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In China, dockless bike-sharing programs (DBSPs) play a significant role in promoting the goals of sustainable urban travel and carbon emissions reduction. However, the sustainability of DBSPs is increasingly being challenged as various issues associated with different stakeholders emerge. While numerous studies have focused on the barriers to traditional bike-sharing programs, the sustainability performance of new-generation DBSPs is largely overlooked. It is accordingly imperative to understand the primary challenges that impede the sustainability of DBSPs and to consider what stimulative measures can be taken. In this study, we investigate the factors that are critical to DBSPs’ sustainability from a network perspective. Stakeholder-associated factors and their interrelations were identified via literature analysis and interviews, and the social network analysis (SNA) method was employed to recognize the critical factors and links in DBSPs. As a result, 10 critical factors and 10 major interactions were identified and further classified into six challenges. Sharing transport schemes, legislative perfection, public private partnership (PPP), and product lifecycle management (PLM) were proposed to govern these challenges. This paper contributes to the existing body of knowledge of bike-sharing programs via a network approach that integrates the key influencing factors with those factors’ associated stakeholders. Furthermore, these findings provide the government and operators with implications for mitigating the tough challenges and facilitating the sustainability of DBSPs.