Core Insights - NIO delivered 24,925 vehicles in June 2025, marking a 17.5% year-on-year increase, with a total of 72,056 vehicles delivered in Q2, representing a 71.2% quarter-on-quarter growth [1][2] Group 1: Sales Performance - NIO's multi-brand strategy has driven growth despite a competitive market, with the main model 5566 showing improved gross margins due to enhanced features and self-developed chips [2][4] - The sub-brands, Ladao and Firefly, achieved record sales, with L60 becoming the only stable growth model in the mid-size SUV market and Firefly making significant strides in the high-end electric vehicle segment [4] Group 2: Future Growth Drivers - NIO is expected to maintain its growth momentum in Q3, supported by several favorable factors, including the successful launch of the new 5566 model and the upcoming flagship models ES8 and L90 [5] - The introduction of the BaaS battery rental service has lowered the entry price for Firefly vehicles to 79,800 yuan, attracting a broader customer base [6] - The completion of the 1,000th battery swap station will enhance the charging network, alleviating user concerns and potentially boosting sales in Q3 [10]