Core Viewpoint - Morgan Stanley expresses a positive outlook on NIO's profitability prospects, expecting the company to achieve profitability in Q4 of this year driven by high-priced new model deliveries, ongoing cost control, and improved operational efficiency [1] Group 1: Profitability Outlook - NIO is anticipated to reach a profitability inflection point by 2026, supported by the launch of new models, strict cost management, and enhanced operational capabilities [1] - The current stock price adjustment presents a favorable entry point for investors, with the next key observation being the market response to new models during the April 2026 Beijing Auto Show [1] Group 2: Financial Performance - NIO's Q3 2025 financial report indicates record highs in delivery volume, revenue capacity, and overall gross margin [1] - The revenue guidance for Q4 is projected to be between 32.76 billion and 34.04 billion yuan, representing a year-on-year growth of 66.3% to 72.8%, setting a new record and leading among new car manufacturers [1]