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当地时间1月28日，特斯拉对外发布2025年第四季度以及2025年全年财报。财报显示，第四季度，特斯拉营收为249.0亿美元，同比下滑3.1%；经营利润为 14.1亿美元，同比下滑11%；自由现金流14.2亿美元，同比下滑30%。2025年全年，特斯拉总营收为948亿美元，较同期的977亿美元下滑3%，为特斯拉有 史以来首次出现年度营收下滑的情况。此外，财报显示，2025年特斯拉营运现金流为147亿美元；自由现金流为62亿美元；现金和投资增加了75亿美元至 441亿美元。 2025年全年特斯拉营收出现下滑的原因之一是新车交付量减少。官方数据显示，2025年全年，特斯拉全球累计交付163.61万辆新车，较2024年的178.9万辆 下滑幅度达8.6%，低于市场预期的165万辆。这也是继2024年同比下滑1%至178.9万辆之后，特斯拉连续第二年销量出现下滑。 对于此次马斯克决定停产Model S和Model X两款车型，马斯克表示，2026年资本支出将"非常大"。Model S和Model X两款车型停产后，加州弗里蒙特工 厂的Model S和Model X生产线将替换为Optimus生产线，并实现年产百万台机 ...

马斯克表示，特斯拉最早推出的两款高端车型将在下一季度结束生产，获得"光荣退役"。此举意在腾出加州弗里蒙特工厂的产能，转而用于建立一条年产能达 100万台的人形机器人Optimus生产线。 马斯克直言，公司正在迈向一个"基于自动驾驶的未来"，并强调现在是预订这两款绝版车型的最后时机。 除了产品线的重大调整，特斯拉进一步深化了与马斯克旗下另一家公司xAI的绑定。除了确认20亿美元的投资外，双方还达成了一项"框架协议"，旨在探索更深 层次的合作。特斯拉表示，这一合作将有助于提升其自动驾驶技术、车载娱乐体验以及制造机器人的研发能力。 与此同时，公司披露2026年将是"巨大的投资年"，资本支出（Capex）预计将超过200亿美元，主要用于算力基础设施、电池供应链及AI芯片的建设。 特斯拉正在加速剥离传统汽车制造商的身份，全力押注自动驾驶与人形机器人业务。 特斯拉周三盘后公布的第四季度财报电话会议透露出激进的战略转型信号，马斯克宣布将 永久停产旗舰车型Model S和Model X ，并确认了向人工智能（AI） 公司xAI投资20亿美元的计划。 数据显示，去年这两款车型仅占特斯拉159万辆总交付量的3%。马斯克表示，尽管 ...

2018 年 7 月 18 日，美 国加利福尼亚州弗里蒙特市的特斯拉工厂内，工人在生产线作业，一旁摆放着 Model X 和 Model S 车 型。 特斯拉首席执行官埃隆・马斯克曾将这家新兴电动汽车制造商打造成颠覆行业的巨头，如今却宣布停产 助力其登顶的两款车型。眼下，特斯拉正遭遇又一个季度的利润与汽车销量双下滑，马斯克在周三的财 报电话会议上宣布，停产旗下定价最高的 Model S 和 Model X 两款车型，腾出工厂产能转产人形机器 人。 马斯克甚至暗示，作为推动电动汽车进入全球大众市场的先行者，特斯拉未来或将不再把电动车销售作 为核心业务。 他预测，旗下双座无人驾驶 "机器人出租车" Cybercab（网络出租车）最终的销量，将是特斯拉其他所 有车型销量总和的 "数倍之多"。 然而，特斯拉的机器人出租车服务尚未实现大规模落地，车辆仍需配备员工担任 "安全监督员"；与此 同时，其他车企已在更多城市推出真正的无人驾驶出行服务。目前，特斯拉仍依赖电动车业务的营收， 为其雄心勃勃的自动驾驶和人工智能研发计划提供资金，而该业务的销量与利润却在持续下滑。 特斯拉周三公布，2025 年第四季度调整后收益同比下降 ...

尽管特斯拉近期在汽车销量上遭遇困境，但摩根士丹利表示，保险领域的一项最新举措为特斯拉股票的 真正牛市释放了积极信号，而这一信号的核心正是自动驾驶技术。 在线保险公司Lemonade近期宣布，将推出自动驾驶汽车专属保险产品。特斯拉车主在车辆开启自动驾 驶软件并由系统接管操控时，可享受该保险50%的保费折扣。 摩根士丹利分析师将此举称为特斯拉乃至整个自动驾驶汽车市场的"关键突破"，标志着保险公司终于开 始对自动驾驶技术建立信心。 此前，自动驾驶技术普及的一大重要障碍，便是保险公司的观望态度。由于事故责任划分和风险评估存 在高度不确定性，众多保险公司一直拒绝为搭载自动驾驶功能的车辆承保。 他在报告中写道："Lemonade的这一宣布，预示着未来保险行业将成为衡量自动驾驶技术发展进度最直 观的市场验证指标之一。" 特斯拉电动汽车销量已连续两年下滑，埃隆・马斯克正将发展重心大幅向自动驾驶技术倾斜，而这一技 术也被投资者视为特斯拉股票获得高估值的核心原因。此次自动驾驶保险的落地，或将加速该技术的商 业化普及。 摩根士丹利指出："随着保险公司将愈发详尽的行驶数据纳入保费定价体系，那些经证实能有效降低行 车风险的技术，理应得 ...

Group 1: Tesla and Automaker Insights - Tesla announced its first annual sales decline, with fourth quarter sales down 3% year-over-year and the auto segment down 11% [7] - Despite the sales decline, Tesla's fourth quarter earnings exceeded Wall Street expectations, leading to a rise in shares [2] - The company is pivoting towards humanoid robots, with long-term projections suggesting a significant impact on US GDP [2] Group 2: Economic Outlook and Federal Reserve - The Federal Reserve decided to keep interest rates on hold, breaking a streak of three consecutive rate cuts, and indicated rates will remain steady until further data suggests otherwise [5][6] - The Fed raised its assessment of economic growth, noting signs of stabilization in the unemployment rate [5] - CFO of Deutsche Bank expressed confidence that US economic strength will support global economic growth, with sustainable growth rates projected at around 3.5% [3] Group 3: SAP and Cloud Business - SAP met its fourth quarter sales forecasts and anticipates revenue growth in its cloud business of up to 25% in the upcoming year [4] Group 4: Meta and Microsoft Earnings - Meta's shares surged after reporting fourth quarter earnings that surpassed expectations, driven by holiday demand and AI performance gains [8] - Microsoft experienced a sharp decline in shares despite beating earnings expectations, attributed to slower cloud growth and record spending [8] Group 5: Whiz Air Performance - Whiz Air reported third quarter revenue of 1.296 billion, exceeding IBIS estimates of 1.236 billion [9] - The airline expects full-year capacity growth of around 10% and net income projected between -25 million to +25 million for 2026 [10] - CEO highlighted ongoing supply chain challenges and geopolitical issues affecting operations, particularly in the context of the war in Ukraine [12][14] Group 6: RO's Financial Performance - RO reported a core full-year operating profit of 21.8 billion Swiss Francs, slightly below analyst expectations, with a 7% sales growth and 13% operating profit growth [33][34] - The company is optimistic about its pipeline, with plans to launch up to 19 new medicines by the end of the decade [36][39] - Concerns about loss of exclusivity for blockbuster drugs in 2029-2030 were addressed, with management confident in offsetting this through new product launches [38][39] Group 7: Jivodan's Market Position - Jivodan reported a 5.1% growth for the year, maintaining high levels of profitability despite higher input costs and margin compression [58][60] - The company is experiencing strong growth in fine fragrances, particularly in local and regional brands, which are less affected by market fluctuations [64][72] - Jivodan's diversified business model and natural hedges against market volatility position it well for future growth [71]

Group 1 - Tesla's stock jumped 2.5% to $442.3 in pre-market trading [1] - The company's Q4 revenue saw a significant decline compared to Q3, attributed to a second consecutive year of declining electric vehicle deliveries, impacting revenue and automotive gross margins [1] - Despite the revenue drop, Tesla's EPS exceeded expectations, and its energy and services business continued to grow [1] Group 2 - Tesla announced the removal of human safety supervisors from some Robotaxi service vehicles in Austin, Texas, marking a step towards true autonomous driving [1] - The production plan for the Robotaxi-specific product Cybercab is on track for this year [1] - Tesla has reached an investment agreement of approximately $2 billion with xAI, shifting market narrative towards the long-term premium potential of "AI + robotics" [1]

Core Viewpoint - The article discusses the transformative impact of technology, particularly AI and robotics, on society and how companies must adapt their communication strategies to engage with the public effectively [8][9][10]. Group 1: Technological Advancements - The emergence of AI models and robotics has created a new era where technology is more accessible and integrated into daily life, exemplified by products like "豆包" and "宇树" [3][6]. - The rapid development of AI and robotics is likened to historical technological revolutions, suggesting that we are currently experiencing a significant shift in human history [8][9]. Group 2: Importance of Communication - Companies must not only focus on technological advancements but also on effective communication with the public to enhance their brand presence and user engagement [10][11]. - The article emphasizes the need for technology companies to identify their target audience and choose appropriate platforms, such as Douyin, to reach them effectively [10][11]. Group 3: Douyin's Role in Technology Promotion - Douyin has become a primary platform for technology companies to engage with users, with significant user interaction and content creation related to technology [26][27]. - The collaboration between tech companies and Douyin creators allows for innovative content that resonates with the audience, enhancing the visibility and understanding of complex technologies [16][17]. Group 4: User Engagement and Feedback - Engaging with users on platforms like Douyin not only helps in promoting products but also provides valuable feedback that can inform product development and improvement [27][28]. - The article highlights the importance of user-generated content and community interaction in shaping the perception and success of technology products [27][28].

市场消息：特斯拉正在加速从电动汽车领域向机器人领域的转型。 ...

在交出一份并不积极的财报后，特斯拉却迎来了资本市场的正向回应。 北京时间1月29日，特斯拉发布2025年第四季度及全年财报。财报显示，2025年特斯拉全年营收为948.27亿美元，同比 下滑3%，这是特斯拉有记录以来首次年度营收下滑；归属于普通股股东的净利润为37.94亿美元，同比下降46%，其 中第四季度净利润仅为8.4亿美元，同比大幅下滑61%。无论是营收还是利润，均创下近年来最大幅度的下行。 这些下滑并不让人意外，多重因素下，特斯拉交付量下降的问题已经存在不短时间，汽车业务持续承压，外界早已有 心理准备。甚至特斯拉第四季度的总体毛利率、能源业务收入等指标还强于市场预期。 意料之外的是，在营收和利润双双下跌的情况下，公布财报后特斯拉股价跳涨，盘后涨幅曾超过4%。瑞穗证券分析师 Vijay Rakesh维持特斯拉买入评级，并将目标价从530美元上调至540美元。 2025年，特斯拉全年汽车交付量约163.6万辆，同比下降8.6%；第四季度交付量约41.8万辆，同比下滑16%。汽车业务 全年收入约695亿美元，同比下降约10%，在总营收中的占比继续下降。 特斯拉在财报中将汽车业务承压归因于多方面因素，包括交付 ...