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 ...

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.