【文/观察者网 潘昱辰 编辑/高莘】9月2日，蔚来披露2025年第二季度财报。当季蔚来总营收为人民币 190.1亿元，同比增长9.0%；归属股东的净亏损为51.4亿元，同比收窄0.29%。今年上半年，蔚来总营收 为310.43亿元，同比增长13.49%；归属股东的净亏损为120.32亿元，同比收窄15.87%。 2025年成都车展蔚来展台 视觉中国 截至2025年6月30日，蔚来现金及现金等价物、受限制现金、短期投资及长期定期存款为272亿元，但流 动负债仍超过流动资产，且股东权益仍为负。 但由于当季营收增长且净亏损收窄，加之蔚来刚刚于8月首次取得超过3万辆的单月交付量，截至9月2日 美股收盘，蔚来股价涨3.13%，报收6.58美元。截至9月3日中午，蔚来港股股价涨1.18%，报收51.65港 元。 研发费用下降，销售费用上升 具体来看，蔚来2025年第二季度的营收增长主要得益于汽车交付量的增长。其第二季度的汽车销售额为 161.4亿元，同比增长2.9%。当季蔚来汽车交付量为7.2万辆，同比增长25.6%。其中，蔚来品牌交付4.7 万辆、乐道品牌交付1.7万辆，萤火虫品牌交付7843辆，共同推动了蔚来汽车销售 ...

从已公布的信息来看，主流电动汽车品牌延续增长态势，其中零跑汽车以5.71万辆的单月交付量再度刷新纪录并蝉联新势力销冠，蔚来汽车则首次突破月 销3万辆大关，成功反超理想汽车。 随着9月的到来，新能源汽车企业交付数据也陆续披露。 | 车企 | 8月销量(单 位:辆) | 同比 | 1-8月累计销量 (单位:辆) | 全年目标完成率 | | --- | --- | --- | --- | --- | | 零胸 | 5.71万 | 88% | 32.89万 | 56.70% | | 极氪 | 4.48万 | 11% | 33.39万 | 47.03% | | 鸿蒙智行 | 4.46万 | | | | | へ胴 | 3.77万 | 169% | 27.16万 | 71.48% | | 蔚来 | 3.13万 | 55.20% | 16.65万 | 37.83% | | 小米 | 3万+ | 1 | 17万+ | 约50% | | 理想 | 2.85万 | -40.72% | 26.32万 | 37.60% | | 岚图 | 1.35万 | 119% | 8.18万 | 40.90% | | 阿维塔 | 1.06万 | 1 ...

在二季度，蔚来共交付72056台新车。对于三季度，蔚来给出8.7万台至9.1万台的交付指引。若四季度月 交付5万台，这意味着蔚来提前给出四季度交付指引数据，即15万台。 9月2日，蔚来发布2025年第二季度财报，当晚，蔚来美股低开高走，收涨3.13%，报收6.58美元。蔚来 港股于9月3日高开，震荡走低，截至发稿时涨幅收窄至0.78%。 关键财务指标显示，蔚来第二季度营收为190.09亿元，环比增长57.9%，同比增长9%；净亏损为49.95亿 元，环比收窄26%，同比收窄1%；经调整后（Non-GAAP）净亏损为41.27亿元，环比收窄34.3%，同比 收窄9%；公司毛利率为10%，环比提升2.4个百分点，同比提升0.3个百分点。二季度现金储备272亿 元。 | | 2025年 | 2025年 | 2024年 | | | | --- | --- | --- | --- | --- | --- | | | | 第二季度 第一季度 第二季度 | | 變動百分比" | | | | | | | 環比 | 同比 | | 汽車銷售額 | 16.136.1 | 9.939.3 | 15.679.6 | 62.3% | 2 ...

Core Viewpoint - NIO has shown signs of recovery in Q2 2025 with increased sales, revenue growth, and reduced losses, but its profitability remains in a slow recovery phase [2][11]. Sales and Revenue - NIO's total revenue for Q2 reached 19.01 billion, a 9% year-on-year increase and a 57.9% increase from Q1, driven by a significant rise in vehicle deliveries [4]. - The company delivered 72,056 vehicles in Q2, marking a 25.6% year-on-year increase and a 71.2% quarter-on-quarter increase [4]. - The introduction of multiple brands has contributed to sales, with the NIO brand delivering 47,132 vehicles, the new Lada brand delivering 17,081 vehicles, and the Firefly brand delivering 7,843 vehicles [4]. Profitability and Margins - NIO's gross margin improved to 10% in Q2, but it remains below the 12.2% level from the previous year [6]. - The net loss for Q2 was approximately 4.995 billion, a reduction of 1% year-on-year and 26% quarter-on-quarter, but still represents a significant daily loss [6][11]. - The company aims for a gross margin of 16%-17% in Q4 and has set ambitious long-term gross margin targets for its brands [8]. Financial Health - As of the end of Q2, NIO had cash and cash equivalents of 27.2 billion, down from 41.7 billion at the end of the previous year, with a debt ratio exceeding 93% [7]. - The financial structure indicates ongoing operational pressure, with high operating costs impacting cash flow [7][11]. Market Position and Competition - NIO's recovery is contingent on its ability to maintain sales momentum and manage costs effectively, particularly in a competitive market with established players [9][11]. - The company has focused its resources on key models like the Lada L90 and the new ES8, postponing other releases to enhance operational efficiency [9][11]. - The competitive landscape is intensifying, with rivals like Li Auto and AITO already established in the large SUV segment, posing challenges for NIO's market share [9][11].

今年一季度因销量、亏损等受到质疑的蔚来汽车，正在走出低谷。 来源：北京日报客户端 9月2日，蔚来发布2025年二季度财报。蔚来公司二季度交付72056辆，同比增长25.6%，环比增长 71.2%。销量带动下，二季度营收190.1亿元，同比增长9.0%，环比增长57.9%。近期，该品牌发布两款 新车，市场反响火热，带动公司销量和股价提升，同时，今年一系列降本增效成果正逐步显现。 记者：赵语涵 财报显示，二季度公司综合毛利率10.0%，环比显著提升。二季度其他销售毛利率转正，达8.2%，创历 史新高。二季度现金储备272亿元，现金储备环比增长。二季度研发投入30.1亿元。上半年，公司净亏 损为117.45亿元，较上年同期有所收窄。 蔚来创始人、董事长、CEO李斌在二季度财报电话会上表示，公司长期努力的目标是毛利率实现20%。 目前，蔚来品牌目标毛利率将达到20%的水平，并在此基础上向25%努力；乐道品牌毛利率将在15%毛 利基础上争取实现更高毛利；萤火虫品牌毛利率在10%左右。谈到近期上市的两款新车售价下探展现出 较强竞争力，李斌表示，公司通过长期自研技术积累以及成本控制措施达到的降本能力来为产品激进定 价进行较 ...

Core Viewpoint - NIO's Q2 2025 financial report shows revenue growth and reduced net loss, indicating a positive trend in sales and operational efficiency [1][3][7] Financial Performance - Q2 2025 revenue reached approximately 19.01 billion yuan, a year-on-year increase of 9% and a quarter-on-quarter increase of 57.9% [1][2] - Net loss for Q2 2025 was about 4.99 billion yuan, a decrease of 1% year-on-year and a decrease of 26% quarter-on-quarter [1][2] - Cash reserves stood at 27.2 billion yuan [1] Vehicle Sales and Deliveries - Total vehicle deliveries in Q2 2025 were approximately 72,056 units, a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [4][5] - The automotive sales revenue for Q2 2025 was 16.14 billion yuan, reflecting a year-on-year increase of 2.9% and a quarter-on-quarter increase of 62.3% [6][7] Profitability Metrics - The overall gross margin for Q2 2025 was 10%, showing a slight increase of 0.3 percentage points year-on-year and a 2.4 percentage points increase quarter-on-quarter [7] - The company aims for a gross margin of 16% to 17% in Q4 2025, with a long-term target of 20% [3][7] Future Guidance - NIO expects total deliveries for Q3 2025 to reach between 87,000 and 91,000 units, representing a year-on-year growth of 40.7% to 47.1% [3] - Revenue for Q3 2025 is projected to be between 21.81 billion and 22.88 billion yuan, indicating a year-on-year growth of 16.8% to 22.5% [3] Research and Development - R&D expenses for Q2 2025 were approximately 3.007 billion yuan, a decrease of 6.6% year-on-year and 5.5% quarter-on-quarter [9] - The company plans to maintain R&D investments of 2 to 2.5 billion yuan per quarter in 2026 to ensure long-term competitiveness [9]

文｜雷递网 雷建平 蔚来汽车(NYSE:NIO;HKEX:9866;SGX:NIO)今日发布截至2025年6月30日的财报，财报显示，蔚来汽车2025年上半年营收为310.43亿元（约43.33亿美 元），较上年同期的273.55亿元增长13.5%。 | | | 截至下列日期止六個月 | | | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | | | 6月30日 | 6月30日 | 6月30日 | | | 人民幣 | 人民幣 | 美元 | | 收入： | | | | | 汽車銷售 | 24.060.941 | 26.075.419 | 3.639.988 | | 其他銷售 | 3,293.663 | 4.967.975 | 693.503 | | 收入總額 | 27,354,604 | 31,043,394 | 4,333,491 | | 銷售成本: | | | | | 汽車銷售 | (21,386,680) | (23.398.863) | (3.266.355) | | 其他銷售 | (3,791,478) | (4,827,454) | (673, ...

蔚来方面预计，今年第三季度新车交付量在87000至91000辆之间，总收入在218.12亿元至228.76亿元之 间，同比增长约16.8%至22.5%。 "和平时期"的CEO专注于全局，赋予员工做出详细决策的权力；"战时CEO"会做任何事情，旨在保证公 司当前的主要目标得以执行。蔚来当前最主要的目标就是四季度盈利。 美东时间9月2日，美股开盘后，蔚来股价先跌后涨，当日收盘价为6.595美元，上涨3.37%。 为L90、ES8产能让路 时隔8个月，蔚来月交付量再次突破3万台，时隔34个月后首次在销量上超过理想。最新数据显示，8月 蔚来品牌交付10525台；乐道品牌交付16434台，环比增长175%；萤火虫品牌交付4346台，环比增长 84%。其中，乐道L90首月交付10575，成为蔚来公司历史上销量破万最快的车型。 在市场端，最新推出的两款大三排SUV产品乐道L90、蔚来ES8都订单火爆。蔚来汽车CEO李斌在财报 电话会上指出："汽车行业产品竞争力取决于三个层次的能力：首先是技术路线，其次是产品规划，最 后是产品定义。蔚来在技术路线和产品规划方面做得非常好。在产品定义方面过去有很多经验教训。新 一代产品，比如乐 ...

"从三季度开始，销量的增长将来源于多品牌战略的落地和实施。" 随着乐道L90、蔚来全新ES8的热销，蔚来驶出"危险期"的信号还在释放。 9月2日晚间，美股开盘前，蔚来汽车发布2025年第二季度业绩报告，财报显示多项指标趋势向好，降本 增效显著，并瞄准第四季度实现非GAAP口径盈亏平衡。 具体来看，得益于二季度交付量同比增长25.6%，环比增长71.2%至72056台；蔚来二季度总营收达到 190.1亿元，同比增长9.0%，环比大幅增长57.9%。 美东时间9月2日，美股开盘后，蔚来股价先跌后涨，当日收盘价为6.595美元，上涨3.37%。为L90、 ES8产能让路 时隔8个月，蔚来月交付量再次突破3万台，时隔34个月后首次在销量上超过理想。最新数据显示，8月 蔚来品牌交付10525台；乐道品牌交付16434台，环比增长175%；萤火虫品牌交付4346台，环比增长 84%。其中，乐道L90首月交付10575，成为蔚来公司历史上销量破万最快的车型。 在市场端，最新推出的两款大三排SUV产品乐道L90、蔚来ES8都订单火爆。蔚来汽车CEO李斌在财报 电话会上指出："汽车行业产品竞争力取决于三个层次的能力：首先是技术 ...

Core Insights - The Chinese new energy vehicle market showed significant differentiation in August, driven by policy support and technological innovation, with various new players redefining market rules through differentiated strategies [1] Group 1: Company Performance - Leap Motor achieved a record delivery of 57,066 vehicles in August, marking a year-on-year increase of over 88%, and has surpassed 900,000 cumulative deliveries, setting a solid foundation for its annual target of 580,000 to 650,000 vehicles [3] - Hongmeng Zhixing delivered 44,579 vehicles in August, with a cumulative total exceeding 900,000, and an average transaction price of 380,000 yuan, indicating strong competitiveness in the high-end market [5] - Xiaopeng Motors delivered 37,709 vehicles in August, a year-on-year increase of 169%, and announced an expansion of its strategic cooperation with Volkswagen Group, enhancing its technological output capabilities [7] - NIO delivered 31,305 vehicles in August, a year-on-year increase of 55.2%, with the Leado brand surpassing the NIO brand in sales for the first time, driven by the new model Leado L90 [9] - Xiaomi Motors maintained a delivery level above 30,000 vehicles for two consecutive months, with plans to expand its store network significantly [11] - Li Auto delivered 28,529 vehicles in August, falling out of the "30,000 club," highlighting challenges in its transition to pure electric vehicles [13] - Zeekr brand sold 17,626 vehicles in August, with strong competition in its segment, while Lantu Motors delivered 13,505 vehicles, achieving a historical high with a year-on-year increase of 119% [15] - Avita's sales reached 10,565 vehicles in August, a year-on-year increase of 185%, driven by strong performance from models Avita 07 and 06 [17] - IM Motors delivered 6,108 vehicles in August, facing challenges compared to leading brands, but saw promising pre-sale orders for its new LS6 model [19] Group 2: Market Trends - The new energy vehicle market is experiencing intensified competition among new players, with various companies launching new models and expanding their market presence [19] - The overall performance of new energy vehicle companies indicates a shift towards high-end markets and differentiated product offerings, reflecting changing consumer preferences and technological advancements [1][5][7]