北京时间2月4日18:22，蔚来汽车美股盘前涨幅扩大至10%以上。今日蔚来港股涨2.7%。 | 1 | | --- | | . 15 111 | 1 20 11 | | --- | --- | | -1.00 . | 1 | NIO.N | 4.440 量3837万 股本24.41亿 市盈™ -3.37 万得 | | | | --- | --- | --- | | 참□ -0.110 -2.42% 换 1.67% 市值 108亿 市净 20.98 | | | | 盘前 4.89 0.45 10.14% 05:21 美东 √ | | | | 港股 36.560 0.960 2.70% | | 溢价(H/US) 5.42% | | 分时 五日 日K 周K 月K 更多 ◎ | | | | 叠加 均价: 4.436 卖1 | | | | 4.720 | 3.74% | 买1 4.880 3859 | | 15:59 4.439 1347 | | | | 15:59 4.440 | | 906 | | 4.550 | 0.00% | 15:59 4.440 669 | | 15:59 4.435 | | 353 | | ...

北京时间2月5日18:22，蔚来汽车美股盘前涨幅扩大至10%以上。今日蔚来港股涨2.7%。 消息面上，蔚来实现首次单季度盈利。 公司盘后在港交所公告，预计公司于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)至人民币12亿元(约1.72亿美元)，此为公司首次录得单季度经调整经营利润(非公认会计准 则)。 | | | NIO.N | /1 /1 /1 /1 / | | | 万得 | | --- | --- | --- | --- | | -0.110 -2.42% 换 1.67% 市值 108亿 市净 20.98 | | | 营口 | | 盘前 4.89 0.45 10.14% 05:21 美东 V | | | | | 港股 36.560 0.960 2.70% | | 溢价(H/US) 5.42% | | | 分时 五日 日K 周K 月K 更多 ◎ | | | | | 叠加 均价: 4.436 卖1 4.720 | 3.74% | | | | 买1 4.880 3859 | | | | | 15:59 4.439 1347 | | ...

2月5日，蔚来公司披露2025年第四季度盈利预告。 蔚来预计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）。 此为公司首次录得单季度经调整经营利润（非公认会计准则）。 编辑丨瑜见 相比之下，公司2024年第四季度录得经调整经营亏损（非公认会计准则）人民币55.436亿元。 此外，按公认会计准则，预计公司于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）。 | < W | 高来 | | | | | --- | --- | --- | --- | --- | | | NIO.N | | | | | 4.440 | 量3838万 股本 24.4亿 市盈 -3.4 | | | 万得 | | -0.110 -2.42% | 换 0.13% 市值1108亿 市净 20.96 | | | 盘口 | | 港股 36.560 0.960 2.70% | 溢价(H/US) 5.42% | | | | | 盘前, 五日 EK | 周K 月K | | 中名 0 | | | 叠加 ...

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。 2月5日，蔚来公司发布盈利预告。 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）。 ...

蔚来美股盘前涨超11%，此前公司发布盈利预告：2025年四季度实现季度盈利，经营利润7亿至12亿 元。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

1月6日上午，蔚来汽车（下称"蔚来"）第100万台量产车在安徽合肥蔚来先进制造新桥二工厂下线。 （文章来源：国际金融报） 蔚来创始人、董事长、CEO李斌在群访环节中对于市场关注的刚刚过去的2025年四季度是否实现盈利， 回应称自己对四季度盈利有信心。他说，从公司运营口径来看，三季度虽然亏损27亿元，但四季度多交 付了4万多辆全新ES8，单季毛利率可达20%以上，对应毛利额有显著增长，且公司费用控制保持良好水 平，结合"毛利减费用"的基本逻辑，盈利具备扎实基础。不过其强调，最终财务数据仍需等待审计确 认。 ...

文｜新能源观 2025年前9个月，我国新能源汽车产销量便双双突破千万辆，再次迎来了一个历史性的转折点。 图/2025年1-9月新能源车产销双超1100万辆 几乎是在同一个时间节点，昔日"卖一辆亏一辆"的新造车品牌们，或扭亏为盈或亏损大幅收窄，并向盈利发起猛攻。 近期，头部新造车品牌披露的三季报显示，除了率先实现盈利的理想汽车出现了短期承压、由盈转亏的情况，其他几位头部玩家的财报都相对亮眼。 其中，零跑汽车在2025年上半年成功扭亏为盈后，三季度持续盈利；小米汽车在三季度斩获了首季盈利；小鹏和蔚来虽然仍处于亏损当中，但亏损大幅收 窄，并多次明确2025年四季度为盈利冲刺节点。 从"烧钱换市场"到"价值创造"的跨越，新造车品牌们似乎正在告别持续亏损的阵痛期。而这背后，是技术自研与产品布局的双重突破。 1. 新造车头部企业摆脱"越卖越亏"魔咒？ "一季度每卖一辆车亏损4.9万元，二季度每卖一辆车亏损6.39万元""平均每卖一辆车亏超8万元""每个季度亏损约50亿元"……昔日，"卖一辆亏一辆，卖得越 多亏得越多"被看成是新造车品牌们最大的标签之一。 然而，随着新能源汽车产销规模的不断突破，以及市场渗透率的进一步提升， ...

Core Insights - The delivery rankings of new car manufacturers have undergone significant changes in November, with a reshuffling of positions following the "golden September and silver October" period [1] Group 1: Delivery Rankings - Hongmeng Zhixing topped the delivery chart with 81,864 units, achieving a year-on-year growth of 90% and a month-on-month increase of 20% [2][3] - Leap Motor maintained its position as the "single brand champion" with 70,327 units delivered, marking its second consecutive month above 70,000 [4] - Xiaomi entered the top three with over 40,000 units, while BYD's Fangchengbao emerged as a dark horse with 37,405 units [5] Group 2: Competitive Landscape - In the second tier, brands like Xiaopeng (36,728 units) and NIO (36,275 units) are in close competition, with Ideal (33,181 units) and Deep Blue (33,060 units) also in the mix [5][21] - Zeekr accelerated its growth with 28,843 units, while Lantu broke the 20,000 mark for the first time [6] Group 3: Financial Performance and Market Challenges - Despite high delivery numbers, companies like Leap Motor face challenges in profitability, with a net profit of 150 million yuan in Q3, down 8% from the previous quarter [12][13] - Xiaomi's automotive division reported a 700 million yuan operating profit in Q3, making it the fastest to achieve profitability among new forces, yet its stock price has been under pressure due to negative publicity [14][15] - NIO's stock fell 20% in November after lowering its Q4 delivery guidance, indicating challenges in meeting profitability targets [24][30] Group 4: Strategic Adjustments - Xiaopeng is transitioning to a dual strategy of pure electric and range-extended vehicles, with plans to launch three new range-extended models in Q1 next year [19][20] - NIO is focusing on high-end models to improve overall gross margins, while also facing pressure to enhance profitability [22][26] - Ideal is adjusting its organizational structure and technology to address ongoing challenges, with a focus on ramping up production of its new electric model [28][30]

Core Viewpoint - The delivery rankings of new car manufacturers have undergone significant changes in November, with a reshuffling of positions following the "golden September and silver October" period, highlighting the competitive landscape in the electric vehicle market [4][6]. Group 1: Delivery Rankings - Hongmeng Zhixing topped the delivery chart with 81,864 vehicles delivered, a year-on-year increase of 90% and a month-on-month increase of 20%, becoming the "alliance leader" among new forces [5][10]. - Leap Motor maintained its position as the "single brand champion" with 70,327 vehicles delivered, indicating a strong competitive dynamic between the top two players [6][17]. - Xiaomi entered the third position with over 40,000 vehicles delivered, while BYD's Fangchengbao emerged as a dark horse with 37,405 vehicles, intensifying competition in the 30,000 to 40,000 vehicle range [7][19]. Group 2: Market Dynamics - The second tier of manufacturers is characterized by fierce competition, with brands like Xiaopeng and NIO facing challenges in maintaining their delivery volumes amid strategic adjustments and market pressures [24][26]. - NIO delivered 36,275 vehicles in November, a year-on-year increase of 76.3%, but faced stock price declines due to lowered fourth-quarter delivery guidance [28][29]. - Li Auto's deliveries reached 33,181 vehicles, showing signs of recovery, but the company still faces challenges in scaling production and maintaining profitability [32]. Group 3: Financial Performance and Market Sentiment - Xiaomi's automotive division reported a significant operating profit of 700 million yuan in Q3, making it the fastest profitable new force, despite facing negative market sentiment due to various controversies [20][21]. - Leap Motor's stock price fell by 9% in November, raising concerns about its ability to balance scale and profitability, especially in competitive price segments [17][18]. - The overall market sentiment reflects a growing scrutiny on profitability and sustainability, with companies needing to demonstrate not just sales growth but also healthy financial performance to meet investor expectations [36][37].

Core Insights - Xiaomi's CEO Lei Jun emphasized a pragmatic approach in the recent launch of the 500,000th car, focusing on safety and delivery while accelerating production [2][3] - Xiaomi's automotive division has achieved profitability, a significant turnaround from a projected loss of 60,000 yuan per vehicle in 2024 [3][10] Financial Performance - Xiaomi Group reported a total revenue of 113.1 billion yuan for Q3, a year-on-year increase of 22.3%, marking the fourth consecutive quarter exceeding 100 billion yuan [3][5] - Adjusted net profit reached 11.3 billion yuan, up 80.9% year-on-year, setting a historical record [3][5] - The automotive business generated 29 billion yuan in revenue for Q3, a staggering 199.2% increase year-on-year, with electric vehicle revenue alone at 28.3 billion yuan, up 197.9% from the previous year [3][5][16] Production Milestones - Xiaomi achieved the milestone of producing 500,000 vehicles in just 602 days, the fastest record for any global new energy vehicle company [9][10] - The average net profit per vehicle sold is 6,434 yuan, indicating a shift from initial investment to profitability [9][10] Market Position and Strategy - Xiaomi's automotive division is now recognized for its established R&D, manufacturing, sales, delivery, and service systems, which are crucial for meeting market demand [9][10] - The company plans to invest 200 billion yuan in R&D over the next five years, focusing on AI and smart manufacturing integration [9][10] Competitive Landscape - Compared to competitors like NIO and Xpeng, which have not yet achieved profitability, Xiaomi's rapid success highlights its effective business model [11][14] - Xiaomi's automotive gross margin remains competitive, with a slight decrease to 25.5% in Q3, still among the highest in the industry [18][19]