Core Viewpoint - The report from CICC maintains a "outperform" rating for NIO-SW (09866) with unchanged profit forecasts for 2025/26 and target prices of HKD 68 / USD 8.8 [1] Group 1: Product and Pricing - The third-generation ES8 has increased dimensions compared to the current model, with a length increase of 181mm, width increase of 21mm, height increase of 50mm, and a wheelbase increase of 60mm [1] - The pricing for the ES8 is set at RMB 406,800 / 446,800, while the BaaS battery leasing option lowers the purchase threshold to RMB 298,800 / 338,800, reflecting a price reduction of RMB 10,000 compared to the pre-sale price and lower than the previous model [1] Group 2: Technological Innovation - The ET9 model showcases the company's technological innovation capabilities, integrating 12 advanced innovations including the self-developed NX9031 chip, SkyOS operating system, 900V high-voltage platform, and steer-by-wire with fully active suspension, demonstrating the strength of the integration of intelligence and electrification [1] - As of August, cumulative sales of the ET9 reached 2,061 units, and the newly released Horizon Special Edition enhances luxury attributes with features like zero-order smooth coating, 23-inch exclusive wheels, and finely embroidered interiors [1] Group 3: Future Outlook - Looking ahead to 2026, the company is expected to benefit from product cycles and internal operational improvements, with the existing 5566 model anticipated to support a rebound in sales through recent adjustments to the standard configuration of 100 kWh batteries [2] - The initiation of the internal CBU reform (Cell Business Unit) is expected to enhance operational and organizational efficiency, as well as the market competitiveness of models, with gradual optimization of cost efficiency anticipated [2]