Group 1 - BMW remains committed to the Chinese market despite a challenging first quarter, launching a series of initiatives aimed at integrating Chinese culture into its new generation models [1][2] - The "BMW China Cultural Journey" will feature exclusive models tailored for the Chinese market, including a new operating system with a "24 Solar Terms" theme display [1] - BMW has introduced the "BMW Intangible Cultural Heritage Longquan Celadon Travel Tea Set" as the first product from its cultural journey, available on the MY BMW APP [1] Group 2 - BMW is increasing collaboration with Chinese companies, including partnerships with Huawei and Alibaba to enhance digital services and develop a customized AI engine [2] - The new generation models, based on a new electronic architecture, are set to begin production in 2025, with a launch in the Chinese market planned for 2026 [2] - Despite a 17.2% year-on-year decline in new car deliveries in China during the first quarter, BMW plans to introduce over 10 new BMW models and several MINI products in 2025, with more than 20 new models expected in 2026 and 2027 [2]

Investment Rating - The investment rating for the electric power equipment industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in BEV sales among major automakers in Europe, indicating a strong trend towards electrification in the automotive industry. Renault's BEV sales grew by 88%, Volkswagen's by 113%, and BMW's by 64% in Q1 2025 [4][14][23] - The introduction of new electric vehicle models is expected to sustain the electrification trend, with Stellantis and Renault planning to launch multiple affordable B-segment electric vehicles by the end of 2024 [6][37] - The report discusses the impact of carbon emission regulations, noting that the EU has revised its assessment method to consider a three-year average from 2025 to 2027, which may alleviate immediate pressure on automakers [53] Summary by Sections Sales Performance - In Q1 2025, Renault's BEV sales increased by 88%, with a penetration rate of 17.1% in Europe. The Renault 5 model was the best-selling B-segment electric vehicle [15][18] - Volkswagen's BEV deliveries in Europe rose by 113%, achieving a market share of approximately 26% [19][21] - BMW's BEV sales in Europe grew by 64%, with a penetration rate of 18.7% [23][25] - Chinese automakers are increasing PHEV exports to mitigate the impact of tariffs, with BYD's sales in Europe rising by 124% [5][32] New Model Launches - Stellantis plans to launch several new models priced below €25,000, which are expected to boost sales in Q2 2025 [40] - Renault's new model, the Renault 4, is set to launch in Q2 2025, building on the success of the Renault 5 [41] - Volkswagen will showcase a new range of entry-level BEVs in September 2025, with the ID.2 model expected to launch in 2026 [45] - BMW is set to begin production of the iX3 by the end of 2025, with a series of NEUE KLASSE models to follow [46] Carbon Emission Regulations - The EU's revised carbon emission assessment method is expected to provide automakers with more time to meet targets, with a focus on increasing BEV penetration rates [53] - Stellantis believes that the revised timeline will prevent panic pricing in Q4 2025 [54] - Renault emphasizes the importance of reducing costs to maintain competitiveness in the electric vehicle market [55] - Volkswagen anticipates continued pressure in 2025, despite the regulatory changes [57] - BMW expresses confidence in meeting carbon emission targets due to its current BEV penetration rate [58] Investment Recommendations - The report recommends investing in companies involved in lithium batteries, such as CATL and Yiwei Lithium Energy, as well as companies producing lithium materials and components [59]

Core Insights - BMW is set to launch its new generation models globally in 2025, marking a significant transformation in smart luxury mobility, redefining the brand's future through innovative design, technology, and electric power systems [1] Group 1: New Generation Models - The new generation models will feature a groundbreaking design language, advanced technology clusters, and a new electronic architecture, which collectively represent a major leap for the BMW brand [1] - The introduction of the BMW HypersonX sound system will provide a unique auditory experience, enhancing the emotional connection between the driver and the vehicle [3][6] Group 2: Technological Innovations - The BMW HypersonX system is designed to create an immersive auditory environment, integrating with the new generation's intelligent cockpit and providing a multi-dimensional sound experience [4] - The system utilizes over 9 million acoustic samples based on the brand's sound DNA, resulting in 43 distinct sound signals that reflect BMW's brand characteristics [6] Group 3: User Experience - The new generation models will offer a seamless interaction design, combining sound, light, and interior aesthetics to create a pleasant atmosphere for passengers [4] - The sound system will allow for spatial modulation of driving sounds, enhancing the driving experience by responding accurately to the driver's intentions [4]

| 宝马汽车 | 540.22 | 1 +4.45 | 87.21 | | --- | --- | --- | --- | | 通用汽车 | 481.01 | + -3.29 | 50.03 | | > 玛鲁蒂铃木 | 478.23 | + -0.24 | 152.11 | | 保时捷 | 467.84 | + -5.73 | 51.35 | | 马恒达汽车 | 439.44 | + -1.06 | 36.63 | | 福特汽车 | 427.48 | + -1.98 | 10.75 | | 本田汽车 1-0 | 412.46 | 1 +1.27 | 29.27 | | 1 现代汽车 | 337.27 | -0.64 | 52 | | 塔塔汽车 D | 314.49 | + -0.5 | 8.54 | | 斯特兰蒂斯 | 307.35 | + -2.29 | 10.67 | | 赛力斯 | 293.72 | ↑ +1.05 | 17.98 | | 理想汽车 | 289.01 | + -4.91 | 28.34 | | SAI 上汽集团 | 267.84 | 1 +0.48 | 2.31 | | KM 起亚汽车 ...

图片来源：YAN MINGLEI—VCG VIA GETTY IMAGES 市场研究公司Gartner将这一阶段称为"幻灭低谷"：一项热门新技术首次未能达到其炒作效果时所处的阶 段。 宝马是最早预测电动车将经历发展阵痛的车企之一。多年来，这家德国豪华汽车制造商的高管一直警告 称，尽管特斯拉掀起了行业热潮，但购车者转向电动车的速度不会如预期般迅速。 如今，宝马向股东表态，将坚守多元化动力系统战略，持续为消费者提供包括燃油车、混合动力车型以 及2028年将首次亮相的氢燃料电池车在内的产品选择。 首席执行官奥利弗·齐普策在上周三举行的宝马年会上说："技术开放意味着紧跟市场，因为市场在演 变，但不同市场的发展步调并不一致。将电动化作为唯一技术路径只会走向死胡同。当前形势已充分表 明了这一点。" 大约五年前，包括梅赛德斯-奔驰（Mercedes-Benz）、大众（Volkswagen）和沃尔沃（Volvo）在内的许 多品牌均宣布了尽快向电动车转型的宏大目标。相比之下，宝马拒绝跟风电动车浪潮，曾招致大众前首 席执行官赫伯特·迪斯（Herbert Diess）等竞争对手批评其拖慢行业进程。 齐普策表示："即便面临巨大阻力， ...

Group 1 - The core viewpoint is that the traditional luxury car brands BBA (Benz, BMW, Audi) are facing significant sales pressure due to the rise of domestic new energy vehicle brands in China [1][2][3] - The entry-level sedan prices have dropped below 200,000 yuan, prompting BBA to focus sales efforts on higher-end models like the "56E" series instead of the previously popular "34C" models [1][3] - The competitive landscape has shifted, with domestic brands like NIO, Xpeng, and Li Auto gaining market share in the high-end luxury segment, leading to a decline in sales for BBA [3][8] Group 2 - Despite price reductions, BBA's sales have not improved significantly; for instance, the BMW 3 Series has a current price of approximately 208,000 yuan after discounts, down from a guide price of 319,900 yuan [3][6] - In Q1 2025, BBA reported declines in vehicle deliveries: BMW down 1.4% to 586,100 units, Mercedes down 7% to 529,200 units, and Audi down 3.3% to 388,800 units [7][8] - The net profits for these companies have also decreased, with Mercedes experiencing a 42.8% drop to 1.731 billion euros, BMW down 26.4% to 2.173 billion euros, and Audi down 14.5% to 630 million euros [7] Group 3 - The market share of Chinese brands in the passenger car segment has increased significantly, accounting for 68.1% of total sales in Q1 2025, with a year-on-year growth of 28.8% [9] - The shift in consumer preferences towards domestic brands is evident, as many consumers are opting for models like Li Auto's L9 or AITO's M9 due to their advanced features and appealing designs [10]

Core Viewpoint - BMW China is launching a series of innovative actions under the theme of "Innovation + Responsibility" to enhance the cultural experience of its new generation of vehicles in China, incorporating traditional elements and modern technology [1][3]. Group 1: Innovative Actions - The first initiative involves inviting and funding intangible cultural heritage (ICH) inheritors to co-create conceptual cultural products at the "Qingmei-BMW ICH Protection Innovation Base," selecting 10 inheritors from various crafts such as lacquer art, weaving, and ceramics [5][6]. - The second initiative will explore the cultural heritage along the Grand Canal in Henan, focusing on the theme "Inheritance Lights Up the Future," and will be part of a public welfare project supported by the BMW Love Fund [8]. - The third initiative includes a collaboration with CCTV's popular food program "A Bite of China" to produce a cross-border Vlog titled "Savoring Suzhou," showcasing the culinary and cultural richness of the Grand Canal region [10]. - The fourth initiative aims to bring ICH cultural products to market, with the launch of the "BMW ICH Longquan Celadon Travel Tea Set," designed in collaboration with a heritage inheritor and a professor from Tsinghua University, reflecting a modern interpretation of traditional tea ware [12]. Group 2: Cultural Commitment - BMW emphasizes that its commitment to social responsibility and cultural heritage is integral to its operations in China, having established the first corporate public welfare fund in the Chinese automotive industry and engaging in various community initiatives [12].

Core Insights - BMW Group reported a total revenue of €33.758 billion (approximately ¥270.6 billion) for Q1 2025, a year-on-year decline of 7.8% (8.7% adjusted for exchange rates) [1][3] - The automotive business revenue was €29.211 billion (approximately ¥234.2 billion), down 5.6% year-on-year [1][3] - The company's pre-tax profit (EBT) for Q1 was €3.113 billion (approximately ¥25 billion), a decrease of 25.2%, with a pre-tax profit margin of 9.2%, down 2.2 percentage points from the previous year [1][3] Revenue and Profit Analysis - BMW's net profit for Q1 was €2.173 billion (approximately ¥17.4 billion), reflecting a year-on-year decline of 26.4% [1][3] - Global vehicle deliveries reached 586,100 units, a decrease of 1.4% year-on-year, with significant declines in the Chinese market (down 17.2%) [3] - In Europe, deliveries increased by 0.3%, while the U.S. market saw a decline of 5.6% [3] Market and Product Strategy - The decline in demand is attributed to structural adjustments in the high-end vehicle market, as stated by BMW's CFO Walter Mertl [3] - In 2024, electric vehicle sales accounted for 26.9% of total sales, with pure electric vehicle sales increasing by 32.4% year-on-year [3] - BMW plans to launch over 10 new models in China this year, including new fuel and electric vehicles, with more than 20 new models expected by 2026 and 2027 [3] Future Outlook - BMW maintains its financial outlook for 2025, expecting pre-tax profit to remain stable compared to the previous year, with an automotive division operating profit margin of 5%-7% [3] - The company anticipates a reduction in certain U.S. tariffs starting in July, but warns that any increase in tariff rates or extended implementation periods could impact actual performance [4]

德国车企BBA（宝马集团、奔驰集团、奥迪集团）于近日公布了2025年第一季度财报，业绩下滑态势 仍在持续。 从交付量来看，今年一季度，宝马交付新车58.61万辆，同比下滑1.4%；奔驰的交付量同比下滑7%至 52.92万辆；奥迪的交付量同比下滑3.3%至38.88万辆。 然而，如今的中国市场已经发生深刻变化。 从去年整体表现来看，中国市场成为宝马、奔驰销量下滑最大的市场。宝马价格波动，营收、销量、净 利齐跌；奥迪销量、净利增长乏力；奔驰的终端市场价格相对稳定，但利润也受到一定影响。 销量下滑直接导致净利润的普遍下跌。奔驰净利润下降幅度最大，达42.8%，其一季度净利润仅剩17.31 亿欧元；宝马同期净利润同比下滑26.4%至21.73亿欧元；奥迪净利润则同比下滑14.5%至6.3亿欧元。 此外，在中国市场，BBA在高端市场的份额也受到自主品牌的挑战，进一步拉低净利润表现。奔驰在 财报中称目前中国高端与豪华车细分市场持续承压，"中国市场竞争加剧"成为影响其利润的重要因素。 然而，在一片跌势中，奥迪和宝马的纯电销量均实现增长。 财报显示，奥迪一季度营收同比增长12.4%至154.31亿欧元，尽管仍仅为奔驰和宝马集 ...

Group 1 - BMW Group reported total revenue of €33.758 billion for Q1 2025, a decrease of 7.8% compared to €36.614 billion in Q1 2024, with a core automotive segment revenue of €29.211 billion, down 5.6% year-on-year [1] - The company's pre-tax profit (EBT) fell by 25.2% to €3.113 billion, with a pre-tax profit margin narrowing from 11.4% in the same period last year to 9.2% [1] - Net profit for the group was €2.173 billion, a decline of 26.4%, marking the largest quarterly drop since Q2 2021 [1] Group 2 - BMW's global vehicle deliveries in Q1 totaled 586,117 units, a year-on-year decrease of 1.4%, with electric models accounting for 26.9% of total sales and pure electric vehicle sales increasing by 32.4% to 109,513 units [3] - The significant decline in deliveries was particularly pronounced in the Chinese market, which saw a 17.2% drop to 155,200 units, the largest decline among major markets [3] - In contrast, the European market saw a slight increase of 0.3%, while the U.S. market experienced a decline of 5.6% [3] Group 3 - BMW plans to launch over 10 new models in the Chinese market by 2025, including the new long-wheelbase 5 Series and the iX5 hydrogen fuel cell vehicle [4] - Starting in 2026, the company will introduce pure electric models based on a "new generation" platform, with initial products expected to include mid-size sedans and sports utility vehicles [4] - Analysts note that BMW is at a critical juncture in its product renewal cycle and electrification transition, with the success of its new battery technology being crucial for future competitiveness [4] Group 4 - Morgan Stanley reports that luxury brands, including BMW, face dual challenges of increased R&D investment and declining traditional business revenues during the electrification transition [4] - BMW's R&D expenses as a percentage of revenue have risen from 5.7% in 2020 to 6.1% in 2024, with expectations of maintaining high investment levels in 2025 [4]