1. NIO faces a new pricing war initiated by BYD in China, though regulatory intervention may mitigate its impact; 2. Despite ongoing price competition, NIO's vehicle margins improved to 10.2% in Q1 2025, with projected 25-30% YoY delivery growth for Q2; 3. The stock's forward P/S ratio of 0.53 (FY2026) appears undervalued relative to its ~40% revenue growth forecast.