Recently, Haitong International Securities released a research report, proposing five major conjectures for 2025. One of the conjectures is that Xiaomi will acquire NIO, and the scope of use of NIO's battery swapping will be expanded, and even open to other car companies under patent protection. Haitong International also stated that this conjecture and other conjectures are based on the understanding and analysis of technology, regulation and competition, and are not predictions based on sufficient evidence and information. On January 18, after Wang Hua, general manager of Xiaomi Group's public relations department, issued a response, Ma Lin, assistant vice president of NIO's brand and communications, also responded to the conjecture: "The conjecture is purely fictitious. NIO is down-to-earth in battery swapping and has connected more than 700 cities across the country. Every additional battery swap station has a positive impact on sales. Brother Bin also recommended battery swapping models to Lei Jun, and models of many other battery swapping cooperative brands are also on the way. Indeed, CATL, which understands batteries best, has adopted a battery swapping model, and the value of battery swapping to electric vehicles has been seen by the entire industry."