报告中称，公司长期以来持续深耕核心技术。ET9作为公司技术创新能力的集中体现，集成12项前瞻创 新，涵盖自研NX9031芯片、SkyOS操作系统、900V高压平台及线控转向+全主动悬架，体现智能化与 电动化融合实力。截至8月ET9累计销量达2061辆。本次发布的地平线特别版强化豪华属性，采用零阶 差光滑涂装、23英寸专属轮圈及精细刺绣内饰，进一步提升尊享体验。凭借技术与工艺双重升级，该行 预计其有望持续引领高端纯电的价值重塑。 展望2026年，该行重申看好公司产品周期和内部经营改善：公司现有5566车型有望通过近期100度电标 配的调整，支持销量回升，该行认为公司2026年销量延续增长动力强。该行认为公司正式启动内部 CBU改革后(Cell Business Unit)，经营和组织效率、车型的市场竞争力持续提升，后续该行也有望看到 费用端效率实现逐步优化。 智通财经APP获悉，中金发布研报称，维持蔚来-SW(09866)"跑赢行业"评级，2025/26扣非盈利预测不 变，港美股目标价68港元/8.8美元。与现款相比，第三代ES8车身较现款加长181mm、加宽21mm、加高 50mm、轴距增加60mm。ES8整 ...

Core Viewpoint - NIO's chairman Li Bin stated that confidence in the company's ability to achieve profitability in Q4 has increased from 1% to 5% due to the strong sales of the new model L90, which delivered 10,525 units in August [1][2]. Financial Performance - In Q2, NIO reported a net loss of 4.126 billion yuan, although this was a reduction compared to previous losses [2]. - The target for Q4 profitability hinges on achieving sales of over 150,000 vehicles, with specific targets for models ES8 (35,000 units), L90 (45,000 units), and others [2]. Strategic Initiatives - NIO has implemented a price reduction strategy and equipped the 5566 model with a 100 kWh battery to stimulate sales [2]. - The company is focusing on optimizing R&D expenses, aiming to reduce them from over 3 billion yuan to between 2-2.5 billion yuan, prioritizing new model development [4]. Organizational Changes - Li Bin emphasized the challenges of organizational change, noting that it requires consensus and external pressure to drive transformation [6]. - The company is adapting its user engagement strategies, including product pricing and service models, to better align with customer needs [8][9]. Market Outlook - Li Bin acknowledged the importance of demonstrating profitability as it impacts brand perception, sales, recruitment, and supply chain relationships [7]. - The company is preparing for potential external challenges, such as price wars and fluctuations in raw material costs, while focusing on controllable factors in their target setting [12]. Product Development - NIO aims to continuously produce popular models, with the recent success of L90 and ES8 providing valuable insights for future vehicle launches [10]. - The company has improved its production capacity by securing parts earlier, which is crucial for meeting demand in the competitive electric vehicle market [11].

Core Viewpoint - NIO has reported a significant recovery in Q2 2025 after facing challenges in Q1, with a focus on organizational transformation and new product launches to drive growth [1][2][8] Group 1: Q1 Performance and Recovery - In Q1 2025, NIO delivered 42,100 vehicles, marking a 40.1% year-on-year increase despite facing sales challenges [1] - The company experienced a low point in Q1, but CEO Li Bin stated that they have reached the bottom and are set to return to an upward trajectory starting in Q2 [1][2] - Sales began to recover in April, with May continuing the growth trend, indicating the effectiveness of organizational changes [2] Group 2: Organizational Changes - NIO has implemented a "Company Business Unit" (CBU) structure to optimize operations, dividing the business into 12 core units with clear goals and measurable return indicators [3] - The CBU model has improved collaboration efficiency and decision-making, with a focus on prioritizing projects with clear ROI [3] Group 3: Market Strategy and Brand Performance - NIO is exploring unique sales models in lower-tier markets, utilizing battery swap stations to reduce fixed costs and enhance user experience [4] - The company aims to achieve profitability in Q4 2025, with sales driven by three brands: Firefly, NIO, and Lada [5][6] - Firefly brand achieved a monthly sales volume of 3,680 units, while NIO ET9 surpassed competitors in the luxury segment [5][6] Group 4: Future Outlook - NIO anticipates a 70% increase in Q2 sales compared to Q1, with improved gross margins and reduced expenses [8] - The company is confident in reaching a monthly sales target of 50,000 units, supported by new product launches and enhanced operational efficiency [8]