宝马增长之问：传统溢价之后，中国研发接棒？

Core Insights - BMW's performance in China for 2025 reflects a defensive strategy amid increasing competition from domestic high-end brands and changing consumer demands for smart electric vehicles [1][2][3] Group 1: Market Performance - BMW delivered over 625,000 BMW and MINI vehicles in China over the past year, maintaining its position as the largest single market globally [1] - The BMW 3 Series has been the best-selling model in its segment for 15 consecutive months, with high-end variants accounting for over half of its sales, indicating strong brand premium [2] - The BMW M brand saw a year-on-year sales increase of 27.9%, surpassing 10,000 units for the first time, while MINI's sales grew over 25% through the launch of over 10 special edition models [2] Group 2: Challenges and Strategic Adjustments - Despite solid performance, BMW anticipates a decline in deliveries in 2025 compared to 2024, reflecting structural challenges in the luxury car market where electric vehicle penetration exceeds 40% [2] - In response to market pressures, BMW adjusted prices for 31 models in early 2026, with some reductions exceeding 10% to 20%, aiming to balance market share and brand value [2][3] Group 3: Future Product Strategy - BMW plans to launch approximately 20 new products in China in 2026, with the long-wheelbase BMW iX3 being a key highlight, representing a significant step in their product strategy [3][4] - The iX3 will feature groundbreaking technologies, including the BMW iDrive system and advanced AI capabilities, aiming to redefine luxury driving experiences in the Chinese market [4] Group 4: Localization and Innovation - BMW is accelerating its localization strategy, with 70% of the new operating system's code for the iX3 developed in China, reflecting a shift from merely being a sales market to a key R&D hub [5] - The establishment of the largest R&D network outside Germany, with over 3,000 local engineers, underscores BMW's commitment to innovation in the Chinese market [5][6] - Collaborations with local tech companies like Momenta, Huawei, and Alibaba aim to enhance smart driving systems and in-car experiences, while battery supply partnerships with CATL and EVE Energy highlight the focus on local sourcing [5][6]