（图片来源：摄图网） 9月2日，蔚来汽车发布二季度财报。数据显示其核心业务指标全面回暖，交付量与营收实现双位数增 长，毛利率显著改善，现金储备进一步增厚。在新能源汽车市场集中度持续攀升的背景下，蔚来通过体 系化创新与降本增效策略，突围而出。 二季度蔚来交付量达72,056台，同比增长25.6%，环比增长71.2%，创历史新高。这一数字不仅远超一季 度交付水平(约42,076台)，也反映出市场需求的强劲复苏。营收方面，二季度实现190.1亿元，同比增长 9.0%，环比增长57.9%，交付量增长直接带动了收入规模的扩张。 盈利结构优化成为本季财报一大亮点。综合毛利率提升至10.0%，环比显著改善;其他销售毛利率首次 转正至8.2%，创历史新高，标志着蔚来非核心业务(如电池租用服务、配件销售等)的商业化能力逐步成 熟。现金储备环比增长至272亿元。 在财报后的电话会议上，李斌表示，公司整车毛利率保持稳健，其他业务毛利率实现显著突破。通过基 于基本经营单元机制的全面降本增效举措的落地，成本优化效果显著，二季度经营亏损环比收窄超 30%。 李斌还表示今年四季度的目标是能做到平均每个月5万台的交付量，也就是旗下三个品牌的 ...

Core Viewpoint - The company anticipates a continuous decline in net profit for 2023 and 2024 due to weak demand in the downstream sand and gravel aggregate industry, influenced by infrastructure construction and real estate sectors [1] Group 1: Financial Performance - In the first half of 2025, the company reported operating revenue of 384 million yuan, a year-on-year decrease of 8.33%, and a net profit of 41.08 million yuan, down 20.48% year-on-year [1] - The decline in performance is attributed to structural oversupply in the sand and gravel market, leading to decreased production and prices, as well as delayed customer payments resulting in increased bad debt provisions [1] Group 2: Strategic Adjustments - The company has strategically chosen to abandon large integrated equipment business, which is primarily used in EPC projects, as these projects have larger order amounts but lower profit margins [1] - The revenue structure is changing, with significant growth in parts sales (up 25.44%), operation and maintenance services (up 159.02%), and overseas income (up 63.06%), indicating a focus on core value areas [1] Group 3: Market Expansion and Innovation - New orders in the metal mining business and overseas markets for the first half of 2025 were 115 million yuan (up 44.23%) and 86 million yuan (up 146.94%), respectively [1] - The company has established subsidiaries in key markets such as Malaysia, South Africa, Zimbabwe, Australia, and Singapore, and has set up a research and development center in Sweden to create a global innovation service network [1] Group 4: Shareholder Actions - Recent share reductions by executives were made for personal financial needs and represent a small proportion of their holdings, not expected to impact the company's operations [1] - The company is considering share buybacks as a key market value management tool, with plans to evaluate based on company conditions and market environment [1]