Bank of Communications International released a research report maintaining a "Buy" rating for NIO-SW (09866), noting that marginal improvements present short-term rebound opportunities for the stock price. The firm believes future market focus will likely center on the sustainability of NIO Inc.'s marginal improvements (particularly sales recovery) and whether cost reduction effects can meet market expectations. Although the stock price has already rebounded 50% from its lows, NIO Inc.'s 2025 price-to-sales ratio is only 0.85x, still lower than the 1-2x valuations of its new energy vehicle peers, suggesting marginal improvements may bring sustained rebound opportunities for the stock price.

The report states that the Onvo L90 has officially entered the market, with the complete vehicle starting at 268,800 yuan (Pro version; RMB, same below), while the Max and Ultra versions are priced at 279,800 yuan and 299,800 yuan respectively. Seven-seat models add 6,000 yuan to the base price (starting from 271,800 yuan). The BaaS (Battery as a Service) option starts at 179,800 yuan (Pro version), with Max and Ultra versions at 193,800 yuan and 213,800 yuan respectively, while the seven-seat BaaS option starts from 185,800 yuan. Compared to the pre-sale prices announced on July 10 (complete vehicle purchase starting from 279,900 yuan, BaaS option starting from 193,900 yuan), the official pricing has been reduced by approximately 14,100 yuan.

In terms of benefits, all new vehicles come standard with an 85kWh battery, L2-level intelligent driving assistance system, and Orin-X chip among other premium configurations. The company offers a promotion where a 2,000 yuan deposit can be deducted against 5,000 yuan of the purchase price plus a 5,000 yuan optional equipment fund, with repeat customers eligible for additional point rewards.

Overall, even the top-tier Ultra version (whose core highlights compared to Pro and Max versions include "four-wheel drive performance + zero-gravity seats + full air suspension system") does not break the 300,000 yuan threshold, reflecting management's determination to fight with their backs against the wall. Considering the pricing strategy and channel feedback comprehensively, monthly stable sales are expected to easily exceed market expectations of 5,000 units. The success of the L90 will also pave the way for the subsequently released L80 model, helping NIO Inc. achieve a turnaround in sales volume.