蔚来2025年Q4盈利7-12亿，从“吹牛”到兑现，造车路迎关键转折

ITBEAR科技资讯02-10

蔚来汽车近日发布2025年第四季度财务预告，宣布实现经调整经营利润7至12亿元，较上年同期55.436亿元的亏损实现历史性逆转。这一消息标志着这家曾被质疑"烧钱无底洞"的新势力车企，终于在成立11年后交出首份盈利答卷。董事长李斌立下的"2025年四季度盈利"军令状，在经历多次市场质疑后终成现实。回顾蔚来发展历程，其"用户企业"定位自2014年创立之初便饱受争议。从在NIO House开设咖啡厅、...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2610762153?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-10 22:53","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2610762153","market":"us","top_or_hot":-1,"title":"蔚来2025年Q4盈利7-12亿，从“吹牛”到兑现，造车路迎关键转折","media":"ITBEAR科技资讯","content":"<div>\n<p>蔚来汽车近日发布2025年第四季度财务预告，宣布实现经调整经营利润7至12亿元，较上年同期55.436亿元的亏损实现历史性逆转。这一消息标志着这家曾被质疑\"烧钱无底洞\"的新势力车企，终于在成立11年后交出首份盈利答卷。董事长李斌立下的\"2025年四季度盈利\"军令状，在经历多次市场质疑后终成现实。回顾蔚来发展历程，其\"用户企业\"定位自2014年创立之初便饱受争议。从在NIO House开设咖啡厅、...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210231949a6eb19d6&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>蔚来2025年Q4盈利7-12亿，从“吹牛”到兑现，造车路迎关键转折</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n蔚来2025年Q4盈利7-12亿，从“吹牛”到兑现，造车路迎关键转折\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-10 22:53 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210231949a6eb19d6&s=b><strong>ITBEAR科技资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>蔚来汽车近日发布2025年第四季度财务预告，宣布实现经调整经营利润7至12亿元，较上年同期55.436亿元的亏损实现历史性逆转。这一消息标志着这家曾被质疑\"烧钱无底洞\"的新势力车企，终于在成立11年后交出首份盈利答卷。董事长李斌立下的\"2025年四季度盈利\"军令状，在经历多次市场质疑后终成现实。回顾蔚来发展历程，其\"用户企业\"定位自2014年创立之初便饱受争议。从在NIO House开设咖啡厅、...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210231949a6eb19d6&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"09866","symbol_name":"蔚来-SW","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210231949a6eb19d6&s=b","article_id":"2610762153","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210231949a6eb19d6&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=2610762153","pubTimestamp":1770735201,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"蔚来汽车近日发布2025年第四季度财务预告，宣布实现经调整经营利润7至12亿元，较上年同期55.436亿元的亏损实现历史性逆转。董事长李斌立下的\"2025年四季度盈利\"军令状，在经历多次市场质疑后终成现实。特别是当2024年四季度公司亏损扩大至55.4亿元、全年净亏损超220亿元时，连内部员工都对李斌的盈利承诺产生动摇。转折点出现在2025年3月的内部会议上。面对持续恶化的财务状况，李斌首次以\"军令状\"形式明确盈利时间表。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"09866":"蔚来-SW","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK4531":"中概回港概念","BK4099":"汽车制造商","BK4526":"热门中概股","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU0052750758.USD":"富兰克林中国基金A Acc","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","BK4555":"新能源车","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","BK4505":"高瓴资本持仓","BK4509":"腾讯概念","BK4504":"桥水持仓","NIOG":"2倍做多NIO ETF-Leverage Shares","BK4588":"碎股","BK4548":"巴美列捷福持仓","BK4574":"无人驾驶","NIO":"蔚来","NIO.SI":"蔚来"},"translate_title":"Nio's Q4 profit in 2025 is 700-1.2 billion. From \"bragging\" to cashing in, the road to car manufacturing is facing a critical turning point","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"EVS.SI":0.6,"NIO":1.96,"09866":1.96,"NIOG":0.6,"NIO.SI":1.96},"content_text":"蔚来汽车近日发布2025年第四季度财务预告，宣布实现经调整经营利润7至12亿元，较上年同期55.436亿元的亏损实现历史性逆转。这一消息标志着这家曾被质疑\"烧钱无底洞\"的新势力车企，终于在成立11年后交出首份盈利答卷。董事长李斌立下的\"2025年四季度盈利\"军令状，在经历多次市场质疑后终成现实。回顾蔚来发展历程，其\"用户企业\"定位自2014年创立之初便饱受争议。从在NIO House开设咖啡厅、举办艺术展，到2017年提出\"换电三分钟\"构想并布局全国换电站网络，再到2024年宣布造手机计划，这些超前布局曾被业界视为\"不务正业\"。特别是当2024年四季度公司亏损扩大至55.4亿元、全年净亏损超220亿元时，连内部员工都对李斌的盈利承诺产生动摇。转折点出现在2025年3月的内部会议上。面对持续恶化的财务状况，李斌首次以\"军令状\"形式明确盈利时间表。公司随即启动全面改革：供应链端通过集中采购降低15%成本，运营端裁撤30%非核心项目，销售端优化渠道布局减少无效投入。这些举措使前三季度累计亏损控制在150亿元以内，为四季度盈利奠定基础。销量爆发成为关键突破口。2025年四季度蔚来交付量达12.48万辆，同比增长71.7%，其中12月单月4.81万辆的交付量创历史新高。ES8、乐道L90和L60三款车型精准切入中大型家用SUV市场，在纯电领域形成差异化优势。规模效应显现带动固定成本分摊，单台制造成本同比下降12%，推动整车毛利率从一季度的10.2%提升至四季度的14.7%。尽管实现单季度盈利，蔚来仍面临多重挑战。2025年全年预计仍将亏损百亿元级别，距离2026年全年盈利目标尚有差距。新能源汽车市场竞争加剧，理想、鸿蒙智行等对手持续施压，高端纯电市场红利期可能缩短。换电网络建设需年均投入50亿元，海外市场拓展存在不确定性，碳酸锂价格波动带来新的成本压力。管理层已明确2026年需保持40%-50%销量增长，并将综合毛利率提升至20%的新目标。行业分析师指出，蔚来盈利具有标志性意义，证明新势力车企通过差异化竞争和精细化运营能够实现突围。但单季度盈利仅是起点，后续需在技术创新、成本控制、市场拓展等方面持续发力。特别是在多品牌战略下，如何平衡资源投入与运营效率，将成为检验管理层能力的关键考题。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"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":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","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/2610762153","isCrawlerRequest":true}