丰田2025：进攻，是最好的防守

Core Viewpoint - Toyota's overall profit is expected to decline by 30% in the 2026 fiscal year due to the impact of Trump's tariffs and the appreciation of the yen, as indicated in their financial report for the 2025 fiscal year [1][4]. Financial Performance - For the fiscal year ending March 2025, Toyota reported total revenue of 48.03 trillion yen (approximately 2.41 trillion RMB), a year-on-year increase of 6.5% [4]. - Operating profit for the same period was 4.79 trillion yen (approximately 240.5 billion RMB), reflecting a decline of 10.4% [4]. - The company anticipates a 34.9% decrease in operating profit for the 2026 fiscal year, aligning closely with industry expectations of a 30% drop [4]. Market Impact - In April and May of this year, Toyota's operating loss in the U.S. expanded from 28 billion yen (approximately 1.4 billion RMB) in the previous year to 180 billion yen (approximately 9.03 billion RMB) [5]. - A 1 yen appreciation of the yen is estimated to reduce Toyota's annual operating profit by approximately 50 billion yen (around 2.51 billion RMB) [5]. - The company plans to reconsider its global sales strategy for electric vehicles, initially targeting 1.5 million units annually by 2026 [5]. Strategic Adjustments - Toyota announced an additional investment of 88 million USD (approximately 636 million RMB) in its West Virginia plant to mitigate the impact of tariffs [5]. - The company maintains a strong commitment to domestic production, with over 60% of its profits coming from Japan, amounting to 3.1 trillion yen [9]. - In the fiscal year 2025, Toyota produced 3.23 million vehicles in Japan, exporting 1.94 million, with 540,000 units (28% of total production) sent to the U.S. [10]. R&D and Investment Focus - Toyota's group companies plan to increase R&D and capital investments by 6% in the 2025 fiscal year, totaling 1.22 trillion yen (approximately 61.4 billion RMB) [12]. - Denso, Toyota's largest parts supplier, plans to focus on smart technology with a projected R&D budget of 660 billion yen (approximately 33.2 billion RMB), a 7% increase from the previous year [13]. - Aisin Seiki aims for a 25% increase in capital expenditure, reaching 280 billion yen (approximately 14.1 billion RMB), with a focus on hybrid technology [17]. Competitive Landscape - Toyota's hydrogen energy business faces competition from China, which is advancing rapidly in hydrogen technology and infrastructure [21]. - The company has invested heavily in hydrogen technology and aims to avoid the pitfalls experienced in the electric vehicle sector [21].