成立11年、累计亏损超千亿，蔚来终于在2025年第四季度实现单季度盈利——净利润2.83亿元。这一突破并非依赖补贴或资产出售，而是来自主业的真实改善：Q4整车毛利率从上年同期13.1%跃升至18.1%，产品结构升级与供应链降本共同驱动；与此同时，研发及销售费用大幅压缩，Q4研发支出同比腰斩44%。另外，2025年全年蔚来交付32.6万辆电动车，同比增长近五成，三大品牌均创季度历史纪录。但全年净亏损...
Source Link成立11年、累计亏损超千亿，蔚来终于在2025年第四季度实现单季度盈利——净利润2.83亿元。这一突破并非依赖补贴或资产出售，而是来自主业的真实改善：Q4整车毛利率从上年同期13.1%跃升至18.1%，产品结构升级与供应链降本共同驱动；与此同时，研发及销售费用大幅压缩，Q4研发支出同比腰斩44%。另外，2025年全年蔚来交付32.6万辆电动车，同比增长近五成，三大品牌均创季度历史纪录。但全年净亏损...
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