在行业转型的时代漩涡中，宝马如何构建体系韧性

Core Insights - The Chinese automotive industry is entering a phase of extreme uncertainty, with market adjustments affecting all categories and price ranges, leading to a deep reshuffle among companies by 2025 [1] - The overall retail sales of passenger vehicles in China are projected to reach 23.744 million units in 2025, reflecting a modest year-on-year increase of only 3.8% [1] - The penetration rate of new energy vehicles has surpassed 50%, reaching 53.9%, indicating a shift in market dynamics [1] Industry Overview - The automotive sector is facing significant challenges, including continuous profit pressure and a market that has seen a decline in sales for three consecutive months since October of the previous year, with December experiencing a 14% drop [1] - Companies are urged to focus on maintaining value and successfully transforming rather than merely pursuing sales growth in this uncertain environment [1] BMW's Performance - In 2025, BMW Group delivered approximately 2.464 million vehicles globally, achieving positive growth, with China remaining its largest single market, delivering over 625,000 BMW and MINI vehicles [2] - BMW's core models, such as the 3 Series and 5 Series, have shown strong stability, with the 3 Series family leading its segment for 15 consecutive months and high-spec models accounting for over 50% of its sales [2] Brand Strategy - BMW's M brand saw a year-on-year sales increase of 27.9% in China, with annual sales surpassing 10,000 units, while the MINI brand also experienced over 25% growth [3] - The company emphasizes the importance of brand identity and consumer engagement, launching differentiated and personalized models to meet diverse consumer needs [3] Operational Focus - BMW prioritizes system health over short-term sales, avoiding the "price for volume" approach that can damage brand value and dealer profitability [4][5] - The company invests in enhancing dealer health and supporting local supply chain upgrades, particularly in battery and digital software sectors, to promote sustainable development [5] New Generation Models - BMW is transitioning towards electric and intelligent vehicles, with the "New Generation" models representing its largest investment to date, integrating mechanical quality with digital demands [6] - The first domestic new generation model, the long-wheelbase version of the iX3, is set to debut in the first half of the year, featuring significant advancements in electronic architecture and smart driving capabilities [6] Local Adaptation - BMW's development team in China is deeply involved in the new generation model's design, ensuring it meets local consumer preferences [7] - The company has established the largest R&D network outside Germany in China, enhancing its ability to respond to local market demands [7][8] Future Outlook - By 2026, BMW plans to introduce around 20 new products for Chinese consumers, including new generation models and personalized options, showcasing its commitment to the market [8] - BMW's performance in 2025 serves as a valuable case study for the automotive industry, demonstrating the importance of strategic focus and resilience in a rapidly changing environment [9]