节点：下游（终端消费/应用）位置：下游情绪：中性参考度：2/10


美东时间周三盘后，电动汽车行业巨头特斯拉公布2025年第三季度财报。受美国消费者电动汽车购买热潮推动，特斯拉三季度营收达历史新高，但盈利未达华尔街预期，盘后股价一度下跌近5% 。

财报数据显示，特斯拉Q3营收创纪录，达281亿美元，同比增长12%，高于分析师预期的263.7亿美元；净利润为17.7亿美元（非GAAP规则），同比下滑29%，经调整后每股收益0.50美元，低于分析师预期的0.54美元。

汽车业务 方面，营收增长6%，从去年同期200亿美元增至212亿美元，得益于创纪录的汽车销量。因7500美元联邦电动车购车税收抵免9月30日到期，美国消费者抢购热情高涨。不过，备受关注的汽车业务毛利率（不包括监管积分收入）为15.4%，低于平均预期的15.6%。

利润下降主要源于电动汽车售价下调及运营成本上升约50% ，公司称这与人工智能（AI）及“其他研发项目”相关。同时，特斯拉Q3汽车监管积分收入从7.39亿美元降至4.17亿美元，下降44% 。多年来，特斯..

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