---
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/28412550.md"
description: "In terms of business operations, Nio is skilled at financing! Today, Nio has once again announced a sudden increase in share issuance, with the core information summarized as follows:Number of Shares IssuedNio is issuing approximately 119 million shares, diluting the existing share capital by 5.42%.Purpose of Issuance, Basic Statementsa. Research and development of smart electric vehicle technology and new products; b. Strengthening the balance sheet; c. General corporate purposes (including working capital, etc.).Target of Issuance - Private PlacementThis is a private placement aimed at specific institutions and investors, and will not be offered to public investors in the United States, Hong Kong, or Singapore.What does Dolphin Research think?Although Nio has not disclosed who the incoming investors are, due to the private placement model, this issuance will dilute existing shares by 5.42%, and the stock price is expected to drop by 5-10% tonight.In addition to further diluting the equity of minority shareholders, the fact that Nio is issuing shares at such a low price clearly indicates that they are short on cash.As of the end of 2024, Nio has cash on hand of 41.9 billion yuan, but interest-bearing liabilities have reached 20.5 billion yuan (with 9.1 billion yuan short-term), meaning that the net cash currently stands at only 21.4 billion yuan. Suppose we estimate under the worst-case scenario, assuming that losses in 2025 remain the same as in 2024 (implying no growth in sales and no further cost control). In that case, Dolphin Research estimates that Nio's actual free cash flow for 2024 will be around -23 billion yuan (2024 Non-GAAP estimated EBITDA minus estimated capital expenditures for 2024), which means that net cash may not even last until 2026.This also means that if Nio's vehicle sales do not pick up in 2025 (with the new models released in 2025 being mid-to-large SUVs, potentially competing fiercely with Xiaomi's Yu7, and the small car Firefly itself is positioned for a very niche market, not meant for mass sales, while the current models in Nio's main brand are struggling to gain traction in the high-end pure electric market), Nio is in a precarious situation, making this financing a necessary choice.Dolphin Research has previously mentioned in the financial report interpretation that there are still doubts about the sustainability of Nio's reforms. Although Nio has strong financing capabilities, the patience of capital is becoming increasingly limited, and in this elimination race of new energy vehicles, time is running out for Nio."
datetime: "2025-03-27T11:33:39.000Z"
locales:
  - [en](https://longbridge.com/en/topics/28412550.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/28412550.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/28412550.md)
author: "[Dolphin Research](https://longbridge.com/zh-CN/news/dolphin.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/28412550.md) | [繁體中文](https://longbridge.com/zh-HK/topics/28412550.md)


# In terms of business operations, Nio is skilled at…


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## 评论 (39)

- **半山庐 · 2025-03-28T23:35:18.000Z**: Successfully built a brand that makes car owners feel inferior - ONVO
- **jhfjd · 2025-03-28T09:00:32.000Z**: Xiaomi's current share placement is the biggest negative for Nio, XPeng, and Li Auto. Once Xiaomi's production capacity ramps up, the electric vehicle industry will face a shakeout.
- **jhfjd · 2025-03-28T08:59:24.000Z**: Probably won't survive a year, can open a short interest.
- **運氣+1 · 2025-03-28T07:00:32.000Z**: When a company's chairman has to show up to gain traffic, it must be really desperate.
- **天地同寿 · 2025-03-28T03:01:04.000Z**: Awesome, they've secured funding again.
- **鱼丸粗面2333 · 2025-03-28T02:52:24.000Z**: Not optimistic in the long term, so bought 2 long-term puts just for fun.
- **利弗莫尔的交易员 · 2025-03-27T15:39:26.000Z**: Hurry up and go bankrupt put put put
- **super cool · 2025-03-27T14:43:40.000Z · 👍 29**: Bin is becoming more and more like Jia, and their stock prices are getting closer. If Bin runs to the US in the future, he might as well team up with Jia and rename it Faraday Nio. See you back in China next week together.
  - **奇迹的交易员cola** (2025-03-27T15:30:51.000Z): LOL😂@皮看穿 let's be StockPro together.
  - **John_Tang** (2025-03-27T16:39:38.000Z): LOL
  - **Dolphin Research** (2025-03-28T02:12:52.000Z): Being good at financing is one of Nio's distinctive features😂
- **zhangC · 2025-03-27T14:22:35.000Z · 👍 1**: Battery swapping has no future. Just like mobile phones in the early years, with spare batteries and universal chargers. Now they're all gone.
- **秃噜木浦 · 2025-03-27T14:21:31.000Z · 👍 1**: Hurry up and go bankrupt,
- **pengjun jun · 2025-03-27T14:16:18.000Z · 👍 2**: Nio is short of money, and its battery swap service doesn't have much distinctive features. It's uncertain whether it can survive the next round of elimination in the new energy sector.
  - **自然熟** (2025-03-27T15:34:16.000Z): Battery swap is just one advantage, it can also be charged.
  - **Dolphin Research** (2025-03-28T02:27:27.000Z): Every time you think it's short of money, it manages to find funds again. Not easy.
- **Xidian Ye · 2025-03-27T13:41:14.000Z**: Nio has no future.
- **名侦探胡珂珂 · 2025-03-27T13:00:38.000Z**: Let me take a look first, might go up, dropped too much recently.
- **回本之路任重道远 · 2025-03-27T12:54:10.000Z · 👍 3**: Nio is absolutely a master at making PPTs and bluffing investors.
- **蔚来的交易员皮球 · 2025-03-27T12:18:31.000Z**: Nio is about to change ownership
- **自然熟 · 2025-03-27T12:14:55.000Z**: Anyway, I only have 150 shares. At worst, I'll add another 150 shares if the price drops. Haha😃
- **韭零后kk · 2025-03-27T11:56:06.000Z · 👍 7**: No, it's the Zhao family's son who needs the shares.
  - **gold come** (2025-03-27T11:58:46.000Z): Which Zhao?
  - **tudou** (2025-03-27T12:16:31.000Z): Anyone in the auto industry coming?
  - **StephenChow** (2025-03-27T12:31:45.000Z): Of course it's what you're thinking of
- **西西恩 · 2025-03-27T11:56:04.000Z · 👍 9**: Damn it, another Waterdrop crowdfunding
- **只剩脚踝的韭菜 · 2025-03-27T11:39:43.000Z · 👍 5**: BYD, Xiaomi, and Nio are all raising funds. Is the automotive industry really a good business?
  - **0mnX** (2025-03-27T11:55:54.000Z): The national strategy is clear, but the market is uncertain.
  - **laurencnc** (2025-03-27T11:56:28.000Z): Is this good news?
  - **跑赢通胀** (2025-03-27T12:02:53.000Z): Capital-intensive industries fear overcapacity and price wars the most, and the final outcome is capacity reduction and large-scale bankruptcies.