曾经很"闹腾"的蔚来，变得越来越安静了。 这种安静在1月6日蔚来第一百万台量产车下线仪式的活动现场特别明显。李斌还是那个习惯动作， 举着手机自拍，对着镜头和车主欢呼，但那种为了"活下去"而略带悲情色彩的亢奋劲儿，在现场找不 着了。 取而代之的是一种挺职业的、甚至有点儿"闷"的务实。 几年前，蔚来是全中国最能折腾、也最能招引注意力的创业公司。那时候它不得不"闹"：换电被误解 是"骗局"，自研芯片被说是"烧钱"，连盖个牛屋都被说是"不务正业"。那两年的蔚来像个浑身长刺的 叛逆期少年，每一项举动都带着点儿急于证明自己存在必要的进攻性。但其实那是种防御机制，不搞 出大动静，可能就真的没命了。 李斌在专访里说，"接下来的周期，蔚来要成为最踏实的企业。" 这句话翻译过来其实就是： 蔚来，不需要再靠嗓门大来换存在感，而是要靠扎实稳健的经营，完成 发展第三阶段的既定目标。 "从2025年下半年，蔚来公司开始进入发展第三阶段。"李斌说，"三个品牌协同发力，覆盖了10万到 80万非常广泛的用户需求；技术创新、研发投入开始开花结果，产品竞争力大大提升，技术创新换 成本，公司毛利率持续提升；可充可换可升级技术路线优势得到充分发挥，充 ...

Core Viewpoint - The report from CICC maintains a "outperform" rating for NIO-SW (09866), with target prices set at HKD 68 and USD 8.8 for 2025/26, while keeping the non-GAAP profit forecasts unchanged [1][2] Group 1: Product and Pricing Strategy - The third-generation ES8 has been enhanced in dimensions, being 181mm longer, 21mm wider, and 50mm taller, with a wheelbase increase of 60mm compared to the previous model [1] - The pricing for the ES8 is set at CNY 406,800 and CNY 446,800, with the BaaS battery leasing option lowering the purchase threshold to CNY 298,800 and CNY 338,800, reflecting a CNY 10,000 reduction from the pre-sale price and lower than the previous model [1] Group 2: Technological Advancements - NIO has consistently focused on core technologies, with the ET9 showcasing the company's innovation capabilities through 12 advanced features, including the self-developed NX9031 chip, SkyOS operating system, 900V high-voltage platform, and steer-by-wire with fully active suspension [1] - As of August, cumulative sales of the ET9 reached 2,061 units, and the launch of the Horizon Special Edition enhances luxury attributes with features like smooth zero-stage coating, 23-inch exclusive wheels, and finely embroidered interiors [1] Group 3: Future Outlook - The company is expected to benefit from the product cycle and internal operational improvements, with the existing 5566 model anticipated to see a sales rebound due to recent adjustments in the standard configuration of 100 kWh battery [2] - The initiation of the internal CBU reform is expected to enhance operational and organizational efficiency, as well as the market competitiveness of the models, with gradual optimization of cost efficiency anticipated [2]

Summary of NIO's Q1 2025 Earnings Conference Call Company Overview - **Company**: NIO Inc. - **Industry**: Smart Electric Vehicles (EVs) Key Financial Results - **Total Revenues**: 12 billion RMB, up 21.5% year-over-year, down 38.9% quarter-over-quarter [6] - **Vehicle Sales**: 9.9 billion RMB, up 37.2% year-over-year, down 5.9% quarter-over-quarter [6] - **Vehicle Margin**: 10.2%, compared to 9.2% in Q1 last year and 13.1% last quarter [6] - **Overall Gross Margin**: 7.6%, compared to 4.9% in Q1 last year and 11.7% last quarter [6] - **R&D Expenses**: 3.2 billion RMB, up 11.1% year-over-year, down 12.5% quarter-over-quarter [7] - **Net Loss**: 6.8 billion RMB, up 30.2% year-over-year, down 5.1% quarter-over-quarter [7] Delivery and Production Highlights - **Q1 Deliveries**: 42,094 smart EVs, up 4.1% year-over-year [1] - **Q2 Delivery Guidance**: Expected between 72,000 and 75,000 units, representing 25.5% to 30.7% growth year-over-year [2] - **New Model Launches**: Successful launch of ES6, EC6, EQ5, and EQ5P in late May [2] Product and Technology Updates - **New Models**: EP9 deliveries surpassed BMW 7 Series and Audi A8 L in China [2] - **Smart Driving Innovations**: Deployment of NS9031 smart driving chip and full-domain vehicle operating system, SkyOS [3] - **NIO World Model (NWM)**: Enhancements in active safety, urban and highway driving, and parking features [4][15] Operational Efficiency and Cost Management - **Cost Reduction Efforts**: Focus on improving operational efficiency across R&D, supply chain, sales, and service functions [5][11] - **Target for Q2**: Achieve a 15% efficiency increase compared to Q1 [12] - **Long-term Goals**: Aim for a profit-loss balance by Q4, with R&D costs controlled between 2 to 2.5 billion RMB per quarter [13] Market Position and Competitive Strategy - **Brand Performance**: NIO's new models are expected to drive significant sales growth, with a target of 25,000 units per month by Q4 [9][10] - **Sales Strategy**: Focus on maintaining price stability while improving vehicle gross margins [10] - **Expansion Plans**: Continued international expansion and partnerships in over 15 core markets [4] User Feedback and Market Response - **User Feedback on New Models**: Positive reception for new ES6, EC6, and ET5 models, with improvements in product competitiveness noted [29] - **Battery Technology**: Current models utilize 400-volt systems, with no immediate plans to switch to 900-volt systems [30] Additional Insights - **Power Swap Network**: NIO operates 3,408 power swap stations globally, with over 75 million swaps provided to users [4] - **Sales Network Development**: Over 440 stores in China, with ongoing improvements in sales and service efficiency [20] - **Future Product Launches**: L90 expected to launch in Q3, with strong market anticipation [22] This summary encapsulates the key points from NIO's Q1 2025 earnings conference call, highlighting financial performance, product developments, operational strategies, and market positioning.