Today, we reveal what we consider an audacious scheme by NYSE-listed NIO. Reminiscent of the Philidor-Valeant relationship, NIO is likely using an unconsolidated related party to exaggerate revenue and profitability. Presumably, with these stellar operating results in mind, retail investors have bid NIO’s shares up >450% since 2020, making it one of China’s most valuable EV companies. Allow us to introduce you to Wuhan Weineng (“Weineng”), the convenient difference-maker helping NIO exceed lofty growth and profitability estimates on The Street. Despite being formed by NIO and a consortium of investors in late 2020, this unconsolidated related party has already generated billions in revenue for NIO. While this rapid growth is impressive on the surface, our investigation has found Weineng might be to NIO what Philidor was to Valeant. Just as Philidor aided Valeant in habitually making numbers, NIO has curiously exceeded estimates since establishing Weineng.