Di Yi Cai Jing·2025-09-11 03:05Core Viewpoint - NIO's profitability remains a focal point for the market, particularly in light of its battery swapping model and high R&D expenditures [1][2] Financing and Market Response - NIO announced a total equity financing of $1 billion (approximately 7.1 billion RMB) on September 10, with ADR pricing at $5.57 per share and Class A ordinary shares at HK$43.36 per share [1] - This marks NIO's second public financing this year, with a significant increase compared to the previous financing in March, which had a share price of HK$29.46 and raised 3.5 billion HKD (approximately 3.27 billion RMB) [1] - Cumulatively, NIO has raised over 10 billion RMB in the secondary market this year [1] - The market reaction was mixed, with NIO's US stock dropping nearly 9% while its Hong Kong stock initially fell 3.64% before recovering slightly [1] Use of Proceeds - The funds raised from the public offering will be allocated to core technology R&D for smart electric vehicles, developing future technology platforms and models for its brands, expanding the battery swapping network, and strengthening the company's balance sheet [1] R&D Investment - Since its establishment in 2014, NIO has invested over 60 billion RMB in R&D, maintaining a quarterly R&D expenditure of around 3 billion RMB since 2022 [1] - In Q1 of this year, NIO's R&D expenditure was 3.18 billion RMB, while in Q2 it was 3.01 billion RMB [2] - NIO's CEO expressed confidence in controlling R&D expenses between 2 billion to 2.5 billion RMB and the potential to achieve NON-GAAP profitability in Q4 [2]