公司点评 | 蔚来-SW Q4 毛利率环比大幅提升，产品结构优化&规模效应显现 证券研究报告 2026 年 03 月 24 日 蔚来汽车（9866.HK）2025 年报点评 事件：公司发布 2025 年年报，全年总收入 874.9 亿元，同比+33.1%，毛利 率同比+3.7pcts 至 13.6%，Non-GAAP 归母净亏损同比收窄 39.0%至 124.3 亿元。25Q4 收入 346.5 亿元，Non-GAAP 营业利润 12.5 亿元。 受益于 ES8 高盈利产品+规模效应，公司 Q4 毛利率环比大幅提升。公司 25Q4 汽车收入 316.1 亿元，交付 12.48 万辆，单车 ASP 25.3 万元，对比 25Q3 22.1 万元环比大幅提升，主要为 ES8 占比较高所致，该车型 Q4 交付 接近 4 万辆。并且，ES8 毛利率接近 25%，高价值量车型销售占比以及规 模效应提升为公司贡献强劲的盈利能力。25Q4 公司整体毛利率 17.53%，其 中汽车业务毛利率 18.1%，环比提升 3.4pct；其它业务毛利率 11.9%，环比 提升 4.1pct，主要受益于用户基数扩大以及服务及社区业务规模 ...

Core Viewpoint - NIO has set a new goal after overcoming a challenging year, focusing on steady growth and efficiency in operations while maintaining a startup mentality [2][3]. Group 1: Company Performance and Strategy - NIO's 1 millionth production vehicle was officially rolled out, making it the fourth Chinese automaker and the second global electric vehicle company to achieve this milestone [2]. - Despite this achievement, NIO's market share remains low at approximately 1.5% of the 34 million vehicle market in China, indicating a need for further growth [6]. - The company has undergone internal restructuring to improve operational efficiency, emphasizing cost control and accountability for expenditures [3][6]. Group 2: Product Focus and Market Positioning - NIO plans to concentrate on selling vehicles and has introduced the "Million Times Thinking" concept, which emphasizes the importance of cost-effectiveness in decision-making [6][7]. - In 2025, NIO aims to deliver 326,000 new vehicles, with significant contributions from its three brands: NIO, Lido, and Firefly [10]. - The new models, including the Lido L90 and the new ES8, have been well-received, with sales of 43,000 and 42,000 units respectively, indicating a successful entry into the mass market [10][11]. Group 3: Future Growth and Expansion Plans - NIO is planning to launch three new large vehicles in 2026, including the ES9, which will focus on the business market, and the updated ES7 targeting outdoor enthusiasts [14]. - The company is also expanding its battery swap station network, aiming to add over 1,000 new stations by 2026, which will support all three brands [14][15]. - NIO's global expansion strategy includes entering international markets, with plans to launch the Firefly model in Singapore and establish partnerships in multiple countries [18].