蔚来-SW2025年二季报业绩点评:新车型带动销量显著增长 盈利能力有望逐步改善

西部证券
Sep 08

事件:2025 年Q2 公司实现营收190.1 亿元,同比增长9.0%;实现毛利19.0亿元,同比增长12.4%,毛利率10%;净亏损49.9 亿元,同比收窄1.0%。毛利率稳步回升,费用管控初见成效:Q2 毛利率10.0%,同比提升0.3 个百分点,环比提升2.4 个百分点。其中,汽车毛利率为10.3%,同比下降1.9个百分点,主要系产品组合变动影响。研发费用30.1 亿元,同比下降6.6%,...

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