浦银国际研究●四季度如期实现盈利，经营质量有望进一步改善。蔚来去年四季度实现营收人民币346.5亿元，同比增长76%，环比增长59%。公司4Q25交付量12.5万辆，创历史新高。得益于规模效应的释放与产品结构的优化，公司4Q25综合毛利率达到17.5%，其中汽车毛利率攀升至18.1%。同时，公司严格控费效果持续显现，四季度营业费用率同/环比继续下降27.1/14.8个百分点，并在四季度如期完成了单...
Source Link浦银国际研究●四季度如期实现盈利，经营质量有望进一步改善。蔚来去年四季度实现营收人民币346.5亿元，同比增长76%，环比增长59%。公司4Q25交付量12.5万辆，创历史新高。得益于规模效应的释放与产品结构的优化，公司4Q25综合毛利率达到17.5%，其中汽车毛利率攀升至18.1%。同时，公司严格控费效果持续显现，四季度营业费用率同/环比继续下降27.1/14.8个百分点，并在四季度如期完成了单...
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