The Impact Mechanism of Financing Proportion of New Energy Vehicle Enterprises on Valuation -- Taking Weilai as an Example

Under the backdrop of "dual carbon" goals and the intelligentization of automobiles, the capital demands and valuation fluctuations of new energy vehicle enterprises have been simultaneously magnified. Taking NIO as a core case, and combining its key financing nodes from 2015 to 2025 with the phased changes in market value/PS multiples, this paper establishes an analytical framework of "financing ratio - transmission path - valuation result": Path one is equity dilution and repair speed; path two is the use of funds and conversion efficiency; path three is the stability of investor structure and valuation anchor. The research finds that what determines the intensity of valuation impact is not the ratio value itself, but the functional fit between investor composition and the enterprise's phased demands - state-owned capital brings "quick repair but limited sustainability" during the crisis period, while foreign capital strengthens "channel expansion and long-term space" during the expansion period. The NIO case shows that the impact of financing events on valuation presents phased and structural characteristics, and the efficiency of fund use and the stability of investor structure jointly determine the speed and sustainability of valuation repair. Based on this, this paper puts forward capital operation and governance suggestions for NIO at different development stages.