本田在财报中明确指出，电动汽车业务的资产减值是利润下滑的核心原因之一。2025年4-12月，公司电动汽车业务累计计提资产减值及费用2671亿日 元，这对公司现金流和盈利水平形成明显挤压。分板块来看，上述报告期内，本田的两轮车板块营业利润5465亿日元，而受电动汽车业务减值及关税影响， 汽车板块录得1664亿日元的营业亏损。 众所周知，在日系车企中，本田可谓是电动化转型最激进的一家。回首2021年4月，刚刚就任本田社长的三部敏宏提出了一项野心勃勃的计划，即到 2040年完全停止销售新的内燃机汽车，使得纯电动车和燃料电池车的销量占比达到100%。本田由此成为日本首家公开表态"禁燃"的车企。 电动汽车成为拖累 本次发布的财报清晰展现了本田近9个月的经营困境。数据显示，2025年4-12月，本田营收近16万亿日元，同比下降2.2%；营业利润5915亿日元，同比 下滑48.1%；归母净利润4654亿日元，同比下滑42.2%，盈利能力显著弱化。 | | | 第3四半期累計(9カ月間) | | | | --- | --- | --- | --- | --- | | (億円) | 2025年3月期実績 | 2026年3月期実 ...

Core Insights - The global automotive sales rankings for 2025 have been released, showing significant changes in positions among the top manufacturers, although no new entrants have appeared in the top 10 [1][2][3] Group 1: Toyota Motor Corporation - Toyota has retained its position as the global sales champion for the sixth consecutive year, achieving a 4.6% year-on-year growth in group sales [4] - In 2025, Toyota's global sales reached approximately 10.54 million vehicles, with North America contributing about 2.93 million vehicles (up 7.3% year-on-year) and China contributing around 1.78 million vehicles (up 0.2%) [6][7] - Despite challenges from U.S. tariffs and the rise of new energy vehicles in China, Toyota has shown resilience, although its electric vehicle sales remain low at only 1.9% of total sales [8][11] Group 2: Volkswagen Group - Volkswagen remains the second-largest automaker globally, with a slight decline of 0.5% in total sales to 8.98 million vehicles in 2025 [12][13] - The European market saw a 4.5% increase in sales, while the Chinese market experienced an 8% decline [13] - Volkswagen's electric vehicle sales grew significantly, with 983,100 units sold (up 32% year-on-year), increasing its share to 10.9% of total sales [15][16] Group 3: Hyundai Motor Group - Hyundai maintained its third position globally with a slight increase of 0.6% in sales, totaling 7.27 million vehicles [23] - The U.S. market is crucial for Hyundai, contributing 40% of its revenue, and the company plans to expand its production of hybrid models in the U.S. [27][29] - Hyundai aims for a sales target of 7.51 million vehicles in 2026, with more electric models planned [30] Group 4: Stellantis - Stellantis ranked fourth with stable sales of 5.42 million vehicles, but faced significant financial losses due to its electric vehicle transition [31][33] - The company is attempting to adjust its strategy, including partnerships with other manufacturers [35] Group 5: BYD - BYD's sales increased to 4.6 million vehicles in 2025, with overseas sales surpassing 1 million units (up 145% year-on-year) [37][38] - The company is seen as a strong contender in the global market, although it still has a long way to go to catch up with established giants like Toyota and Volkswagen [42][43] Group 6: General Motors - General Motors sold 4.51 million vehicles in 2025, with North America being its largest market, contributing 2.85 million vehicles [46][49] - The company is under pressure from its electric vehicle transition and reported significant financial losses [49][50] Group 7: Ford - Ford's sales reached 4.4 million vehicles, with strong performance in the U.S. market, where it sold over 2.2 million vehicles [51][54] - The company plans to launch multiple electric models to enhance its competitive edge [56] Group 8: Geely Holding Group - Geely moved up to the eighth position globally with a sales increase of 26% to over 4 million vehicles [58][60] - The group includes various brands and has a significant share of electric vehicle sales, indicating strong growth potential [66][67] Group 9: Honda - Honda's sales declined to 3.52 million vehicles, continuing a downward trend from the previous year [68][70] - The company faces challenges in the Chinese market, which has significantly impacted its overall performance [71][72] Group 10: Nissan - Nissan's sales fell to 3.1 million vehicles, with a notable decline in the Chinese market [73][75] - The company is focusing on the Americas for growth, as it navigates the challenges of the electric vehicle transition [75] Conclusion - The gap between the top four automakers and the rest is widening, indicating stronger competitive advantages for leading companies [76] - The automotive landscape is evolving, with potential shifts in rankings as newer players like BYD and Geely continue to grow [78][80]

Group 1 - The overall performance of Japan's automotive industry has significantly weakened, with combined operating profit of seven major manufacturers declining by approximately 28% to 4.3 trillion yen (about 215 billion RMB) due to increased U.S. tariffs, electric vehicle investment impairments, and weakened global demand [1] - The U.S. tariffs alone have caused a negative impact of about 2.1 trillion yen (approximately 105 billion RMB), leading to a nearly 30% drop in operating profit [1] - Despite efforts by companies like Toyota to reduce costs, the burden of tariffs continues to exert heavy pressure on their performance [1] Group 2 - Nissan has projected a net loss of approximately 650 billion yen (about 32.5 billion RMB) for the fiscal year ending March 2026, marking its second consecutive year of losses [3] - For the period from April to December 2025, Nissan's sales are expected to be around 8.58 trillion yen (approximately 429 billion RMB) with a net loss of about 250 billion yen (around 12.5 billion RMB), alongside a global workforce reduction of about 20,000 employees and the closure of seven factories [3] Group 3 - Mazda reported an operating loss of approximately 231 billion yen (about 11.6 billion RMB), with tariff impacts accounting for about 119.2 billion yen (approximately 5.96 billion RMB) [5] - Honda's sales revenue for the period from April to December 2025 is projected to be 15.98 trillion yen (approximately 799 billion RMB), a year-on-year decline of 2%, with a net profit of 465.4 billion yen (about 23.3 billion RMB), down 42% [5] - Honda's four-wheeled vehicle business has reported an operating loss of 166.4 billion yen (approximately 8.3 billion RMB), marking its first loss in 14 years [5] Group 4 - Toyota has raised its full-year operating profit forecast to 4.9 trillion yen (approximately 245 billion RMB) while simultaneously lowering its annual sales target to 9.45 million vehicles [5][7] - The company has recently announced a change in its top management, promoting its CFO to CEO, emphasizing a business strategy focused on financial efficiency and capital returns [7] - The reliance on the U.S. market as a major profit source poses challenges for Japanese automakers, especially amid high interest rates, tariff fluctuations, and declining electric vehicle demand [7]

经济观察网本田汽车(HMC.US)股价于2026年2月12日下跌3.32%至31.33美元，主要受其第三财季利润暴 跌、汽车业务持续亏损、战略调整及外部市场环境等因素影响。 以上内容基于公开资料整理，不构成投资建议。 2026财年第三财季营业利润为1534亿日元，同比暴跌61.4%，连续第四个季度下滑，且低于分析师平均 预期。汽车业务营业利润转为亏损1664亿日元，连续三个季度亏损，成为拖累整体业绩的主因。 业务与技术发展 因车型阵容调整，本田计提电动汽车开发资产减值2671亿日元，直接导致汽车业务由盈转亏。公司宣布 将结束与通用汽车的电动汽车合作，并将资源转向混合动力车型，计划到2030年推出13款新混动车型。 行业政策与环境 2025自然年本田在华销量仅64.7万辆，同比下降24.28%，连续第五年下滑，亚洲地区销量下降被财报明 确列为业绩压力来源。 市场环境 业绩经营情况 当日美股汽车制造板块下跌2.47%，大盘指数纳斯达克下跌1.74%，市场避险情绪升温也对股价形成拖 累。 2026财年前三财季，美国关税对本田的负面影响达2898亿日元，尽管税率从27.5%下调至15%，但仍显 著高于原2.5%的基准 ...

Key Takeaways Honda Q3 EPS of 76 cents beat estimates, but revenues fell to $34.7B from $36.3B a year ago.Honda's Automobile segment revenues fell 8.8% and posted a 93.4 billion yen operating loss.HMC sees FY26 operating profit at 550 billion yen, down 54.7%, with auto sales projected to drop 7%.Honda (HMC) reported earnings of 76 cents per share for the third quarter of fiscal 2026, topping the Zacks Consensus Estimate by 90.2%. The bottom line, however, fell from the year-ago quarter’s earnings of $1.31 p ...

近期事件 SHM的直销模式在美国加州面临法律诉讼。加州新车经销商协会(CNCDA)提起诉讼，指控SHM通过网 站直接收取订金的行为违反加州特许经营法。截至2026年1月，Afeela1仍可正常预订，但诉讼进展可能 影响其销售策略。 经济观察网索尼与本田的合资公司索尼本田移动出行(SHM)宣布，其首款电动车Afeela1计划于2026年底 开始在美国向客户交付，起售价为8.99万美元。此外，SHM展示了一款SUV概念车，预计最早于2028年 在美国投产。交付将分阶段进行，2027年销售范围将扩展至亚利桑那州，并计划于2027年初向日本客户 交付。 行业政策与环境 全球高端电动车市场需求降温，特斯拉等品牌降价清库存，中国品牌技术竞争加剧，Afeela1面临严峻 市场环境。索尼将汽车视为"下一个万亿级计算平台"，以整合其传感器、娱乐等技术优势，但跨界造车 面临消费电子与汽车工业的融合挑战。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 索尼集团2025年第三财季财报显示，公司营业收入为3.71万亿日元，营业利润同比增长22%至5150亿日 元，净利润达3773亿日元。影像及传感解决方案业务成为亮点，销售 ...

Market Overview - Asian stocks ended mixed, with a stronger-than-expected U.S. jobs report boosting optimism but dampening hopes for Federal Reserve rate cuts in the near term [1] - Precious metals, including gold, saw a decline, with gold falling by 0.5% to trade below $5,060 an ounce due to a strengthening U.S. dollar [1] - Oil prices experienced slight increases amid ongoing tensions between the United States and Iran [1] Regional Indices - China's Shanghai Composite index rose marginally to 4,134.02, influenced by reports of a potential extension of the U.S.-China trade truce [2] - Hong Kong's Hang Seng index fell by 0.86% to 27,032.54, negatively impacted by stock performance [2] - Japan's Nikkei average finished slightly lower at 57,639.84 after a volatile session, while the broader Topix index increased by 0.70% to 3,882.16 [3] - Seoul's Kospi index closed 3.13% higher at 5,522.27, driven by significant gains in technology shares, particularly Samsung Electronics, which surged by 6.4% [5] - Australia's S&P/ASX 200 rose by 0.32% to 9,043.50, supported by strong earnings from ANZ Group, which saw an 8.5% increase in its shares [5] - New Zealand's S&P/NZX-50 index edged up by 0.18% to 13,531.48, with Skellerup Holdings gaining 1.8% after reporting record half-year earnings [6] Company Performance - Shiseido's shares soared nearly 16% following fourth-quarter earnings and a full-year forecast that exceeded analyst expectations [4] - Honda Motor's stock fell by 3.5% after reporting a significant decline in third-quarter operating profit [4] - SoftBank Group's shares increased by 2.4% prior to announcing its financial results [4]

Core Viewpoint - Honda, Japan's second-largest automaker, is facing significant financial challenges, with a 61.4% year-on-year drop in operating profit for the third fiscal quarter, marking the fourth consecutive quarter of decline and falling short of market expectations [1][4]. Financial Performance - For the third fiscal quarter, Honda reported an operating profit of 153.4 billion yen (approximately 987.07 million USD), down from 397.3 billion yen in the same period last year [4]. - Over the first nine months of the fiscal year ending December 31, 2025, Honda's total revenue was 15.98 trillion yen, a decrease of 2.2%, while operating profit plummeted by 48% to 591.5 billion yen [5][6]. - The net profit attributable to shareholders for the first nine months was 465.4 billion yen (about 3 billion USD), down over 42% from 805.2 billion yen in the previous year [5]. Business Segments - The motorcycle business remains a strong performer for Honda, with sales of 16.44 million units and operating profit of 546.5 billion yen, achieving a record operating margin of 18.6% [6][7]. - In contrast, the automobile business has seen a significant decline, with sales of 2.56 million units, a 9.1% year-on-year drop, and an operating loss of 166.4 billion yen [8][9]. Market Challenges - Honda's declining performance in the automotive sector is partly attributed to reduced sales in Asia, particularly in China, which has been a significant market for the company [9][11]. - The impact of U.S. tariffs on Japanese imports has been substantial, with Honda estimating a negative impact of 289.8 billion yen due to increased tariffs [14]. Strategic Adjustments - Honda plans to significantly adjust its electric vehicle strategy, focusing more on hybrid models and reducing its electric vehicle investment from 10 trillion yen to 7 trillion yen [18][20]. - The company aims to launch 13 next-generation hybrid models between 2027 and 2030, with a target to increase hybrid sales to 2.2 million units [20].

Group 1 - Xiaomi's legal department supports a car owner's rights after a road rage incident involving a Tesla driver, emphasizing the importance of protecting brand reputation and user rights [5][6][7] - ByteDance plans to produce 100,000 self-developed AI chips this year, with ambitions to increase production to 350,000, and is negotiating with Samsung for manufacturing [10][11] - Meizu's mobile phone business is reportedly facing dissolution, with indications of project halts and employee layoffs, although no large-scale layoffs have been confirmed yet [12][13] - Alibaba is increasing investments in Taobao's flash sales, with a focus on instant retail and a commitment to not worry about losses for the next three years [13][14] - TSMC reported a net profit of approximately 378.2 billion yuan for 2025, with plans for a capital budget of about 44.9 billion USD to expand production capacity [15][16] - Domestic AI models are rapidly evolving, with new releases from DeepSeek and Zhiyuan, indicating a competitive landscape in AI development [18][19] Group 2 - xAI, founded by Elon Musk, is experiencing significant personnel changes, with two co-founders leaving within 48 hours, raising concerns about the company's stability [40][41][42] - Amazon has received approval to deploy 4,500 satellites as part of its plan to compete with SpaceX, aiming to provide satellite internet services [42][43][44] - New regulations in the U.S. require that electric vehicle charging stations funded by federal money be 100% manufactured in the U.S., which may hinder the development of the charging network [45][46] - OpenAI is collaborating with Samsung and SK Hynix to establish data centers in South Korea, reflecting the growing demand for AI infrastructure [47] - BYD has surpassed Ford in global sales, achieving 4.6 million units sold, marking a significant milestone in the automotive industry [48]

Core Insights - Honda Motor Company reported a 2.2% decline in global revenues to JPY 15,975.6 billion (US$104.4 billion) for the first three quarters of FY26, with significant drops in operating profit and net profit attributed to US import tariffs and costs related to its US battery electric vehicle (BEV) program [1][5] Financial Performance - Operating profit fell by 48% to JPY 591.5 billion (US$3.9 billion) and net profit decreased by 42% to JPY 465.4 billion (US$304.2 billion) [1] - Global vehicle sales decreased by 9.1% to 2.561 million units, with North America sales down 4.7% to 1.211 million units, Asia (excluding Japan) down 18.2% to 739,000 units, and Japan down 6.3% to 439,000 units [2] - Revenues from vehicle sales dropped by 4.3% to JPY 10,435 billion, and the automotive division reported an operating loss of JPY 166.4 billion compared to an operating profit of JPY 402.6 billion previously [2] Other Business Segments - Global motorcycle sales increased by 6% to 16.44 million units, while power products sales slightly declined to 2.5 million units [3] - The combined operating profit from motorcycles and financial services was JPY 758 billion, which offset the losses from the automotive division [3] Future Outlook - Honda maintained its global revenue forecast for the full fiscal year at JPY 21.1 trillion, a 2.7% decline from the previous year, but reduced its operating profit forecast to JPY 550 billion from JPY 700 billion [4] - The company kept its global vehicle sales forecast unchanged at 3.34 million units [4] - Honda plans to focus on enhancing the profitability of its internal combustion engine (ICE) and hybrid vehicle operations while reducing losses from its US battery BEV operations [5]