NIO founder William Li pointed out at the earnings call that the Chinese passenger car market faced challenges in the first quarter of this year, with an expected slight year-on-year decline. However, the growth momentum of battery electric vehicle (BEV) models remains strong, and a relatively rapid growth rate will be maintained this year. He revealed that NIO plans to launch three all-new models this year. Together with the L90 under the ONVO brand and the all-new ES8, this will form a product lineup of five mid-to-large and large SUVs. NIO is very confident in achieving a 40%-50% year-on-year sales growth for the full year. The flagship SUV ES9 will hold a product technology launch event on April 9, and the '5566 model series' will also receive minor updates this year. NIO expects to achieve an operating profit of RMB 1.25 billion in the fourth quarter of 2025, marking its first quarterly profit, with a significant sequential increase in cash reserves by nearly RMB 10 billion. In the first quarter of 2026, NIO's delivery guidance is 80,000 to 83,000 units, with revenue guidance ranging from RMB 24.48 billion to RMB 25.18 billion. In 2025, NIO achieved record-high figures in full-year deliveries, revenue, and total gross profit, with its comprehensive and vehicle gross profit margins reaching new highs since 2022.