节 流 已 见 成 效 盈 利 还 剩 临 门 一 脚 路特斯的第三季度财报，更像一份"精准控损"的临床报告。 数据显示，公司当季营收1.37亿美元，前9个月累计营收3.56亿美元，虽规模不及头部新势 力，但关键指标已现转机： 三季度 毛利率从去年同期低点跃升至8%，净亏损收窄至6500万美元，同比收窄68%，强于 前9个月41%的收窄幅度，显示运营效率的改善呈季节性上升态势 。这种改善并非偶然，而是 成本管控与产品策略双线作战的结果。 【如需和我们交流可扫码添加进社群】 一方面，路特斯展示了"外科手术式"的财务纪律。 通过库存优化与运营费用削减，其第三季 度Adjusted EBITDA收窄70%，CFO王达学直言"成本管控成效显著"。 近期，全球豪华电动车市场正值多事之秋。随着特斯拉Model S Plaid宣布降价、保时捷 Taycan陷入库存积压，高端电动市场整体呈现"需求疲软、竞争加剧"的态势。 据中汽协数据 ，2025年前三季度中国40万元以上豪华汽车市场整体下滑9.7% 。 在这轮无休止的市场大变革中， 路特斯 是其中非常值得重点分析的观察对象。这家源自英 国、背靠吉利的豪华跑车品牌，早已全方位 ...

Core Insights - Lotus Technology reported a total vehicle delivery of 2,813 units and revenue of $218 million for the first half of 2025, showing a significant recovery in gross margin compared to the low point of 2024 [1] - The company has demonstrated a "resilient growth" trajectory amidst global market fluctuations and intensified competition, leveraging its product strength, capital, and strategic clarity [1] Group 1: Performance in China and Overseas - The Chinese market has been a key driver of growth, particularly with the upgraded ELETRE super SUV, which topped the high-end pure electric SUV segment in China, attracting high-net-worth users and boosting delivery and revenue [2] - In overseas markets, Lotus's share in the UK high-end pure electric market increased from 5% to 12% year-on-year, indicating a solid foothold in Europe [2] - The company has resumed deliveries of the EMIRA fuel-powered sports car in North America, clearing obstacles for further international expansion [2] Group 2: Financial Performance and Cost Management - The significant recovery in gross margin is attributed to effective cost control measures and the success of the ELETRE as a high-end model, enhancing the overall premium capability of the product mix [3] - The ability of a vehicle to dominate its niche market allows the company to avoid price wars, creating valuable profit space and brand momentum [3] Group 3: Capital Injection and Strategic Plans - Lotus Technology secured approximately $500 million in funding commitments from institutional investors and strategic partners, enhancing cash reserves and signaling market confidence in its strategy [4] - The funding includes up to $300 million in convertible notes and a credit facility of up to $200 million from major shareholder Geely, providing a diversified and stable financial foundation for future growth [4] - The capital will primarily support brand building, product development, and increased investment in smart technology, reinforcing the company's competitive edge in the "smart luxury mobility" sector [4] Group 4: Market Challenges and Strategic Adjustments - Despite rising sales, the management remains cautious due to the lower-than-expected penetration rate of pure electric vehicles in the ultra-high-end market, prompting a reassessment of technology routes and brand positioning [6] - The introduction of the "Luyou" super hybrid technology reflects a pragmatic shift to address market realities, aiming to satisfy high-end consumers' performance desires while alleviating range anxiety [6][7] Group 5: Brand Perception and Marketing Strategies - Lotus faces challenges in brand recognition, traditionally associated with aesthetics and performance, and must evolve to include "intelligence," "luxury," and "service" in its brand identity [8] - The company is enhancing its performance image through motorsport events and safety training initiatives, while also focusing on sustainability and social responsibility to resonate with modern consumers [8][9] Group 6: Future Outlook and Strategic Vision - Lotus Technology is transitioning from a niche sports car manufacturer to a global smart luxury mobility brand, balancing hybrid technology with electric and smart driving innovations [10] - The challenge lies in maintaining its racing heritage while adapting to contemporary market demands, requiring strategic foresight and brand evolution [10]