小牛电动（NIU）股价在夜盘交易时段大跌6.25%，引发市场关注。这一跌幅反映了投资者对公司近期财务表现和市场竞争力的担忧。
根据最新财报，尽管小牛电动2024年全年营收达32.88亿元，同比增长24%，销量也增长至92.4万辆，但公司仍然处于亏损状态。更令人担忧的是，公司毛利率持续下滑，2024年四个季度的毛利率分别为18.93%、16.98%、13.82%和12.45%，显示出公司在降价策略下面临的盈利压力。
与此同时，小牛电动在高端电动两轮车市场面临着日益激烈的竞争。竞争对手如九号公司在产品多样性和市场份额方面已经超越小牛电动，而传统品牌如雅迪也在提升产品质量和技术水平。小牛电动曾经引以为傲的"高端"和"科技"标签正在失去竞争优势，这可能是导致投资者信心下降、股价大跌的重要原因。
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