Investors should not overlook competition in FY26E. We are of the view that we could not draw a linear extrapolation on NIO's sales volume in FY26E, based on its 4Q25 figures, as other automakers could launch new models with even more aggressive pricing. Even as we project NIO's FY26E sales volume to be 0.5mn units, we still expect NIO to post a GAAP net loss of RMB7.8bn in FY26E. We believe NIO's three-brand strategy, heavy investments in NIO House, battery swap, chips and even mobile phones, would require ...