这两天，玛莎拉蒂因清库，将旗下两款车型"打骨折"降价至30多万元的消息火遍全网。这两款车型为格 雷嘉的燃油版和纯电版，其中燃油版从65.08万元降至38.88万元，纯电版从89.88万元降至35.88万元，相 当于打了四折。 30多万的价格带，在目前的国内汽车市场正是竞争最为激烈的兵家必争之地。这里既是传统豪华车企固 守的阵地，也是合资品牌最后的利润防线，更是自主新能源智能车冲击高端的要塞。但是当玛莎拉蒂放 下身段，这些车立刻就被"抢购"了。 后面的事大家都知道了，玛莎拉蒂从曾经与法拉利、兰博基尼齐名的"两皇一后"的"后"，变成了百万以 内、带着"微商"梗的品牌。 即便这样，也没能遏制住玛莎拉蒂销量大幅下滑的趋势。2022—2024年，玛莎拉蒂在中国市场的销量分 别约为4680辆、4367辆和1209辆，在中国的销量占比也由2022年的20%大幅缩水至2024年的8.2%。最辉 煌的2016-2017年，玛莎拉蒂曾经是中国市场年销量破万的选手。 玛莎拉蒂走到今天这一步，就是放弃了对产品和技术的追求，只吃品牌老本的典型。凭借当年超跑车型 的成功，助推品牌价值塑造，吃到了那波超豪华车型热卖的红利。在市场好的时候第 ...

Core Viewpoint - Maserati is experiencing significant price reductions on its models, particularly the Grecale, as part of a strategy to clear inventory and respond to declining sales in the Chinese market [2][3][4]. Group 1: Price Reductions and Sales Dynamics - Maserati's Grecale model has seen drastic price cuts, with the gasoline version dropping from an official price of 650,800 yuan to 388,800 yuan, a reduction of over 260,000 yuan, equivalent to a 60% discount [2]. - The electric version of the Grecale has an even larger discount, with its price slashed from 898,800 yuan to 358,800 yuan, a decrease of 540,000 yuan, representing a 40% discount [2]. - Reports indicate that low-spec versions of the Grecale sold out quickly, with only about 100 units available nationwide, highlighting a surge in demand despite the price cuts [2]. Group 2: Inventory and Market Strategy - The price cuts are primarily aimed at clearing inventory that has been delayed due to the pandemic, with some vehicles arriving 18 months late, coinciding with the launch of new models [3]. - A source close to Maserati indicated that selling these vehicles at a loss is necessary to avoid further inventory issues, as new models are already arriving [3]. - The drastic price reductions have undermined Maserati's brand value and exclusivity, which has historically been built on high pricing [3]. Group 3: Sales Performance and Market Trends - Maserati's global sales have nearly halved, dropping from 26,689 units in 2023 to 14,725 units in 2024, a decline of over 40% [4]. - In China, Maserati's sales have also plummeted, with figures of approximately 4,680 units in 2022, 4,367 units in 2023, and only 1,209 units projected for 2024, reducing its market share from 20% to 8.2% [4]. - The decline in sales is attributed to reduced demand for Western luxury vehicles in China, alongside a shrinking product lineup and inventory reduction measures [4]. Group 4: Management Changes and Market Challenges - Maserati has faced frequent management changes in China, with new leadership appointments occurring within short timeframes, indicating instability in the brand's operations [5][6]. - Despite these changes, Maserati's performance in China continues to decline, with a reported 5% drop in imports in September and a 3% decline from January to September [6]. - The overall luxury car market is experiencing a downturn, with Chinese brands increasingly gaining market share and challenging traditional luxury brands [6][7].

来源：深圳商报 玛莎拉蒂迎来多轮"骨折"降价 主要集中在Grecale格雷嘉这款车型 1 官方指导价65.08万元的格雷嘉燃油版，优惠后裸车价降为38.88万元，降价超26万元，相当于打了六 折； 有着"超跑皇后"之称的玛莎拉蒂，如今正走向关店和降价。 近日 据媒体报道 玛莎拉蒂在北京的三家4S店 仅剩一家营业 此外，下半年以来 2 纯电版格雷嘉折扣力度更大，官方指导价为89.88万元，降价后裸车价格只要35.88万元，大降价54万 元，相当于打了四折。 就在三四个月前，宣传海报上的价格还是38.8万元，到年底这一价格又再次突破下限。有网友调侃称， 只要活得久，你甚至能看到35万元的玛莎拉蒂。 据第一财经报道，近日，上海一家大型玛莎拉蒂经销商管理人员许昕表示："30多万的格雷嘉卖 得'飞'起来。"北京一家玛莎拉蒂经销商也向记者证实，低配版格雷嘉全国早已售罄，这批低价低配车 全国只有100余辆，一个周末就卖空了。目前，北京地区在售的燃油版格雷嘉裸车价在45万元左右。 据报道，玛莎拉蒂的这次降价不仅击穿了品牌溢价构建的价值体系，也将玛莎拉蒂超豪华汽车的稀缺性 彻底粉碎。 近几年，玛莎拉蒂在华销量表现疲软。公开数据 ...

2025年，一些造车新势力迎来了盈利的转折点。零跑、赛力斯、小米等企业凭借销量的迅猛增长， 率先实现了盈利；小鹏、蔚来等企业的亏损幅度也在不断缩小，盈利步伐逐步迈进。然而，理想汽车在 三季度却出现了"扭盈为亏"的情况，面临持续盈利的重大考验。在迈向盈利的道路上，领先的造车新势 力已取得显著成果，但能否保持持续盈利依然是一个严峻的挑战。 规模效应临界点逼近 在新能源汽车产业竞争白热化的当下，销量规模已成为造车新势力突破盈利困局的核心变量，其影响贯 穿企业运营的每个环节。汽车工业的规模经济特性在新能源汽车时代愈发显著。当企业年销量突破10万 辆临界点时，供应链议价能力将发生质变。以电池采购为例，头部新势力可凭借规模化订单将成本降低 15％～20％，这种优势直接转化为毛利率提升的关键支撑。对于新势力而言，销量增长带来的固定成本 分摊效率提升，同样不容忽视——研发费用、生产线折旧等固定支出，在规模化生产下被均摊至更低的 单车成本，为盈利创造空间。 小米汽车便是规模效应助力盈利的典型。2025年三季度，其交付量突破10万辆，销售收入总额约283亿 元，平均单车收入约26万元，毛利率高达25.5％，单车毛利润达6.65万 ...

对于好产品的判断标准有很多，而从市场层面看，能卖出溢价是一个重要指标。它意味着产品提供了远 超其物理功能的情感价值、身份认同或极致体验，让用户心甘情愿地付出更多。这份"意愿溢价"是品牌 与用户之间一份无声的契约，证明产品成功触达了需求深处更柔软的层次——也许是安全感，也许是美 感，也许是某种向往。 从商业本质看，可持续的溢价能力构成了企业创新的生命线。它带来的健康利润，使得企业能够反哺于 更优质的材料、更精良的工艺、更深入的研究和更用心的服务，从而形成一个不断自我强化的正向循 环。反之，若产品始终被困于比价的泥潭，企业便容易疲于压缩成本，逐渐牺牲品质与长远创新，最终 与"好产品"的初衷背道而驰。 这样的溢价逻辑，在看似传统的黄金行业同样得到了鲜明印证。当众多品牌仍陷于以克计价的同质化竞 争时，一批新兴品牌已凭借深厚的情感与文化附加值，成功打破了价格天花板。 古法黄金品牌们纷纷卖出产品溢价 在传统黄金市场以克重计价的固有格局中，一批新兴品牌正以惊人的溢价能力冲破价格天花板。 对比传统黄金饰品公司，以老铺黄金为代表的古法黄金们，有一个共同特点就是产品有明显的溢价。据 蓝鲸新闻不完全统计，多家古法黄金品牌多款首饰产 ...

Core Viewpoint - Maserati is experiencing significant price reductions on its Grecale model to clear inventory, which has led to a surge in sales, but this strategy is also indicative of broader challenges facing the brand in the luxury automotive market [2][3][4]. Group 1: Sales Performance - Maserati's global sales dropped from 26,689 units in 2023 to 14,725 units in 2024, a decline of over 40% [5]. - In China, Maserati's sales fell from approximately 4,680 units in 2022 to 1,209 units in 2024, with the market share decreasing from 20% to 8.2% during the same period [5]. - The brand's sales in China for 2023 showed a decline of 3% year-on-year, with only 1,023 units sold in the first nine months of 2024 [6]. Group 2: Pricing Strategy - The Grecale model's official price was reduced from 650,800 yuan to 388,800 yuan, representing a discount of over 260,000 yuan, or approximately 60% off [2]. - The electric version of the Grecale saw an even larger price cut, from 898,800 yuan to 358,800 yuan, a reduction of 540,000 yuan, or about 40% off [2]. - The aggressive pricing strategy is aimed at clearing out inventory that has been delayed due to the pandemic, with new models set to arrive soon [3][4]. Group 3: Market Dynamics - The decline in Maserati's sales is attributed to reduced demand for Western luxury imports in China and a shrinking product lineup [5]. - The luxury automotive market is becoming increasingly competitive, with Chinese brands gaining market share and challenging traditional luxury brands [7]. - Consumer behavior is shifting towards more rational purchasing decisions, focusing on price, performance, and service quality, which is impacting Maserati's market position [7]. Group 4: Management Changes - Maserati's management in China has seen frequent changes, with three different general managers in a short span, indicating instability within the brand's leadership [6]. - Despite these changes, the brand has not seen an improvement in its declining sales performance in the Chinese market [6].

出品：新浪财经上市公司研究院 招股书显示，海菲曼主要从事自主品牌"HIFIMAN"电声产品的设计、研发、生产和销售，核心市场为美国、欧洲、日韩等国家和地区，境外业务收入占比 长期稳定在65%以上。2022-2024年，公司实现总营收1.54亿元、2.03亿元、2.27亿元，扣非后归母净利润录得3602.52万元、5410.80万元、6436.03万元，两 项指标年复合增长率分别为13.8%、21.3%。 作者：木予 2025年1-6月，海菲曼营收同比增长20.8%至1.07亿元，归母净利润约为5035.42万元，较2024年同期显著提升63.4%。然而，亮眼业绩难掩研发短板，高毛利 背后是退货率与换货率双增的窘境，上市前管理层动荡、与供应商和客户关系错杂，更为其前路蒙上阴影。 近日，昆山海菲曼科技集团股份有限公司（简称：海菲曼）顺利通过北交所上市委员会审议。此次IPO，公司拟发行不超过1280.8万股新股，募集资金4.3亿 元，用于"先进声学元器件和整机产能提升项目"、"监听级纳米振膜及工业DAC芯片研发中心建设项目"和"全球品牌及运营总部建设项目"。 高端耳机品牌HIFIMAN正从"墙内开花墙外香"走向资本 ...

Core Insights - Geely Automobile Holdings Limited has announced the final results of the privatization transaction for Zeekr Intelligent Technology Holdings Limited, marking the completion of the "One Geely" strategy [2][4] Group 1: Shareholder Decisions - Approximately 70.8% of eligible Zeekr shareholders opted for share consideration, resulting in the issuance of 777,228,611 shares by Geely [2][3] - The remaining 29.2% of eligible shareholders chose cash consideration, leading to a total cash payment of approximately $701 million [2][3] - The decision of over 70% of shareholders to choose stock over cash indicates a strong preference for long-term value investment, significantly higher than typical privatization transactions [3] Group 2: Strategic Integration - The completion of the share consideration selection signifies the final execution phase of the merger between Geely and Zeekr, which has been progressing since the "Taizhou Declaration" in September 2024 [4] - The merger aims to leverage Zeekr's high-end electric vehicle technology and Geely's scale in the mainstream market, creating synergies across R&D, supply chain, and manufacturing [4][6] Group 3: Financial Performance - Geely's revenue for the first three quarters of 2025 reached 239.5 billion yuan, a 26% year-on-year increase, with a core net profit of 10.62 billion yuan, up 59% [6] - The company reported total cash of 60.1 billion yuan and net cash of 45.2 billion yuan as of the end of September, providing ample liquidity to cover the cash consideration and support future R&D and global expansion [6] Group 4: Valuation Shift - As the merger nears completion, the market's valuation logic for Geely is shifting from a traditional automotive manufacturing model to one that incorporates technology and brand premiums [7] - Zeekr's high-end positioning is expected to elevate Geely's overall brand value, with average vehicle prices for Zeekr models exceeding 300,000 yuan, compared to 180,000 yuan for Lynk & Co and 120,000 yuan for Geely's mainstream models [7] - The merger is viewed as a starting point for Geely's valuation reformation, transitioning from a traditional car manufacturer to a smart technology group [7]

你肯定发现了，最近这黄金市场，简直像在演一出让人看不懂的"双面戏"。我朋友在北京某金店看上一款首饰，挂牌价一克将近 1300元。他顺手把照片分享到群里，结果一位在深圳做珠宝批发的朋友默默甩出一张报价单：工厂批发价，一克1100元出头。 再去看看银行，建行投资金条报价大概966元一克，浦发银行的报价则是1016元。同样是100克的金条，在不同银行买，差价能跑 到5000块钱以上。更让人迷糊的是，明明这几天国际金价在往下走，可你家门口金店那些明晃晃的标签，就是纹丝不动，稳如泰 山。 这到底是怎么回事？国际跌，国内不跟；同一个国家，差价还能这么大。这市场是不是"病"了？ 价格迷雾：一克黄金，220元的价差从哪里来？ 我们把镜头拉到2025年12月8日这一天，看看市场的真实报价。作为全球定价锚的国际伦敦金现，报价在4196美元/盎司附近震 荡，换算成人民币大约是948元一克。 国内的基础金价，以上海黄金交易所的Au9999为准，报954.99元一克。它们之间的差价只有7块钱，这说明国内外黄金市场的联动 非常紧密。 真正的价差，出现在接下来的环节。全国最大的黄金珠宝批发集散地，深圳水贝市场，足金999的批发价是1104 ...

Core Insights - Chinese e-commerce platforms are rapidly expanding in Latin America, particularly in Brazil and Mexico, but face significant challenges that threaten profitability [1][3]. Group 1: Market Dynamics - In Brazil, 1 in 10 packages sold comes from Chinese e-commerce platforms, with Temu surpassing local giant Mercado Livre in traffic as of 2024 [1]. - The e-commerce landscape in Brazil is highly competitive, with over 360 platforms operating, indicating a saturated market [3]. Group 2: Profitability Challenges - Chinese e-commerce platforms are engaged in a price war, leading to increased sales but declining profits, as exemplified by a Brazilian consumer's experience with Temu [5][9]. - Logistics costs in Latin America are 30%-50% higher than in North America and Europe, with shipping from China to Brazil taking nearly two months [7][11]. - Tax policies in various Latin American countries impose additional burdens, with digital service taxes ranging from 10%-22% in countries like Uruguay and Argentina [7][9]. Group 3: Hidden Costs - The logistics process is inefficient, with long shipping times and low automation in warehousing, leading to high management costs [11][12]. - Payment processing in Brazil and Mexico takes a significant cut from profits, with local payment systems like Pix and SPEI dominating the market [14]. - Brand perception issues exist, as many Latin American consumers prefer established Western brands over cheaper Chinese alternatives, limiting brand premium opportunities [16]. Group 4: Strategic Shifts - Some Chinese platforms are shifting strategies to focus on branding and cultural marketing, moving away from a purely price-driven approach [18][20]. - Collaborative efforts between platforms and governments are being encouraged to improve conditions for e-commerce, such as the recent trade agreement between China and Chile [20][22]. - The emphasis is on sustainable profit through product design and storytelling, as highlighted by a Chinese seller's experience in Brazil [20][22].