"It's clearly not just a place for the dead. There's a living community here as well."
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首先，蔚来需要打破规模的诅咒。要么主品牌销量爆发至百万级，要么乐道品牌大获成功摊薄成本，要么神玑真正走向外部市场成为独立供应商——否则，神玑将永远是一座昂贵的“孤岛”。
这种压力也延续到了第四季度。财报显示，在第四季度，瑞幸总净收入同比增长32.9%至127.77亿元，但净利润同比下滑39%至5.18亿元，GAAP营业利润率较2024年同期下滑4.1个百分点。净利润率从8.8%降至4.1%；非GAAP净利润6.99亿元，同比下滑25.5%。即便全年营业利润率维持在10.3%，但自营门店利润率从2024年的19.0%微降至17.8%，第四季度自营门店店级运营利润率更是从19.8%下滑至15.0%。
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