In my opinion, the 4 most important things in Q4 and 2026 in terms of data: (ranked by importance)

1. Automotive gross margin: Testing cost reduction through technology and management efficiency

2. Positive free cash flow and operating cash flow: Cash flow is the lifeblood of a company. If losses are malnutrition, then a broken capital chain is a stroke. Being able to self-generate cash flow without diluting equity is crucial for both the company and its stock price

3. Sales volume: The foundation for doing well in the first 2 points

4. Profit: The reason it's placed last is that if the first 3 are done well, whether there's profit or not isn't particularly important. NIO could easily reduce losses through financial engineering by capitalizing huge R&D expenses, but NIO's financial statements are very clean. Small losses or small profits are both signals of moving towards high-quality development