转自：智通财经 【全球车企市值"大洗牌"：特斯拉、丰田、小米、比亚迪分列前四】智通财经1月5日电，汽车产业深度 变革背景下，全球车企市值排名的更新既是中国、外资车企行业地位与竞争格局的直观体现，亦为市场 对汽车企业全产业链价值的综合判断。截至2025年12月31日收盘，在全球车企TOP10中，新势力车企与 传统车企、海外车企与中国车企之间的市值排名竞争呈现两种局面——特斯拉、丰田、小米、比亚迪分 列前四，排名较一年前无变化的同时各自市值有所增长，且全球十大市值车企中依旧有两家中国公司； 五至十名位次发生"巨变"——宝马、奔驰、大众等排名全面提升，保时捷掉出前十，马鲁蒂铃木印 度"入替"位列第十名。（智通财经记者 张屹鹏） ...

Core Insights - The article highlights the performance of several A-share listed automotive companies in the new energy vehicle (NEV) sector for December 2025 and the entire year, with BYD leading the market in both monthly and annual sales [1][2] - BYD's total NEV sales reached 4.6024 million units in 2025, marking a year-on-year increase of 7.73%, with pure electric vehicle sales at 2.2567 million units, up 27.86% [1] - In contrast, Tesla reported a total delivery of 1.64 million units for 2025, a decrease of 8.6% year-on-year, indicating that BYD has surpassed Tesla to become the world's top seller of electric vehicles [1] Summary by Company - **BYD** - December sales: 420,400 units, down 18.34% year-on-year - Annual sales: 4,602,400 units, up 7.73% year-on-year [2] - **SAIC Motor** - December sales: 143,800 units, down 6.65% year-on-year - Annual sales: 1,642,800 units, up 33.12% year-on-year [2] - **Changan Automobile** - December sales: 115,100 units, up 26.02% year-on-year - Annual sales: 1,110,000 units, up 51.10% year-on-year [2] - **Seres** - December sales: 61,000 units, up 63.40% year-on-year - Annual sales: 472,300 units, up 10.63% year-on-year [2] - **Great Wall Motors** - December sales: 38,900 units, down 7.91% year-on-year - Annual sales: 403,700 units, up 25.44% year-on-year [2] - **Beijing Automotive Blue Valley** - December sales: 35,200 units, up 114.56% year-on-year - Annual sales: 209,600 units, up 84.06% year-on-year [2]

（来源：票风笔记） 据媒体报道，比亚迪2025年四季度开始减少迪链的使用，增加现金和票据的支付比例。2025年10月，比亚迪汽车工业有限 公司单月签发了27亿元的商票，11月签发了23亿元，12月又签发了45亿元，连续三个月保持了较高的商票签发量，基本能 够印证比亚迪确实在增加票据的支付比例。 一、比亚迪应付款项情况 根据比亚迪财报披露，2025年9月末，比亚迪应付账款余额为2228亿元，其他应付款余额1348亿元，而应付票据余额仅为 22.2亿元，应付票据占比仅0.6%，应付票据中商票余额更低。可以说在2025年9月之前比亚迪票据的使用率极低。 假如应付票据占比能提升至20%，那应付票据余额就能增长至700亿元，包含银票和商票，作为对比，上汽集团应付票据 占比在25%左右。由于我们暂时无法获悉比亚迪银票最新签发数据，下文暂时就以商票视角来观察其票据使用情况。 二、比亚迪商票签发最新情况 比亚迪汽车工业有限公司作为比亚迪签发商票的主要主体，2025年上半年只承兑了9.1亿元商票，三季度承兑了6.8亿元商 票；10月以后开始商票承兑量显著上升，其中10月承兑27.5亿元，11月承兑23.1亿元，12月承兑44. ...

Industry Overview - In October 2025, China's new energy vehicle (NEV) sales reached approximately 1.715 million units, accounting for 51.6% of total new car sales, marking a significant shift in the market dynamics [1][11] - By November 2025, the penetration rate of NEVs further increased to 53.2%, indicating a transition from niche to mainstream consumer choice [1][11] - The automotive market is expected to face challenges as multiple consumer stimulus policies are set to exit, leading to a return to a demand-supply driven seasonal operation [1][12] New Entrants and Performance - Leap Motor emerged as the top new force with 596,600 units delivered, surpassing competitors like NIO, Xiaopeng, and Hongmeng Zhixing [3][14] - Xiaopeng Motors delivered 429,400 units, while Li Auto and NIO delivered 406,300 and 326,000 units respectively, with NIO experiencing a significant sales boost in Q4 due to the new ES8 model [3][14] - Xiaomi Auto achieved over 410,000 units, exceeding its target of 350,000 units, and plans to challenge a target of 550,000 units in 2026 [6][16] Established Brands Performance - BYD sold 4.6024 million vehicles globally, achieving its target and becoming the world's top seller of pure electric vehicles with 2.26 million units sold, a 28% year-on-year increase [7][17] - Geely and Changan both met their sales targets, with Geely selling 3.0246 million vehicles and Changan reaching 2.913 million, with significant growth in their NEV segments [8][18] - Great Wall Motors and Chery reported sales of 1.3237 million and 2.6314 million units respectively, with Chery's sales boosted by its collaboration with Huawei [8][18] Market Dynamics and Future Outlook - The competition among new entrants and established brands is intensifying, with the market expected to undergo significant changes as policy support diminishes [1][12] - The automotive industry is preparing for a challenging 2026, with various companies adjusting their strategies to maintain competitiveness [1][12]

【#小米稳居全球车企市值第三##保时捷掉出全球车企市值前十#】汽车产业深度变革背景下，全球车企 市值排名的更新既是中国、外资车企行业地位与竞争格局的直观体现，亦为市场对汽车企业全产业链价 值的综合判断。 截至2025年12月31日收盘，在全球车企TOP10中，新势力车企与传统车企、海外车企与中国车企之间的 市值排名竞争呈现两种局面——特斯拉、丰田、小米、比亚迪分列前四，排名较一年前无变化的同时各 自市值有所增长，且全球十大市值车企中依旧有两家中国公司；五至十名位次发生"巨变"——宝马、奔 驰、大众等排名全面提升，保时捷掉出前十，马鲁蒂铃木印度"入替"位列第十名。 1月3日，小米集团创始人、董事长、CEO雷军在直播中表示，2026年会将更多精力放在汽车业务上，年 交付目标定为55万辆。"希望2026年底能够超越这个成绩。"据其透露，小米汽车2025年交付超过41万 辆。 相较小米的加速"快跑"，比亚迪在过去一二年间年市值表现跌宕起伏——2024年6月，比亚迪全球市值 曾一度反超大众集团，成为全球车企市值季军；2024年底，比亚迪被当时入局汽车市场不足一年的小米 反超；2025年12月31日数据显示，比亚迪以13 ...

Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. is making a second attempt to list on the Hong Kong Stock Exchange, having submitted an updated prospectus that includes financial data for the first half of 2025, showing revenue of 403 million yuan, a 20% year-on-year increase, but a net loss of 64 million yuan, which is a 16% increase in losses compared to the previous year [1][12]. Group 1: Company Background and Financials - Huada Beidou originated from the navigation chip design business of China Electronics Corporation (CEC) and has attracted significant investment from major industry players such as BYD and Bosch [1][12]. - The company reported net losses of 93 million yuan in 2022, 289 million yuan in 2023, 141 million yuan in 2024, and 64 million yuan in the first half of 2025, totaling a cumulative net loss of 588 million yuan over the past three and a half years [6][17]. - Research and development costs have exceeded 330 million yuan over the past three years, accounting for more than 14% of revenue, contributing to the company's financial losses [6][17]. Group 2: Market Position and Product Applications - Huada Beidou's GNSS chips hold over 60% of the Chinese shared bicycle market, covering major platforms like Meituan and Qingju [2][5][17]. - The company is the sixth largest GNSS space positioning service provider globally, with a market share of 4.8%, and ranks second among domestic companies [5][16]. - The company has begun applying GNSS chips to electric bicycles, which are expected to become a major revenue source in the coming years due to supportive government policies [6][14]. Group 3: Future Strategies and Market Trends - Huada Beidou is focusing on two key areas for future growth: smart driving and low-altitude economy, with the latter projected to have a compound annual growth rate of 34.5% from 2024 to 2029 [4][20]. - The company is in early discussions with leading drone manufacturers to explore potential applications of GNSS chips in consumer-grade drone products [20][21]. - Collaborations with major automotive companies like BYD and SAIC have been established to support smart driving functionalities through high-precision navigation solutions [21][22]. Group 4: Competitive Landscape and Challenges - The company faces significant competition in the smart driving and low-altitude economy sectors, with established players like Beidou Star and Huace Navigation already holding substantial market shares [10][22]. - To maintain product competitiveness, Huada Beidou has reduced the average selling price of its standard precision chips from 7.4 yuan to 4.8 yuan between 2022 and 2024, while increasing sales and marketing expenses by 27.7% [11][22]. - As of June 2025, the company's cash and cash equivalents were only 244 million yuan, below its projected R&D expenditures for 2024, indicating potential financial strain [23].

Core Viewpoint - The Beijing Stock Exchange (BSE) will review Shenzhen Peicheng Electronic Technology Co., Ltd. for listing on December 30, 2025, after the company shifted its listing plan from the Shanghai Stock Exchange due to industry cycle fluctuations and tightened regulations [1][3]. Financial Performance - Peicheng's revenue declined from 850 million yuan in 2022 to 733 million yuan in 2024, while net profit remained relatively stable, fluctuating between 92 million yuan and 93 million yuan during the same period [1][3]. - In the first three quarters of 2025, Peicheng experienced a significant turnaround, with revenue increasing by 76.49% year-on-year to 886 million yuan and net profit doubling to 129 million yuan [1][3]. Customer Dynamics - The sales proportion to BYD decreased from 10.62% in 2022 to 5.19% in 2024, and BYD's ranking among Peicheng's top five customers fell from first to fourth place [2][4]. - By the first half of 2025, BYD was no longer among Peicheng's top five customers [2][4]. Listing Conditions and Advantages - The BSE's listing standards, which require a minimum market value of 200 million yuan, net profits of at least 15 million yuan in the last two years, and an average return on equity of no less than 8%, align better with Peicheng's current scale [2][4]. - The average listing time on the BSE was 339 days in 2024, the shortest among major exchanges, providing Peicheng with a potential opportunity to capitalize on market conditions [2][5]. Future Outlook - As 2026 approaches, the ability of Peicheng, described as a "small giant" in the lithium battery sector, to convert its technological advantages into sustainable profitability will be a key factor for market evaluation [2][5].

一个简单的事实足以说明剧变的剧烈程度：2025年全年，比亚迪卖出了近226万辆纯电动车，而特斯拉 的交付量停留在164万辆。 这不是一次偶然的超车。特斯拉交付量连续两年下滑，同比减少8.6%；比亚迪却保持着近28%的高速增 长。更重要的是，比亚迪的超越发生在特斯拉曾经占据绝对优势的欧美市场。 文 | 财能圈 当特斯拉2025年四季度的交付量同比下滑16%时，全球电动车行业的一个时代正式落幕。曾经不可一世 的领跑者，被中国对手比亚迪从销量榜首的位置拉了下来。 从产品老化到政策红利消退，从品牌争议到战略转向，特斯拉正面临前所未有的复杂挑战。而比亚迪凭 借全产业链优势和精准的市场策略，正在改写全球电动车市场的游戏规则。 特斯拉踩下刹车， 神话光环褪色 特斯拉四季度的成绩单，让很多投资者感到寒意。41.8万辆的交付量，同比下滑16%，不仅远低于华尔 街的预期，也未能达到公司自己设定的目标。 全年164万辆的交付数据，意味着特斯拉连续第二年销量下滑。官方的解释集中在"全球工厂升级"和"资 源向高附加值业务倾斜"上。但市场看到的是更直接的现实：主力车型Model 3和Model Y已经老了，而 市场期待的新车型还没大规模 ...

Core Viewpoint - Tesla's global vehicle deliveries for 2025 are projected to be 1.636 million, representing an approximate 8.6% year-over-year decline, marking the first time that Tesla's annual electric vehicle sales have been surpassed by Chinese manufacturer BYD, which expects to deliver 2.26 million electric vehicles in the same year [2][4][14]. Group 1: Sales Performance - In the first 11 months of 2025, Tesla's vehicle registrations in China reached 531,900, down 7.37% from 574,200 in the same period last year, although China remains Tesla's largest single market [2][12]. - Tesla's production for 2025 is estimated at 1.655 million electric vehicles, with deliveries of 1.636 million, both lower than the previous year's figures of 1.773 million and 1.789 million respectively [5]. - In the fourth quarter of 2025, Tesla produced approximately 434,000 vehicles and delivered about 418,000, which is a year-over-year decline of around 16% compared to the same quarter in 2024 [5]. Group 2: Market Competition - BYD's electric vehicle sales are increasingly coming from markets outside of China, including Asia, Europe, and Latin America, contributing to its growth of 28% year-over-year [4]. - Analysts indicate that Tesla faces growing competition from various global automakers entering the electric vehicle market, with companies like BYD and Geely targeting both mid-range and high-end segments [14]. - The overall electric vehicle market in the U.S. is experiencing a slowdown, with a reported drop of over 40% in sales across all brands in 2025 [6][8]. Group 3: Executive Compensation - Tesla has established a compensation incentive plan for CEO Elon Musk, potentially worth up to $1 trillion, contingent on achieving ambitious targets such as delivering 20 million vehicles over the next decade [2][13]. - The plan includes performance metrics tied to Tesla's market capitalization and operational goals, with Musk's stock holdings potentially increasing significantly if the targets are met [13]. Group 4: Market Trends - In the European market, Tesla's new car registrations in November 2025 fell by 11.8% year-over-year, with a cumulative decline of 28% for the first 11 months [6][7]. - The market share for Tesla in the EU has decreased to 1.3%, while the overall market for electric vehicles in the EU has seen a growth of 44.1% in new registrations [7].

经济观察网据智通财经，2025年中国车市收官战报落地，A股及H股上市的六大车企——比亚迪 （002594）、上汽集团（600104）、吉利汽车、奇瑞汽车、长安汽车、长城汽车（601633）都先后披露 了2025年的销量表现。 销量第二的上汽集团(600104.SH)与比亚迪的差距仅10万辆。值得一提的是，上汽的年销量增速达到 12.3%，位居排行榜第二。 其中，比亚迪(002594.SZ；01211.HK)以460.24万辆的全年销量稳居榜首，同比增长7.73%。比亚迪纯电 动汽车销量达226万辆，首次超越特斯拉登顶全球纯电销冠。 ...