO brand's L90 model on July 31 has significantly boosted market confidence, with a starting price of 265,800 CNY for the full purchase and 179,800 CNY with the BaaS battery rental option [4][5] - NIO's strategic focus on large space SUVs is evident with the upcoming release of the new ES8 in August 2025, indicating a strong commitment to innovation and market trends [7][10] Delivery and Sales Performance - Cumulative deliveries reached 806,731 vehicles, with the NIO brand accounting for 737,923 units [2] - The L90 model is positioned as a flagship SUV with a focus on family comfort and spaciousness, featuring a length of 5,145 mm and a wheelbase of 3,110 mm [4][5] Technological Advancements - NIO's self-developed chip, the NX9031, has been successfully integrated into multiple models, enhancing the performance of its intelligent driving capabilities [7] - The company has made significant strides in its charging and battery swap infrastructure, with 3,432 battery swap stations established, including 1,000 high-speed stations [9] Market Position and Future Outlook - NIO is entering a high-growth phase, with expectations of achieving profitability in Q4 2025, driven by new product launches and enhanced service offerings [8][10] - The company is leveraging its decade-long technological innovations to redefine value standards across various market segments [9][10]

Core Viewpoint - NIO aims to achieve breakeven by Q4 2025, supported by specific operational targets including monthly sales exceeding 50,000 units and maintaining a gross margin of 17%-18% [1] Financial Performance - In Q1 2025, NIO reported total revenue of 120.347 billion, a year-on-year increase of 21.5% but a quarter-on-quarter decline of 38.9% [2] - The gross profit for the same period was 9.196 billion, showing an 88.5% year-on-year increase but a 60.2% quarter-on-quarter decrease [2] - The operating loss was 64.181 billion, up 19.0% year-on-year and 6.4% quarter-on-quarter, while the net loss was 67.500 billion, a 30.2% year-on-year increase but a 5.1% quarter-on-quarter decrease [2] Sales and Delivery Trends - NIO's vehicle deliveries in Q1 reached 42,094 units, a year-on-year increase of over 40% [2] - In April and May, deliveries rose to over 23,000 units, with a projected Q2 sales target of 72,000 to 75,000 units [3] - The new models launched in late May are expected to significantly boost sales in June [6] Brand Performance - The NIO brand's main models, including the new ET5 and ES6, are anticipated to drive sales growth, with expectations of monthly sales reaching 25,000 units by Q4 [6] - The Lada brand has shown recovery, with May deliveries of 6,281 units, a month-on-month increase of over 42% [6] Strategic Focus - NIO is shifting from a direct sales model to a partnership model in overseas markets, with a long-term view on international sales [7] - The company emphasizes improving profitability over aggressive sales targets, focusing on maintaining a stable gross profit [8] Cost Management and Efficiency - NIO plans to enhance vehicle gross margins to around 15% in Q2 and over 20% by Q4 through new product launches and cost optimization [10] - The company aims to control R&D expenses between 20 billion and 25 billion, achieving a 25% efficiency improvement compared to Q1 [10] - Sales and management expenses are targeted to be kept at 10% by Q4, balancing investment and output efficiency [10]

Core Insights - NIO reported Q1 2025 revenue of 12.03 billion yuan, a year-on-year increase of over 21%, but a net loss of 6.75 billion yuan, widening by 30.19% compared to the previous year [2] - The adjusted net loss was 6.28 billion yuan, reflecting a year-on-year increase of 28.1% [2] - Gross profit for the quarter was 920 million yuan, up 88.5% year-on-year, but down 60.2% quarter-on-quarter, with a gross margin of 7.6% [2] Financial Performance - Q1 2025 vehicle deliveries reached 42,094 units, a year-on-year increase of 40.1% [2] - The company expects Q2 deliveries to be between 72,000 and 75,000 units, representing a year-on-year growth of 25.5% to 30.7% and a quarter-on-quarter increase of 71% to 78% [2] - R&D expenses for Q1 were 3.18 billion yuan, with a target to achieve breakeven in Q4 2025, leading to R&D expenses of 2 to 2.5 billion yuan for that quarter [3] Product and Market Strategy - NIO launched several new models in May, including the new ES6, EC6, ET5, and ET5T, and completed their market introduction and delivery [3] - The company has built a total of 3,404 battery swap stations, 4,607 charging stations, and 26,441 charging piles globally, connecting to over 1.86 million third-party charging piles as of May 31 [3] - NIO's chairman, Li Bin, indicated that the brand could achieve a steady monthly sales volume of 25,000 units in Q4, a 20% increase from the previous year, with expectations for a significant improvement in gross margin [2]