责任编辑：刘万里 SF014 新浪科技讯 2月5日晚间消息，蔚来公司发布盈利预告。公告称根据对本公司未经审计合并管理账目及 董事会目前可得资料所作的初步评估，预计本公司于2025年第四季度录得经调整经营利润（非公认会计 准则）（界定为剔除股权激励费用后的经营利润），介乎约人民币7亿元（约1亿美元）至12亿元（约 1.72亿美元），此为本公司首次录得单季度经调整经营利润（非公认会计准则）。这主要是以下因素的 综合影响：1、公司在2025年第四季度销量持续增长；2、有利的产品组合推动汽车毛利率优化；3、公 司持续推行全面降本增效措施。按公认会计准则，预计本公司于2025年第四季度录得经营利润约人民币 2亿元（约0.29亿美元）至人民币7亿元（约1亿美元）。 新浪科技讯 2月5日晚间消息，蔚来公司发布盈利预告。公告称根据对本公司未经审计合并管理账目及 董事会目前可得资料所作的初步评估，预计本公司于2025年第四季度录得经调整经营利润（非公认会计 准则）（界定为剔除股权激励费用后的经营利润），介乎约人民币7亿元（约1亿美元）至12亿元（约 1.72亿美元），此为本公司首次录得单季度经调整经营利润（非公认会计准则）。这 ...

Core Viewpoint - NIO Inc. is expected to achieve an adjusted profit from operations for Q4 2025, marking a significant turnaround from a loss in the same quarter of the previous year [2][3]. Financial Performance - The company anticipates an adjusted profit from operations (non-GAAP) ranging from approximately RMB700 million (about US$100 million) to RMB1,200 million (about US$172 million) for Q4 2025, compared to an adjusted loss of RMB5,543.6 million in Q4 2024 [2][3]. - Under GAAP measures, the expected profit from operations is projected to be between RMB200 million (approximately US$29 million) and RMB700 million (approximately US$100 million) for the same period [4]. Contributing Factors - The anticipated adjusted profit is attributed to sustained growth in sales volume, optimization of vehicle margins due to a favorable product mix, and ongoing cost reduction efforts alongside improved operational efficiency [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 1 2025年第四季度預計實現的經調整經營利潤（非公認會計準則）主要歸因於(i)本公 司於2025年第四季度銷量持續增長；(ii)有利的產品組合推動汽車毛利率優化；及 (iii)本公司持續推行全面降本增效措施。 （股份代號：9866） 內幕消息 本公告根據《香港聯合交易所有限公司證券上市規則》第13.09(2)(a)條以及香港法 例第571章 ...

本次更新还引入了基于NWM的增强车道居中辅助，新增支持在城区路口根据交通信号灯及箭头指示进 行左/右转辅助。新增的"NWM人机共驾"模式允许驾驶员在城区道路实时干预辅助驾驶的行驶方向。此 外，系统增加了全向误加速抑制辅助(MAI)与倒车时对后方立柱、矮墙等障碍物的通用障碍物预警 (GOA)功能。 在智能座舱方面，新增行业首个车端灾害预警；新增AR增强模式下支持转向盲点影像与智能窄道影像 显示等。 凤凰网科技讯2月5日，蔚来汽车开始推送Cedar雪松系统1.4.0版本更新，此次升级主要面向旗舰车型 ET9与全新ES8，涵盖智能辅助驾驶、智能座舱等四大板块，共包含超过80项新增与优化功能。 在智能辅助驾驶方面，基于"蔚来世界模型NWM"的点到点全域领航辅助功能得到增强。城区道路新增 效率换道，优化了变道果断性与路口通过能力；高速场景则提升了上下匝道成功率及施工路段避让能 力。新增的非固定车位收藏功能允许车辆在抵达目标区域前沿途自动搜寻车位并泊入，同时支持预约遥 控泊入。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report On February 3, the overall capital market remained stable; the bond market was mainly fluctuating, with short - term bonds being weak and medium - and long - term bonds being slightly strong; the main indexes of the convertible bond market rose collectively, and most convertible bond issues increased; the yields of U.S. Treasury bonds of different maturities showed divergent trends, and the yields of 10 - year government bonds of major European economies generally increased [1][2]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: On February 3, the 2026 Central No. 1 Document was released, proposing reforms in rural collective property rights, support for new rural collective economies, and measures to control village - level debt. The central bank will conduct an 800 billion yuan 3 - month term buy - out reverse repurchase operation on February 4, resulting in a net investment of 100 billion yuan. The central bank Shanghai Head Office emphasized continuous financial reform and opening - up, and promoted free - trade zone financial reform [4][5]. - **International News**: On February 3 (local time), the U.S. House of Representatives passed a government funding bill, and the partial government shutdown is expected to end. However, the U.S. Department of Homeland Security only has funds until February 13, and there is still a risk of a more limited funding shortage [7]. - **Commodities**: On February 3, international crude oil and natural gas futures prices rose. WTI March crude oil futures rose 1.72% to $63.21 per barrel, Brent April crude oil futures rose 1.56% to $67.33 per barrel, COMEX gold futures rose 6.94% to $4975.30 per ounce, and NYMEX natural gas prices rose 3.49% to $3.377 per ounce [8]. 3.2 Capital Market - **Open - Market Operations**: On February 3, the central bank conducted a 7 - day reverse repurchase operation of 105.5 billion yuan at a fixed interest rate of 1.40%. With 402 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 296.5 billion yuan [10]. - **Funding Rates**: On February 3, the capital market was generally stable. DR001 decreased by 4.76bp to 1.371%, and DR007 increased by 0.66bp to 1.497%. Other funding rates also showed different degrees of change [11][12]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds**: On February 3, the bond market fluctuated, with short - term interest - rate bonds being weak and medium - and long - term bonds being slightly strong. As of 20:00 Beijing time, the yield of the 10 - year Treasury bond active bond 250016 decreased by 0.40bp to 1.8110%, and the yield of the 10 - year China Development Bank bond active bond 250215 remained unchanged at 1.9580%. Multiple bonds were issued on the same day, with different issuance scales, winning bid yields, and multiples [14][15]. - **Credit Bonds**: On February 3, there were no credit bond transactions with a price deviation of more than 10%. Several companies had credit - related announcements, including debt repayment difficulties, litigation, debt restructuring, and issuance cancellations [16][18]. - **Convertible Bonds**: On February 3, the A - share market rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 1.29%, 2.19%, and 1.86% respectively. The main indexes of the convertible bond market also rose collectively. The trading volume of the convertible bond market was 97.548 billion yuan, an increase of 12.465 billion yuan from the previous trading day. Most convertible bond issues increased. Tomorrow (February 5), Haitian Convertible Bonds will start online subscriptions, and Shangtai Convertible Bonds will be listed [18][19][23]. - **Overseas Bond Markets**: - **U.S. Bond Market**: On February 3, the yields of U.S. Treasury bonds of different maturities showed divergent trends. The 2 - year U.S. Treasury bond yield remained unchanged at 3.57%, and the 10 - year U.S. Treasury bond yield decreased by 1bp to 4.28%. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate increased by 1bp to 2.36% [22][24][25]. - **European Bond Market**: On February 3, the yields of 10 - year government bonds of major European economies generally increased. The 10 - year German government bond yield increased by 2bp to 2.89%, and the yields of 10 - year government bonds of France, Italy, Spain, and the UK increased by 1bp, 1bp, 2bp, and 1bp respectively [26]. - **Chinese - Issued U.S. Dollar Bonds**: As of the close on February 3, the prices of Chinese - issued U.S. dollar bonds showed different degrees of change, with some rising and some falling [28].

蔚来(NIO.US)盘前涨2.48%，报4.55美元。消息面上，蔚来旗下乐道汽车全国换电站电池翻倍计划，今 日顺利完成。据悉，本次计划累计向全国换电网络增投8,295块全新电池包，乐道电池包总数已超15,000 块，平均每座换电站储备6—7块电池，全力满足春运高峰期的用户换电需求，并为后续快速增长的用户 规模长期提供便捷的补能体验。(格隆汇) | NIO 蔚来 | | | | --- | --- | --- | | 4 44 1 J -0.110 -2.42% | | 收盘价 02/04 15:59 美东 | | 4.550 t 0.110 +2.48% | | 盘前价 02/05 04:17 美东 | | 二 24 4 5 8 0 月 0 | | ● 快捷交易 | | 最高价 4.545 | 开盘价 4.545 | 成交量 3837.56万 | | 最低价 4.380 | 昨收价 4.550 | 成交额 1.7亿 | | 平均价 4.438 | 市盈率ITM 亏损 | 总市值 109.82亿 (…) | | 振 幅 3.63% | 市盈率(静) 亏损 | 总股本 24.73亿 | | 换手率 2.16% | ...

新浪科技讯 2月5日下午消息，乐道汽车宣布全国换电站电池翻倍计划顺利完成。本次计划累计向全国 换电网络增投8，295块全新电池包，乐道电池包总数已超15，000块，平均每座换电站储备6-7块电池， 满足春运高峰期的用户换电需求。 责任编辑：何俊熹 基于蔚来十年纯电技术与充换电网络的积累，乐道L90、L60已拥有超过13万用户。截至目前，蔚来能 源在全国已布局充换电站8，626座，其中换电站3，728座、充电站4，898座。此外，蔚来能源已布局高 速公路换电站1，019座，平均180公里一座换电站，打通9纵11横16大城市群高速换电网络，连通全国超 550城。 基于蔚来十年纯电技术与充换电网络的积累，乐道L90、L60已拥有超过13万用户。截至目前，蔚来能 源在全国已布局充换电站8，626座，其中换电站3，728座、充电站4，898座。此外，蔚来能源已布局高 速公路换电站1，019座，平均180公里一座换电站，打通9纵11横16大城市群高速换电网络，连通全国超 550城。 责任编辑：何俊熹 新浪科技讯 2月5日下午消息，乐道汽车宣布全国换电站电池翻倍计划顺利完成。本次计划累计向全国 换电网络增投8，295块全新 ...

转自：中国质量报 多家车企1月销量出炉 出口成拉动销量重要因素 □ 本报记者 岳 倩 近日，多家车企陆续披露新年首月销量数据。整体来看，1月车企销量呈现出同比稳健上升、环比回落 的特征，新能源车与燃油车、新势力与传统品牌的市场表现呈现出结构性分化趋势。在国内存量竞争日 趋白热化的背景下，出口成为车企拉动整体销量、对冲国内市场波动的增长极。 据了解，车企往往选择在年底刺激销量，大部分车企2025年12月的销量基数较高。此外，1月为传统汽 车销售淡季，叠加新能源汽车购置税补贴退坡、以旧换新和报废补贴规则修改等政策换挡影响，因此， 大部分车企出现"环比下滑"的趋势符合市场规律。 传统车企的销量数据显示，有燃油车业务板块的车企在一定程度上对冲了风险，1月表现相对稳健；同 时，海外市场已经成为销量的重要增长极。 央国企方面，上汽集团实现整车批售32.7万辆，同比增长23.9%，环比下降约18.03%；海外销售10.5万 辆，同比增长51.7%。广汽集团销售汽车11.66万辆，同比增长18.47%，环比下滑37.79%，海外销量同比 增长68.59%。 民营企业方面，吉利汽车销量为27.02万辆，同比增长1.29%，环比 ...

Group 1 - Novo Nordisk's semaglutide sales reached 250.84 billion yuan in 2025, with a year-on-year growth of over 10% [5] - The sales breakdown includes 127.09 billion Danish kroner for Ozempic, 79.11 billion for Wegovy, and 22.09 billion for oral semaglutide [5] - In China, the total sales for all three semaglutide products amounted to 6.81 billion Danish kroner (approximately 7.49 billion yuan) [5] Group 2 - The Hong Kong High Court rejected Xu Jiayin's appeal regarding the appointment of a receiver and ordered him to pay 1.2 million HKD in legal fees by February 20 [6] - The National Healthcare Security Administration is conducting collective interviews with mental health insurance institutions to strengthen management and combat misuse of insurance funds [6][7] Group 3 - Panasonic's CFO announced potential layoffs could expand to 12,000 employees, following a previous plan to cut 10,000 jobs globally [8] - Multiple small and medium-sized banks have announced increases in deposit rates ahead of the Spring Festival, while some banks have opted to lower rates [8] Group 4 - Walmart's market capitalization surpassed 1 trillion USD, with a stock price increase of over 24% in the past year [10] - PayPal announced that Enrique Lores will take over as CEO on March 1, aiming to enhance execution efficiency and advance strategic initiatives [11] Group 5 - AMD reported a fourth-quarter net profit of 2.52 billion USD, with a year-on-year growth of 42% and revenue of 10.27 billion USD, exceeding market expectations [23] - Alphabet's fourth-quarter net profit was 34.455 billion USD, a 29.8% increase year-on-year, with total revenue of 113.83 billion USD [21]

Company Performance - NIO Inc. closed at $4.44, reflecting a -2.42% change from the previous day, underperforming the S&P 500's loss of 0.51% [1] - Over the past month, NIO's shares declined by 4.81%, compared to a loss of 1.25% in the Auto-Tires-Trucks sector and a gain of 0.93% in the S&P 500 [1] Upcoming Financial Results - NIO is expected to report an EPS of -$0.07, which represents an 85.11% improvement from the same quarter last year [2] - The consensus estimate for revenue is $4.77 billion, indicating a 76.76% increase year-over-year [2] Annual Estimates - For the annual period, the Zacks Consensus Estimates predict an EPS of -$1.03 and revenue of $12.59 billion, reflecting changes of +31.79% and 0% respectively from the previous year [3] - Recent revisions to analyst forecasts are important as they indicate near-term business trends, with positive revisions suggesting analyst optimism [3] Zacks Rank and Industry Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks NIO Inc. at 3 (Hold) [5] - The Automotive - Foreign industry, part of the Auto-Tires-Trucks sector, has a Zacks Industry Rank of 172, placing it in the bottom 30% of over 250 industries [6]