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    Jing Chang

    Research Analyst at CICC

    Jing Chang is an Analyst SAC Reg at China International Capital Corporation (CICC), based in Beijing, specializing in equity research and analysis for the Chinese capital markets. Since joining CICC in 2017, Chang has contributed to research coverage across major sectors, leveraging expertise to support investment banking and asset management initiatives. With over 8 years of experience, Chang has delivered actionable insights for CICC’s institutional clients, though detailed public performance metrics or specific company coverage are not disclosed. Chang holds the SAC Reg credential, underscoring regulatory compliance and professional qualification in the Chinese securities industry.

    Jing Chang's questions to NIO (NIO) leadership

    Jing Chang's questions to NIO (NIO) leadership • Q2 2025

    Question

    Jing Chang from CICC asked for insights into the underlying success factors for the L90 and ES8 models beyond technology and platform upgrades, specifically mentioning potential changes in supply chain management or dealer networks.

    Answer

    A moderator, speaking for management, attributed the success to a combination of factors. These include a superior technology roadmap (900V architecture, swappable batteries), more precise product definition based on lessons learned, and an optimized supply chain strategy. The company now focuses on win-win cooperation with partners who believe in NIO's long-term vision, which helps achieve a competitive cost structure.

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    Jing Chang's questions to NIO (NIO) leadership • Q1 2025

    Question

    Jing Chang of China International Capital Corporation (CICC) asked for details on NIO's overseas market strategy, particularly for the Firefly brand's global expansion, including targets, adaptation to tariffs, timing, and pricing.

    Answer

    Management explained a strategic shift in global expansion, moving from a direct sales model to partnering with local distributors, with over 10 partners already signed. They stated that the Firefly brand will roll out in several European and other countries this year but emphasized a long-term view for international development without providing aggressive short-term volume targets.

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    Jing Chang's questions to NIO (NIO) leadership • Q2 2024

    Question

    Jing Chang of CICC asked for details on the new SkyOS operating system, including its technical challenges, advantages, and expected product improvements. She also inquired about the drivers behind the significant improvement in the 'other income' gross margin in Q2 and the outlook for the charging and battery swap business to achieve profitability.

    Answer

    CEO William Li described SkyOS as the world's first full-domain vehicle OS, a software cornerstone that enhances safety, stability, and R&D efficiency. He attributed the improved 'other sales' margin to more profitable after-sales services and the decoupling of lifetime free swaps from vehicle sales. He noted a single swap station breaks even at over 60 swaps/day (current average is 30-40), but the overall business remains at a loss due to legacy free-swap users and the strategic deployment of stations ahead of demand.

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    Jing Chang's questions to Li Auto (LI) leadership

    Jing Chang's questions to Li Auto (LI) leadership • Q2 2025

    Question

    Jing Chang from CICC asked for an explanation for the expanded negative operating cash flow in the second quarter and questioned how recent team changes and new regulations would affect the development and deployment of autonomous driving functions.

    Answer

    CFO Tie Li attributed the negative operating cash flow to the payment of prior-period payables under previous 3-4 month terms, noting that the new 60-day term will likely result in continued negative cash flow in Q3 before improving in Q4. President Dongguin Ma acknowledged minor team departures in the AD sector but affirmed the team remains strong with new leadership and that VLA development is on track. He views stricter regulations as a positive step that favors technically proficient companies like Li Auto.

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    Jing Chang's questions to Li Auto (LI) leadership • Q1 2025

    Question

    Inquired about the company's sales targets for the year, flexibility in strategy, and mid-term domestic sales outlook for family SUVs. Also asked about the core difficulties and competitive differentiation of their VLA ADAS technology.

    Answer

    Li Auto aims to grow at double the rate of the premium NEV market, with significant potential from expanding into lower-tier cities via its 'Star' program. For ADAS, the main challenges are in pretraining the foundational model and reinforcement learning. Their differentiation lies in training the model to understand 3D space and using a proprietary world model for efficient, low-cost simulation and iteration.

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    Jing Chang's questions to Li Auto (LI) leadership • Q1 2025

    Question

    Jing Chang inquired about Li Auto's 2025 sales targets, its strategy for adjusting volume and pricing, and its mid-term domestic sales goals. She also asked about the core technical difficulties and differentiators of the VLA Driver ADAS model.

    Answer

    CEO Xiang Li reiterated the goal to grow at double the rate of the premium NEV market, citing expansion into lower-tier cities as a key driver. He explained that the VLA model's key differentiator is its foundational model's ability to understand 3D space and its use of reinforcement learning in a proprietary, physics-based simulated world.

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    Jing Chang's questions to Li Auto (LI) leadership • Q1 2025

    Question

    Jing Chang from CICC asked about Li Auto's 2025 sales target flexibility in response to market changes and its mid-term sales goals for high-end family SUVs. She also sought details on the core technical difficulties and differentiators of the VLA driver ADAS model.

    Answer

    Management reiterated its goal to grow at double the rate of the premium NEV market, driven by BEV launches and expansion into lower-tier cities via its STAR program. They explained that the VLA model's key differentiator is its foundational training on 3D spatial data and its reinforcement learning process using a proprietary, physics-based world model for simulation.

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    Jing Chang's questions to Li Auto (LI) leadership • Q2 2024

    Question

    Jing Chang requested more detail on the logic behind Li Auto's distribution network adjustments, such as increasing the proportion of stores in auto parks. She also asked about plans for entering lower-tier cities and how the network is being prepared for the launch of BEV models next year.

    Answer

    SVP James Liangjun Zou elaborated on the direct sales strategy, which involves replacing underperforming mall stores with larger retail centers in leading auto parks across the top 150 cities. He provided specific metrics: the proportion of auto park stores increased from 24% to 31%, with a year-end target of nearly 50%. Total showroom display spots are planned to increase from 2,919 to over 3,600 by year-end, ensuring sufficient capacity for the new BEV models.

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