彻底弃“价”保命，蔚来困境反转“够味”吗？

蔚来汽车（NIO.US）于北京时间 2025 年 9 月 2 日美股盘前，港股盘后发布了 2025 年第二季度财报。二季度业绩虽然同样不及预期，但已经在边际改 善，来详细看一下： | ¥100mn | 1023 | | 40.25 | 30,28 | 4023 | 1022 | 2024 | 3024 | 4000 | 1025 | 2022 | | 2025E 2025 Gap | 30251 | 302 8/2 5/ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Total revs | 106.8 | | 87.7 | 190.7 | 171.0 | 99.1 | 174.5 | 186.7 | 197.0 | 120.3 | 190.1 | 196.5 | -3.3 % | | 241.3 218.12-228.76 | | | yoy 7.7% | -14.8% | | 46.696 | 6.5% | -7.2% | 98.996 | -2.1 ...