蔚小理零距离真正的安全区还有多远丨记者观察

微博财经-财道工作室03-27

来源：@究竟视频微博【#蔚小理零距离真正的安全区还有多远#丨记者观察】 #蔚小理零谁能持续盈利#？3月，车市乍暖还寒。“蔚小理零”四家头部新势力车企，在这个财报季交出了一份颇具标志意义的成绩单：零跑汽车全年盈利5.4亿元，成为继理想之后第二家实现全年盈利的新势力；理想盈利11亿元，连续第三年实现盈利；小鹏汽车和蔚来汽车则都在Q4实现单季盈利。从“烧钱换增长”到集体站上盈利线，这无疑是新势力...

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/2622812491?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-27 12:51","share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","id":"2622812491","market":"hk","top_or_hot":-1,"title":"蔚小理零距离真正的安全区还有多远丨记者观察","media":"微博财经-财道工作室","content":"<div>\n<p>来源：@究竟视频微博    【#蔚小理零距离真正的安全区还有多远#丨记者观察】 #蔚小理零谁能持续盈利#？3月，车市乍暖还寒。“蔚小理零”四家头部新势力车企，在这个财报季交出了一份颇具标志意义的成绩单：零跑汽车全年盈利5.4亿元，成为继理想之后第二家实现全年盈利的新势力；理想盈利11亿元，连续第三年实现盈利；小鹏汽车和蔚来汽车则都在Q4实现单季盈利。从“烧钱换增长”到集体站上盈利线，这无疑是新势力...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/wbstock/2026-03-27/doc-inhsmamy2171103.shtml\">网页链接</a>\n\n</div>\n","source":"sina","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>蔚小理零距离真正的安全区还有多远丨记者观察</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蔚小理零距离真正的安全区还有多远丨记者观察\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-27 12:51 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/wbstock/2026-03-27/doc-inhsmamy2171103.shtml><strong>微博财经-财道工作室</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>来源：@究竟视频微博    【#蔚小理零距离真正的安全区还有多远#丨记者观察】 #蔚小理零谁能持续盈利#？3月，车市乍暖还寒。“蔚小理零”四家头部新势力车企，在这个财报季交出了一份颇具标志意义的成绩单：零跑汽车全年盈利5.4亿元，成为继理想之后第二家实现全年盈利的新势力；理想盈利11亿元，连续第三年实现盈利；小鹏汽车和蔚来汽车则都在Q4实现单季盈利。从“烧钱换增长”到集体站上盈利线，这无疑是新势力...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/wbstock/2026-03-27/doc-inhsmamy2171103.shtml\">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":"BK4532","symbol_name":"文艺复兴科技持仓","start_time":0,"source_url":"https://finance.sina.com.cn/stock/wbstock/2026-03-27/doc-inhsmamy2171103.shtml","article_id":"2622812491","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2622812491","pubTimestamp":1774587060,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"然而，深扒财报后，蔚来单季度盈利的可持续性有待考证，小鹏Q4主营业务还在亏损，理想年度盈利的背后也正在承压。目前看来，“蔚小理零”中，只有零跑可以短暂松口气，但它也面临规模快速扩张中的新挑战；理想则面临盈利能力下滑的压力；小鹏和蔚来的账面盈利带有较强的非经常性色彩，每一个季度的盈亏数字都至关重要。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4532":"文艺复兴科技持仓","BK4509":"腾讯概念","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","BK4581":"高盛持仓","09866":"蔚来-SW","LU0052750758.USD":"富兰克林中国基金A Acc","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","BK4531":"中概回港概念","BK4555":"新能源车","BK4574":"无人驾驶","NIO":"蔚来","BK4505":"高瓴资本持仓","BK4099":"汽车制造商","BK4548":"巴美列捷福持仓","BK4526":"热门中概股","BK4504":"桥水持仓","NIOG":"2倍做多NIO ETF-Leverage Shares","BK4588":"碎股","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM"},"translate_title":"How far is Wei Xiaoli Zero from the real safe zone | Reporter's observation","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NIO":0.83,"NIOG":0.6,"EVS.SI":0.6,"09866":0.6},"content_text":"来源：@究竟视频微博    【#蔚小理零距离真正的安全区还有多远#丨记者观察】 #蔚小理零谁能持续盈利#？3月，车市乍暖还寒。“蔚小理零”四家头部新势力车企，在这个财报季交出了一份颇具标志意义的成绩单：零跑汽车全年盈利5.4亿元，成为继理想之后第二家实现全年盈利的新势力；理想盈利11亿元，连续第三年实现盈利；小鹏汽车和蔚来汽车则都在Q4实现单季盈利。从“烧钱换增长”到集体站上盈利线，这无疑是新势力发展史上的里程碑。然而，深扒财报后，蔚来单季度盈利的可持续性有待考证，小鹏Q4主营业务还在亏损，理想年度盈利的背后也正在承压。在新势力的第二个十年里，“蔚小理零”们要想继续站在牌桌上，还要付出不小的努力。四家车企都为2026年制定了雄心勃勃的增长计划，但回顾2025，仅理想汽车一家迈过千亿营收，交付规模超过50万辆的只有零跑一家。四家新势力车企既有“以价换量”的激进扩张，也有“量价齐跌”的战略调整，营收规模与结构的变化共同勾勒出不同的发展轨迹。目前看来，“蔚小理零”中，只有零跑可以短暂松口气，但它也面临规模快速扩张中的新挑战；理想则面临盈利能力下滑的压力；小鹏和蔚来的账面盈利带有较强的非经常性色彩，每一个季度的盈亏数字都至关重要。2026年，才是真正检验能否“留在牌桌”的关键年份。 \n\n\n海量资讯、精准解读，尽在新浪财经APP","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":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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":"4.42.0","shortVersion":"4.42.0","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/2622812491","isCrawlerRequest":true}