文｜新能源观察家 "还没提车就亏了2万块！" 东风日产N7准车主李先生的吐槽，揭开了日系车如今的尴尬境遇。 这款上市仅一个多月的新车，近日突然抛出优惠——6月30日前下订，至高可享19888元购车补贴和至高 8000元置换补贴。 需要注意的是，这种"闪降"在日系车里并非独一份。 4月15日，东风本田S7在上市一个月后直降6万元，与当天上市的兄弟车型广汽本田P7指导价平齐。 图/东风本 田S7起售价降至19.99万元 为了挽回局面，日产、本田先后祭出了"降价"的大刀。曾经月销轻松破万辆的轩逸、思域，如今只能靠 频频降价换取生存空间。轩逸最低起售价降到了8万元左右，本田思域经销商终端价格下降了近5万元。 然而，"以价换量"并未有效遏制日产、本田的颓势。 今年1-4月，日产汽车中国区含乘用车和轻型商用车两大事业板块在内的累计销量为16.76万辆，较去年 同期再次下滑24.6%；本田在中国市场的累计销量为20.2万辆，较去年同期再次下滑28%。 时间回到2020年，日系车凭借着燃油经济型、可靠的质量及舒适的驾乘体验，在中国汽车市场占据了近 四分之一的份额。彼时，消费者为提车甘愿加价排队的场景屡见不鲜。 比如，本田CR ...

Core Viewpoint - BYD is focusing on two critical areas: brand premiumization and internationalization, as highlighted during the 2024 annual shareholder meeting [2] Group 1: Electric and Intelligent Development - The transition from the first half of electrification to the second half of intelligence is ongoing, with BYD acknowledging that there are still shortcomings in the electrification phase [4] - Key issues such as slower charging speeds compared to refueling and battery performance in low temperatures need to be addressed to fully replace fuel vehicles [5] - Safety is emphasized as the top priority in intelligent driving, with significant potential for future advancements in algorithms and sensor integration [5] - BYD plans to introduce major core technologies annually over the next three years, aiming to tackle significant challenges at each launch [5] Group 2: Market Strategy and Supply Chain - In response to concerns about price wars and supply chain issues, BYD's management asserts that they will not engage in price wars but will focus on technological innovation and efficiency to deliver value to users [6] - The company is reducing the number of suppliers while increasing procurement volumes from selected suppliers to enhance competitive advantages [6] Group 3: International Expansion - BYD is accelerating its global expansion, having entered markets such as Kazakhstan, Serbia, and Switzerland, with expectations for strong overseas sales this year [7] - The company reported approximately 90,000 units sold overseas last month, with a positive outlook for continued growth in international markets [7] Group 4: Brand Strategy and Challenges - Concerns were raised regarding BYD's brand marketing strategy, with a need for better emotional connections with consumers [8] - The company acknowledges its shortcomings in marketing and aims to improve brand perception by enhancing customer service and channel management [9] - BYD recognizes the importance of high-end market performance and is committed to addressing challenges in its premiumization strategy [9] - The company has identified brand premiumization and internationalization as two key areas for future focus, leveraging technology as a core component of its strategy [9] Group 5: Financial Overview - As of June 6, BYD's A-shares closed at 359.96 CNY per share, with a market capitalization of 1,105.2 billion CNY [10]

Group 1 - CATL signed a strategic cooperation agreement with Dongfeng Nissan to focus on battery technology R&D, product innovation, and market expansion, with plans to launch multiple models equipped with jointly developed battery systems by 2026 [1] - The collaboration will prioritize the application of technologies such as full-domain supercharging, CIIC integrated intelligent chassis, and 800 V high-voltage platforms in Dongfeng Nissan's vehicle development [1] Group 2 - Envision Energy's battery super factory in Douai, France, officially commenced production, with an initial capacity of 10 GWh to supply batteries for 200,000 electric vehicles, including those for Renault [2] - The successful launch of the French factory is expected to accelerate the electrification of the European automotive market, aligning with Envision's vision of promoting global prosperity through Chinese new energy [2] - By May 2025, Envision Energy plans to establish 13 battery manufacturing bases across China, Japan, the United States, the United Kingdom, France, and Spain [2] Group 3 - Delong Holdings announced an investment of approximately 300 million yuan to establish a new lithium battery pilot and industrialization project, along with an intelligent motor industrialization project in Huzhou, Zhejiang [4] - The project will involve a fixed investment of about 250 million yuan, focusing on the construction of a new lithium battery production line and the initial phase of R&D for new lithium batteries, with plans for a second phase to produce 1 GWh annually [4] - Funding for the project will come from the company's own resources and self-raised funds [4]

会议预告 第十八届高工锂电产业峰会 —— 产业链格局重整 全场景应用共振 主办单位： 高工锂电、高工产业研究（GGII） 峰会 时间： 2025年6月25-26日 峰会地点： 常州·金坛万豪酒店 峰会背景 ● 全场景电动化加速推进。 中国电动化渗透率突破50%临界点，带动产业链上下游开启新的产业 周期。同时，电力市场、船舶、商用车、人形机器人、eVTOL等赛道的发展成为锂电出货增长新 的驱动力。 ● 动力与 储能 产业协同融合发展 ， 电动化趋势下，将带动以动力电池为核心的新能源制造业规 模化发展，而储能的发展，则关系到区域性能源转型与碳中和目标实现，二者协同融合，将成为国 内各区域未来几年重点发展的方向，常州金坛作为率先发展新能源的区域，一定要率先抢占高地。 ● 锂电产业链结构性调整。 核心材料价格触底反弹，电芯价格趋向稳定，产业链供需优化，产能 出清与企业淘汰并行。产业链各环节企业竞争格局调整，重点企业整合与调整。产业链各环节进入 盘整与优化阶段。 ● 常州新能源产业发展新阶段， 在新能源产业方面具备良好的基础和巨大的发展潜力。通过抓住 市场机遇，加强技术创新，推动产业协同，常州有望在新能源领域实现更大的 ...

记者 黄敏 2025年6月6日上午，比亚迪（002594.SZ，01211.HK）召开了2024年年度股东大会。该公司董事长王传 福在股东大会上表示，电动化的上半场还有一定遗憾，比如充电速度比加油慢，电池低温性能依然没有 达到燃油车的程度。这些技术上的发展，逐步完成了的话，能让消费者体验更好，才可能把燃油车彻底 终结。针对出海业务，王传福称，目前逐步进入爆发期，海外某些地方的高端化甚至比国内发展更快， 国外汽车价格比较稳定。 "行业洗牌与变革是肯定的" 关于智能化的下半场，王传福称，如何把安全做到极致，现在的智能驾驶，传感器、激光雷达等，只是 一个开始，以后会构建多少算法，传感器之间的匹配，想象空间巨大。比亚迪未来三年将推出一系列技 术变革，并期待每一场发布会都能解决巨大的痛点，也期待工程师夜以继日的探索。 王传福称，燃油车时代，丰田等车企的地位是无法撼动的；而在另一场时代里面，绿色发展时代，传统 资源不能支撑全球可持续发展的时候，是需要变革的，行业需要重新洗牌，洗牌顺序是谁并不重要，但 变革肯定要发生。 "国外汽车价格比较稳定" 王传福表示，比亚迪将智能驾驶列为公司重要战略之一，并将安全放在首要位置。如何保 ...

Core Viewpoint - Bohai Automotive is planning a significant asset restructuring involving the acquisition of four automotive parts companies from Hainachuan, aiming to improve its financial performance and accelerate its transition towards electrification and intelligence in the automotive sector [1][5]. Group 1: Financial Performance - Bohai Automotive has reported continuous losses for four consecutive years, with a total net loss exceeding 1.6 billion yuan (approximately 0.24 billion USD) from 2021 to 2024 [2]. - The net losses for the years are as follows: 90 million yuan, 62 million yuan, 199 million yuan, and 1.264 billion yuan, with 2024 being the most severe year, showing a year-on-year decline of over five times [2]. - The losses are attributed to factors such as the bankruptcy of its wholly-owned subsidiary, reduced market demand, declining revenue from wheel business, and rising aluminum prices [2]. Group 2: Acquisition Details - Bohai Automotive intends to acquire 51% of Beijing Beiqi Moulding Technology Co., Ltd., 51% of Hainachuan Andautuo (Langfang) Seat Co., Ltd., 100% of Yingnafa Intelligent Technology (Beijing) Co., Ltd., and 50% of Langfang Laini Wiring System Co., Ltd. [2][3]. - The four target companies specialize in automotive exterior parts, seating systems, intelligent networking technology, and wiring systems, respectively, and hold competitive advantages in their respective segments [3]. Group 3: Strategic Intent - The acquisition is seen as a strategy to enhance performance and facilitate the transition towards electrification and intelligence in the automotive industry [5]. - Industry analysts emphasize that traditional parts manufacturers must adapt to the evolving automotive landscape, focusing on electrification and intelligent solutions to remain competitive [5]. - The restructuring may also involve business integration between Bohai Automotive and Hainachuan, aiming for a shift towards lightweight, intelligent, and new energy sectors [5]. Group 4: Current Status of Restructuring - The restructuring is currently in the planning stage, with no formal agreements signed yet, and the specific transaction details are still under discussion [6].

未来三年有一系列智能化技术发布。 王传福称，燃油车时代，丰田等车企的地位是无法撼动的；而在另一场时代里面，绿色发展时代，传统 资源不能支撑全球可持续发展的时候，是需要变革的，行业需要重新洗牌，洗牌顺序是谁，并不重要， 但变革肯定要发生。 关于比亚迪腾势等高端品牌，王传福称，腾势的产品一直有做极致安全测试，比如复杂的弯道；另外， 大家知道爆胎影响安全，爆胎虽然很少发生，但是会有可能碰到，也需要不断测试；如果驾驶者在高速 行驶遇到障碍物，转弯避让能不能让汽车保持稳定也关系到安全。 "我也开腾势的车，急转弯的时候，我的车比别的车稳定，响应速度更快，"王传福称，在极限的测试 中，电动车这方面比燃油车的反应速度更快，这让比亚迪高端品牌车主在高速上，会比开其他车信心更 足，而对工程师和营销团队来说，需要更多把这种故事讲出来。 "国外汽车价格比较稳定，"出海业务方面，王传福说，上个月出海大约9万辆车，今年数据会很好，会 实现逐月提升，这些从全球各地汽车注册量都可以查到。正如2020年国内市场进入爆发期一样，海外也 逐步进入爆发期，出海战略跟高端战略一样，是未来发展关键。具体来说，海外某些地方的高端化甚至 比国内发展更快，尤 ...

Performance Review - Company reported 1Q25 financial data: revenue of 5.876 billion yuan, a year-on-year increase of 14.6%, gross profit of 1.428 billion yuan, a year-on-year increase of 11.8%, and net profit attributable to shareholders of 635 million yuan, a year-on-year increase of 23.2%, meeting expectations [1]. Development Trends Mining Equipment - Domestic demand remains resilient, with positive outlook for overseas expansion of mining trucks. Domestic coal prices are in a downward trend due to weak demand. Current demand for tunneling machines and wide-body trucks is strong, while hydraulic support prices are under intense competition. The company expects good growth for overseas wide-body trucks and large mining trucks, driven by product upgrades and reduced overall user costs, indicating significant long-term growth potential in large mining trucks and related aftermarket [1]. Logistics Equipment - Demand for port machinery is on the rise, with expansion of new products overseas. Starting in 2023, global demand for port equipment is recovering, with full orders for large port machinery and gradually strengthening order profitability. Exports of small port machinery products remain robust in Asia, Africa, and Latin America. Over the past three years, the company has aggressively expanded new products like telescopic forklifts in the European and American markets, currently producing in India to address tariff issues. The company is optimistic about the trend towards electrification of small port machinery and the continued expansion of new products overseas [1]. Oil and Gas Equipment - Demand and profitability are expected to recover. In 2024, revenue and profitability declined due to major clients' cost-cutting measures. The company anticipates marginal recovery in industry demand in 2025, with strengthened internal management to restore market share [2]. New Industries - Focus on cost reduction and efficiency improvement, expanding overseas application scenarios. In 2024, the company will enhance management reforms for new industries, readjusting businesses with intense competition and limited profitability. It is expected that operating losses in new industries will significantly narrow in 2025, optimizing the efficiency and return rate of existing assets [2]. Profit Forecast and Valuation - The company maintains the 2025 EPS forecast at 0.70 yuan and introduces the 2026 EPS forecast at 0.81 yuan. The current stock price corresponds to 7.9x/6.7x P/E for 2025/2026. Considering the improvement prospects in new industry profitability, the target price is raised by 25% to 7.10 HKD, corresponding to 9.5x/8.1x P/E for 2025/2026, indicating a 21% upside potential, maintaining an outperform rating [2].

Group 1 - Audi has established a super-intelligent eco-factory in Changchun, which is its first luxury electric vehicle production base in China, where the Q6L e-tron SUV has begun pre-sales [1] - The factory boasts a 100% automation rate in welding processes, utilizing KUKA robots that can complete 1-2 welds per second with a precision of 0.1 mm, ensuring consistent high-quality vehicle production [1] - Each weld point undergoes full automatic 3D visual imaging and dynamic testing with a precision of less than 0.02 mm, significantly surpassing manual inspection standards, aiming for a quality akin to surgical precision [3] Group 2 - The factory incorporates digital technology from the design phase, utilizing BIM for structural simulation and real-time matching with construction, enhancing efficiency and reducing costs [5] - Audi's Changchun factory is committed to a "zero emissions plan," using 100% green energy, recycling all production waste, and achieving 100% reuse of production and domestic wastewater [5] - The factory has created a local industrial ecosystem, with 50% of suppliers located within 30 kilometers and a localization rate of 90%, while also promoting natural ecology through extensive green landscaping [6] Group 3 - This initiative represents Audi's commitment to green development and is a significant step in its global electrification strategy, contributing to the green transformation of the automotive industry [8]

会议预告 第十八届高工锂电产业峰会 —— 产业链格局重整 全场景应用共振 主办单位： 高工锂电、高工产业研究（GGII） 峰会 时间： 2025年6月25-26日 峰会地点： 常州·金坛万豪酒店 峰会背景 ● 全场景电动化加速推进。 中国电动化渗透率突破50%临界点，带动产业链上下游开启新的产业 周期。同时，电力市场、船舶、商用车、人形机器人、eVTOL等赛道的发展成为锂电出货增长新 的驱动力。 ● 动力与 储能 产业协同融合发展 ， 电动化趋势下，将带动以动力电池为核心的新能源制造业规 模化发展，而储能的发展，则关系到区域性能源转型与碳中和目标实现，二者协同融合，将成为国 内各区域未来几年重点发展的方向，常州金坛作为率先发展新能源的区域，一定要率先抢占高地。 核心议程 | | 6月25日 | | --- | --- | | 时间 | 核心议题 | | 9:00"12:00 | 开幕式专场: | | . | 全球电动化新阶段竞逐风云 | | . | 全场景电动化产品研发与生态构建攻略 | | . | 动力电池技术. 价格与营销"激战" | | . | 下一代电池技术卡位与抢夺的激烈角逐 | | . | 装备企 ...