在成立11年后，蔚来终于迎来关键转折点。
2月5日，蔚来发布盈利预告公告称，经对未经审计的合并管理账目及现有资料进行初步评估，公司预计将在2025年第四季度首次实现单季度经调整经营利润（非公认会计准则）。该项利润剔除了股权激励费用，预计区间为7亿元至12亿元。
这是蔚来自成立以来，首次在单一季度层面实现经调整经营盈利。
按照公认会计准则（GAAP），蔚来预计2025年第四季度将实现经营利润约2亿元至7亿元。作为对比，公司2025年第三季度净亏损为34.80亿元，2024年第四季度净亏损为71.11亿元，盈利改善幅度显著。
受消息提振，蔚来美股盘前股价一度上涨约10%。
NIO Records First Quarterly Operating Profit After 11 Years
After 11 years of operation, NIO has reached a major milestone.
On February 5, NIO released a profit forecast announcing that, based on a preliminary assessment of its unaudited consolidated management accounts and available information, the company expects to record its first-ever quarterly adjusted operating profit (non-GAAP) in the fourth quarter of 2025. The adjusted operating profit, excluding share-based compensation expenses, is estimated to be between RMB 700 million and RMB 1.2 billion.
This marks the first time NIO has achieved adjusted operating profitability on a quarterly basis since its establishment.
Under GAAP standards, NIO expects operating profit for Q4 2025 to range from RMB 200 million to RMB 700 million. By comparison, the company reported a net loss of RMB 3.48 billion in Q3 2025 and a net loss of RMB 7.11 billion in Q4 2024, highlighting a significant turnaround.
Following the announcement, NIO’s U.S.-listed shares rose as much as 10% in pre-market trading.
销量增长与产品结构优化成为盈利关键
蔚来在公告中表示，2025年第四季度盈利改善主要得益于销量持续增长、有利的产品结构调整，以及公司在降本增效方面的持续推进。
此前，蔚来董事长李斌在2025年第三季度财报电话会上将公司增长归因于“三大动能”：三品牌协同发展、技术体系能力提升，以及运营效率优化。
数据显示，2025年第四季度，蔚来累计交付124,807辆，达成此前12万至12.5万辆的交付指引。其中，12月单月交付48,135辆，创下历史新高。
从品牌结构看，蔚来品牌交付31,897辆，连续五个月实现增长；乐道品牌和萤火虫品牌分别交付9,154辆和7,084辆，三品牌协同效应逐步显现。
Delivery Growth and Product Mix Drive Profitability
According to the company, improved profitability in Q4 2025 was driven by sustained delivery growth, a more favorable product mix, and ongoing cost-reduction and efficiency initiatives.
Previously, NIO Chairman William Li highlighted three key growth drivers during the Q3 2025 earnings call: the three-brand strategy, strengthened technological capabilities, and improved operational efficiency.
Data shows that in Q4 2025, NIO delivered a total of 124,807 vehicles, meeting its guidance of 120,000 to 125,000 units. December deliveries alone reached 48,135 units, a new monthly record.
By brand, NIO delivered 31,897 vehicles, marking five consecutive months of growth. ONVO and Firefly brands delivered 9,154 and 7,084 units respectively, reflecting increasing synergy across the three brands.
高毛利车型放量，技术红利逐步释放
在具体车型层面，ES8成为蔚来品牌的销量主力。2025年12月，ES8实现交付22,256辆，占蔚来品牌销量近七成。该车型单车售价超过40万元，为公司带来更高的单车毛利。
蔚来CFO曲玉在财报电话会上披露，ES8毛利率约为20%；“5566”系列车型毛利率在15%至20%之间；乐道L90的毛利率同样处于15%至20%区间。
从全年结构看，乐道L60、蔚来ET5T和ES8三款主力车型销量占比合计接近50%，产品结构优化明显。
与此同时，自研技术开始显著改善成本结构。蔚来总裁秦力洪表示，自研神玑NX9031芯片单颗算力相当于四颗行业旗舰芯片，可使单车成本降低超过1万元，叠加税费与毛利影响，最终为终端价格带来约2万元的让利空间。
High-Margin Models and Technology Gains Take Effect
At the model level, the ES8 emerged as NIO’s top-selling vehicle. In December 2025, ES8 deliveries reached 22,256 units, accounting for nearly 70% of NIO-brand sales. With a unit price exceeding RMB 400,000, the model contributes significantly to margins.
According to CFO Stanley Qu, ES8 achieves a gross margin of approximately 20%, while the “5566” series and ONVO L90 models deliver margins ranging from 15% to 20%.
On a full-year basis, ONVO L60, NIO ET5T, and ES8 together accounted for nearly half of total brand sales, highlighting a clear improvement in product mix.
Meanwhile, in-house technology development is translating into cost advantages. NIO President Qin Lihong noted that the self-developed Shenji NX9031 chip delivers computing power equivalent to four industry flagship chips, reducing per-vehicle costs by over RMB 10,000 and enabling up to RMB 20,000 in effective price flexibility after tax and margin considerations.
瞄准2026年全年盈利，挑战仍在
在实现单季度盈利后，蔚来进一步明确了中长期目标。李斌表示，公司2026年的经营目标是实现全年盈利。
按照规划，蔚来将继续聚焦高端纯电市场，计划在2026年二、三季度推出多款新车型，并推动月销量向5万辆迈进。同时，公司将依托高毛利“大车”车型放量，叠加供应链降本和费用控制，力争将综合毛利率提升至20%。
不过，业内人士指出，蔚来要实现全年盈利仍面临多重挑战，包括市场竞争加剧、部分原材料价格高企，以及海外市场拓展的不确定性。盈利拐点虽已出现，但能否持续，仍有待时间验证。
Targeting Full-Year Profitability in 2026, Challenges Remain
Following the achievement of quarterly profitability, NIO has set a clear medium-term goal of full-year profitability in 2026, according to William Li.
The company plans to continue focusing on the premium pure-electric segment, launching multiple new models in the second and third quarters of 2026, with the aim of reaching monthly sales of 50,000 units. Higher-volume large vehicles, combined with ongoing supply-chain cost reductions and expense optimization, are expected to help lift overall gross margin toward 20%.
However, industry observers caution that achieving full-year profitability remains challenging amid intensifying competition, elevated raw material costs, and uncertainties in overseas expansion. While a turning point has emerged, the sustainability of profitability will be closely watched.
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