目前蔚来已有3729座换电站，随着新站的铺开，用户补能体验还将持续升级，而换电作为能源服务 体系，也能解决电动车电池与车辆寿命不同的行业性难题。 除了换电，蔚来近期还迎来多个里程碑：1月6日第100万台量产车下线，这是纯电高端市场的高质 量百万台。 2月5日发布的2025年四季度盈利预告显示，公司实现了单季度GAAP与Non-GAAP双口径盈利，这 是在保持销量增长、研发投入与服务满意度下的突破。 李斌表示，今年将继续聚焦技术研发、换电基建与组织变革，在保证用户满意度的前提下，目标实 现40%-50%的年度增长，而换电体系的深化，正是支撑这一目标的核心基建之一。 2月9日下午，蔚来内部召开了一场全员会。会上，蔚来创始人、董事长、CEO 李斌表示，2025 年 是蔚来不平凡的一年，团队实现了"不可能的任务"。蔚来 2 月 5 日发布了其 2025 年四季度盈利预告， 预计录得经调整经营利润 7 亿元至 12 亿元。 李斌表示，接下来要继续坚决在技术和产品研发方面坚决进行投入，同时提高研发效率；持续布局 充换电基础设施和销售服务网络的建设；持续推行围绕用户价值创造的全员经营组织变革，争取在 2026 年实现 No ...

蔚来(9866.HK)逆势上涨，盘中一度涨超6%报39港元。消息面上，公司公布，预计去年第四季度经调整 经营利润约7亿至12亿元人民币，此为公司首次录得单季度经调整经营利润；2024年第四季度经调整经 营亏损55.44亿元人民币。公司预计实现经调整经营利润主要是公司于2025年第四季度销量持续增长； 有利的产品组合推动汽车毛利率优化；公司持续推行全面降本增效措施。 ...

消息面上，2月5日，蔚来发布2025年第四季度盈利预告，预计公司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），介于人民币7亿元（约1亿美元）至人 民币12亿元（约1.72亿美元）。 据悉，这是蔚来创立11年来首次录得单季度经调整经营利润（非公认会计准则）。对于2025年预计实现 盈利的原因，蔚来方面解释称，这主要归因于公司在2025年第四季度销量持续增长、有利的产品组合推 动汽车毛利率优化以及公司持续推行全面降本增效措施。 蔚来-SW(09866)涨超6%，截至发稿，涨6.07%，报38.76港元，成交额7700.5万港元。 ...

据悉，这是蔚来创立11年来首次录得单季度经调整经营利润（非公认会计准则）。对于2025年预计实现 盈利的原因，蔚来方面解释称，这主要归因于公司在2025年第四季度销量持续增长、有利的产品组合推 动汽车毛利率优化以及公司持续推行全面降本增效措施。 消息面上，2月5日，蔚来发布2025年第四季度盈利预告，预计公司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），介于人民币7亿元（约1亿美元）至人 民币12亿元（约1.72亿美元）。 智通财经APP获悉，蔚来-SW(09866)涨超6%，截至发稿，涨6.07%，报38.76港元，成交额7700.5万港 元。 ...

本文源自：金融界AI电报 港股蔚来-SW高开2.02%，公司预计将在2025年第四季度实现单季度盈利。按照公司测算，四季度经调 整后的经营利润预计为1亿元至7亿元人民币，这是蔚来自成立以来第一次在单个季度实现盈利。 ...

Core Viewpoint - NIO is expected to achieve adjusted operating profit of approximately 700 million to 1.2 billion yuan in Q4 2025, marking the company's first quarterly adjusted operating profit in its 11-year history [2] Group 1: Financial Performance - The company anticipates a GAAP operating profit of about 200 million to 700 million yuan for the same period [2] - NIO's Q4 2025 vehicle deliveries are projected to reach 124,800 units, a year-on-year increase of 71.7%, setting a quarterly record [2] - For the entire year of 2025, cumulative vehicle deliveries are expected to be 326,000 units, reflecting a 46.9% year-on-year growth [2] Group 2: Factors Contributing to Profitability - The expected adjusted operating profit is attributed to three main factors: continued growth in vehicle sales, an improved product mix enhancing gross margins, and ongoing cost reduction and efficiency measures [2] - The improvement in product structure is seen as a significant variable for gross margin recovery, with NIO's brands experiencing simultaneous increases in sales and average selling prices [3] Group 3: Industry Context and Competitive Landscape - The competition among new energy vehicle manufacturers is shifting from delivery volume to profitability and cash flow [4] - Other companies like Li Auto and Leap Motor have already achieved quarterly profitability, indicating a potential industry shift towards profitability rankings [4] - If NIO confirms its operating profit in Q4 2025, it will signal a significant operational turning point and enhance market confidence in its business model [4]

Core Viewpoint - NIO is expected to report adjusted operating profit for Q4 2025, marking the first time in 11 years, with estimates ranging from RMB 700 million (approximately USD 100 million) to RMB 1.2 billion (approximately USD 172 million) [1][6] Group 1: Financial Performance - In Q4 2024, NIO recorded an adjusted operating loss of RMB 5.5436 billion [1] - NIO's total vehicle deliveries for 2025 reached approximately 326,000 units, with Q4 deliveries hitting a record high of about 124,800 units, representing a year-on-year increase of 71.7% [3] - The company aims for a vehicle gross margin of around 18% in Q4 2025, with the new ES8 model expected to exceed a 20% gross margin [5] Group 2: Strategic Goals and Developments - NIO's Chairman, Li Bin, expressed confidence in achieving profitability in Q4 2025 and set a goal for the company to achieve full-year profitability in 2026 [5] - The company is undergoing a transformation to enhance operational efficiency and quality, which has already shown results since Q3 2024 [5] - NIO's battery swap service is nearing a milestone of 100 million swaps, highlighting its growth and operational achievements [1]

Core Viewpoint - The company expects to achieve adjusted operating profit for the first time in a single quarter by Q4 2025, indicating a significant turnaround from previous losses [1] Financial Performance - The company anticipates adjusted operating profit (non-GAAP) between approximately RMB 700 million (about USD 100 million) and RMB 1.2 billion (about USD 172 million) for Q4 2025 [1] - In contrast, the company reported an adjusted operating loss (non-GAAP) of RMB 5.5436 billion for Q4 2024 [1] - According to GAAP, the company expects to record an operating profit of approximately RMB 200 million (about USD 29 million) to RMB 700 million (about USD 100 million) for Q4 2025 [1]

2月5日，蔚来公司发布盈利预告。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）。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）。 ...

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 | | ...