---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/35275969.md"
description: "The parent company sells batteries to its subsidiary, which then leases them to users. From my limited financial knowledge, the key is whether the subsidiary is consolidated. If not, this operation is fine; if consolidated, this income becomes the subsidiary's cost, increasing the parent company's costs. Moreover, the subsidiary's funds also come from investors and NIO. The short-selling report at the time has already been refuted. Now, filing a lawsuit again, while not unreasonable, still requires sufficient evidence."
datetime: "2025-10-16T05:45:03.000Z"
locales:
  - [en](https://longbridge.com/en/topics/35275969.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/35275969.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/35275969.md)
author: "[未来的交易员皮看穿](https://longbridge.com/en/profiles/10939.md)"
---

# The parent company sells batteries to its subsidia…


### Related Stocks

- [09866.HK](https://longbridge.com/en/quote/09866.HK.md)
- [NIO.US](https://longbridge.com/en/quote/NIO.US.md)
- [NIO.SG](https://longbridge.com/en/quote/NIO.SG.md)

## Comments (26)

- **新用户_IVtOjr · 2025-10-16T06:58:07.000Z**: Mr. Pi, that's not the case. Weineng NIO doesn't hold much stake. In fact, NIO transfers the BaaS business to Weineng, and Weineng pays for the batteries. NIO is responsible for the operation of battery swap stations and the construction work. The rental income earned by Weineng is then used to pay 
  - **新用户_IVtOjr** (2025-10-16T07:00:01.000Z): CATL has always wanted absolute control to truly build a battery swap alliance. Li Bin is certainly unwilling to lose the soul of the company, with limited shares but still retaining control over Nio.
  - **新用户_IVtOjr** (2025-10-16T07:01:58.000Z): Weineng is actually aiming to be an energy bank, not an energy company.
  - **未来的交易员皮看穿** (2025-10-16T07:21:31.000Z): Oh oh, this model is too complicated, no wonder people say it's a scam if they can't understand it.
- **文风子 · 2025-10-16T06:56:21.000Z · 👍 1**: Blindly withdrawing, with so much future losses, is it necessary to fake it for such a small amount of loss?
- **理小存 · 2025-10-16T06:28:10.000Z**: If it's a transaction between parent and subsidiary companies, consolidation offset is inevitable.
- **拉力量 · 2025-10-16T06:26:39.000Z**: Smash, the more it smashes, the more positions are added.
- **echo_ · 2025-10-16T06:03:51.000Z · 👍 3**: In terms of revenue recognition, the difference is actually the pricing issue of baas debt. Nio sold the baas debt of 1,000 yuan per month to Wuhan Weineng. Assuming Weineng paid 80,000 yuan, Nio could recognize 80,000 yuan in revenue. The Singapore fund believes this pricing is too high, with all t
  - **王哪跑啊** (2025-10-16T06:13:11.000Z): Well said
  - **crazy ethon** (2025-10-16T06:47:18.000Z): Agree that BaaS is an absolutely high-quality asset.
  - **我要吃太空人** (2025-10-16T07:58:50.000Z): If WeNeng is consolidated, it will only further strengthen NIO's balance sheet. BAAS assets are of sufficient quality, and the increase in profits after consolidation might even be greater than now...
- **纳斯达克小作手进行录 · 2025-10-16T06:03:49.000Z**: Logical inference, are there any other entities joining the lawsuit? There were many shareholders three years ago. If only one company is doing this after three years, I think it might be a bit optimistic?
- **未来的MJ · 2025-10-16T06:00:10.000Z**: The smoke has cleared and the sky is bright after the rain
- **UFcJjf · 2025-10-16T05:58:02.000Z · 👍 1**: ...You're massaging too fast. I only wrote a couple of strokes
  - **未来的交易员皮看穿** (2025-10-16T05:59:16.000Z): Not stabilized yet, mainly because I can't buy in at full position and leverage, and I won't let you guys buy in either haha
  - **tattoo** (2025-10-16T08:18:10.000Z): Bro, can I copy this?
- **Aiverna · 2025-10-16T05:57:33.000Z · 👍 1**: They are sovereign funds, not ordinary small institutions or retail investors. Moreover, the amount involved in the lawsuit is huge, and the litigation costs are very expensive, especially in the US...If they file a lawsuit, the other party must have some evidence in hand; otherwise, they wouldn't t
  - **未来由我掌控** (2025-10-16T06:08:22.000Z): What if this institution switches to short selling? Have you thought about it?
  - **大吉大利大富大贵** (2025-10-16T06:09:34.000Z): 你搜下关键词 “GIC 巨亏”，有惊喜
  - **Aladdinking** (2025-10-16T06:28:32.000Z): Just an explanation for investors
- **开EC6的蔚来股东 · 2025-10-16T05:53:12.000Z · 👍 2**: From what I remember, NIO's battery operation company, Weineng, is off the books, but it should be considered as equity investment. If sales increase and BASS efficiency improves, a revaluation of this part would actually add value to NIO.
- **王哪跑啊 · 2025-10-16T05:51:37.000Z**: Looking back at the previous report, this wave is also a short-term behavior. Given the current fundamentals, if it really drops to 3.8 yuan, I would wake up laughing.
- **SZ-Sam · 2025-10-16T05:47:25.000Z · 👍 3**: Short selling doesn't need evidence, just like tacos, you only need a plan to draw K-lines
  - **未来的交易员皮看穿** (2025-10-16T05:50:57.000Z): So rough?
- **加油可达鸭 · 2025-10-16T05:46:33.000Z · 👍 5**: This is just the material found by the main force for washing, no need to look, it just needs to be washed
  - **未来的交易员皮看穿** (2025-10-16T05:51:10.000Z): Well, falling is healthier