特斯拉为炒币付出了代价？

Core Viewpoint - Tesla's financial performance in 2025 shows a significant decline in both revenue and profit, with a focus on the company's future capital expenditures and new business ventures as potential growth drivers [4][6][18]. Financial Performance - In Q4 2025, Tesla's revenue decreased by 3.1% year-on-year, totaling $948.27 billion for the year, a decline of 2.9%. The net profit attributable to shareholders fell over 60% in Q4, with an annual profit of $3.794 billion, down 46.5% [6]. - Tesla's current price-to-earnings ratio exceeds 400, indicating a high valuation despite the profit drop. The stock price fell 3.45% on the first trading day post-earnings but recovered the next day [6][7]. Impact of Bitcoin - In Q4 2025, Tesla's net profit was $840 million, down $1.477 billion, significantly impacted by Bitcoin price fluctuations. The company held 11,509 Bitcoins, with a fair value drop from approximately $1.315 billion to $1.074 billion, leading to a $240 million loss in fair value adjustments [9]. - For the entire year, Tesla's net profit of $3.794 billion was affected by a $670 million loss from Bitcoin price declines, contrasting with a $600 million gain in 2024 [9][10]. Non-GAAP Profit Analysis - Excluding Bitcoin price changes, Tesla's Non-GAAP net profit for 2025 was $5.858 billion, down about 30% year-on-year, primarily due to the "Inflation Reduction Act" affecting regulatory credit sales and a significant increase in R&D expenses [10][11]. - The decline in regulatory credit sales from $2.763 billion to $1.993 billion negatively impacted profits by approximately $800 million, while R&D expenses rose over 40%, increasing the R&D expense ratio from 4.6% to 6.8% [10]. Automotive Business Performance - Tesla's global vehicle deliveries in 2025 totaled 1.6361 million, a decline of 8.6%. The automotive sales revenue was $658.21 billion, down 9.19% year-on-year, driven by an increase in lower-priced vehicle sales and promotional discounts [13][14]. - The U.S. market saw a significant drop in sales due to the "Inflation Reduction Act," while the Chinese market remained relatively stable with a 4.8% decline in retail sales [15][16]. Capital Expenditure Plans - Tesla plans to exceed $20 billion in capital expenditures for 2026, which is 2.3 times the $8.53 billion spent in 2025 and 1.35 times the net cash flow from operating activities of $14.75 billion [18]. - This expenditure will primarily support AI projects and the development of various production lines, including those for Robotaxi and humanoid robots [18][20]. Future Outlook - The aggressive capital spending raises concerns about future profitability, as it could lead to significant depreciation expenses impacting net profits [19]. - Tesla's focus on AI infrastructure and new business ventures like Robotaxi and humanoid robots is seen as essential for long-term growth, with cash flow management becoming a critical factor for stock price movements [24].