小牛电动:国内及海外电摩销量高增;2Q25各项指引积极

中金公司
May 20, 2025

1Q25 业绩符合我们预期小牛电动发布1Q25 业绩:营业收入6.8 亿元,同比+35.1%,净亏损(Non-GAAP)3135 万元,同环比减亏,业绩符合我们预期。发展趋势国内及海外电摩销量如期高增,多因素影响海外滑板车销量。1Q25 销量20.3 万辆,同比+57.4%,其中国内18.3 万辆,同比+66.2%,海外2.0 万辆,同比+6.4%。国内市场销量增长跑赢行业增速,我们认为主要受益于...

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