当隔壁的小鹏在开香槟，理想在反思“回归创业”时，蔚来的三季报让人心情复杂。11 月 25 日，蔚来发布 2025 年第三季度财报，市场对这份财报的反应非常直接——股价应声下跌 4.4%。为什么？因为大家期待的“乐道效应”虽然带来了销量，却没能堵住利润的失血口。虽然涨了，但没跑赢对手先看最直观的销量数据：•本期交付（25Q3）：约 90,000 辆（符合此前 8.7-9.1 万的指引上限）。•对比...
Source Link当隔壁的小鹏在开香槟，理想在反思“回归创业”时，蔚来的三季报让人心情复杂。11 月 25 日，蔚来发布 2025 年第三季度财报，市场对这份财报的反应非常直接——股价应声下跌 4.4%。为什么？因为大家期待的“乐道效应”虽然带来了销量，却没能堵住利润的失血口。虽然涨了，但没跑赢对手先看最直观的销量数据：•本期交付（25Q3）：约 90,000 辆（符合此前 8.7-9.1 万的指引上限）。•对比...
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