Ge Long Hui·2025-09-12 02:21Group 1 - Goldman Sachs reports that NIO has announced a plan to issue $1 billion in shares, with the proceeds aimed at automotive technology R&D, expanding battery swap and charging networks, and strengthening the balance sheet [1] - The large-scale equity financing is expected to further support NIO's product strategy, with estimated R&D expenditures reaching 11 billion yuan in 2025 and 2026, and the debt ratio projected to decrease from 98% to 92% through this placement [1] - NIO's new models, including the ET90 and ES8, have shown improved competitiveness over the past two quarters, with expected delivery volumes increasing to 89,000 and 131,000 units in the third and fourth quarters, compared to 42,000 and 72,000 units in the first and second quarters [1] Group 2 - Goldman Sachs maintains a "Neutral" rating on NIO, with a target price of HKD 31.8 for H-shares and USD 4.1 for U.S. shares [1]