【导读】宝马集团上半年销售收入同比下滑 8% ，净利润同比下降 29% 中国基金报记者 李智 当地时间 7 月 31 日，德国宝马汽车集团公布 2025 年上半年财务业绩，今年上半年销售收 入为 677 亿欧元，同比下降 8% ；税后净利润为 40 亿欧元，同比下降 29% 。 | | | | | | 1. Januar bis | 1. Januar bis | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2. Quartal 2025 | 2. Quartal 2024 | Veränderung in % | 30. Juni 2025 | 30. Juni 2024 | Veränderung in % | | KONZERN | | | | | | | | | Konzernumsatzerlöse | Mio. E | 33.927 | 36.944 | - 8,2 | 67.685 | 73.558 | - 8,0 | | Automobile | Mio. E | 29.443 | 32.070 | - 8,2 | 58. ...

Core Viewpoint - Hydrogen fuel cell vehicles (FCEVs) are entering the market alongside battery electric vehicles (BEVs), but their sales remain significantly lower, with only 12,866 FCEVs registered globally in 2024 compared to 10.8 million BEVs [1] Group 1: Market Participation and Development - BMW plans to launch its first hydrogen fuel cell vehicle by 2028, while Toyota continues to lead in FCEV sales with its Mirai model [1][7] - Other manufacturers like Hyundai and Honda are also involved in the FCEV market, with Honda launching its CR-V e:FCEV in 2024 [1] - BMW has been cautiously producing small batches of hydrogen fuel cell vehicles since 2023, with the iX5 Hydrogen model already demonstrating reliable performance [1] Group 2: Infrastructure Challenges - The lack of hydrogen refueling stations is a significant barrier to FCEV adoption, with the number of stations in the UK decreasing from 15 in 2019 to only 4 by 2025 [2] - In contrast, the UK has a robust network of public charging points for BEVs, with 39,733 charging points available by May 2025 [2] - The high cost of building hydrogen refueling stations, estimated between $1.5 million to $2 million, poses a challenge for widespread infrastructure development [5] Group 3: Strategic Insights - Some industry experts argue that neglecting hydrogen infrastructure is a strategic mistake if the goal is to decarbonize road transport [3] - A complementary relationship exists between FCEVs and BEVs, suggesting that investing in both charging and refueling infrastructure could lower overall costs [4] - The development of hydrogen fuel cell technology could provide resilience against resource shortages associated with battery production [4] Group 4: Future Prospects - BMW is optimistic that by 2028, infrastructure improvements will make hydrogen a viable option for consumers [8] - The decision on where to launch the hydrogen vehicle will depend on local infrastructure conditions, with the UK currently lacking the necessary support [9][10] - Market demand for hydrogen vehicles exists, as indicated by surveys, but translating this interest into actual sales remains a challenge [11][12]

Group 1 - BYD has recently published a patent for a "floating display device" which involves a technology for aerial imaging, enhancing touch accuracy and sensitivity through a structured interaction mechanism [1] - BMW reported a 29% year-on-year decline in net profit for the first half of the year, with sales revenue of €67.7 billion, down 8% compared to the same period last year [2] - Tata Motors announced an agreement to acquire Iveco for approximately €3.8 billion, excluding its defense business, with the deal expected to be completed by mid-2026 [3] - Mercedes-Benz plans to launch a long-range plug-in hybrid vehicle in the Chinese market, potentially utilizing Geely's Lotus sports car hybrid technology, with ongoing discussions about development details [4]

今日，宝马集团公布2025上半年销售数据。上半年，宝马集团全球销量维持平稳走势，其中高端、个性 化品牌表现抢眼。此外，宝马集团持续推动电动化转型，上半年，全球每4辆售出宝马中就有1辆新能源 车，印证了宝马多品牌、多技术路线并行，与全球布局的战略前瞻性及正确性。 电动化市场是宝马集团持续重点布局的另一大支柱，并已进入结果期。上半年，宝马集团电动化车型 (含BEV/PHEV)销量同比增长18.6%，在总销量中占比超过1/4。第二季度，宝马集团纯电汽车销量已累 计突破150万辆(自2013年i3开始计算)。 宝马集团董事长齐普策表示："2025年上半年的业绩再次印证了我们商业模式的强劲韧性。无论是当下 还是未来，宝马集团的成功，是建立在三大支柱之上：全球化布局、创新实力，以及依托极具吸引力的 产品所构建的技术开放路线。" 整体来看，上半年，在国际贸易环境复杂多变的环境下，宝马集团全球销量超过120万辆，与去年同期 基本持平。其中，BMW M、劳斯莱斯、MINI等高端、个性化品牌表现抢眼，展现出宝马集团多样性布 局的优势。 上半年，BMW M品牌创历史同期最佳销量业绩，在M3和M5系列强势拉动下，BMW M品牌累计交 ...

宝马集团第二季度汽车业务收入为294.4亿欧元，市场普遍预期为308.6亿欧元。 ...

Group 1 - BMW announced a recall of 33 vehicles [1] - General Motors announced a recall of 53 vehicles [1]

Core Perspective - The new BMW X3 long wheelbase version is designed to enhance the quality of life for urban elites in China, positioning itself as a reliable partner for daily commuting and lifestyle expansion [1] Design Aesthetics - The design follows modern minimalism, reducing unnecessary decorations while enhancing user-centric features, appealing to the aesthetic preferences of the new generation of Chinese consumers [2] - The exterior combines elements of stone cutting and fluid mechanics, maintaining classic features while showcasing a simple and pure structural beauty [2] Spaciousness and Comfort - The interior is tailored for the Chinese market, offering a first-class experience with dimensions comparable to the X5, significantly enhancing space utilization [4] - The rear seats are designed with increased support and comfort, featuring a longer seat cushion and backrest angle for an improved passenger experience [6] Intelligent Interaction - The vehicle incorporates advanced smart technology, transforming from a mere transportation tool to a comprehensive travel experience, enhancing user safety and comfort [7] - The latest BMW operating system boasts a 2.4 times increase in computing power and a 6.4 times enhancement in GPU graphics processing, ensuring smoother operation [9] Safety Features - The new BMW X3 long wheelbase version is equipped with a comprehensive 360° active safety system, including features like start monitoring and collision warnings, ensuring proactive risk management [13] - The vehicle's body structure and materials have been optimized for safety, with high-strength steel used in critical areas, significantly improving torsional rigidity [13]

Group 1 - The core point of the article is that the EU's decision to reduce car import tariffs from 27.5% to 15% is expected to boost profits for European car manufacturers like BMW and Mercedes by €4 billion [1] - Analysts indicate that this trade agreement will significantly benefit the European automotive sector, leading to a rise in stock prices for these companies [1] - Despite the reduction in tariffs, the German automotive industry association warns that the new agreement will still have a detrimental impact on the automotive industry compared to the previous 2.5% tariffs before Trump's trade measures [1]

Financial Impact - European automakers, including BMW and Mercedes-Benz, are expected to receive a €4 billion earnings boost from the EU-US trade deal [1]

Group 1 - The transatlantic alliance is experiencing unprecedented fractures, with Germany taking a strong stance against U.S. tariffs, marking a significant shift in global trade dynamics [1][2] - The U.S. tariff policy, particularly the proposed 30% tariff on EU automobiles, threatens to cause losses of up to €100 billion for German automotive exports, impacting major companies like Daimler, BMW, and Volkswagen [2] - Germany's response includes halting discussions with the U.S. and adopting a "cold treatment" strategy, indicating a shift in power dynamics in trade relations [2] Group 2 - China is providing strategic support to Germany through three key advantages: access to a large market, control over rare earth resources, and a model for strategic autonomy [4][5] - The Chinese market is crucial for German automotive companies, with significant sales percentages coming from China, highlighting the importance of this relationship for maintaining profitability [5] - Germany's unique position in rare earth material production gives it leverage in negotiations with the U.S., especially in light of U.S. dependency on Chinese supply chains [7] Group 3 - Germany's strategic response to U.S. tariffs includes a proposal targeting U.S. sectors such as electric vehicles, medical devices, and smart manufacturing, aiming to limit U.S. market access in Europe [10] - Public sentiment in Germany is shifting towards questioning reliance on the U.S., with mainstream media and social movements advocating for a strategic transformation [9] - The global trade landscape is evolving into a tripartite structure, with China positioning itself as a key player, facilitating trade partnerships while not forcing alignment with either the U.S. or Europe [9][11]