多方合作深化，换电业务有望朝轻资产方向落地。2025 年3 月17 日，宁德时代与蔚来于福建宁德正式 签署战略合作协议，双方明确将共建 "全球最大换电网络"，并同步推进换电技术标准统一；宁德时代 拟以不超过25 亿元对蔚来能源实施战略投资。同年5 月22 日，科大智能与蔚来能源亦正式签署战略合 作框架协议，双方计划未来三年内在全国范围内合作建设不少于 500 座一体化超充站，预计总投资额达 20 亿元人民币。依托多方合作共建网络、资本协同赋能的路径，公司换电业务有望朝轻资产方向落 地，减少自有资金对重资产投入的依赖，更利于提升运营效率与资产周转能力。 盈利预测：我们预计公司2025-2027 年实现营收941.84/1230.94/1485.93亿元，归母净利润分别 为-168.21/-105.13/-43.18 亿元，给予"推荐"评级。 风险提示：市场竞争超预期，新车上市销量不及预期，新能源渗透不及预期。 事件：2025 年9 月2 日，公司发布2025 年H1 业绩报告。公司于25H1 期间实现收入310.4 亿元，同比 +13.5%；归母净亏损120.32 亿元，亏损同比扩大15.9%。25Q2 期间， ...

Core Viewpoint - The dissolution of Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. indicates the end of the manufacturing collaboration between NIO and JAC Motors, while other forms of cooperation in the smart electric vehicle sector will continue [1][3][4]. Group 1: Company Actions - Jianglai Company has announced its dissolution, with the reason cited as a resolution to dissolve, effective from June 10, 2025, to July 24, 2025 [2]. - The collaboration between NIO and JAC Motors in manufacturing began in 2016, where JAC produced NIO's vehicles under its brand [3][6]. - In 2021, NIO and JAC Motors signed a joint venture agreement to establish Jianglai Company, focusing on manufacturing management, supply chain management, and technical consulting [6]. Group 2: Future Collaborations - Although the manufacturing partnership has ended, NIO and JAC Motors will continue their collaboration in the battery swap business, having signed a strategic cooperation framework agreement in 2024 [4][6]. - NIO has obtained independent factory and production qualifications, leading to the termination of the manufacturing collaboration with JAC Motors [6].