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    Ben Wang

    Managing Director and Senior Research Analyst at Deutsche Bank

    Ben Wang is a Managing Director and Senior Research Analyst at Deutsche Bank, specializing in coverage of the U.S. technology sector with a particular focus on software and cloud services companies. He analyzes and provides investment insights on leading firms such as Salesforce, Microsoft, ServiceNow, and Workday, and has developed a reputation for accurate calls that have consistently ranked among the top quartile of analyst performance metrics on platforms like TipRanks, often achieving success rates above 65% and generating above-market average returns. Wang began his career as an associate at Barclays before joining Deutsche Bank in 2014, steadily advancing to his current leadership role. He holds FINRA Series 7, 63, and 86/87 licenses and has been recognized for excellence in equity research and industry insight.

    Ben Wang's questions to NIO (NIO) leadership

    Ben Wang's questions to NIO (NIO) leadership • Q2 2025

    Question

    Ben Wang of Deutsche Bank requested clarification on the company's Q4 breakeven target. He asked for specific guidance on R&D and SG&A expenses for Q3 and Q4, and whether the breakeven goal was for the operating or net profit level, on a GAAP or non-GAAP basis.

    Answer

    A moderator, speaking for management, clarified that the quarterly breakeven target is on a non-GAAP basis. They guided for non-GAAP R&D expenses to be approximately RMB 2 billion per quarter for Q3 and Q4. For SG&A, the target for Q4 is to be within 10% of sales revenue as volumes increase and efficiencies are realized.

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