小牛电动（NIU）今日盘中大跌5.06%，投资者对公司最新财报表现及未来前景产生担忧。
小牛电动于5月19日晚间发布2025年第一季度财报。虽然公司营收同比增长35.1%至6.82亿元，但仍录得3884.47万元净亏损。更值得关注的是，公司毛利率从去年同期的18.9%下降至17.3%，主要受国际市场因素影响，包括产品组合变化、运费和关税提高以及库存减记等。
小牛电动CEO李彦在财报会议上表示，公司面临国际市场的诸多挑战。受美国市场表现疲软及欧洲库存清理影响，销量增长与盈利能力的提升时间推迟，部分门店库存影响将延续至第二季度。此外，美国关税政策的不确定性也给公司带来压力。这些因素可能引发投资者对小牛电动短期业绩表现的担忧，从而导致股价下跌。
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