以下文章来源于斑马消费 ，作者范建 斑马消费 . 寻找泛消费领域的斑马企业 文 ｜ 范建 来源｜ 斑马消费（ID：banmaxiaofei） 封面来源 ｜ IC Photo 敢相信吗？只需要一台国产高端新能源汽车的价钱，你就可以拥有一台玛莎拉蒂了。 近期，全国多地玛莎拉蒂经销商发促销海报， 官方指导价89.88万元的玛莎拉蒂Grecale Folgore，现在只要35.88万元起。 面对中国汽车市场激烈的竞争，玛莎拉蒂销量节节败退，不得不"打骨折"自降身价，以换得喘息的机会。 需要搏命的何止玛莎拉蒂。其身后的母公司Stellantis集团，近两年业绩持续大降，今年上半年已陷入巨亏。 或许，Stellantis集团已到了不得不对旗下14个品牌，进行重新考虑的时候了。 微商炫富神车，大降价。 "骨折式"降价 超豪华品牌汽车，与普通人之间的距离越来越近了。 上周末，一则消息在国内汽车圈快速引爆。官方指导价89.88万元的玛莎拉蒂Grecale Folgore，被玛莎拉蒂全国多地经销商打到了35.88万元。 Grecale Folgore是玛莎拉蒂的首款纯电SUV，也是其畅销车型Grecale"格雷嘉"的纯电版，是一 ...

以下文章来源于斑马消费 ，作者范建 斑马消费 . 寻找泛消费领域的斑马企业 来源丨 斑马消费（ID:banmaxiaofei） 作者丨范建 图源丨Midjourney 敢相信吗？只需要一台国产高端新能源汽车的价钱，你就可以拥有一台玛莎拉蒂了。 近期，全国多地玛莎拉蒂经销商发促销海报，官方指导价 89.88 万元的玛莎拉蒂 Grecale Folgore ，现在只要 35.88 万元起。 面对中国汽车市场激烈的竞争，玛莎拉蒂销量节节败退，不得不"打骨折"自降身价，以换得喘息的机 会。 需要搏命的何止玛莎拉蒂。其身后的母公司 Stellantis 集团，近两年业绩持续大降，今年上半年已陷 入巨亏。 或许， Stellantis 集团已到了不得不对旗下 14 个品牌，进行重新考虑的时候了。 经销商在促销海报 35.88 万元的价格后，都有一个小小的"起"字。销售顾问表示，这个价格只是裸 车价，还需要加一些选配的费用，最终落地价约在 40 万元。 据一家 4S 店的销售顾问介绍，这批特价车型该店共有七八十台，近期市场热度非常高，已经卖出去 了将近一半，不仅是本地客户，也有很多外地客户前来订购。 玛莎拉蒂是普通人穷其一 ...

Core Viewpoint - Hunan Keli Yuan New Energy Co., Ltd. has signed a strategic cooperation agreement with Indonesian company PTBATTERY BANK INDONESIA to promote electric mobility and green energy transition in Indonesia through battery swapping services [1] Group 1: Strategic Cooperation - The cooperation will cover small power battery production and export, as well as battery swapping operations, establishing a complete small power battery industry chain in Southeast Asia [1] - The partnership plans to incorporate blockchain technology for digital management of battery assets in the Indonesian market [1] Group 2: Market Potential - Indonesia has over 130 million fuel motorcycles, making it a significant market for electric two-wheelers due to the government's "oil-to-electric" policy aiming to convert 1.8 million fuel motorcycles to electric by 2025 [1] - The government plans to stop selling fuel two-wheelers entirely by 2040, highlighting Indonesia's potential as a blue ocean market for small power batteries [1] Group 3: Challenges and Solutions - The current electric power limitations (around 1000 watts) and traditional slow charging methods hinder the adoption of electric motorcycles, creating a gap between energy supply and daily travel needs [2] - The company aims to address this by reducing the battery replacement time to 3 minutes, significantly lowering daily energy costs for riders by approximately 40% compared to fuel vehicles [2] Group 4: Economic and Social Impact - The collaboration is expected to generate positive economic and social benefits, serving as a model for sustainable business practices in the industry [2] - The initiative may provide a reference for other developing countries exploring similar energy transition policies [2]

Core Viewpoint - In 2024, electric retrofitted trucks will be included in Japan's electrification subsidy program, covering two-thirds of the conversion costs, providing a significant cost advantage for electric retrofitted trucks [1] Group 1: Market Opportunity - Japan has over 3 million existing light and medium-heavy trucks, representing a market space exceeding 1 trillion yuan for oil-to-electric conversion business [1] - The company is actively positioning itself in this blue ocean market [1] Group 2: Business Model - The company develops oil-to-electric technology solutions for clients and exports corresponding three-electricity kits to Japan, where partners will retrofit existing models for end customers [1] - The company delivered the first batch of 103 light truck oil-to-electric conversion kits in April this year [1] Group 3: Future Plans - Based on the success with light trucks, the company has received new orders for heavy truck oil-to-electric conversions, with an order value of approximately 337 million yuan [1] - The company will focus on expanding its oil-to-electric business in Japan and exploring similar business models in other regional markets to drive revenue growth [1]

Financial Performance - In H1 2025, the company achieved revenue of 4.336 billion yuan, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.052 billion yuan, up 27.63% year-on-year [1] - In Q2 2025, the company reported revenue of 2.438 billion yuan, a year-on-year increase of 1.27%, and a net profit of 623 million yuan, up 19.40% year-on-year [1] - The gross profit margin for H1 2025 was 35.75%, an increase of 0.45 percentage points, while the expense ratios for sales, management, R&D, and financial expenses were 3.97%, 3.48%, 3.32%, and -6.69%, respectively, with significant improvements in exchange gains contributing to operating profit [1] Global Strategy and Market Expansion - Despite tariff pressures, the company demonstrated strong resilience with significant growth in overseas revenue, achieving 3.37 billion yuan in overseas main business income in H1 2025, a year-on-year increase of 21.25% [1] - The company continues to implement a globalization strategy, optimizing overseas subsidiary operations and enhancing channel development while introducing high-value, differentiated products to expand market coverage [1] Technological Advancements - The company has completed the electrification of its entire product line and launched a three-year warranty, introducing the "oil-to-electric" technology service globally in H1 2025 [2] - The modular design allows for easy replacement of diesel modules with electric ones, facilitating rapid upgrades for rental businesses [2] - The company has launched various robotic solutions to meet diverse customer needs in different application areas, enhancing its automation capabilities [2] Manufacturing and Production Capacity - The company operates the industry's most advanced intelligent and automated manufacturing facility for aerial work platforms, utilizing big data, IoT, and AI technologies for a closed-loop production model [2] - The annual production capacity for large intelligent aerial platforms is set at 4,000 units, while a project for 20,000 units of new energy aerial work platforms is under active construction [2] Profit Forecast - The projected net profits attributable to shareholders for 2025-2027 are 2.068 billion yuan, 2.389 billion yuan, and 2.732 billion yuan, corresponding to current PE ratios of 13x, 12x, and 10x, respectively [2]

Group 1: Renewable Energy Development - The microgrid project in Sanmen Island has transformed it from a "diesel island" to a "zero-carbon island," significantly reducing electricity costs and improving residents' quality of life [1] - By July 2025, Guangdong Province aims to achieve a cumulative installed capacity of over 80 million kilowatts of renewable energy, including approximately 12.5 million kilowatts of offshore wind power, 6.2 million kilowatts of onshore wind power, 57.5 million kilowatts of solar power, and 4.8 million kilowatts of biomass [1][2] - The annual power generation from 12.5 million kilowatts of offshore wind power can save about 10.87 million tons of standard coal and reduce carbon dioxide emissions by approximately 28.93 million tons [1] Group 2: Technological Advancements - Guangdong's offshore wind power has seen an annual increase of over 1 million kilowatts for four consecutive years, with significant technological advancements [2] - The Yangjiang floating wind farm project will launch a dual-head unit with the largest single-unit capacity globally in 2024, while the Qingzhou Six project will achieve a single-unit capacity of 1 million kilowatts [2] Group 3: Rural Electrification and Quality of Life - In the mountainous region of Shaoguan, the microgrid integrates small hydropower and rooftop solar, ensuring stable voltage and enhancing local industries [3] - The average power outage time for households in the mountainous areas is targeted to be no more than 3.5 hours, with a voltage compliance rate of no less than 99.997% by the end of 2025 [4] Group 4: Cost Savings and Economic Impact - The "oil-to-electricity" project in Meizhou has completed 52 projects, saving logistics companies approximately 120 million yuan annually in energy costs, with an average savings of 200,000 yuan per vehicle [6] - The transformation of the Lianjiang River area into an environmentally friendly industrial zone has improved water quality and supported the upgrade of enterprises towards intelligent and high-end production [5][6]

Core Viewpoint - The electric bicycle market in Southeast Asia is experiencing rapid growth, driven by government incentives and increasing market demand, presenting opportunities for Chinese brands like Yadea, Aima, and Tailg to expand their presence in the region [1][2]. Market Overview - As of 2024, China's electric two-wheeler ownership exceeds 350 million units, indicating limited future growth potential domestically. In contrast, Southeast Asia has a motorcycle household penetration rate of 75%, significantly higher than the global average of 29% [2]. - The ASEAN electric two-wheeler market is projected to reach $1.0778 billion in 2024, with expectations to grow to $2.232 billion by 2030, reflecting a compound annual growth rate (CAGR) of 12.90% from 2025 to 2030 [2]. Government Policies - Southeast Asian governments are implementing favorable policies to encourage the transition from fuel to electric vehicles, such as zero tariffs on electric motorcycle imports in the Philippines and a target for 25% of two-wheeler sales to be electric in Vietnam by 2030 [4]. - Vietnam plans to establish 10,000 public charging points to support the adoption of electric motorcycles, although the lack of standardized charging infrastructure may hinder market penetration [4]. Competitive Landscape - Traditional fuel motorcycle manufacturers like Honda, Yamaha, Suzuki, and Kawasaki dominate the market but are slow to transition to electric, creating opportunities for Chinese electric two-wheeler manufacturers to enter Southeast Asia [7][8]. - Chinese brands are investing in local production facilities in countries like Indonesia, Vietnam, and Thailand, with Yadea already operating over 400 stores in Vietnam [8]. Consumer Preferences - Southeast Asian consumers prioritize economic practicality, reliable range, and affordable pricing when selecting electric two-wheelers, influenced by local geography, economic conditions, and policy direction [9]. - The demand for high cost-performance products in emerging markets provides a favorable entry point for Chinese brands, which benefit from a complete supply chain that reduces production costs and enhances efficiency [9]. Future Trends - The development of battery swapping models is anticipated to be a key trend in the electric motorcycle market, similar to the initial subsidy-driven growth seen in the domestic electric vehicle market [10]. - Southeast Asian markets focus on the economic practicality of charging and swapping solutions, with consumer preferences leaning towards electric motorcycles that can achieve over 100 kilometers of range and low maintenance costs [11].

Core Viewpoint - The electric bicycle market in Southeast Asia is experiencing rapid growth, driven by government incentives and increasing market demand, presenting opportunities for Chinese brands like Yadea, Aima, and Tailg to expand their presence in the region [2][3]. Market Overview - China has over 350 million electric two-wheelers, indicating limited future growth domestically, while Southeast Asia has a motorcycle household penetration rate of 75%, significantly higher than the global average of 29% [3]. - The ASEAN electric two-wheeler market is projected to reach USD 1.0778 billion in 2024 and grow to USD 2.232 billion by 2030, with a compound annual growth rate (CAGR) of 12.90% from 2025 to 2030 [3]. Government Policies - Southeast Asian governments are implementing favorable policies to encourage the transition from fuel to electric vehicles, such as zero tariffs on electric motorcycle imports in the Philippines and a target for 25% of two-wheel sales to be electric in Vietnam by 2030 [6]. - Vietnam plans to establish 10,000 public charging points to support the adoption of electric motorcycles, although the lack of standardized charging infrastructure may hinder penetration rates [6]. Competitive Landscape - Traditional fuel motorcycle manufacturers like Honda, Yamaha, and Suzuki dominate the market but are slow to transition to electric, creating opportunities for Chinese electric two-wheeler manufacturers to enter Southeast Asia [9][10]. - Chinese brands are investing in local production facilities in countries like Indonesia, Vietnam, and Thailand, with Yadea already operating over 400 stores in Vietnam [10]. Consumer Preferences - Southeast Asian consumers prioritize economic practicality, reliable range, and affordable pricing when choosing electric two-wheelers, which aligns with the strengths of Chinese manufacturers in cost control and supply chain integration [12]. - The demand for electric motorcycles with a range of over 100 kilometers and low maintenance costs is significant, especially in regions with challenging climates and infrastructure [14]. Industry Trends - The development of battery swapping models is seen as a key trend in the electric motorcycle market, similar to the initial growth path of electric vehicles in China [12]. - The focus on practical and economical solutions in Southeast Asia contrasts with the emphasis on lightweight and high energy density in the European and American markets [13].

Core Insights - The article discusses the significance of motorcycles in Southeast Asia, highlighting their prevalence as a primary mode of transportation in urban areas [5][6][26] - It emphasizes the competitive landscape of the motorcycle market, particularly the dominance of Japanese brands like Honda and Yamaha, and the challenges faced by Chinese brands in the region [10][11][18] Market Overview - In Southeast Asia, motorcycle registration reached 236 million units in 2020, with a compound annual growth rate of 7.1% from 2008 to 2020 [6] - Motorcycles account for over 70% of total vehicle registrations in countries like Cambodia, Indonesia, Laos, and Myanmar [7] - The household penetration rate of motorcycles is extremely high, with Vietnam at 90%, Laos at 89%, and Indonesia at 85% [9] Competitive Landscape - Japanese motorcycle manufacturers have established a stronghold in the market due to their effective supply chain management and brand building strategies [12][22] - Chinese motorcycle brands initially captured 80% of the Vietnamese market in 1999 but later struggled due to price wars and lack of brand recognition [17][18][20] Transition to Electric Motorcycles - Traditional fuel motorcycles still dominate the market with a 96.8% share, but there is a growing trend towards electric motorcycles driven by climate policies [27][41] - Countries like Singapore, Indonesia, Thailand, and Vietnam are implementing various strategies to promote electric vehicles, including tax incentives and infrastructure development [29][33][38] Opportunities for Chinese Companies - The transition to electric motorcycles presents a significant opportunity for Chinese manufacturers, who have established supply chains and competitive pricing [43] - The RCEP agreement facilitates the export of electric motorcycles from China to Indonesia and Vietnam, with reduced tariffs [45] - The article suggests that the current market conditions represent a unique opportunity for Chinese electric motorcycle companies to expand in Southeast Asia [47][48]

Group 1 - The report highlights the growing importance of electric two-wheelers in India and Southeast Asia, with companies like Yadea and Aima actively expanding their overseas presence [1] - The transition from fuel to electric vehicles is supported by policies aimed at reducing carbon emissions, with Southeast Asian countries implementing measures to phase out gasoline motorcycles [2] - Electric two-wheelers offer lower carbon emissions, reduced noise, and lower maintenance costs compared to fuel-powered vehicles, making them suitable for urban short-distance travel [3] Group 2 - China's electric two-wheeler market is poised to replicate the export trends seen in bicycles and motorcycles, with significant potential for growth in international markets [4] - The domestic electric two-wheeler market in China is mature, but export activities are just beginning, indicating substantial room for expansion [4]