<ul>
<li>本月早些时候，蔚来发布了罕见的盈利预警，预计第四季度非 GAAP 营业利润将在人民币 7 亿至 12 亿之间。</li>
<li>在强劲的第四季度表现之后，蔚来及其国内同行在进入 2026 年时面临新的行业挑战。</li>
</ul>
<p>蔚来季度交付量</p>
<p>2023  2024  2025</p>
<p>蔚来（NYSE: NIO, HKG: 9866）周四宣布，将于 3 月 10 日美国市场开盘前发布 2025 年第四季度和全年未经审计的财务业绩。</p>
<p>市场目前高度关注这份财报，因为公司预计将宣布自成立以来的首次季度盈利。</p>
<p>本月早些时候，蔚来发布了罕见的盈利预警，预计第四季度非 GAAP 营业利润将达到人民币 7 亿至 12 亿（1 亿美元至 1.72 亿美元）。</p>
<p>加入我们，关注 Telegram 或 Google News</p>
<p>公司还预计在更严格的 GAAP 标准下记录人民币 2 亿至 7 亿的营业利润。</p>
<p>这一里程碑式的预测展示了其商业模式的可行性，曾推动其在美上市的股票上涨。</p>
<p>历史性的财务扭转源于创纪录的交付量和高利润车型的强劲销售。</p>
<p>蔚来在 2025 年第四季度交付了 124,807 辆汽车，创下新纪录，接近其之前所说的 12 万至 12.5 万的指导范围上限。</p>
<p>第三代 ES8 车型起售价超过人民币 40 万元，毛利率约为 20%，成为盈利的主要驱动力。</p>
<p>此外，公司在成本控制方面的措施——包括第三季度研发费用同比大幅减少 28%——为第四季度的盈利奠定了基础。</p>
<p>然而，在这一强劲表现之后，蔚来及其国内同行在进入 2026 年时面临新的行业挑战。</p>
<p>多个因素——包括春节假期期间的生产中断、新能源汽车（NEV）置换补贴的过渡期，以及消费者面临的额外购置税成本——共同抑制了第一季度的汽车需求。</p>
<p>蔚来创始人、董事长兼首席执行官李斌此前警告称，随着国家刺激政策的减弱，整个中国电动车行业在第一季度将面临显著的增长压力。</p>
<p>此外，内存芯片和金属等原材料价格的上涨可能再次威胁汽车制造商的利润率。</p>
<p>蔚来管理层将在 3 月 10 日美国东部时间上午 8:00（北京时间晚上 8:00）召开财报电话会议。</p>
<p>投资者将密切关注管理层对 2026 年第一季度具体交付指导的说明，以及在宏观经济挑战下盈利的可持续性。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cdn.cnevpost.com/wp-content/uploads/2026/02/2026020510063147-768x432.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="768" height="432" original-src="https://imageproxy.pbkrs.com/https://cdn.cnevpost.com/wp-content/uploads/2026/02/2026020510063147-768x432.jpg"/></p>
<p>蔚来预计首次实现季度盈利，增强股东和车主的信心</p>
<p>蔚来预计将在非 GAAP 和 GAAP 标准下实现首次季度盈利，为股东和车主注入罕见的信心。</p>

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蔚来

蔚来-SW

<p>蔚来将于 3 月 10 日公布其 2025 年第四季度业绩，预计非 GAAP 运营利润为人民币 7 亿至 12 亿元，标志着其自成立以来首次实现季度盈利。该公司在 2025 年第四季度交付了创纪录的 124,807 辆汽车，得益于高利润车型的强劲销售。然而，蔚来在进入 2026 年时面临行业挑战，包括生产中断和原材料成本上升。投资者将密切关注财报电话会议，以获取未来交付和盈利可持续性的指导，尤其是在宏观经济压力下</p>

<blockquote>
<ul>
<li>Earlier this month, Nio issued a rare profit alert, projecting fourth-quarter non-GAAP operating profit between RMB 700 million and RMB 1.2 billion.</li>
<li>Following a robust fourth-quarter performance, Nio and its domestic peers now confront fresh industry headwinds as they enter 2026.</li>
</ul>
</blockquote>
<div class="lb-trans"><ul>
<li>本月早些时候，蔚来发布了罕见的盈利预警，预计第四季度非 GAAP 营业利润将在人民币 7 亿至 12 亿之间。</li>
<li>在强劲的第四季度表现之后，蔚来及其国内同行在进入 2026 年时面临新的行业挑战。</li>
</ul>
</div><p>Nio Inc quarterly deliveries</p>
<div class="lb-trans"><p>蔚来季度交付量</p>
</div><p>2023  2024  2025</p>
<div class="lb-trans"><p>2023  2024  2025</p>
</div><p>Nio Inc (NYSE: NIO, HKG: 9866) announced Thursday it will release its unaudited financial results for the fourth quarter and full year of 2025 before US market hours on March 10.</p>
<div class="lb-trans"><p>蔚来（NYSE: NIO, HKG: 9866）周四宣布，将于 3 月 10 日美国市场开盘前发布 2025 年第四季度和全年未经审计的财务业绩。</p>
</div><p>The market is currently highly focused on this earnings report, as the company is expected to announce its first ever quarterly profit since its founding.</p>
<div class="lb-trans"><p>市场目前高度关注这份财报，因为公司预计将宣布自成立以来的首次季度盈利。</p>
</div><p>Earlier this month, Nio issued a rare profit alert, projecting non-GAAP operating profit for the fourth quarter to reach RMB 700 million to RMB 1.2 billion ($100 million to $172 million).</p>
<div class="lb-trans"><p>本月早些时候，蔚来发布了罕见的盈利预警，预计第四季度非 GAAP 营业利润将达到人民币 7 亿至 12 亿（1 亿美元至 1.72 亿美元）。</p>
</div><p>Join us on  Telegram  or  Google News</p>
<div class="lb-trans"><p>加入我们，关注 Telegram 或 Google News</p>
</div><p>The company also expects to record operating profit of RMB 200 million to RMB 700 million under the stricter GAAP standards.</p>
<div class="lb-trans"><p>公司还预计在更严格的 GAAP 标准下记录人民币 2 亿至 7 亿的营业利润。</p>
</div><p>This milestone projection, demonstrating the viability of its business model, previously propelled its US-listed shares higher.</p>
<div class="lb-trans"><p>这一里程碑式的预测展示了其商业模式的可行性，曾推动其在美上市的股票上涨。</p>
</div><p>The historic financial turnaround stems from record-breaking deliveries and strong sales of high-margin models.</p>
<div class="lb-trans"><p>历史性的财务扭转源于创纪录的交付量和高利润车型的强劲销售。</p>
</div><p>Nio delivered 124,807 vehicles in the fourth quarter of 2025, setting a new record and approaching the upper end of its previously said guidance range of 120,000 to 125,000 units.</p>
<div class="lb-trans"><p>蔚来在 2025 年第四季度交付了 124,807 辆汽车，创下新纪录，接近其之前所说的 12 万至 12.5 万的指导范围上限。</p>
</div><p>The third-generation ES8 model, with a starting price exceeding RMB 400,000 and a gross margin of about 20%, emerged as the primary driver of profitability.</p>
<div class="lb-trans"><p>第三代 ES8 车型起售价超过人民币 40 万元，毛利率约为 20%，成为盈利的主要驱动力。</p>
</div><p>Furthermore, the company's cost control measures — including a significant 28% year-on-year reduction in R&amp;D expenses during the third quarter — paved the way for fourth-quarter profitability.</p>
<div class="lb-trans"><p>此外，公司在成本控制方面的措施——包括第三季度研发费用同比大幅减少 28%——为第四季度的盈利奠定了基础。</p>
</div><p>However, following this robust performance, Nio and its domestic peers now face new industry headwinds as they enter 2026.</p>
<div class="lb-trans"><p>然而，在这一强劲表现之后，蔚来及其国内同行在进入 2026 年时面临新的行业挑战。</p>
</div><p>Multiple factors — including production disruptions during the Chinese New Year holiday, the transition period for new energy-vehicle (NEV) trade-in subsidies, and consumers facing additional purchase tax costs — combined to dampen automotive demand in the first quarter.</p>
<div class="lb-trans"><p>多个因素——包括春节假期期间的生产中断、新能源汽车（NEV）置换补贴的过渡期，以及消费者面临的额外购置税成本——共同抑制了第一季度的汽车需求。</p>
</div><p>William Li, founder, chairman, and CEO of Nio previously warned that the entire Chinese EV industry would face significant growth pressure in the first quarter as national stimulus policies taper off.</p>
<div class="lb-trans"><p>蔚来创始人、董事长兼首席执行官李斌此前警告称，随着国家刺激政策的减弱，整个中国电动车行业在第一季度将面临显著的增长压力。</p>
</div><p>Furthermore, rising prices for raw materials like memory chips and metals may once again threaten automakers' profit margins.</p>
<div class="lb-trans"><p>此外，内存芯片和金属等原材料价格的上涨可能再次威胁汽车制造商的利润率。</p>
</div><p>Nio management will host an earnings conference call on March 10 at 8:00 am US Eastern time (8:00 pm Beijing time).</p>
<div class="lb-trans"><p>蔚来管理层将在 3 月 10 日美国东部时间上午 8:00（北京时间晚上 8:00）召开财报电话会议。</p>
</div><p>Investors will closely scrutinize management's specific delivery guidance for the first quarter of 2026 and the sustainability of its profitability amid macroeconomic challenges.</p>
<div class="lb-trans"><p>投资者将密切关注管理层对 2026 年第一季度具体交付指导的说明，以及在宏观经济挑战下盈利的可持续性。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cdn.cnevpost.com/wp-content/uploads/2026/02/2026020510063147-768x432.jpg" alt="" original-src="https://cdn.cnevpost.com/wp-content/uploads/2026/02/2026020510063147-768x432.jpg"/></p>
<p>Nio projects 1st ever quarterly profit, boosting confidence among shareholders and car owners</p>
<div class="lb-trans"><p>蔚来预计首次实现季度盈利，增强股东和车主的信心</p>
</div><p>Nio has projected it will achieve its first quarterly profit under both non-GAAP and GAAP standards, injecting rare confidence into shareholders and car owners.</p>
<div class="lb-trans"><p>蔚来预计将在非 GAAP 和 GAAP 标准下实现首次季度盈利，为股东和车主注入罕见的信心。</p>
</div>

Nio to report Q4 results on Mar 10 after record deliveries pave way for 1st profit

- Nio 预计第四季非 GAAP 运营利润在 RMB 700 百万至 1.2 十亿之间。  
- 交付量达 124,807 较之前预测上限，显示出强劲的市场需求。  
- 但 Nio 和同业将面临 2026 年新行业挑战，包括春节生产中断等因素。

蔚来将在 3 月 10 日公布第四季度业绩，创纪录的交付量为其首次实现盈利铺平了道路