Core Viewpoint - The article discusses the preparations and significance of NIO Day, emphasizing the theme of "growth" and the challenges faced by NIO in organizing the event amidst tight timelines and operational changes [6][10][12]. Group 1: NIO Day Preparations - NIO Day is a significant annual event for the company, with this year's preparations being particularly urgent due to a three-month earlier scheduling [11][12]. - The event's theme, "growth," reflects the company's focus on both foundational stability and upward expansion, requiring careful planning and execution [6][10]. - The tight timeline has led to innovative solutions in event organization, such as real-time adjustments to the setup and a focus on cost efficiency [14][16]. Group 2: Financial Performance and Organizational Changes - NIO's second-quarter financial results showed stable gross margins for vehicles and significant improvements in other business segments, with a 30% reduction in operational losses [16][17]. - The implementation of the CBU (Core Business Unit) model has allowed for clearer cost accounting and accountability within the organization [17][18]. - The company has invested over 60 billion yuan in R&D over the past decade, focusing on technology and infrastructure to support its growth [57][58]. Group 3: User Engagement and Product Launch - NIO Day features strong user participation, with the event being co-created by users, highlighting the importance of community in the brand's identity [35][32]. - This year, NIO introduced two new models, including the high-end ET9 and the popular new ES8, with the latter's pricing starting at 406,800 yuan, leading to a surge in pre-orders [36][39][44]. - The demand for the new ES8 reflects a broader trend towards electric SUVs, indicating a shift in consumer preferences within the automotive market [46]. Group 4: The Concept of Growth - The theme of "growth" is explored through user stories and experiences, emphasizing resilience and the journey of both the company and its customers [47][49]. - The article draws parallels between the growth of bamboo and NIO's development, highlighting the importance of foundational work before visible success [56][68]. - NIO's journey is characterized by continuous investment in technology and infrastructure, positioning the company for future success as market conditions evolve [57][68].

Company Dynamics - The company held its 2025 NIO Day in Hangzhou on September 20 [1] - The new ES8 has officially launched, with a price of 406,800/446,800 CNY, and a battery-as-a-service (BaaS) model reducing the purchase threshold to 298,800/338,800 CNY, showcasing a significant price advantage [1] - The ES8 features a larger body compared to the previous model, with an increase of 181mm in length, 21mm in width, 50mm in height, and a 60mm longer wheelbase [1] - To enhance user confidence, the company introduced the "Assured Lock Order Plan," which includes tax subsidies and incentives for delayed vehicle delivery [1] Technological Innovation - The ET9 Horizon Special Edition exemplifies the company's commitment to core technology, integrating 12 innovative features, including a self-developed NX9031 chip and SkyOS operating system [2] - As of August, cumulative sales of the ET9 reached 2,061 units, with the new special edition enhancing luxury attributes through design upgrades [2] - The company anticipates strong sales momentum, projecting monthly sales to exceed 50,000 units in Q4, supported by adjustments in the 5566 model [2] Profit Forecast and Valuation - The current valuation for US and Hong Kong stocks corresponds to 0.8x P/S for 2026, maintaining the profit forecast for 2025/26 [2] - The target prices are set at 68 HKD and 8.8 USD, reflecting a potential upside of 16% and 19% from current stock prices, respectively [2]

Core Viewpoint - NIO's stock has seen a rise of over 3% following the announcement of new vehicle launches during NIO Day 2025, indicating positive market sentiment towards the company's future growth prospects [1] Group 1: New Product Launches - NIO officially launched the all-new ES8, with a starting price of 406,800 yuan for outright purchase and 298,800 yuan for battery rental, offering three variants: 7-seat luxury, 6-seat luxury, and 6-seat signature [1] - The ET9 Horizon Special Edition was also announced, set to begin deliveries at the end of September 2025 [1] Group 2: Market Analysis and Forecasts - Morgan Stanley's report suggests that the successful launch of the L90 and ES8 models may shift market perceptions of NIO's stock and support a projected sales growth of 25%-30% for 2026 [1] - Citigroup has raised its sales forecasts for NIO to 500,000 and 571,000 units for 2026 and 2027 respectively, citing strong order volumes for the L90 and ES8 models, and has adjusted gross margin forecasts to 16.8% and 18.1% for the same years [1] - Citigroup has placed NIO on its watchlist for potential upward catalysts in the next 30 days [1]

Core Viewpoint - NIO's stock has seen a rise of over 3% following the announcement of new vehicle launches during NIO Day 2025, indicating positive market sentiment towards the company [1] Group 1: Vehicle Launches - NIO Day 2025 was held on September 20, where the company officially launched the new ES8, priced starting at 406,800 yuan, with a battery rental option starting at 298,800 yuan [1] - The new ES8 offers three variants: a 7-seat luxury version, a 6-seat luxury version, and a 6-seat signature version [1] - Additionally, the ET9 Horizon Special Edition was announced, with deliveries set to begin at the end of September 2025 [1] Group 2: Market Analysis and Forecasts - Morgan Stanley's report suggests that the successful launch of the L90 and ES8 models may change market perceptions of NIO's stock and support a projected sales growth of 25%-30% for 2026 [1] - Citigroup has raised its sales forecasts for NIO to 500,000 units for 2026 and 571,000 units for 2027, citing strong order volumes for the L90 and ES8 models [1] - Citigroup also adjusted its gross margin forecasts to 16.8% for 2026 and 18.1% for 2027, placing NIO on a watchlist for potential upward catalysts in the next 30 days [1]

Core Insights - The 2025 NIO Day marked a significant shift for the company, emphasizing a transition from idealism to market reality, with the theme "Grow with the Light" reflecting a collective sentiment of resilience and hope among users [1][4] - NIO showcased its commitment to user co-creation and technological innovation, with over 700 users participating in various collaborative activities during the event [1][2] Product and Technology Highlights - NIO's battery swap stations have been upgraded to the fourth generation, with plans for a fifth generation to enhance battery compatibility and efficiency, expected to be deployed in early 2024 [2][4] - The new ES8 and ET9 Horizon Special Edition were highlighted, with the ES8 starting at 406,800 yuan and dropping to 298,800 yuan with the BaaS battery rental option, showcasing a competitive pricing strategy [2][4] Market Strategy and Performance - NIO plans to focus on expanding its large SUV lineup in 2025, with new models set to be released throughout the year, while the EC7 will not see a new version next year [3][4] - The company reported a record delivery of 31,305 vehicles in August 2025, a 55.2% year-on-year increase, driven by the successful launch of the new Lido L90 model [5][6] Financial Goals and Challenges - NIO aims to achieve profitability in Q4 2025, with a delivery target of 150,000 vehicles for the year, although challenges such as potential delivery delays and changes in tax policies could impact this goal [6][7] - The company has invested over 600 billion yuan in R&D since its inception, focusing on key technologies like self-developed chips and solid-state batteries, while also building the largest smart battery swap network globally [7][8] Long-term Vision - NIO's dual-brand strategy targets different market segments, with the Lido brand focusing on the mainstream family market and NIO maintaining its presence in the high-end market, providing a balanced approach to market coverage [5][6] - The company emphasizes the importance of technological innovation, user community engagement, and infrastructure development as key components of its long-term competitive strategy [7][8]

Core Insights - NIO Day 2025 will be held on September 20, 2025, in Hangzhou, marking the first autumn event with the theme "Grow with the Light" to showcase NIO's latest products and technological innovations [1][2] - The event will feature a unique outdoor exhibition titled "G318 Sichuan-Tibet Battery Swap Route," and all proceeds from user stalls will be donated to the Zhejiang Charity Federation, with NIO's user charity fund participating in project follow-ups [1] - NIO announced the launch of the ET9 Horizon Special Edition, which will begin deliveries at the end of September 2025, featuring a dual-color design inspired by the NIO logo [1] - The all-new ES8, a flagship SUV, was also launched, representing a significant technological advancement and the first model to complete three generations of iterations in the electric vehicle market [2] - NIO's founder, Li Bin, emphasized that 2025 will be a turning point as user experiences from pure electric technology will outweigh the inconveniences of charging, indicating a shift towards pure electric vehicles in the high-end market [2] Product Launches - The ET9 Horizon Special Edition is positioned as a flagship model combining aesthetics, craftsmanship, and cutting-edge technology, aimed at innovative leaders who appreciate unique design [1] - The all-new ES8 is highlighted as the pioneer of China's pure electric large three-row SUVs, showcasing NIO's decade-long commitment to technological innovation [2] Market Positioning - NIO aims to leverage over ten years of technological innovation to meet user demands with high-quality products and services, as the high-end new energy vehicle market accelerates its transition to pure electric [2]

Core Viewpoint - NIO Day 2025 will be held on September 20, 2025, in Hangzhou, China, showcasing NIO's latest products and technological innovations under the theme "Grow with the Light" [1] Group 1: Event Details - NIO Day 2025 will feature the "G318 Sichuan-Tibet Battery Swap Route" as part of its outdoor exhibition, highlighting a unique charging landscape [1] - All proceeds from the user stalls at the outdoor market during NIO Day will be donated to the Zhejiang Charity Federation, with NIO's user charity fund matching contributions and following up on charitable projects [1] Group 2: Product Launches - The ET9 Horizon Special Edition, a smart electric flagship vehicle, will officially launch at NIO Day 2025, with deliveries starting at the end of September 2025 [2] - The ET9 features a two-tone design inspired by the NIO logo, symbolizing the fusion of sky and earth, and aims to appeal to innovative leaders with a unique aesthetic [2] - The all-new ES8, a full-scenario technology flagship SUV, will also be launched, marking the first electric vehicle to complete three generations of iterations, showcasing NIO's decade-long technological innovation [2][3] Group 3: Market Insights - NIO's founder and CEO, Li Bin, stated that 2025 will be a turning point where the benefits of pure electric technology will outweigh the inconveniences of charging, indicating a shift in consumer preferences towards high-end electric vehicles [3] - The high-end new energy vehicle market is accelerating its transition to pure electric, supported by NIO's commitment to high-quality products and services based on over ten years of technological innovation [3]

Group 1 - NIO Day 2025 will be held on September 20, 2025, in Hangzhou, featuring the theme "Grow with the Light" to share the latest products and technological innovations with global users [1] - The event will showcase the "G318 Sichuan-Tibet Battery Swap Route" and all proceeds from the market stalls will be donated to the Zhejiang Charity Federation, with NIO's user charity fund participating in the donation [1] - NIO announced the launch of the ET9 Horizon Special Edition, which will begin deliveries at the end of September 2025, featuring a dual-color design inspired by the NIO logo [1] Group 2 - The all-new ES8, a flagship SUV, was officially launched at NIO Day 2025, marking the first electric large three-row SUV to complete three generations of iterations [2] - NIO's founder and CEO Li Bin stated that 2025 will be a turning point as user experiences from pure electric technology will outweigh the inconveniences of charging, indicating a shift towards pure electric vehicles in the high-end market [2] - NIO aims to leverage over ten years of technological innovation to continuously meet user demands with high-quality products and services [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 自願公告 2025蔚來日在杭州舉辦 NIO Day 2025上，蔚來宣佈全場景科技旗艦SUV——全新ES8正式上市。蔚來 ES8是中國純電大三排SUV的開創者，全新ES8是首款完成了三代迭代的智能電 動汽車產品，凝聚了蔚來十年技術創新心血，將引領高端大三排SUV進入純電時 代。 「首次在秋季舉辦NIO Day，給用戶和 ...

Group 1 - NIO is accelerating its investment and layout in the pure electric vehicle sector, launching the ET9 Horizon Special Edition and the new ES8 models [1] - The starting price for the ET9 Horizon Special Edition is 818,000 yuan, while the new ES8 starts at 406,800 yuan, reflecting a price reduction of 10,000 yuan from its pre-sale price [1] - The new ES8's pre-sale price was lowered by 111,200 yuan compared to the second-generation ES8, indicating a strategic shift to remain competitive in the market [1] Group 2 - NIO's chairman, Li Bin, predicts that 2025 will mark a turning point for the pure electric three-row SUV market, as user experience from electric technology is beginning to outweigh the inconvenience of charging [2] - As of September 20, NIO has built a total of 8,246 charging and battery swap stations, leading the industry with 3,500 battery swap stations and 4,746 charging stations [2] - NIO announced a financing of 1.16 billion USD on September 17, just a week after securing 1 billion USD, highlighting its reliance on external financing due to long-term losses exceeding 130 billion yuan since its establishment [2] Group 3 - NIO is striving for profitability in the fourth quarter, with a second-quarter net loss of 4.995 billion yuan, although revenue grew by 9% year-on-year to 19 billion yuan [3] - The revenue guidance for the third quarter is projected to be between 21.81 billion yuan and 22.88 billion yuan, marking a historical high [3] - Industry experts suggest that NIO faces significant price-performance competition and must achieve profitability before the market shifts to stock competition, especially as policy subsidies decline [3]