蔚来(9866.HK):新车强劲,预计Q4扭亏为盈 | 国盛海外

GS海外研究
Sep 08

本文节选自2025年9月8日发布的报告《蔚来(9866.HK):新车强劲,预计Q4扭亏为盈》。摘 要Q2产品换代拉动销量,Q3指引强劲。公司25Q2交付了72056台车,同比/环比增长25.6%/71.2%,带动收入同比/环比增长9%/58%到190亿元人民币。其中,车辆销售/服务及其他收入分别为161.4/28.7亿,同比增长3%/63%。毛利率同比/环比提升0.3pct/2.3pct至10%。...

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