蔚来：2025 年第四季度初步解读：成本节约推动营业利润超预期，联营企业投资亏损扩大；中性评级

10 March 2026 | 8:04PM CST Equity Research NIO Inc. (NIO): 4Q25 First Take: Operating profit beat on cost saving, with higher loss from equity investees; Neutral Nio reported 4Q25 result with total revenue in line with GSe, EBIT beat on better SG&A cost savings, but Non-GAAP net income missed mainly from expanding losses from equity investees. 1Q26 volume and revenue guidance was largely in line with expectations, with vehicle sales volume of 80k-83k units (+7%/-8% vs. GSe /Consensus at the midpoint) and re ...