蔚来美股盘前涨超11%，此前公司发布盈利预告：2025年四季度实现季度盈利，经营利润7亿至12亿 元。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

智通财经APP获悉，2月5日，蔚来公司（NIO.US; 09866.HK; NIO.SG）发布盈利预告。公告称根据公司 未经审计合并管理账目及董事会目前可得资料所作的初步评估，预计公司于2025年第四季度录得经调整 经营利润（非公认会计准则）（界定为剔除股权激励费用后的经营利润），介乎约人民币7亿元（约1亿 美元）至12亿元（约1.72亿美元），此为公司首次录得单季度经调整经营利润（非公认会计准则）。这 主要是以下因素的综合影响：1、公司在2025年第四季度销量持续增长；2、有利的产品组合推动汽车毛 利率优化；3、公司持续推行全面降本增效措施。按公认会计准则，预计公司于2025年第四季度录得经 营利润约人民币2亿元（约0.29亿美元）至人民币7亿元（约1亿美元）。 ...

此外，按公认会计准则计量，预计公司于2025年第四季度录得经营利润约人民币2亿元(约0.29亿美元)至 人民币7亿元(约1亿美元)。 2025年第四季度预计实现的经调整经营利润(非公认会计准则)主要归因于(i)公司于2025年第四季度销量 持续增长；(ii)有利的产品组合推动汽车毛利率优化；及(iii)公司持续推行全面降本增效措施。 格隆汇2月5日丨蔚来-SW(09866.HK)公告，全球智能电动汽车市场的先驱及领跑者蔚来集团(纽交所： NIO；港交所：9866；新交所：NIO)(「蔚来」或「公司」)董事会谨此通知股东及潜在投资者，根据对 公司未经审计合并管理账目及董事会目前可得资料所作的初步评估，预计公司于2025年第四季度录得经 调整经营利润(非公认会计准则)(界定为剔除股权激励费用后的经营利润)介乎约人民币7亿元(约1亿美元) 至人民币12亿元(约1.72亿美元)，此为公司首次录得单季度经调整经营利润(非公认会计准则)。相比之 下，公司于2024年第四季度录得经调整经营亏损(非公认会计准则)人民币55.436亿元。 ...

责任编辑：刘万里 SF014 新浪科技讯 2月5日晚间消息，蔚来公司发布盈利预告。公告称根据对本公司未经审计合并管理账目及 董事会目前可得资料所作的初步评估，预计本公司于2025年第四季度录得经调整经营利润（非公认会计 准则）（界定为剔除股权激励费用后的经营利润），介乎约人民币7亿元（约1亿美元）至12亿元（约 1.72亿美元），此为本公司首次录得单季度经调整经营利润（非公认会计准则）。这主要是以下因素的 综合影响：1、公司在2025年第四季度销量持续增长；2、有利的产品组合推动汽车毛利率优化；3、公 司持续推行全面降本增效措施。按公认会计准则，预计本公司于2025年第四季度录得经营利润约人民币 2亿元（约0.29亿美元）至人民币7亿元（约1亿美元）。 新浪科技讯 2月5日晚间消息，蔚来公司发布盈利预告。公告称根据对本公司未经审计合并管理账目及 董事会目前可得资料所作的初步评估，预计本公司于2025年第四季度录得经调整经营利润（非公认会计 准则）（界定为剔除股权激励费用后的经营利润），介乎约人民币7亿元（约1亿美元）至12亿元（约 1.72亿美元），此为本公司首次录得单季度经调整经营利润（非公认会计准则）。这 ...

Core Viewpoint - NIO Inc. is expected to achieve an adjusted profit from operations for Q4 2025, marking a significant turnaround from a loss in the same quarter of the previous year [2][3]. Financial Performance - The company anticipates an adjusted profit from operations (non-GAAP) ranging from approximately RMB700 million (about US$100 million) to RMB1,200 million (about US$172 million) for Q4 2025, compared to an adjusted loss of RMB5,543.6 million in Q4 2024 [2][3]. - Under GAAP measures, the expected profit from operations is projected to be between RMB200 million (approximately US$29 million) and RMB700 million (approximately US$100 million) for the same period [4]. Contributing Factors - The anticipated adjusted profit is attributed to sustained growth in sales volume, optimization of vehicle margins due to a favorable product mix, and ongoing cost reduction efforts alongside improved operational efficiency [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 1 2025年第四季度預計實現的經調整經營利潤（非公認會計準則）主要歸因於(i)本公 司於2025年第四季度銷量持續增長；(ii)有利的產品組合推動汽車毛利率優化；及 (iii)本公司持續推行全面降本增效措施。 （股份代號：9866） 內幕消息 本公告根據《香港聯合交易所有限公司證券上市規則》第13.09(2)(a)條以及香港法 例第571章 ...

本次更新还引入了基于NWM的增强车道居中辅助，新增支持在城区路口根据交通信号灯及箭头指示进 行左/右转辅助。新增的"NWM人机共驾"模式允许驾驶员在城区道路实时干预辅助驾驶的行驶方向。此 外，系统增加了全向误加速抑制辅助(MAI)与倒车时对后方立柱、矮墙等障碍物的通用障碍物预警 (GOA)功能。 在智能座舱方面，新增行业首个车端灾害预警；新增AR增强模式下支持转向盲点影像与智能窄道影像 显示等。 凤凰网科技讯2月5日，蔚来汽车开始推送Cedar雪松系统1.4.0版本更新，此次升级主要面向旗舰车型 ET9与全新ES8，涵盖智能辅助驾驶、智能座舱等四大板块，共包含超过80项新增与优化功能。 在智能辅助驾驶方面，基于"蔚来世界模型NWM"的点到点全域领航辅助功能得到增强。城区道路新增 效率换道，优化了变道果断性与路口通过能力；高速场景则提升了上下匝道成功率及施工路段避让能 力。新增的非固定车位收藏功能允许车辆在抵达目标区域前沿途自动搜寻车位并泊入，同时支持预约遥 控泊入。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report On February 3, the overall capital market remained stable; the bond market was mainly fluctuating, with short - term bonds being weak and medium - and long - term bonds being slightly strong; the main indexes of the convertible bond market rose collectively, and most convertible bond issues increased; the yields of U.S. Treasury bonds of different maturities showed divergent trends, and the yields of 10 - year government bonds of major European economies generally increased [1][2]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: On February 3, the 2026 Central No. 1 Document was released, proposing reforms in rural collective property rights, support for new rural collective economies, and measures to control village - level debt. The central bank will conduct an 800 billion yuan 3 - month term buy - out reverse repurchase operation on February 4, resulting in a net investment of 100 billion yuan. The central bank Shanghai Head Office emphasized continuous financial reform and opening - up, and promoted free - trade zone financial reform [4][5]. - **International News**: On February 3 (local time), the U.S. House of Representatives passed a government funding bill, and the partial government shutdown is expected to end. However, the U.S. Department of Homeland Security only has funds until February 13, and there is still a risk of a more limited funding shortage [7]. - **Commodities**: On February 3, international crude oil and natural gas futures prices rose. WTI March crude oil futures rose 1.72% to $63.21 per barrel, Brent April crude oil futures rose 1.56% to $67.33 per barrel, COMEX gold futures rose 6.94% to $4975.30 per ounce, and NYMEX natural gas prices rose 3.49% to $3.377 per ounce [8]. 3.2 Capital Market - **Open - Market Operations**: On February 3, the central bank conducted a 7 - day reverse repurchase operation of 105.5 billion yuan at a fixed interest rate of 1.40%. With 402 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 296.5 billion yuan [10]. - **Funding Rates**: On February 3, the capital market was generally stable. DR001 decreased by 4.76bp to 1.371%, and DR007 increased by 0.66bp to 1.497%. Other funding rates also showed different degrees of change [11][12]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds**: On February 3, the bond market fluctuated, with short - term interest - rate bonds being weak and medium - and long - term bonds being slightly strong. As of 20:00 Beijing time, the yield of the 10 - year Treasury bond active bond 250016 decreased by 0.40bp to 1.8110%, and the yield of the 10 - year China Development Bank bond active bond 250215 remained unchanged at 1.9580%. Multiple bonds were issued on the same day, with different issuance scales, winning bid yields, and multiples [14][15]. - **Credit Bonds**: On February 3, there were no credit bond transactions with a price deviation of more than 10%. Several companies had credit - related announcements, including debt repayment difficulties, litigation, debt restructuring, and issuance cancellations [16][18]. - **Convertible Bonds**: On February 3, the A - share market rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 1.29%, 2.19%, and 1.86% respectively. The main indexes of the convertible bond market also rose collectively. The trading volume of the convertible bond market was 97.548 billion yuan, an increase of 12.465 billion yuan from the previous trading day. Most convertible bond issues increased. Tomorrow (February 5), Haitian Convertible Bonds will start online subscriptions, and Shangtai Convertible Bonds will be listed [18][19][23]. - **Overseas Bond Markets**: - **U.S. Bond Market**: On February 3, the yields of U.S. Treasury bonds of different maturities showed divergent trends. The 2 - year U.S. Treasury bond yield remained unchanged at 3.57%, and the 10 - year U.S. Treasury bond yield decreased by 1bp to 4.28%. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate increased by 1bp to 2.36% [22][24][25]. - **European Bond Market**: On February 3, the yields of 10 - year government bonds of major European economies generally increased. The 10 - year German government bond yield increased by 2bp to 2.89%, and the yields of 10 - year government bonds of France, Italy, Spain, and the UK increased by 1bp, 1bp, 2bp, and 1bp respectively [26]. - **Chinese - Issued U.S. Dollar Bonds**: As of the close on February 3, the prices of Chinese - issued U.S. dollar bonds showed different degrees of change, with some rising and some falling [28].

蔚来(NIO.US)盘前涨2.48%，报4.55美元。消息面上，蔚来旗下乐道汽车全国换电站电池翻倍计划，今 日顺利完成。据悉，本次计划累计向全国换电网络增投8,295块全新电池包，乐道电池包总数已超15,000 块，平均每座换电站储备6—7块电池，全力满足春运高峰期的用户换电需求，并为后续快速增长的用户 规模长期提供便捷的补能体验。(格隆汇) | NIO 蔚来 | | | | --- | --- | --- | | 4 44 1 J -0.110 -2.42% | | 收盘价 02/04 15:59 美东 | | 4.550 t 0.110 +2.48% | | 盘前价 02/05 04:17 美东 | | 二 24 4 5 8 0 月 0 | | ● 快捷交易 | | 最高价 4.545 | 开盘价 4.545 | 成交量 3837.56万 | | 最低价 4.380 | 昨收价 4.550 | 成交额 1.7亿 | | 平均价 4.438 | 市盈率ITM 亏损 | 总市值 109.82亿 (…) | | 振 幅 3.63% | 市盈率(静) 亏损 | 总股本 24.73亿 | | 换手率 2.16% | ...

Group 1 - The core viewpoint of the article highlights that U.S. listed Chinese stocks are mostly rising in pre-market trading on February 5, with notable increases in several companies [1] Group 2 - Bilibili saw a rise of 3% [1] - Yum China and NIO both increased by 2% [1] - Alibaba experienced a 2% increase, while Futu Holdings rose by 1% and Pinduoduo saw a slight increase of 0.3% [1]