On September 4, BoCom International issued a report, elevating its target price for NIO's (09866.HK) Hong Kong-listed shares to HK$62.7 and reaffirming its 'Buy' rating. Projections indicate that NIO's revenue for the second quarter of 2025 is anticipated to reach approximately RMB 19.01 billion, marking a year-over-year increase of 9% and a quarter-over-quarter surge of 57.9%. Specifically, automotive revenue is expected to hit around RMB 16.3 billion, aligning with expectations. NIO holds a positive outlook for its third-quarter performance, forecasting deliveries of 87,000 to 91,000 vehicles and revenue ranging from RMB 21.8 to 22.9 billion, setting a new record high, primarily fueled by the robust sales of the new L90 model. For the fourth quarter, NIO aims to achieve a combined monthly sales volume of approximately 50,000 vehicles for both NIO and Ledao brands, with an overall gross margin expected to climb to 17% to 18%. BoCom International has revised its sales forecast for NIO in 2025 upwards to 340,000 vehicles, accompanied by a 17.5% increase in the revenue forecast to RMB 99.5 billion. This revision primarily reflects the robust sales expectations for the L90 and ES8 models. The market is keenly observing whether NIO can sustainably improve its operational performance, whether cost reduction initiatives will yield the anticipated results, and whether it can attain profitability in the fourth quarter. BoCom International believes that the resurgence in sales will bolster market confidence, which bodes well for NIO's future new vehicle launches and financing endeavors.