Core Viewpoint - The report from CICC maintains a "outperform" rating for NIO-SW (09866), with target prices set at HKD 68 and USD 8.8 for 2025/26, while keeping the non-GAAP profit forecasts unchanged [1][2] Group 1: Product and Pricing Strategy - The third-generation ES8 has been enhanced in dimensions, being 181mm longer, 21mm wider, and 50mm taller, with a wheelbase increase of 60mm compared to the previous model [1] - The pricing for the ES8 is set at CNY 406,800 and CNY 446,800, with the BaaS battery leasing option lowering the purchase threshold to CNY 298,800 and CNY 338,800, reflecting a CNY 10,000 reduction from the pre-sale price and lower than the previous model [1] Group 2: Technological Advancements - NIO has consistently focused on core technologies, with the ET9 showcasing the company's innovation capabilities through 12 advanced features, including the self-developed NX9031 chip, SkyOS operating system, 900V high-voltage platform, and steer-by-wire with fully active suspension [1] - As of August, cumulative sales of the ET9 reached 2,061 units, and the launch of the Horizon Special Edition enhances luxury attributes with features like smooth zero-stage coating, 23-inch exclusive wheels, and finely embroidered interiors [1] Group 3: Future Outlook - The company is expected to benefit from the product cycle and internal operational improvements, with the existing 5566 model anticipated to see a sales rebound due to recent adjustments in the standard configuration of 100 kWh battery [2] - The initiation of the internal CBU reform is expected to enhance operational and organizational efficiency, as well as the market competitiveness of the models, with gradual optimization of cost efficiency anticipated [2]