经济观察网法拉利2025财年业绩创历史新高，全年净营收71.46亿欧元，同比增长7%；息税前利润达 21.10亿欧元，同比增长12%。工业自由现金流大幅增长50%至15.38亿欧元。 业绩经营情况 第四季度单季的EBIT利润率为28.5%，较去年同期提升1.5个百分点；EBITDA利润率达到38.8%，同比 提升1.8个百分点。这一提升主要得益于高价值车型占比增加以及定制化业务的深化。 公司业务状况 公司订单已覆盖至2027年末，Amalfi、849Testarossa等新车型需求旺盛，为未来两年的交付和盈利提供 了高度确定性。尽管第四季度全球交付量同比有所下降，但公司坚持"量平价升"策略，通过优化产品结 构保障了利润增长。 首款纯电动车型Luce已完成首发，计划于2026年5月举行发布活动。公司明确了2030年产品结构目标为 40%燃油、40%混动、20%纯电，采取渐进式转型策略。 资金动向 2025年全年通过分红和股票回购向股东返还超过13亿欧元，并计划将股息支付率提高至净利润的40%， 体现了公司充裕的现金流和对股东回报的重视。 公司业绩目标 公司预计2026年营收约75亿欧元，调整后每股收益至少9.4 ...

Core Insights - Ferrari reported record high revenue and profit for 2025, with significant progress in its electrification strategy and an optimistic outlook for 2026 [1] Financial Performance - In the fiscal year 2025, Ferrari achieved net revenue of €7.146 billion, a year-on-year increase of 7% [2] - The EBIT reached €2.110 billion, up 12% year-on-year, with an EBIT margin of 29.5% [2] - Net profit was €1.600 billion, reflecting a 5% increase compared to the previous year [2] - Industrial free cash flow surged by 50% to €1.538 billion [2] Company Fundamentals - In Q4, the EBIT margin was 28.5%, an increase of 1.5 percentage points year-on-year; EBITDA margin reached 38.8%, up 1.8 percentage points [3] - The improvement was primarily driven by a higher proportion of high-value models and deeper customization services [3] Business Developments - The company has orders secured until the end of 2027, with strong demand for new models like Amalfi and 849 Testarossa, providing certainty for deliveries and profits over the next two years [4] - Despite a year-on-year decline in global deliveries in Q4, the company maintained a "volume at price increase" strategy, ensuring profit growth through product mix optimization [4] Strategic Initiatives - The first all-electric model, Luce, has been launched, with a planned unveiling event in May 2026 [5] - The company has set a product structure target for 2030 of 40% gasoline, 40% hybrid, and 20% all-electric, adopting a gradual transition strategy [5] Capital Allocation - In 2025, Ferrari returned over €1.3 billion to shareholders through dividends and stock buybacks, with plans to increase the dividend payout ratio to 40% of net profit, reflecting strong cash flow and commitment to shareholder value [6] Performance Targets - For 2026, the company expects revenue of approximately €7.5 billion, an EBITDA margin of no less than 39.0%, adjusted earnings per share of at least €9.45, and industrial free cash flow to remain above €1.5 billion [7]

加入轩辕同学 ， 成就新汽车人! 设计 | 甄 尤 美 来源 | R e u t e rs ， A u t o m o t i v e ， C a r a n d D r i v e r 编译 | 莫 莉 编辑 | 黄 大 路 当地时间2月9日，法拉利发布首款纯电动跑车的预告图，并确认新车命名为Luce，意大利语意为"光"，也一反法拉利惯用的字母数字或地名命名 方式。 与大多数新车发布先露脸不同，法拉利把这次的发布放在了驾驶交互上，车型命名、座舱物料、按键布局和声学方案几乎同时被抛出，但车身外 观仍将保密。 这款车在开发阶段曾被法拉利称作Elettrica。路透社曾披露过其电动平台与声学方案，如今正式名称与座舱一起公布，意味着发布节奏被切成三段 推进，先底层技术，再驾驶交互，最后才是外观造型。 更有趣的是，负责这套交互审美的人正是乔布斯时代的老搭档、前苹果大牛设计师乔尼·艾夫（Jony Ive）。他当年用iPhone把手机正面的实体键盘 按进历史，屏幕一统江湖，交互被他做到几乎只剩一块玻璃。可到了Luce，他反而把实体按键和金属拨杆摆回了C位。 据悉，Luce的外观将在今年5月揭晓，首批交付窗口指向今年10月 ...