蔚来三季度净亏损34.8亿元！但四季度盈利有望？

汽车K线2025-11-26

\x26lt;a class=\x26quot;wx_topic_link\x26quot; topic-id=\x26quot;\x26quot; style=\x26quot;color: #576B95 !important;\x26quot; data-topic=\x26quot;1\x26quot;\x26gt;#蔚来集团财报分析\x0a\x26lt;/a\x26gt;2025第三季度...

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topic-id=\\x26quot;\\x26quot; style=\\x26quot;color: #576B95 !important;\\x26quot; data-topic=\\x26quot;1\\x26quot;\\x26gt;#蔚来集团财报分析\\x0a\\x26lt;/a\\x26gt;2025第三季度...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251126084103a4ba7212&s=b\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1119","symbol_name":"汽车制造商","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251126084103a4ba7212&s=b","article_id":"2586831362","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251126084103a4ba7212&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2586831362","pubTimestamp":1764115473,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"important;\\x26quot; 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But profit in the fourth quarter is expected?","themeId":"b3281f8de3bc6b9ca0443565cb3ba984","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09866":1.5,"NIO":0.9},"content_text":"\\x26lt;a class=\\x26quot;wx_topic_link\\x26quot; topic-id=\\x26quot;\\x26quot; style=\\x26quot;color: #576B95 !important;\\x26quot; data-topic=\\x26quot;1\\x26quot;\\x26gt;#蔚来集团财报分析\\x0a\\x26lt;/a\\x26gt;2025第三季度大幅减亏超三成，距离四季度盈利仅一步之遥？\\x0a\\x0a似乎李斌的豪言和蔚来的商业闭环，也不是没有可能兑现和成功。\\x26lt;a class=\\x26quot;wx_topic_link\\x26quot; topic-id=\\x26quot;\\x26quot; style=\\x26quot;color: #576B95 !important;\\x26quot; data-topic=\\x26quot;1\\x26quot;\\x26gt;\\x0a\\x0a\\x26lt;/a\\x26gt;11月25日，蔚来(09866.HK)发布2025第三季度财报，当日蔚来港股大涨3.04%；但随后蔚来美股报收5.5美元/股，大跌4.55%，呈现截然相反的走势。\\x0a\\x0a这可能受到营收不及预期，投行机构下调其目标价和评级的影响。但不可否认的是，在如此惨烈的中国纯电动汽车市场，蔚来还能取得如此业绩。\\x0a\\x0a财报显示，2025年第三季度，蔚来汽车交付量为8.7万辆，同比增长40.8%，较2025年第二季度增长20.8%。交付包括蔚来品牌3.69万辆、乐道品牌3.76万辆以及萤火虫品牌1.25万辆。\\x0a\\x0a随着交付量走高，同期该公司汽车销售额为192亿元，同比增长15%，较2025年第二季度增长19%。汽车毛利率为14.7%，高于2024年第三季度的13.1%和2025年第二季度的10.3%。\\x0a\\x0a2025年第三季度，蔚来收入总额为217.9亿元，同比增长16.7%，较2025年第二季度增长14.7%；毛利为30.2亿元，同比增长50.7%，较2025年第二季度增长59.4%；毛利率为13.9%，高于2024年第三季度的10.7%和2025年第二季度的10%。\\x0a\\x0a得益于销量增长带来的规模化效应，以及控制费用，蔚来2025年第三季度经营亏损为35.2亿元，同比大幅减亏32.8%，较2025年第二季度下降28.3%；净亏损为34.8亿元，同比下降31.2%，较2025年第二季度下降30.3%。\\x0a\\x0a蔚来CFO曲玉表示，该公司第三季度实现了正向现金流。\\x0a\\x0a截止三季度末，蔚来现金及现金等物、受限制现金期存款为人民币367亿元。\\x0a\\x0a蔚来认为，虽然其流动负债高于流动资产，但其财务资源足以支持其在未来一年日常业务活动的持续经营。\\x0a\\x0a李斌预计，蔚来公司2025年第四季度汽车交付量为12万~12.5万辆，收入总额327.58亿元~340.39亿元，均相较三季度大幅增长。\\x0a\\x0a或许，李斌真可能兑现承诺，成为理想汽车、零跑汽车、小米汽车之后，下一个实现盈利的造车新势力。\\x0a\\x0a不过，斌哥也可以考虑一下加入混动，不管是插混还是增程式……李想和朱江明已经证明了可行性。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2586831362","isCrawlerRequest":true}