On September 2nd, during NIO's Q2 2025 earnings call, Li Bin stated that NIO's long-term goal is to achieve a 20% gross profit margin. Specifically, the NIO brand's target gross profit margin is 20%, with efforts moving toward 25%. The Ledao brand will strive to achieve a higher gross profit margin, based on its 15% gross profit margin. Firefly's gross profit margin is approximately 10%. The company was fully prepared during product definition, providing strong cost support for aggressive pricing. NIO's new generation of products is highly cost-competitive, based on its long-term accumulation of proprietary technology and the cost reduction capabilities achieved through cost control measures.