CR7RMF的个人主页 - 老虎社区

CR7RMF

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2025-12-15

$Amber International Holding(AMBR)$ 真是个大忽悠

2025-12-03

$嘉高达资本(01468)$ 死老千，成仙姑了

2025-11-30

$嘉高达资本(01468)$ 老千公司

2025-11-30

老千股

嘉高达资本(01468)发布中期业绩净亏损4041.2万港元同比盈转亏

2025-11-30

骗子公司

嘉高达资本（控股）集团2025年中期财报：营收约6.38亿港元，经调整净亏损1.98亿港元

2025-11-25

$英伟达(NVDA)$ 抄底抄底

2025-11-25

$英伟达(NVDA)$ 这得多大的仇恨啊，这么个跌法？

2025-11-22

**丝车越来越得到大家认同了

财报前瞻 | 理想汽车Q3面临营收下滑，新车型及大模型或带来新动力

2025-11-20

$TQQQ.OLD(TQQQ.OLD)$ 什么情况

2025-11-04

$纳指三倍做多ETF(TQQQ)$ 因为我买入了，所以开始跌了

去老虎APP查看更多动态

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22:11","market":"hk","language":"zh","title":"嘉高达资本(01468)发布中期业绩 净亏损4041.2万港元 同比盈转亏","url":"https://stock-news.laohu8.com/highlight/detail?id=2586773825","media":"智通财经","summary":"智通财经APP讯，嘉高达资本(01468)发布截至2025年9月30日止六个月的中期业绩，持续经营业务收益6375.8万港元，同比减少48.93%;期内亏损4041.2万港元，同比盈转亏;基本每股亏损2.20港仙。","content":"<html><body><p>智通财经APP讯，<a href=\"https://laohu8.com/S/01468\">嘉高达资本</a>(01468)发布截至2025年9月30日止六个月的中期业绩，持续经营业务收益6375.8万港元，同比减少48.93%;期内亏损4041.2万港元，同比盈转亏;基本每股亏损2.20港仙。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"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>嘉高达资本(01468)发布中期业绩 净亏损4041.2万港元 同比盈转亏</title>\n<style 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}\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; 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href=\"http://www.zhitongcaijing.com/content/detail/1375507.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK1181":"经销商","01468":"嘉高达资本","BK1138":"综合性资本市场"},"source_url":"http://www.zhitongcaijing.com/content/detail/1375507.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2586773825","content_text":"智通财经APP讯，嘉高达资本(01468)发布截至2025年9月30日止六个月的中期业绩，持续经营业务收益6375.8万港元，同比减少48.93%;期内亏损4041.2万港元，同比盈转亏;基本每股亏损2.20港仙。","news_type":1,"symbols_score_info":{"01468":1.5}},"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":505813565211048,"gmtCreate":1764513901322,"gmtModify":1764513903890,"author":{"id":"3495003491642362","authorId":"3495003491642362","name":"CR7RMF","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3495003491642362","authorIdStr":"3495003491642362"},"themes":[],"title":"","htmlText":"骗子公司","listText":"骗子公司","text":"骗子公司","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/505813565211048","repostId":"1178307602","repostType":2,"repost":{"id":"1178307602","kind":"news","weMediaInfo":{"introduction":"港美股公告全覆盖","home_visible":1,"media_name":"公告速递","id":"1097772564","head_image":"https://community-static.tradeup.com/news/ed558ed0402cbe7d1ef4d150458f2b2e"},"pubTimestamp":1764339198,"share":"https://www.laohu8.com/m/news/1178307602?lang=zh_CN&edition=full","pubTime":"2025-11-28 22:13","market":"us","language":"zh","title":"嘉高达资本（控股）集团2025年中期财报：营收约6.38亿港元，经调整净亏损1.98亿港元","url":"https://stock-news.laohu8.com/highlight/detail?id=1178307602","media":"公告速递","summary":"嘉高达资本（控股）集团公布截至2025年9月30日止六个月财报。报告期内，来自持续经营业务的营收为6.38亿港元，同比下降约48.9%。同期经调整净亏损约1.98亿港元，而去年同期经调整净利润约2.20亿港元。期内行政开支约为4,320万港元，较去年同期的4,140万港元微增，其中人员相关开支约占2,000万港元。管理层强调，公司将持续优化资源配置，聚焦核心金融服务业务。","content":"<p>本季度信息</p>\n<p>嘉高达资本（控股）集团（“公司”）公布截至2025年9月30日止六个月财报。报告期内，来自持续经营业务的营收为6.38亿港元，同比下降约48.9%（去年同期为12.48亿港元）。同期经调整净亏损约1.98亿港元，而去年同期经调整净利润约2.20亿港元。集团毛利率从上年同期的26.1%提升至74.0%，反映收入结构改变及部分低利润率业务已退出所带来的整体盈利能力增强。期内行政开支约为4,320万港元，较去年同期的4,140万港元微增，其中人员相关开支约占2,000万港元。管理层强调，公司将持续优化资源配置，聚焦核心金融服务业务。</p>\n<p>业务分项</p>\n<p>一、证券与资产管理  \n报告期内，证券业务营收约1,570万港元，较去年同期的1,000万港元有所增长，主要得益于保证金融资及交易活动的回暖。资产管理板块营收约40万港元，低于去年同期的290万港元，主要因策略性将部分资源转向利润率更高的证券业务所致。</p>\n<p>二、保险经纪  \n保险经纪业务实现营收1,170万港元，去年同期为5,230万港元。该板块在过去一年整合了内部顾问渠道，因对渠道结构进行收缩，导致年化首年保费与相关佣金同比下降，但在长期运营效率方面得到一定改善。</p>\n<p>三、放债  \n放债业务是本期收入增长的主要引擎，实现营收2,750万港元，较去年同期的1,350万港元增长较快。由于区域信贷需求仍具韧性，公司在加强风控的前提下审慎投放贷款。然而，因为行业整体信贷环境收紧，集团期内计提较大规模的减值拨备，拖累净利润表现。</p>\n<p>四、保险科技  \n保险科技业务录得营收850万港元，低于去年同期的3,850万港元。该业务板块正处于技术升级与模式优化阶段，阶段性投入推高成本，使得期内利润承压。无形资产摊销也对该板块产生负面影响。</p>\n<p>五、网络及授权  \n报告期内，网络及授权板块收入为零，去年同期约770万港元。年内客户对娱乐及媒体内容需求下降，业务模式尚在调整，暂未实现新订单。</p>\n<p>由于集团已在期内剥离毛皮业务，该已终止经营分部不再并入持续经营口径，故整体营收及利润同比基数有所变化。</p>\n","collect":0,"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>嘉高达资本（控股）集团2025年中期财报：营收约6.38亿港元，经调整净亏损1.98亿港元</title>\n<style 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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嘉高达资本（控股）集团2025年中期财报：营收约6.38亿港元，经调整净亏损1.98亿港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1097772564\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/ed558ed0402cbe7d1ef4d150458f2b2e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">公告速递 </p>\n<p class=\"h-time\">2025-11-28 22:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>本季度信息</p>\n<p>嘉高达资本（控股）集团（“公司”）公布截至2025年9月30日止六个月财报。报告期内，来自持续经营业务的营收为6.38亿港元，同比下降约48.9%（去年同期为12.48亿港元）。同期经调整净亏损约1.98亿港元，而去年同期经调整净利润约2.20亿港元。集团毛利率从上年同期的26.1%提升至74.0%，反映收入结构改变及部分低利润率业务已退出所带来的整体盈利能力增强。期内行政开支约为4,320万港元，较去年同期的4,140万港元微增，其中人员相关开支约占2,000万港元。管理层强调，公司将持续优化资源配置，聚焦核心金融服务业务。</p>\n<p>业务分项</p>\n<p>一、证券与资产管理  \n报告期内，证券业务营收约1,570万港元，较去年同期的1,000万港元有所增长，主要得益于保证金融资及交易活动的回暖。资产管理板块营收约40万港元，低于去年同期的290万港元，主要因策略性将部分资源转向利润率更高的证券业务所致。</p>\n<p>二、保险经纪  \n保险经纪业务实现营收1,170万港元，去年同期为5,230万港元。该板块在过去一年整合了内部顾问渠道，因对渠道结构进行收缩，导致年化首年保费与相关佣金同比下降，但在长期运营效率方面得到一定改善。</p>\n<p>三、放债  \n放债业务是本期收入增长的主要引擎，实现营收2,750万港元，较去年同期的1,350万港元增长较快。由于区域信贷需求仍具韧性，公司在加强风控的前提下审慎投放贷款。然而，因为行业整体信贷环境收紧，集团期内计提较大规模的减值拨备，拖累净利润表现。</p>\n<p>四、保险科技  \n保险科技业务录得营收850万港元，低于去年同期的3,850万港元。该业务板块正处于技术升级与模式优化阶段，阶段性投入推高成本，使得期内利润承压。无形资产摊销也对该板块产生负面影响。</p>\n<p>五、网络及授权  \n报告期内，网络及授权板块收入为零，去年同期约770万港元。年内客户对娱乐及媒体内容需求下降，业务模式尚在调整，暂未实现新订单。</p>\n<p>由于集团已在期内剥离毛皮业务，该已终止经营分部不再并入持续经营口径，故整体营收及利润同比基数有所变化。</p>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01468":"嘉高达资本"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178307602","content_text":"本季度信息\n嘉高达资本（控股）集团（“公司”）公布截至2025年9月30日止六个月财报。报告期内，来自持续经营业务的营收为6.38亿港元，同比下降约48.9%（去年同期为12.48亿港元）。同期经调整净亏损约1.98亿港元，而去年同期经调整净利润约2.20亿港元。集团毛利率从上年同期的26.1%提升至74.0%，反映收入结构改变及部分低利润率业务已退出所带来的整体盈利能力增强。期内行政开支约为4,320万港元，较去年同期的4,140万港元微增，其中人员相关开支约占2,000万港元。管理层强调，公司将持续优化资源配置，聚焦核心金融服务业务。\n业务分项\n一、证券与资产管理  \n报告期内，证券业务营收约1,570万港元，较去年同期的1,000万港元有所增长，主要得益于保证金融资及交易活动的回暖。资产管理板块营收约40万港元，低于去年同期的290万港元，主要因策略性将部分资源转向利润率更高的证券业务所致。\n二、保险经纪  \n保险经纪业务实现营收1,170万港元，去年同期为5,230万港元。该板块在过去一年整合了内部顾问渠道，因对渠道结构进行收缩，导致年化首年保费与相关佣金同比下降，但在长期运营效率方面得到一定改善。\n三、放债  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href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a> 抄底抄底","text":"$英伟达(NVDA)$ 抄底抄底","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/504018048319640","isVote":1,"tweetType":1,"viewCount":394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":503981480403008,"gmtCreate":1764076723645,"gmtModify":1764077881577,"author":{"id":"3495003491642362","authorId":"3495003491642362","name":"CR7RMF","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3495003491642362","authorIdStr":"3495003491642362"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a> 这得多大的仇恨啊，这么个跌法？","listText":"<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a> 这得多大的仇恨啊，这么个跌法？","text":"$英伟达(NVDA)$ 这得多大的仇恨啊，这么个跌法？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/503981480403008","isVote":1,"tweetType":1,"viewCount":626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":502949492789360,"gmtCreate":1763819064254,"gmtModify":1763820987391,"author":{"id":"3495003491642362","authorId":"3495003491642362","name":"CR7RMF","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3495003491642362","authorIdStr":"3495003491642362"},"themes":[],"title":"","htmlText":"**丝车越来越得到大家认同了","listText":"**丝车越来越得到大家认同了","text":"**丝车越来越得到大家认同了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/502949492789360","repostId":"1133790875","repostType":2,"repost":{"id":"1133790875","kind":"news","weMediaInfo":{"introduction":"专注财报前瞻、财报解析的大模型Agent","home_visible":1,"media_name":"财报Agent","id":"1017018787","head_image":"https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f"},"pubTimestamp":1763631076,"share":"https://www.laohu8.com/m/news/1133790875?lang=zh_CN&edition=full","pubTime":"2025-11-20 17:31","market":"hk","language":"zh","title":"财报前瞻 | 理想汽车Q3面临营收下滑，新车型及大模型或带来新动力","url":"https://stock-news.laohu8.com/highlight/detail?id=1133790875","media":"财报Agent","summary":"理想汽车将于11月26日盘前发布三季度财报。","content":"<html><head></head><body><p><em>摘要： <a href=\"https://laohu8.com/S/LI\">理想汽车</a> 将于11月26日美股盘前发布2025年第三季度财报。三季度理想汽车的交付量同比大幅下滑，营收必然受到影响，市场更加关注新车型的销售情况及AI方面的发展。</em></p><h3 id=\"id_528582728\">二季度回顾</h3><p>理想汽车二季度营收302亿元，车辆销售收入为289亿元。二季度经营利润达到8.27亿元，净利润11亿元。二季度汽车总交付量为111,074辆，同比增长2.3%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c672f9dd21e5bd387cfc2777ed19b42\" tg-width=\"1080\" tg-height=\"812\"/></p><h3 id=\"id_3388367749\">三季度预期</h3><p>已知数据：<strong>三季度理想汽车的总交付量仅为93211辆，较2024年同期的15.28万辆大幅下降了39%。不及公司自己设置的业绩指引（同比下降37.8%-41.1%）。</strong></p><p>根据老虎国际APP的数据，分析师目前预期理想汽车三季度营收267.1亿元人民币，同比减少37.7%；每股收益0.863元，同比减少67.54%；息税前利润1562万。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a012f3685feaf8f11374bccbc206f35\" tg-width=\"672\" tg-height=\"867\"/></p><h3 id=\"id_2560921757\">主要看点</h3><p><strong>纯电产品爬坡与补能网络协同</strong></p><ul style=\"list-style-type: disc;\"><li><p>本季度的核心看点在于纯电产品（理想i8、i6）爬坡节奏与高压超充网络的协同放量。上一季度公司已在全国形成较大规模超充覆盖，强调“城市+高速”双网络布局，有利于缓解用户补能顾虑，提升纯电转化。若i8与i6在三季度进入稳定交付阶段，叠加5C补能体验与座舱/智驾差异化卖点，有望在竞争激烈的30万至40万元区间争取份额。</p></li><li><p>影响传导路径在于：补能便利性降低用户里程焦虑，提升试驾转化与复购意愿；同时提升车主使用频次后带动生态与服务收入的潜在增长。短期毛利端可能承受新品推广与渠道营销投入的影响，但随着产能与供应链效率提升，单位成本有望逐季改善。</p></li><li><p>风险在于：若价格竞争加剧或新品上险量爬坡低于预期，营收与毛利率存在阶段性压力；门店与营销策略的区域化执行效果将决定获客效率。</p></li></ul><p style=\"text-align: start;\"><strong>VLA司机大模型与销售体系调整的落地</strong></p><ul style=\"list-style-type: disc;\"><li><p>本季度另一个关键变量是VLA司机大模型的推送覆盖和使用体验反馈。公司计划将VLA推广至更多AD Max车型，已在上一季度强调VLA在复杂城市道路、泊车与召唤等功能的体验升级，若三季度用户口碑持续发酵，将推动高配渗透率提高并带动单车收入结构改善。</p></li><li><p>销售体系“总部直管23个区域+市场营销与销服运营”新架构已到位，强调“因地制宜”与“数字化运营”。在本季度，区域化策略的执行（北方增程心智巩固、南方纯电卖点强化）以及中心店与商场店的组合优化，将直接影响线索质量、转化效率与库存/价格策略的平衡。</p></li><li><p>结合公司对三季度收入同比分别下降38.8%至42.1%的保守指引，管理层选择以产品与组织迭代换取中长期确定性，短期更关注质量增长与品牌价值稳固。若i6发布后的市场教育推进顺利，四季度后半段有望看到订单与交付的边际改善。</p></li></ul><p style=\"text-align: start;\"><strong>汽车销售结构变化</strong></p><ul style=\"list-style-type: disc;\"><li><p>二季度汽车销售收入占比95.50%，其中L系列保持规模，i8开启纯电曲线。本季度若i6加入并形成“中高端纯电双车”协同，结构性影响将体现在：纯电车型可能带来更高的选装渗透（智驾/座舱/补能权益），但短期会抬升营销与交付运营成本。</p></li><li><p>公司在电话会上明确减少SKU、回归单品爆款策略，有助于制造与供应链降复杂度、提高需求预测精度，进而改善库存周转与现金循环。三季度这个策略将处于早期验证阶段，对销量—利润的平衡与经销服务能力提出更高要求。</p></li><li><p>若区域市场竞争对手继续通过“以价换量”争夺份额，理想汽车需要在用户体验、智驾与补能等价值点上强化沟通，避免简单价格战带来的利润侵蚀；VLA体验与充电网络体验的真实口碑，可能成为最有效的非价格竞争筹码。</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3c3d85d93b1f5b92b1a9d0ea43b2c159\" tg-width=\"1080\" tg-height=\"602\"/></p><h3 id=\"id_317831155\">分析师观点</h3><p><a href=\"https://laohu8.com/S/601108\" title=\"财通证券\" class=\"\">财通证券</a>发布研报称，<a href=\"https://laohu8.com/S/02015\" title=\"理想汽车-W\" class=\"\">理想汽车-W</a>)盈利能力稳健，智能化与组织升级驱动长期成长空间。该行预计公司2025–2027年实现Non-GAAP归母净利润47/80/124亿元，对应PE分别为32x/19x/12x。首次覆盖，给予“增持”评级。</p></body></html>","collect":0,"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>财报前瞻 | 理想汽车Q3面临营收下滑，新车型及大模型或带来新动力</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; 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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财报前瞻 | 理想汽车Q3面临营收下滑，新车型及大模型或带来新动力\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1017018787\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">财报Agent </p>\n<p class=\"h-time\">2025-11-20 17:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><em>摘要： <a href=\"https://laohu8.com/S/LI\">理想汽车</a> 将于11月26日美股盘前发布2025年第三季度财报。三季度理想汽车的交付量同比大幅下滑，营收必然受到影响，市场更加关注新车型的销售情况及AI方面的发展。</em></p><h3 id=\"id_528582728\">二季度回顾</h3><p>理想汽车二季度营收302亿元，车辆销售收入为289亿元。二季度经营利润达到8.27亿元，净利润11亿元。二季度汽车总交付量为111,074辆，同比增长2.3%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c672f9dd21e5bd387cfc2777ed19b42\" tg-width=\"1080\" tg-height=\"812\"/></p><h3 id=\"id_3388367749\">三季度预期</h3><p>已知数据：<strong>三季度理想汽车的总交付量仅为93211辆，较2024年同期的15.28万辆大幅下降了39%。不及公司自己设置的业绩指引（同比下降37.8%-41.1%）。</strong></p><p>根据老虎国际APP的数据，分析师目前预期理想汽车三季度营收267.1亿元人民币，同比减少37.7%；每股收益0.863元，同比减少67.54%；息税前利润1562万。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a012f3685feaf8f11374bccbc206f35\" tg-width=\"672\" tg-height=\"867\"/></p><h3 id=\"id_2560921757\">主要看点</h3><p><strong>纯电产品爬坡与补能网络协同</strong></p><ul style=\"list-style-type: disc;\"><li><p>本季度的核心看点在于纯电产品（理想i8、i6）爬坡节奏与高压超充网络的协同放量。上一季度公司已在全国形成较大规模超充覆盖，强调“城市+高速”双网络布局，有利于缓解用户补能顾虑，提升纯电转化。若i8与i6在三季度进入稳定交付阶段，叠加5C补能体验与座舱/智驾差异化卖点，有望在竞争激烈的30万至40万元区间争取份额。</p></li><li><p>影响传导路径在于：补能便利性降低用户里程焦虑，提升试驾转化与复购意愿；同时提升车主使用频次后带动生态与服务收入的潜在增长。短期毛利端可能承受新品推广与渠道营销投入的影响，但随着产能与供应链效率提升，单位成本有望逐季改善。</p></li><li><p>风险在于：若价格竞争加剧或新品上险量爬坡低于预期，营收与毛利率存在阶段性压力；门店与营销策略的区域化执行效果将决定获客效率。</p></li></ul><p style=\"text-align: start;\"><strong>VLA司机大模型与销售体系调整的落地</strong></p><ul style=\"list-style-type: disc;\"><li><p>本季度另一个关键变量是VLA司机大模型的推送覆盖和使用体验反馈。公司计划将VLA推广至更多AD Max车型，已在上一季度强调VLA在复杂城市道路、泊车与召唤等功能的体验升级，若三季度用户口碑持续发酵，将推动高配渗透率提高并带动单车收入结构改善。</p></li><li><p>销售体系“总部直管23个区域+市场营销与销服运营”新架构已到位，强调“因地制宜”与“数字化运营”。在本季度，区域化策略的执行（北方增程心智巩固、南方纯电卖点强化）以及中心店与商场店的组合优化，将直接影响线索质量、转化效率与库存/价格策略的平衡。</p></li><li><p>结合公司对三季度收入同比分别下降38.8%至42.1%的保守指引，管理层选择以产品与组织迭代换取中长期确定性，短期更关注质量增长与品牌价值稳固。若i6发布后的市场教育推进顺利，四季度后半段有望看到订单与交付的边际改善。</p></li></ul><p style=\"text-align: start;\"><strong>汽车销售结构变化</strong></p><ul style=\"list-style-type: disc;\"><li><p>二季度汽车销售收入占比95.50%，其中L系列保持规模，i8开启纯电曲线。本季度若i6加入并形成“中高端纯电双车”协同，结构性影响将体现在：纯电车型可能带来更高的选装渗透（智驾/座舱/补能权益），但短期会抬升营销与交付运营成本。</p></li><li><p>公司在电话会上明确减少SKU、回归单品爆款策略，有助于制造与供应链降复杂度、提高需求预测精度，进而改善库存周转与现金循环。三季度这个策略将处于早期验证阶段，对销量—利润的平衡与经销服务能力提出更高要求。</p></li><li><p>若区域市场竞争对手继续通过“以价换量”争夺份额，理想汽车需要在用户体验、智驾与补能等价值点上强化沟通，避免简单价格战带来的利润侵蚀；VLA体验与充电网络体验的真实口碑，可能成为最有效的非价格竞争筹码。</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3c3d85d93b1f5b92b1a9d0ea43b2c159\" tg-width=\"1080\" tg-height=\"602\"/></p><h3 id=\"id_317831155\">分析师观点</h3><p><a href=\"https://laohu8.com/S/601108\" title=\"财通证券\" class=\"\">财通证券</a>发布研报称，<a href=\"https://laohu8.com/S/02015\" title=\"理想汽车-W\" class=\"\">理想汽车-W</a>)盈利能力稳健，智能化与组织升级驱动长期成长空间。该行预计公司2025–2027年实现Non-GAAP归母净利润47/80/124亿元，对应PE分别为32x/19x/12x。首次覆盖，给予“增持”评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2cd608dea059f96a8bee52aea078452e","relate_stocks":{"LI":"理想汽车","02015":"理想汽车-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133790875","content_text":"摘要： 理想汽车 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}\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嘉高达资本(01468)发布中期业绩 净亏损4041.2万港元 同比盈转亏\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-28 22:11 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1375507.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP讯，嘉高达资本(01468)发布截至2025年9月30日止六个月的中期业绩，持续经营业务收益6375.8万港元，同比减少48.93%;期内亏损4041.2万港元，同比盈转亏;基本每股亏损2.20港仙。</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1375507.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK1181":"经销商","01468":"嘉高达资本","BK1138":"综合性资本市场"},"source_url":"http://www.zhitongcaijing.com/content/detail/1375507.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2586773825","content_text":"智通财经APP讯，嘉高达资本(01468)发布截至2025年9月30日止六个月的中期业绩，持续经营业务收益6375.8万港元，同比减少48.93%;期内亏损4041.2万港元，同比盈转亏;基本每股亏损2.20港仙。","news_type":1,"symbols_score_info":{"01468":1.5}},"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":505813565211048,"gmtCreate":1764513901322,"gmtModify":1764513903890,"author":{"id":"3495003491642362","authorId":"3495003491642362","name":"CR7RMF","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3495003491642362","idStr":"3495003491642362"},"themes":[],"title":"","htmlText":"骗子公司","listText":"骗子公司","text":"骗子公司","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/505813565211048","repostId":"1178307602","repostType":2,"repost":{"id":"1178307602","kind":"news","weMediaInfo":{"introduction":"港美股公告全覆盖","home_visible":1,"media_name":"公告速递","id":"1097772564","head_image":"https://community-static.tradeup.com/news/ed558ed0402cbe7d1ef4d150458f2b2e"},"pubTimestamp":1764339198,"share":"https://www.laohu8.com/m/news/1178307602?lang=zh_CN&edition=full","pubTime":"2025-11-28 22:13","market":"us","language":"zh","title":"嘉高达资本（控股）集团2025年中期财报：营收约6.38亿港元，经调整净亏损1.98亿港元","url":"https://stock-news.laohu8.com/highlight/detail?id=1178307602","media":"公告速递","summary":"嘉高达资本（控股）集团公布截至2025年9月30日止六个月财报。报告期内，来自持续经营业务的营收为6.38亿港元，同比下降约48.9%。同期经调整净亏损约1.98亿港元，而去年同期经调整净利润约2.20亿港元。期内行政开支约为4,320万港元，较去年同期的4,140万港元微增，其中人员相关开支约占2,000万港元。管理层强调，公司将持续优化资源配置，聚焦核心金融服务业务。","content":"<p>本季度信息</p>\n<p>嘉高达资本（控股）集团（“公司”）公布截至2025年9月30日止六个月财报。报告期内，来自持续经营业务的营收为6.38亿港元，同比下降约48.9%（去年同期为12.48亿港元）。同期经调整净亏损约1.98亿港元，而去年同期经调整净利润约2.20亿港元。集团毛利率从上年同期的26.1%提升至74.0%，反映收入结构改变及部分低利润率业务已退出所带来的整体盈利能力增强。期内行政开支约为4,320万港元，较去年同期的4,140万港元微增，其中人员相关开支约占2,000万港元。管理层强调，公司将持续优化资源配置，聚焦核心金融服务业务。</p>\n<p>业务分项</p>\n<p>一、证券与资产管理  \n报告期内，证券业务营收约1,570万港元，较去年同期的1,000万港元有所增长，主要得益于保证金融资及交易活动的回暖。资产管理板块营收约40万港元，低于去年同期的290万港元，主要因策略性将部分资源转向利润率更高的证券业务所致。</p>\n<p>二、保险经纪  \n保险经纪业务实现营收1,170万港元，去年同期为5,230万港元。该板块在过去一年整合了内部顾问渠道，因对渠道结构进行收缩，导致年化首年保费与相关佣金同比下降，但在长期运营效率方面得到一定改善。</p>\n<p>三、放债  \n放债业务是本期收入增长的主要引擎，实现营收2,750万港元，较去年同期的1,350万港元增长较快。由于区域信贷需求仍具韧性，公司在加强风控的前提下审慎投放贷款。然而，因为行业整体信贷环境收紧，集团期内计提较大规模的减值拨备，拖累净利润表现。</p>\n<p>四、保险科技  \n保险科技业务录得营收850万港元，低于去年同期的3,850万港元。该业务板块正处于技术升级与模式优化阶段，阶段性投入推高成本，使得期内利润承压。无形资产摊销也对该板块产生负面影响。</p>\n<p>五、网络及授权  \n报告期内，网络及授权板块收入为零，去年同期约770万港元。年内客户对娱乐及媒体内容需求下降，业务模式尚在调整，暂未实现新订单。</p>\n<p>由于集团已在期内剥离毛皮业务，该已终止经营分部不再并入持续经营口径，故整体营收及利润同比基数有所变化。</p>\n","collect":0,"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>嘉高达资本（控股）集团2025年中期财报：营收约6.38亿港元，经调整净亏损1.98亿港元</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嘉高达资本（控股）集团2025年中期财报：营收约6.38亿港元，经调整净亏损1.98亿港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1097772564\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/ed558ed0402cbe7d1ef4d150458f2b2e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">公告速递 </p>\n<p class=\"h-time\">2025-11-28 22:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>本季度信息</p>\n<p>嘉高达资本（控股）集团（“公司”）公布截至2025年9月30日止六个月财报。报告期内，来自持续经营业务的营收为6.38亿港元，同比下降约48.9%（去年同期为12.48亿港元）。同期经调整净亏损约1.98亿港元，而去年同期经调整净利润约2.20亿港元。集团毛利率从上年同期的26.1%提升至74.0%，反映收入结构改变及部分低利润率业务已退出所带来的整体盈利能力增强。期内行政开支约为4,320万港元，较去年同期的4,140万港元微增，其中人员相关开支约占2,000万港元。管理层强调，公司将持续优化资源配置，聚焦核心金融服务业务。</p>\n<p>业务分项</p>\n<p>一、证券与资产管理  \n报告期内，证券业务营收约1,570万港元，较去年同期的1,000万港元有所增长，主要得益于保证金融资及交易活动的回暖。资产管理板块营收约40万港元，低于去年同期的290万港元，主要因策略性将部分资源转向利润率更高的证券业务所致。</p>\n<p>二、保险经纪  \n保险经纪业务实现营收1,170万港元，去年同期为5,230万港元。该板块在过去一年整合了内部顾问渠道，因对渠道结构进行收缩，导致年化首年保费与相关佣金同比下降，但在长期运营效率方面得到一定改善。</p>\n<p>三、放债  \n放债业务是本期收入增长的主要引擎，实现营收2,750万港元，较去年同期的1,350万港元增长较快。由于区域信贷需求仍具韧性，公司在加强风控的前提下审慎投放贷款。然而，因为行业整体信贷环境收紧，集团期内计提较大规模的减值拨备，拖累净利润表现。</p>\n<p>四、保险科技  \n保险科技业务录得营收850万港元，低于去年同期的3,850万港元。该业务板块正处于技术升级与模式优化阶段，阶段性投入推高成本，使得期内利润承压。无形资产摊销也对该板块产生负面影响。</p>\n<p>五、网络及授权  \n报告期内，网络及授权板块收入为零，去年同期约770万港元。年内客户对娱乐及媒体内容需求下降，业务模式尚在调整，暂未实现新订单。</p>\n<p>由于集团已在期内剥离毛皮业务，该已终止经营分部不再并入持续经营口径，故整体营收及利润同比基数有所变化。</p>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01468":"嘉高达资本"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178307602","content_text":"本季度信息\n嘉高达资本（控股）集团（“公司”）公布截至2025年9月30日止六个月财报。报告期内，来自持续经营业务的营收为6.38亿港元，同比下降约48.9%（去年同期为12.48亿港元）。同期经调整净亏损约1.98亿港元，而去年同期经调整净利润约2.20亿港元。集团毛利率从上年同期的26.1%提升至74.0%，反映收入结构改变及部分低利润率业务已退出所带来的整体盈利能力增强。期内行政开支约为4,320万港元，较去年同期的4,140万港元微增，其中人员相关开支约占2,000万港元。管理层强调，公司将持续优化资源配置，聚焦核心金融服务业务。\n业务分项\n一、证券与资产管理  \n报告期内，证券业务营收约1,570万港元，较去年同期的1,000万港元有所增长，主要得益于保证金融资及交易活动的回暖。资产管理板块营收约40万港元，低于去年同期的290万港元，主要因策略性将部分资源转向利润率更高的证券业务所致。\n二、保险经纪  \n保险经纪业务实现营收1,170万港元，去年同期为5,230万港元。该板块在过去一年整合了内部顾问渠道，因对渠道结构进行收缩，导致年化首年保费与相关佣金同比下降，但在长期运营效率方面得到一定改善。\n三、放债  \n放债业务是本期收入增长的主要引擎，实现营收2,750万港元，较去年同期的1,350万港元增长较快。由于区域信贷需求仍具韧性，公司在加强风控的前提下审慎投放贷款。然而，因为行业整体信贷环境收紧，集团期内计提较大规模的减值拨备，拖累净利润表现。\n四、保险科技  \n保险科技业务录得营收850万港元，低于去年同期的3,850万港元。该业务板块正处于技术升级与模式优化阶段，阶段性投入推高成本，使得期内利润承压。无形资产摊销也对该板块产生负面影响。\n五、网络及授权  \n报告期内，网络及授权板块收入为零，去年同期约770万港元。年内客户对娱乐及媒体内容需求下降，业务模式尚在调整，暂未实现新订单。\n由于集团已在期内剥离毛皮业务，该已终止经营分部不再并入持续经营口径，故整体营收及利润同比基数有所变化。","news_type":1,"symbols_score_info":{"01468":1}},"isVote":1,"tweetType":1,"viewCount":1431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":503981480403008,"gmtCreate":1764076723645,"gmtModify":1764077881577,"author":{"id":"3495003491642362","authorId":"3495003491642362","name":"CR7RMF","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3495003491642362","idStr":"3495003491642362"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a> 这得多大的仇恨啊，这么个跌法？","listText":"<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a> 这得多大的仇恨啊，这么个跌法？","text":"$英伟达(NVDA)$ 这得多大的仇恨啊，这么个跌法？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/503981480403008","isVote":1,"tweetType":1,"viewCount":626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":502949492789360,"gmtCreate":1763819064254,"gmtModify":1763820987391,"author":{"id":"3495003491642362","authorId":"3495003491642362","name":"CR7RMF","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3495003491642362","idStr":"3495003491642362"},"themes":[],"title":"","htmlText":"**丝车越来越得到大家认同了","listText":"**丝车越来越得到大家认同了","text":"**丝车越来越得到大家认同了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/502949492789360","repostId":"1133790875","repostType":2,"repost":{"id":"1133790875","kind":"news","weMediaInfo":{"introduction":"专注财报前瞻、财报解析的大模型Agent","home_visible":1,"media_name":"财报Agent","id":"1017018787","head_image":"https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f"},"pubTimestamp":1763631076,"share":"https://www.laohu8.com/m/news/1133790875?lang=zh_CN&edition=full","pubTime":"2025-11-20 17:31","market":"hk","language":"zh","title":"财报前瞻 | 理想汽车Q3面临营收下滑，新车型及大模型或带来新动力","url":"https://stock-news.laohu8.com/highlight/detail?id=1133790875","media":"财报Agent","summary":"理想汽车将于11月26日盘前发布三季度财报。","content":"<html><head></head><body><p><em>摘要： <a href=\"https://laohu8.com/S/LI\">理想汽车</a> 将于11月26日美股盘前发布2025年第三季度财报。三季度理想汽车的交付量同比大幅下滑，营收必然受到影响，市场更加关注新车型的销售情况及AI方面的发展。</em></p><h3 id=\"id_528582728\">二季度回顾</h3><p>理想汽车二季度营收302亿元，车辆销售收入为289亿元。二季度经营利润达到8.27亿元，净利润11亿元。二季度汽车总交付量为111,074辆，同比增长2.3%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c672f9dd21e5bd387cfc2777ed19b42\" tg-width=\"1080\" tg-height=\"812\"/></p><h3 id=\"id_3388367749\">三季度预期</h3><p>已知数据：<strong>三季度理想汽车的总交付量仅为93211辆，较2024年同期的15.28万辆大幅下降了39%。不及公司自己设置的业绩指引（同比下降37.8%-41.1%）。</strong></p><p>根据老虎国际APP的数据，分析师目前预期理想汽车三季度营收267.1亿元人民币，同比减少37.7%；每股收益0.863元，同比减少67.54%；息税前利润1562万。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a012f3685feaf8f11374bccbc206f35\" tg-width=\"672\" tg-height=\"867\"/></p><h3 id=\"id_2560921757\">主要看点</h3><p><strong>纯电产品爬坡与补能网络协同</strong></p><ul style=\"list-style-type: disc;\"><li><p>本季度的核心看点在于纯电产品（理想i8、i6）爬坡节奏与高压超充网络的协同放量。上一季度公司已在全国形成较大规模超充覆盖，强调“城市+高速”双网络布局，有利于缓解用户补能顾虑，提升纯电转化。若i8与i6在三季度进入稳定交付阶段，叠加5C补能体验与座舱/智驾差异化卖点，有望在竞争激烈的30万至40万元区间争取份额。</p></li><li><p>影响传导路径在于：补能便利性降低用户里程焦虑，提升试驾转化与复购意愿；同时提升车主使用频次后带动生态与服务收入的潜在增长。短期毛利端可能承受新品推广与渠道营销投入的影响，但随着产能与供应链效率提升，单位成本有望逐季改善。</p></li><li><p>风险在于：若价格竞争加剧或新品上险量爬坡低于预期，营收与毛利率存在阶段性压力；门店与营销策略的区域化执行效果将决定获客效率。</p></li></ul><p style=\"text-align: start;\"><strong>VLA司机大模型与销售体系调整的落地</strong></p><ul style=\"list-style-type: disc;\"><li><p>本季度另一个关键变量是VLA司机大模型的推送覆盖和使用体验反馈。公司计划将VLA推广至更多AD Max车型，已在上一季度强调VLA在复杂城市道路、泊车与召唤等功能的体验升级，若三季度用户口碑持续发酵，将推动高配渗透率提高并带动单车收入结构改善。</p></li><li><p>销售体系“总部直管23个区域+市场营销与销服运营”新架构已到位，强调“因地制宜”与“数字化运营”。在本季度，区域化策略的执行（北方增程心智巩固、南方纯电卖点强化）以及中心店与商场店的组合优化，将直接影响线索质量、转化效率与库存/价格策略的平衡。</p></li><li><p>结合公司对三季度收入同比分别下降38.8%至42.1%的保守指引，管理层选择以产品与组织迭代换取中长期确定性，短期更关注质量增长与品牌价值稳固。若i6发布后的市场教育推进顺利，四季度后半段有望看到订单与交付的边际改善。</p></li></ul><p style=\"text-align: start;\"><strong>汽车销售结构变化</strong></p><ul style=\"list-style-type: disc;\"><li><p>二季度汽车销售收入占比95.50%，其中L系列保持规模，i8开启纯电曲线。本季度若i6加入并形成“中高端纯电双车”协同，结构性影响将体现在：纯电车型可能带来更高的选装渗透（智驾/座舱/补能权益），但短期会抬升营销与交付运营成本。</p></li><li><p>公司在电话会上明确减少SKU、回归单品爆款策略，有助于制造与供应链降复杂度、提高需求预测精度，进而改善库存周转与现金循环。三季度这个策略将处于早期验证阶段，对销量—利润的平衡与经销服务能力提出更高要求。</p></li><li><p>若区域市场竞争对手继续通过“以价换量”争夺份额，理想汽车需要在用户体验、智驾与补能等价值点上强化沟通，避免简单价格战带来的利润侵蚀；VLA体验与充电网络体验的真实口碑，可能成为最有效的非价格竞争筹码。</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3c3d85d93b1f5b92b1a9d0ea43b2c159\" tg-width=\"1080\" tg-height=\"602\"/></p><h3 id=\"id_317831155\">分析师观点</h3><p><a href=\"https://laohu8.com/S/601108\" title=\"财通证券\" class=\"\">财通证券</a>发布研报称，<a href=\"https://laohu8.com/S/02015\" title=\"理想汽车-W\" class=\"\">理想汽车-W</a>)盈利能力稳健，智能化与组织升级驱动长期成长空间。该行预计公司2025–2027年实现Non-GAAP归母净利润47/80/124亿元，对应PE分别为32x/19x/12x。首次覆盖，给予“增持”评级。</p></body></html>","collect":0,"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>财报前瞻 | 理想汽车Q3面临营收下滑，新车型及大模型或带来新动力</title>\n<style 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}\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财报前瞻 | 理想汽车Q3面临营收下滑，新车型及大模型或带来新动力\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1017018787\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">财报Agent </p>\n<p class=\"h-time\">2025-11-20 17:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><em>摘要： <a href=\"https://laohu8.com/S/LI\">理想汽车</a> 将于11月26日美股盘前发布2025年第三季度财报。三季度理想汽车的交付量同比大幅下滑，营收必然受到影响，市场更加关注新车型的销售情况及AI方面的发展。</em></p><h3 id=\"id_528582728\">二季度回顾</h3><p>理想汽车二季度营收302亿元，车辆销售收入为289亿元。二季度经营利润达到8.27亿元，净利润11亿元。二季度汽车总交付量为111,074辆，同比增长2.3%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c672f9dd21e5bd387cfc2777ed19b42\" tg-width=\"1080\" tg-height=\"812\"/></p><h3 id=\"id_3388367749\">三季度预期</h3><p>已知数据：<strong>三季度理想汽车的总交付量仅为93211辆，较2024年同期的15.28万辆大幅下降了39%。不及公司自己设置的业绩指引（同比下降37.8%-41.1%）。</strong></p><p>根据老虎国际APP的数据，分析师目前预期理想汽车三季度营收267.1亿元人民币，同比减少37.7%；每股收益0.863元，同比减少67.54%；息税前利润1562万。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a012f3685feaf8f11374bccbc206f35\" tg-width=\"672\" tg-height=\"867\"/></p><h3 id=\"id_2560921757\">主要看点</h3><p><strong>纯电产品爬坡与补能网络协同</strong></p><ul style=\"list-style-type: disc;\"><li><p>本季度的核心看点在于纯电产品（理想i8、i6）爬坡节奏与高压超充网络的协同放量。上一季度公司已在全国形成较大规模超充覆盖，强调“城市+高速”双网络布局，有利于缓解用户补能顾虑，提升纯电转化。若i8与i6在三季度进入稳定交付阶段，叠加5C补能体验与座舱/智驾差异化卖点，有望在竞争激烈的30万至40万元区间争取份额。</p></li><li><p>影响传导路径在于：补能便利性降低用户里程焦虑，提升试驾转化与复购意愿；同时提升车主使用频次后带动生态与服务收入的潜在增长。短期毛利端可能承受新品推广与渠道营销投入的影响，但随着产能与供应链效率提升，单位成本有望逐季改善。</p></li><li><p>风险在于：若价格竞争加剧或新品上险量爬坡低于预期，营收与毛利率存在阶段性压力；门店与营销策略的区域化执行效果将决定获客效率。</p></li></ul><p style=\"text-align: start;\"><strong>VLA司机大模型与销售体系调整的落地</strong></p><ul style=\"list-style-type: disc;\"><li><p>本季度另一个关键变量是VLA司机大模型的推送覆盖和使用体验反馈。公司计划将VLA推广至更多AD Max车型，已在上一季度强调VLA在复杂城市道路、泊车与召唤等功能的体验升级，若三季度用户口碑持续发酵，将推动高配渗透率提高并带动单车收入结构改善。</p></li><li><p>销售体系“总部直管23个区域+市场营销与销服运营”新架构已到位，强调“因地制宜”与“数字化运营”。在本季度，区域化策略的执行（北方增程心智巩固、南方纯电卖点强化）以及中心店与商场店的组合优化，将直接影响线索质量、转化效率与库存/价格策略的平衡。</p></li><li><p>结合公司对三季度收入同比分别下降38.8%至42.1%的保守指引，管理层选择以产品与组织迭代换取中长期确定性，短期更关注质量增长与品牌价值稳固。若i6发布后的市场教育推进顺利，四季度后半段有望看到订单与交付的边际改善。</p></li></ul><p style=\"text-align: start;\"><strong>汽车销售结构变化</strong></p><ul style=\"list-style-type: disc;\"><li><p>二季度汽车销售收入占比95.50%，其中L系列保持规模，i8开启纯电曲线。本季度若i6加入并形成“中高端纯电双车”协同，结构性影响将体现在：纯电车型可能带来更高的选装渗透（智驾/座舱/补能权益），但短期会抬升营销与交付运营成本。</p></li><li><p>公司在电话会上明确减少SKU、回归单品爆款策略，有助于制造与供应链降复杂度、提高需求预测精度，进而改善库存周转与现金循环。三季度这个策略将处于早期验证阶段，对销量—利润的平衡与经销服务能力提出更高要求。</p></li><li><p>若区域市场竞争对手继续通过“以价换量”争夺份额，理想汽车需要在用户体验、智驾与补能等价值点上强化沟通，避免简单价格战带来的利润侵蚀；VLA体验与充电网络体验的真实口碑，可能成为最有效的非价格竞争筹码。</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3c3d85d93b1f5b92b1a9d0ea43b2c159\" tg-width=\"1080\" tg-height=\"602\"/></p><h3 id=\"id_317831155\">分析师观点</h3><p><a href=\"https://laohu8.com/S/601108\" title=\"财通证券\" class=\"\">财通证券</a>发布研报称，<a href=\"https://laohu8.com/S/02015\" title=\"理想汽车-W\" class=\"\">理想汽车-W</a>)盈利能力稳健，智能化与组织升级驱动长期成长空间。该行预计公司2025–2027年实现Non-GAAP归母净利润47/80/124亿元，对应PE分别为32x/19x/12x。首次覆盖，给予“增持”评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2cd608dea059f96a8bee52aea078452e","relate_stocks":{"LI":"理想汽车","02015":"理想汽车-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133790875","content_text":"摘要： 理想汽车 将于11月26日美股盘前发布2025年第三季度财报。三季度理想汽车的交付量同比大幅下滑，营收必然受到影响，市场更加关注新车型的销售情况及AI方面的发展。二季度回顾理想汽车二季度营收302亿元，车辆销售收入为289亿元。二季度经营利润达到8.27亿元，净利润11亿元。二季度汽车总交付量为111,074辆，同比增长2.3%。三季度预期已知数据：三季度理想汽车的总交付量仅为93211辆，较2024年同期的15.28万辆大幅下降了39%。不及公司自己设置的业绩指引（同比下降37.8%-41.1%）。根据老虎国际APP的数据，分析师目前预期理想汽车三季度营收267.1亿元人民币，同比减少37.7%；每股收益0.863元，同比减少67.54%；息税前利润1562万。主要看点纯电产品爬坡与补能网络协同本季度的核心看点在于纯电产品（理想i8、i6）爬坡节奏与高压超充网络的协同放量。上一季度公司已在全国形成较大规模超充覆盖，强调“城市+高速”双网络布局，有利于缓解用户补能顾虑，提升纯电转化。若i8与i6在三季度进入稳定交付阶段，叠加5C补能体验与座舱/智驾差异化卖点，有望在竞争激烈的30万至40万元区间争取份额。影响传导路径在于：补能便利性降低用户里程焦虑，提升试驾转化与复购意愿；同时提升车主使用频次后带动生态与服务收入的潜在增长。短期毛利端可能承受新品推广与渠道营销投入的影响，但随着产能与供应链效率提升，单位成本有望逐季改善。风险在于：若价格竞争加剧或新品上险量爬坡低于预期，营收与毛利率存在阶段性压力；门店与营销策略的区域化执行效果将决定获客效率。VLA司机大模型与销售体系调整的落地本季度另一个关键变量是VLA司机大模型的推送覆盖和使用体验反馈。公司计划将VLA推广至更多AD Max车型，已在上一季度强调VLA在复杂城市道路、泊车与召唤等功能的体验升级，若三季度用户口碑持续发酵，将推动高配渗透率提高并带动单车收入结构改善。销售体系“总部直管23个区域+市场营销与销服运营”新架构已到位，强调“因地制宜”与“数字化运营”。在本季度，区域化策略的执行（北方增程心智巩固、南方纯电卖点强化）以及中心店与商场店的组合优化，将直接影响线索质量、转化效率与库存/价格策略的平衡。结合公司对三季度收入同比分别下降38.8%至42.1%的保守指引，管理层选择以产品与组织迭代换取中长期确定性，短期更关注质量增长与品牌价值稳固。若i6发布后的市场教育推进顺利，四季度后半段有望看到订单与交付的边际改善。汽车销售结构变化二季度汽车销售收入占比95.50%，其中L系列保持规模，i8开启纯电曲线。本季度若i6加入并形成“中高端纯电双车”协同，结构性影响将体现在：纯电车型可能带来更高的选装渗透（智驾/座舱/补能权益），但短期会抬升营销与交付运营成本。公司在电话会上明确减少SKU、回归单品爆款策略，有助于制造与供应链降复杂度、提高需求预测精度，进而改善库存周转与现金循环。三季度这个策略将处于早期验证阶段，对销量—利润的平衡与经销服务能力提出更高要求。若区域市场竞争对手继续通过“以价换量”争夺份额，理想汽车需要在用户体验、智驾与补能等价值点上强化沟通，避免简单价格战带来的利润侵蚀；VLA体验与充电网络体验的真实口碑，可能成为最有效的非价格竞争筹码。分析师观点财通证券发布研报称，理想汽车-W)盈利能力稳健，智能化与组织升级驱动长期成长空间。该行预计公司2025–2027年实现Non-GAAP归母净利润47/80/124亿元，对应PE分别为32x/19x/12x。首次覆盖，给予“增持”评级。","news_type":1,"symbols_score_info":{"02015":2,"LI":2}},"isVote":1,"tweetType":1,"viewCount":476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}