<p><em>吉利旗下的豪华绿色汽车制造商在销售大幅下滑的情况下，减少了去年的净亏损，突显出在竞争激烈的市场中运营的困难</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/15053231/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_15-4-2026_13316_thebambooworks.com_-1024x696.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="696" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/15053231/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_15-4-2026_13316_thebambooworks.com_-1024x696.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>吉利旗下的 Lotus Technology 在 2025 年的收入下降了 44%，降至 5.19 亿美元，而交付量减少了 46%</li>
<li>该公司的首款插电式混合动力汽车标志着其全电动承诺的退却，且其困扰的资产负债表引发了对其在没有母公司支持下生存能力的质疑</li>
</ul>
<p>对于一个品牌与轻量化工程和敏捷操控密切相关的公司，<strong>Lotus Technology</strong> <strong>Inc.</strong> (NASDAQ: LOT) 目前背负着很多额外负担。</p>
<p>来自 <strong>吉利</strong>（0175.HK）旗下传奇英国跑车制造商的电动车（EV）部门的最新 年度财报 显示，其财务状况在盈利能力方面有所改善。但稍加挖掘便可发现，该公司的业务仍然处于生命支持状态，因为它正在应对一场残酷的电动车价格战，这场价格战促使其战略发生了剧烈转变，并使其资产负债表陷入困境。</p>
<p>根据上周五发布的财报，Lotus 在 2025 年的净亏损缩小了 58%，降至 4.64 亿美元。第四季度在这方面表现尤其良好，净亏损同比减少超过 80%，降至 8600 万美元。在公司的财报发布会上，首席财务官王大雪称赞 “在成本优化和运营效率的支持下，利润率表现有所改善”。</p>
<p>实际上，Lotus 的毛利率从 2024 年第四季度的负 11% 转为最近报告期的正 10%。其全年毛利率也从 3% 三倍增长至 9%。这似乎是将公司推向有希望轨迹的进展。但这是一种从非常深的洞穴中取得的进展，通往盈利的道路并不容易。</p>
<p>最明显的问题是公司的收入急剧下滑。Lotus Technology 在 2025 年的总收入暴跌 44%，降至 5.19 亿美元，交付量减少 46%，仅为 6520 辆。为了让这个数字更具参考性，竞争对手豪华品牌 <strong>法拉利</strong>（RACE.MI）去年交付了超过 13000 辆，即使在经历了重大产品组合改造的情况下。更主流的 <strong>特斯拉</strong>（TSLA.US）在平均两天内销售的汽车数量超过了 Lotus 去年所有的销量。即使是另一家吉利支持的亏损企业 <strong>Polestar</strong>（PSNY.US），去年也交付了 44000 辆汽车。</p>
<p>Lotus 的生活方式运动型多功能车（SUV）和轿车，其大众市场产品，去年交付量下降了 33%。其跑车，品牌的灵魂，下降幅度更大，达到 62%。</p>
<p>尽管拥有悠久的历史和吉利的雄厚资金，Lotus 在全球电动车竞赛中仍然是一个微不足道的参与者，这场竞赛越来越需要大规模的生产。更大规模的电动车品牌 <strong>零跑汽车</strong>（9863.HK）的创始人朱江明去年表示，电动车制造商需要每年销售至少 200 万辆汽车才能实现长期生存——这比 Lotus 去年销售的数量多出 300 多倍。</p>
<h4><strong>关税逆风</strong></h4>
<p>在 Lotus 的财报中，提到 “关税逆风” 是销售下滑的一个因素。这一点尤其引人注目，因为 Lotus 曾宣传其在英国和欧盟的欧洲基地是抵御布鲁塞尔对中国制造电动车征收关税的保护伞。</p>
<p>但实际上，Lotus 依赖于其在武汉的吉利工厂来生产大部分大众市场产品。在公司的财报电话会议上，首席执行官冯庆峰表示，美国和欧盟对中国制造电动车的关税抬高了其在欧洲的汽车价格，而 “对于美国市场，基本上我们不可能进入。”</p>
<p>Lotus 还归咎于 “逐步” 的库存去化和 “分阶段推出” 升级车型，这基本上承认它生产的汽车超过了其销售能力，因为消费者对因西方关税而必须提高的价格感到犹豫。随着美国和欧盟关税的实施，来自欧洲和北美的销售在去年占公司总销售的 50%，而 2024 年为 61%。</p>
<p>更根本的是，全球对豪华电动车的需求已经遇到了瓶颈。愿意在电池驱动的 SUV 上花费超过 10 万美元的买家不再像 2021 年低利率环境下那样多。西方市场的消费者，尤其是美国消费者，对纯电动车的热情也不如亚洲消费者。</p>
<h4><strong>战略转变</strong></h4>
<p>Lotus 对这种不情愿的回应是其首款插电式混合动力电动车 For Me，该车于 3 月在中国开始交付。这可能是刺激增长的必然举措，但这标志着一次痛苦的战术退却。Lotus 花费了数年和数十亿美元承诺一个完全电动的未来。该公司在 2024 年通过与一家特殊目的收购公司（SPAC）合并上市，口号是零排放。现在，仅仅两年后，它却依赖于一款配备汽油发动机增程器的汽车，这让人对 Lotus 作为纯绿色汽车专家的未来产生了疑问。</p>
<p>这种转变确实在商业上是合理的。混合动力车的续航里程比纯电动车更长，解决了豪华电动车的主要问题。然而，这也模糊了品牌信息。Lotus 现在是一家豪华电动车制造商，正在向尚未准备好接受纯电动车的消费者销售混合动力车。</p>
<p>其资产负债表的状况表明，路特斯在转型中几乎没有选择，因为其现金消耗速度很快。到去年年底，其现金持有量从一年前的 1.03 亿美元减少了近 30%，仅剩 7300 万美元。</p>
<p>如果没有吉利提供的隐性救助，流动性状况可能会显得危急。公司的总流动负债为 24 亿美元，远超其流动资产的 9.11 亿美元。在其债务中，截至 2025 年底，公司仅与关联方的短期借款就高达 7.84 亿美元，是一年前的四倍。实际上，吉利已经成为路特斯的银行，开支票以维持其运营。</p>
<p>路特斯还依靠销售技术作为其业务组合的一部分。其服务收入，包括研发许可和技术咨询的收入，去年增长了近 70%，达到 5600 万美元。首席执行官冯先生自豪地表示，公司是全球第二家获得联合国 R171.01 认证的智能驾驶技术汽车制造商。这对于一家科技公司来说是一个合理的叙述，但该业务在多大程度上能够增长以抵消公司在主要汽车业务中造成的巨大损失仍然值得怀疑。</p>
<p>在这个阶段，路特斯充其量看起来像是一个重组故事。上周五在财报发布后，其股价一度上涨，但一天后又回落。其市销率（P/S）为 1.8，远低于特斯拉的 13 和法拉利的 7.6。尽管路特斯拥有奢华的形象，但它越来越像是一项受损的资产，成为吉利日益沉重的负担。投资者可能希望将该公司暂时搁置，直到它证明自己具备在残酷的全球电动车竞争中成为一名竞争者所需的动力。</p>
<p><em>要订阅 Bamboo Works 的免费周刊，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

路特斯

吉利汽车

GELHY

吉利汽车(ADR)

<p>吉利旗下的路特斯科技在 2025 年的净亏损缩小了 58%，降至 4.64 亿美元，尽管收入下降了 44%，降至 5.19 亿美元，交付量减少了 46%。该公司在竞争激烈的电动车市场面临挑战，其首款插电式混合动力汽车标志着从全电动车承诺的战略转变。关税逆风和对豪华电动车需求的下降影响了销售，导致财务状况紧张。路特斯的毛利率有所改善，但在全球电动车竞争中仍然是一个小玩家，远远落后于法拉利和特斯拉等竞争对手</p>

<p><em>The Geely-owned luxury green-car maker reduced its net loss last year even as its sales plunged, highlighting difficulties of operating in a fiercely competitive market</em></p>
<div class="lb-trans"><p><em>吉利旗下的豪华绿色汽车制造商在销售大幅下滑的情况下，减少了去年的净亏损，突显出在竞争激烈的市场中运营的困难</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/15053231/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_15-4-2026_13316_thebambooworks.com_-1024x696.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/15053231/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_15-4-2026_13316_thebambooworks.com_-1024x696.jpeg"/></p>
<p><em>Image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Geely-owned Lotus Technology's revenue dropped 44% in 2025 to $519 million, while its deliveries decreased 46%</li>
<li>The company's first plug-in hybrid vehicle marks a retreat from its all-EV promise, and its distressed balance sheet raises questions about its viability without parental support</li>
</ul>
<div class="lb-trans"><ul>
<li>吉利旗下的 Lotus Technology 在 2025 年的收入下降了 44%，降至 5.19 亿美元，而交付量减少了 46%</li>
<li>该公司的首款插电式混合动力汽车标志着其全电动承诺的退却，且其困扰的资产负债表引发了对其在没有母公司支持下生存能力的质疑</li>
</ul>
</div><p>For a company whose brand is synonymous with lightweight engineering and razor-sharp handling, <strong>Lotus Technology</strong> <strong>Inc.</strong> (NASDAQ: LOT) is carrying a lot of excess baggage these days.</p>
<div class="lb-trans"><p>对于一个品牌与轻量化工程和敏捷操控密切相关的公司，<strong>Lotus Technology</strong> <strong>Inc.</strong> (NASDAQ: LOT) 目前背负着很多额外负担。</p>
</div><p>The latest annual results from the <strong>Geely</strong>-owned (0175.HK) electric-vehicle (EV) unit of the legendary British sports car maker show its financial health is improving somewhat, at least in terms of profitability. But it doesn't take much digging to discover the company's business remains very much on life support, as it navigates a brutal EV price war that has prompted a drastic strategic shift and left its balance sheet in distress.</p>
<div class="lb-trans"><p>来自 <strong>吉利</strong>（0175.HK）旗下传奇英国跑车制造商的电动车（EV）部门的最新 年度财报 显示，其财务状况在盈利能力方面有所改善。但稍加挖掘便可发现，该公司的业务仍然处于生命支持状态，因为它正在应对一场残酷的电动车价格战，这场价格战促使其战略发生了剧烈转变，并使其资产负债表陷入困境。</p>
</div><p>Lotus managed to narrow its net loss by 58% for 2025 to $464 million, according to the results released last Friday. The fourth quarter was especially good in that regard, as its net loss shrank more than 80% year-over-year to $86 million. In the company's earnings announcement, CFO Wang Daxue touted &#34;improved margin performance&#34; on the back of &#34;cost optimization and operational efficiency.&#34;</p>
<div class="lb-trans"><p>根据上周五发布的财报，Lotus 在 2025 年的净亏损缩小了 58%，降至 4.64 亿美元。第四季度在这方面表现尤其良好，净亏损同比减少超过 80%，降至 8600 万美元。在公司的财报发布会上，首席财务官王大雪称赞 “在成本优化和运营效率的支持下，利润率表现有所改善”。</p>
</div><p>And indeed, Lotus' gross margin swung from a negative 11% in the fourth quarter of 2024 to a positive 10% for the most recent reporting period. Its full-year gross margin also tripled to 9% from 3%. This seems like progress that puts the company on a promising trajectory. But it is progress from a very deep hole, and the path to profitability doesn't look easy.</p>
<div class="lb-trans"><p>实际上，Lotus 的毛利率从 2024 年第四季度的负 11% 转为最近报告期的正 10%。其全年毛利率也从 3% 三倍增长至 9%。这似乎是将公司推向有希望轨迹的进展。但这是一种从非常深的洞穴中取得的进展，通往盈利的道路并不容易。</p>
</div><p>The most glaring problem is the company's collapsing top line. Lotus Technology's total revenue for 2025 plunged 44% to $519 million, with deliveries dropping 46% to just 6,520 vehicles. To put the latter figure in perspective, rival luxury brand <strong>Ferrari</strong> (RACE.MI) shipped more than 13,000 units last year even as it underwent a significant portfolio makeover. The more mainstream <strong>Tesla</strong> (TSLA.US) moves more cars in an average two-day span than what Lotus sold in all of last year. Even <strong>Polestar</strong> (PSNY.US), another Geely-backed money-loser, delivered 44,000 vehicles last year.</p>
<div class="lb-trans"><p>最明显的问题是公司的收入急剧下滑。Lotus Technology 在 2025 年的总收入暴跌 44%，降至 5.19 亿美元，交付量减少 46%，仅为 6520 辆。为了让这个数字更具参考性，竞争对手豪华品牌 <strong>法拉利</strong>（RACE.MI）去年交付了超过 13000 辆，即使在经历了重大产品组合改造的情况下。更主流的 <strong>特斯拉</strong>（TSLA.US）在平均两天内销售的汽车数量超过了 Lotus 去年所有的销量。即使是另一家吉利支持的亏损企业 <strong>Polestar</strong>（PSNY.US），去年也交付了 44000 辆汽车。</p>
</div><p>Lotus' lifestyle sport utility vehicles (SUVs) and sedans, its mass-market proposition, saw deliveries fall 33% last year. Its sports cars, the brand's soul, fell by an even large 62%.</p>
<div class="lb-trans"><p>Lotus 的生活方式运动型多功能车（SUV）和轿车，其大众市场产品，去年交付量下降了 33%。其跑车，品牌的灵魂，下降幅度更大，达到 62%。</p>
</div><p>Lotus, despite its heritage and Geely's deep pockets, remains a microscopic player in a global EV race that increasingly demands massive scale. Zhu Jiangming, founder of the much larger <strong>Leapmotor</strong> (9863.HK) EV brand, said last year that an EV maker requires annual sales of at least 2 million cars for long-term viability – more than 300 times what Lotus sold last year.</p>
<div class="lb-trans"><p>尽管拥有悠久的历史和吉利的雄厚资金，Lotus 在全球电动车竞赛中仍然是一个微不足道的参与者，这场竞赛越来越需要大规模的生产。更大规模的电动车品牌 <strong>零跑汽车</strong>（9863.HK）的创始人朱江明去年表示，电动车制造商需要每年销售至少 200 万辆汽车才能实现长期生存——这比 Lotus 去年销售的数量多出 300 多倍。</p>
</div><h4><strong>Tariff headwinds</strong></h4>
<div class="lb-trans"><h4><strong>关税逆风</strong></h4>
</div><p>In Lotus' earnings report, &#34;tariff headwinds&#34; are cited as a factor behind the sales slump. That's particularly revealing, since Lotus has touted its European base, including operations in Britian and the EU, as a shield against the duties Brussels has slapped on Chinese-built EVs.</p>
<div class="lb-trans"><p>在 Lotus 的财报中，提到 “关税逆风” 是销售下滑的一个因素。这一点尤其引人注目，因为 Lotus 曾宣传其在英国和欧盟的欧洲基地是抵御布鲁塞尔对中国制造电动车征收关税的保护伞。</p>
</div><p>But in reality, Lotus relies on its Geely-built factory in Wuhan to make most of its mass-market products. On the company's earnings call, CEO Feng Qingfeng said U.S. and EU tariffs against Chinese-made EVs drove up prices of its cars in Europe, while &#34;for the U.S. market, basically, it is impossible for us to enter.&#34;</p>
<div class="lb-trans"><p>但实际上，Lotus 依赖于其在武汉的吉利工厂来生产大部分大众市场产品。在公司的财报电话会议上，首席执行官冯庆峰表示，美国和欧盟对中国制造电动车的关税抬高了其在欧洲的汽车价格，而 “对于美国市场，基本上我们不可能进入。”</p>
</div><p>Lotus also blamed &#34;gradual&#34; inventory destocking and a &#34;phased rollout&#34; of upgraded models, which basically is an admission that it's making more cars than it can sell, as consumers balk at the higher prices it must charge as a result of Western tariffs for its China-made cars. As U.S. and EU tariffs kicked in, sales from Europe and North America fell to 50% of the company's total last year from 61% in 2024.</p>
<div class="lb-trans"><p>Lotus 还归咎于 “逐步” 的库存去化和 “分阶段推出” 升级车型，这基本上承认它生产的汽车超过了其销售能力，因为消费者对因西方关税而必须提高的价格感到犹豫。随着美国和欧盟关税的实施，来自欧洲和北美的销售在去年占公司总销售的 50%，而 2024 年为 61%。</p>
</div><p>More fundamentally, demand for luxury EVs has hit a wall globally. Buyers willing to spend more than $100,000 on a battery-powered SUV are no longer as plentiful as they were in the low-interest-rate environment of 2021. Consumers in Western markets, especially the U.S., have also shown less enthusiasm for pure electric vehicles than their Asian counterparts.</p>
<div class="lb-trans"><p>更根本的是，全球对豪华电动车的需求已经遇到了瓶颈。愿意在电池驱动的 SUV 上花费超过 10 万美元的买家不再像 2021 年低利率环境下那样多。西方市场的消费者，尤其是美国消费者，对纯电动车的热情也不如亚洲消费者。</p>
</div><h4><strong>Strategic pivot</strong></h4>
<div class="lb-trans"><h4><strong>战略转变</strong></h4>
</div><p>Lotus' answer to that reluctance is its first plug-in hybrid electric vehicle named For Me, which began to be delivered in China in March. This may be an inevitable move to spark growth, but it marks a bitter tactical retreat. Lotus spent years and billions of dollars promising a fully electric future. The company went public in 2024 through a merger with a special purpose acquisition company (SPAC) with a mantra of zero emissions. Now, just about two years later, it's falling back on a car with a gasoline engine range extender, casting doubts on Lotus' future as a purely green car specialist.</p>
<div class="lb-trans"><p>Lotus 对这种不情愿的回应是其首款插电式混合动力电动车 For Me，该车于 3 月在中国开始交付。这可能是刺激增长的必然举措，但这标志着一次痛苦的战术退却。Lotus 花费了数年和数十亿美元承诺一个完全电动的未来。该公司在 2024 年通过与一家特殊目的收购公司（SPAC）合并上市，口号是零排放。现在，仅仅两年后，它却依赖于一款配备汽油发动机增程器的汽车，这让人对 Lotus 作为纯绿色汽车专家的未来产生了疑问。</p>
</div><p>The pivot does make commercial sense. A hybrid offers a longer range than a pure EV, addressing the primary problem with luxury EVs. On the other hand, though, it muddles the brand message. Lotus is now a luxury EV maker that is selling a hybrid to people who aren't ready for purely battery-powered cars.</p>
<div class="lb-trans"><p>这种转变确实在商业上是合理的。混合动力车的续航里程比纯电动车更长，解决了豪华电动车的主要问题。然而，这也模糊了品牌信息。Lotus 现在是一家豪华电动车制造商，正在向尚未准备好接受纯电动车的消费者销售混合动力车。</p>
</div><p>The state of its balance sheet suggests Lotus didn't have much choice in the shift as it burns through its cash quickly. Its cash holdings shrank nearly 30% to just $73 million at the end of last year from 12 months earlier.</p>
<div class="lb-trans"><p>其资产负债表的状况表明，路特斯在转型中几乎没有选择，因为其现金消耗速度很快。到去年年底，其现金持有量从一年前的 1.03 亿美元减少了近 30%，仅剩 7300 万美元。</p>
</div><p>The liquidity situation would look potentially life-threatening without the implied lifeline from Geely. The company's total current liabilities of $2.4 billion dwarf its current assets of $911 million. Among its debt, the company had a staggering $784 million in short-term borrowing from related parties alone at the end of 2025, a fourfold increase from a year earlier. Effectively, Geely has become Lotus's bank, writing checks to keep it afloat.</p>
<div class="lb-trans"><p>如果没有吉利提供的隐性救助，流动性状况可能会显得危急。公司的总流动负债为 24 亿美元，远超其流动资产的 9.11 亿美元。在其债务中，截至 2025 年底，公司仅与关联方的短期借款就高达 7.84 亿美元，是一年前的四倍。实际上，吉利已经成为路特斯的银行，开支票以维持其运营。</p>
</div><p>Lotus is also counting on selling technology as part of its business mix. Its service revenue, which includes income from R&amp;D licensing and technical consulting, jumped nearly 70% to $56 million last year. CEO Feng boasts about the company being the second automaker globally to receive UN R171.01 certification for its intelligent driving technology. This is a plausible narrative for a tech firm, but it's questionable how much this business will grow to offset the company's massive losses related to its main car business in any significant way.</p>
<div class="lb-trans"><p>路特斯还依靠销售技术作为其业务组合的一部分。其服务收入，包括研发许可和技术咨询的收入，去年增长了近 70%，达到 5600 万美元。首席执行官冯先生自豪地表示，公司是全球第二家获得联合国 R171.01 认证的智能驾驶技术汽车制造商。这对于一家科技公司来说是一个合理的叙述，但该业务在多大程度上能够增长以抵消公司在主要汽车业务中造成的巨大损失仍然值得怀疑。</p>
</div><p>At this stage, Lotus looks like a restructuring story at best. Its stock popped at one point last Friday after its earnings announcement, but gave up the gains a day later. It trades at a price-to-sales (P/S) of 1.8, well below 13 for Tesla and 7.6 for Ferrari. For all its luxury image, Lotus is increasingly looking like a battered asset that's becoming an increasing drag on Geely. Investors may want to keep the company in the garage until it proves it has the necessary horsepower to become a competitive player in the brutal global EV race.</p>
<div class="lb-trans"><p>在这个阶段，路特斯充其量看起来像是一个重组故事。上周五在财报发布后，其股价一度上涨，但一天后又回落。其市销率（P/S）为 1.8，远低于特斯拉的 13 和法拉利的 7.6。尽管路特斯拥有奢华的形象，但它越来越像是一项受损的资产，成为吉利日益沉重的负担。投资者可能希望将该公司暂时搁置，直到它证明自己具备在残酷的全球电动车竞争中成为一名竞争者所需的动力。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

Geely-Owned Lotus Tech Narrows Losses, But Concerns Linger

- 吉利旗下的 Lotus Technology 2025 年收入下降 44%，净亏损缩窄 58% 至 4.64 亿美元。  
- 按销量计算，交付量下降 46% 至 6520 辆，突显其在激烈市场中的困境。  
- 受关税和需求减弱影响，Lotus 推出首款插电混合动力车以刺激增长。

吉利汽车旗下的 Lotus Tech 缩小了亏损，但担忧依然挥之不去