“电驴界爱马仕”连亏四年,去年营销费是研发的4倍

第一财经
Mar 20

2025年,有“电驴界爱马仕”之称的小牛电动(NIU.US)再次陷入亏损。  财报显示,小牛电动2025年营收43.08亿元,同比增长31%;净亏损3940万元,较上年同期亏损(1.93亿元)有所收窄,毛利率达19.6%,提升4.4个百分点。  自2022年由盈转亏以来,小牛电动已连续四年陷入亏损,累计亏损超5亿元。回望四年亏损轨迹,2022年小牛电动首度由盈转亏(亏损0.49亿元),2023年...

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