责任编辑：王翔 李斌还谈到，"我们现在也改了合作的方式，我们原来都是直营体系，发现这个确实太花钱了，现在我 们（出海）会找本地合作伙伴，借助他们的销售服务网络的投入，这样的话是能够增加我们进入的速 度，所以我们还是很有信心的。" 专题：2025广州国际车展 新浪科技讯 11月21日午间消息，在广州车展上，蔚来汽车创始人、董事长、CEO李斌谈及全球化战略 表示，"蔚来原来的车卖得比较贵，蔚来品牌定位是高端，所以能够进入的市场是少一些的主流高端市 场，中国、美国、欧洲这几个市场加起来（占比）是90%以上，但是我们现在有乐道和萤火虫，那就不 一样，所以接下来几年大家能看到蔚来进入全球市场会加速。" ...

摩托车头部企业隆鑫通用（603766.SH）抛出大手笔增资计划。 11月19日，隆鑫通用公告，拟以不动产及现金方式向全资子公司重庆新隆鑫机电有限公司（以下简 称"新隆鑫机电"），合计增资不超过16.5亿元。 值得一提的是，新隆鑫机电于2025年4月才成立，目前尚未开展业务。11月14日，隆鑫通用刚公布剥离 两家非核心资产的计划。此次增资与资产剥离动作，均是公司深化"聚焦主业"战略的体现。 长江商报记者注意到，近年来，隆鑫通用聚焦自主品牌与全球化战略成效显著，业绩持续高速增长。 2025年前三季度，公司实现营业收入同比增长19.14%至145.57亿元，归母净利润同比增长75.45%至 15.77亿元。当期公司的归母净利润规模已经超过2024年全年水平。 拟16.5亿增资子公司 11月19日，隆鑫通用公告，根据公司管理规划，为适应公司未来业务发展及资产整合需要，公司以不动 产以及现金的方式向全资子公司新隆鑫机电合计增资不超过16.5亿元。 其中，非现金出资部分，主要为隆鑫通用以重庆市九龙坡区华龙大道99号公司B区厂区内的18项不动产 对应的评估结果，以2.9亿元的价格向新隆鑫机电进行增资。根据中联评估公司评估的 ...

多款车型推动销量持续高增，D 平台实现产品矩阵向上突破。3Q25营收同环比+97%/+37%至194.5 亿 元，营收保持高速增长，主要系：1）3Q25 公司销量为17.4 万台，同环比+102%/+30%，具体来看，C 系列与B 系列销量分别环比+26%/+87%至9.8 万台/6.1 万台。10 月公司月销首度突破7 万台大关，持续 证明其产品具备持续领先优势。2）T 系列小车销量占比下降，推动单车收入环比+5.4%至11.2 万元。往 前看，随着D19 大六座车型陆续推出，产品矩阵不断完善，我们预计公司有望进一步打开增长空间。 毛利率持续改善，现金流表现优化。3Q25 毛利率为14.5%，同环比分别+6.4/+0.9ppt，改善主要受益于 规模效应、成本管控及产品结构优化。期间费用管控规模效应显现，销管研费用率合计同环比分 别-1.2ppt/-1.8ppt 至14.3%，展现公司精益化管理优势。随着公司连续两个季度盈利转正，我们认为公司 已逐步具备自我造血能力，3Q25经营性现金流达到48.8 亿元，现金流表现持续优化。 全球化战略协同推进，产能与渠道布局持续深化。公司新车周期强劲，运动轿跑零跑Lafa ...

Core Insights - The global energy storage industry is experiencing rapid growth, and Zhongwei Co., Ltd. (300919.SZ, 02579.HK) is strategically positioning itself in this market [1] - Zhongwei Co., Ltd. has launched its H-share listing in Hong Kong, becoming the first company in the new energy materials sector to achieve an "A+H" listing [2] - The company has a comprehensive vertical integration strategy and is accelerating its globalization efforts, with overseas revenue expected to reach 50.58% by mid-2025 [1][5] Company Developments - Zhongwei Co., Ltd. has established a strategic layout for nickel-based, sodium-based, and phosphate-based materials, aiming to enhance its penetration in the energy storage sector [1] - The company has received orders for sodium-ion batteries and has begun shipments, indicating a strong market demand for this technology [4] - The recent fundraising of approximately HKD 34.33 billion will be allocated for the construction of a production base in South Korea and the development of a phosphate mine [3] Financial Performance - The company reported revenues of CNY 303.44 billion, CNY 342.73 billion, and CNY 402.23 billion for the years 2022, 2023, and 2024, respectively, with net profits of CNY 15.43 billion, CNY 19.47 billion, and CNY 14.67 billion [4] - In the first three quarters of 2025, Zhongwei Co., Ltd. achieved revenues of CNY 332.97 billion, a year-on-year increase of 10.39%, but net profit decreased by 15.94% due to cost pressures [5] Market Position - Zhongwei Co., Ltd. has maintained its position as the global leader in the shipment of nickel and cobalt precursor materials for lithium batteries for five consecutive years, with market shares of 20.3% and 28.0% projected for 2024 [4] - The company is expanding its international footprint, with significant investments in Indonesia and Morocco to secure raw material resources and enhance its production capabilities [5]

此次赛力斯港股上市所募资金中，部分将用于车型研发与渠道建设，有望帮助问界品牌在国际市场树立认知，加快全球化步伐。西部证券研报指出，港股资 金七成直投研发，技术护城河有望加深。公司相继推出了赛力斯魔方技术平台、赛力斯超级增程、赛力斯智能安全等创新技术成果，构建起坚实的技术护城 河。 截至目前，问界累计交付已突破85万辆，问界M9、M8分别占据50万级与40万级豪华车市场销量榜首；全新问界M7上市仅41天，大定订单突破9万辆，持续 验证其市场号召力。 自11月5日成功登陆港股以来，赛力斯以140.16亿港元的净募资额刷新国内车企IPO纪录，并获得22家基石投资者超1700亿港元的热烈追捧。依托"A+H"双资 本平台，赛力斯正加速推进全球化战略布局，开启国际化新征程。西部证券最新研报认为，H股上市开启全球化征程，同时公司新能源销量快速增长，协同 火山引擎开展具身智能合作，维持"买入"评级。 更具前瞻性的是，赛力斯正积极布局具身智能领域，推动人工智能与汽车产业深度融合，致力于构建下一代智能出行生态，有望形成公司第二增长曲线。西 部证券也指出，未来赛力斯将进一步扩大其在豪华新能源赛道的领先优势，引领中国汽车行业迈向更高 ...

Core Insights - The company is focusing on its globalization strategy and enhancing its core product competitiveness while addressing geopolitical risks [1][4]. Group 1: Globalization Strategy - The company aims to become a leader in the global hotel information systems market, with potential revenue growth comparable to established industry leaders [2]. - The company is accelerating its global expansion through signing and launching benchmark clients to increase market influence [2]. Group 2: Product Differentiation - The company's cloud PMS product, DAYLIGHT PMS, has three key differentiators: product design tailored for group clients, a microservices architecture for flexibility and scalability, and automated data integration that ensures compliance with local regulations [3]. - The company is leveraging its widely used cloud restaurant system, INFRASYS POS, to demonstrate product strength and data security to clients [4]. Group 3: Geopolitical Risk Management - The company asserts that current laws do not restrict the procurement of Chinese software, maintaining a stable response strategy [4]. - The company has signed contracts with several international hotel groups, including Melco, Kempinski, and Marriott, which helps mitigate concerns related to geopolitical risks [4]. Group 4: Business Focus - The company has no immediate plans for new acquisitions, focusing instead on advancing its globalization and platform strategies while concentrating on product iteration and market expansion [5]. Group 5: SaaS Pricing Model - The company's SaaS pricing is linked to hotel room numbers, service duration, and selected functional modules, catering to different client needs [6]. Group 6: OTA Connectivity - The company explains that while direct connections with OTAs are not mandatory, they significantly enhance booking efficiency and reduce operational costs, promoting a trend towards system integration [7].

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The company reported a revenue of 5.378 billion yuan for the first three quarters of 2025, a year-on-year decrease of 10.11%. The net profit attributable to the parent company was 121 million yuan, down 71.59% year-on-year. In Q3 2025, revenue was 1.341 billion yuan, a decline of 48.54% year-on-year and 45.88% quarter-on-quarter, with a net profit of -36 million yuan, reflecting a year-on-year decrease of 118.58% and a quarter-on-quarter decrease of 176.45% [2][5][11]. Summary by Sections Financial Performance - For Q3 2025, the gross profit margin was 16.4%, a quarter-on-quarter increase of 0.4 percentage points, while the expense ratio rose to 18.7%, an increase of 9.5 percentage points, primarily due to the decline in revenue. The total expenses for Q3 were 250 million yuan, showing a growth compared to the previous quarter [11]. - The company experienced asset impairment reversals of 90 million yuan and credit impairment losses of 100 million yuan in Q3, which had a limited impact on profits [11]. Future Outlook - The second phase of the Jeddah factory in Saudi Arabia was completed in October, with an annual delivery capacity of 15 GW, enhancing the company's position in the Middle East market. The company has resumed cooperation with India's Adani, which is expected to contribute to order growth in the Indian market. As of the end of Q3, the company had an order backlog of 7.2 billion yuan, including 6.01 billion yuan in tracking systems and 1.11 billion yuan in fixed structures. The resolution of project delivery delays is anticipated to restore revenue and profit [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 18.16 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.9%. However, the net profit attributable to shareholders decreased by 31.8% year-on-year to 1.17 billion yuan [5][12]. - In Q3 alone, the company achieved a revenue of 6.35 billion yuan, which is a 14.0% increase year-on-year and a 3.8% increase quarter-on-quarter. The net profit for Q3 was 310 million yuan, down 60.2% year-on-year and 39.1% quarter-on-quarter [5][12]. - The company is a leading player in the domestic tire industry, with a strong focus on R&D and quality maintenance. The implementation of the "7+5" strategy is optimizing its global industrial layout [12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 18.16 billion yuan, with a net profit of 1.17 billion yuan and a net profit excluding non-recurring items of 1.02 billion yuan [5][12]. - The overall gross margin for the company was 16.4%, a decrease of 8.0 percentage points year-on-year, primarily due to rising raw material prices and fluctuations in overseas tariff policies [12]. Sales and Production - In Q3, the company produced 23.896 million tires, a 4.5% increase quarter-on-quarter, and sold 23.096 million tires, a 0.5% increase quarter-on-quarter. The average revenue per tire in Q3 was 274.9 yuan, reflecting an increase of 8.8 yuan [12]. Cost Management - The pressure from costs is gradually decreasing, with the procurement costs of key raw materials dropping by 7.4% quarter-on-quarter and 8.5% year-on-year. The gross margin for Q3 was 18.0%, showing a slight improvement [12]. Strategic Developments - The company is advancing its global strategy with the establishment of a new production base in Brazil, which is expected to generate annual sales revenue of 1.06 billion USD (approximately 7.76 billion yuan) once fully operational [12]. - The company is also enhancing its global supply chain, achieving a revenue of 5.93 billion yuan from global supply channels in 2024, a year-on-year increase of 5.9% [12]. Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 1.64 billion yuan, 2.00 billion yuan, and 2.79 billion yuan, respectively, indicating a positive growth trajectory [12].

作为北汽国际在右舵市场混动与燃油产品矩阵全面升级的重要成果，B30的上市展示了该品牌在南非市 场的全新布局。吴鹏在致辞中谈起北汽在促进中南经贸合作中的积极作用时表示，"B30车型的发布， 不仅代表了北汽在南非市场新车型拓展的决心，更是两国投资合作丰硕成果的见证"。 来自南非40多家主流媒体的记者率先体验了B30试驾活动，路线涵盖城市道路与户外非铺装路段。媒体 普遍认为，B30在舒适性、智能化与操控体验上表现出色。 （文章来源：经济日报） 日前，北汽国际在南非约翰内斯堡发布全新车型，邀请了260余位来自政府、商界、媒体及经销商的嘉 宾出席。中国驻南非大使吴鹏、南非东开普省省长卢巴巴洛·奥斯卡·玛布雅尼、祖鲁族王子王妃以及中 资企业代表等莅临现场。北汽国际副总经理戚晓晖出席了本次活动。 据北汽国际介绍，全新车型B30右舵在南非成功上市，标志着北汽将以多能源战略为指引，构建燃油、 纯电及增程技术并行的产品矩阵，为全球用户提供更多选择。南非不仅是北汽海外业务的重要市场，更 是其实现国际化战略的关键一环。未来，北汽国际将持续以南非为中心，辐射非洲区域，推动产品、品 牌与服务的全方位升级。本次发布会上，北汽南非重申了企业 ...

Summary of the Conference Call for Innovation Materials Technology Co., Ltd. Company Overview - **Company**: Innovation Materials Technology Co., Ltd. - **Industry**: Advanced materials, specifically focusing on aluminum products for 3C consumer electronics and automotive lightweight applications Key Financial Performance - **Net Profit**: The company achieved a net profit of 355 million yuan in the first three quarters of 2025, representing a year-on-year increase of 67.17% [2][3] - **Revenue**: Total revenue for the first three quarters reached 58.716 billion yuan, with third-quarter revenue at 19.575 billion yuan [3] Globalization Strategy - **Investments**: - Invested $193 million in Vietnam for a 3C consumer electronics profile project, which has begun trial production [2][4] - Invested $197 million in Mexico for an automotive lightweight aluminum alloy project, with land acquisition completed [2][4] - Plans to invest up to $209 million in a joint venture for the Saudi Red Sea aluminum industry chain project [4] - **Digital Transformation**: Implemented a Manufacturing Execution System (MES) and optimized the ERP system to enhance production efficiency and management [4][10] Product Structure and High-End Transformation - **Sales Growth**: - Profile product sales increased by 22.99% to 117,300 tons [2][6] - Aluminum rod and cable product sales rose by 13.1% to 775,600 tons [2][6] - **High-End Product Focus**: The company is shifting towards high-end precision processing to enhance competitiveness in the 3C consumer electronics and automotive lightweight sectors [4][11] Recycling and Green Aluminum Initiatives - **Recycled Aluminum**: The company recycled 914,100 tons of aluminum, a 10.97% increase year-on-year [2][7] - **Production Capacity**: Operates 14 intelligent recycling lines with an annual capacity of 1.7 million tons [7] - **Green Energy Utilization**: Utilizes green electricity to produce aluminum alloy ingots and rods, with a capacity of 334,000 tons [7] Research and Development - **Patents**: Secured 62 new patents, including 9 invention patents, to support product innovation [2][8] - **Collaborations**: Partnered with Xiaomi to develop materials for automotive applications, which are now in mass production [9] Future Outlook - **Business Optimization**: Plans to further optimize product structure towards higher value-added and technologically advanced high-end precision processing [11] - **Competitive Advantage**: Aims to maintain competitive advantages in high-end sectors while enhancing profitability and core competitiveness for sustainable growth [11]