证券研究报告·公司深度研究·摩托车及其他 隆鑫通用（603766） 无极品牌加速成长，聚焦主业再度出发 2025 年 06 月 08 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,066 | 16,822 | 20,877 | 24,021 | 26,423 | | 同比（%） | 5.29 | 28.74 | 24.11 | 15.06 | 10.00 | | 归母净利润（百万元） | 583.42 | 1,121.27 | 1,871.23 | 2,287.56 | 2,567.59 | | 同比（%） | 10.65 | 92.19 | 66.88 | 22.25 | 12.24 | | EPS-最新摊薄（元/股） | 0.28 | 0.55 | 0.91 | 1.11 | 1.25 | | P/E（现价&最新摊薄） | 50.05 | 26.04 | 15.61 | 12.77 | 11.37 ...

6月4日，比亚迪（002594）法务部微博账号发文称，近几年，公司屡遭网络黑媒体及黑公关有组织、有 策划、有节奏的恶意攻击和造谣抹黑，相关虚假信息及不实言论，严重损害企业声誉，扰乱市场秩序， 对行业健康发展造成负面影响。该条微博公布了6起针对比亚迪的网络侵权案件。同时，该条微博还表 示，针对此前造成恶劣影响的恶意自媒体，相关诉讼程序依法进行中。 在6月3日的小米投资者大会上，雷军对小米汽车业务做出重要预测，称将在2025年三四季度实现盈利。 这一盈利时间表，被视为小米向资本市场释放的积极信号。2025年第一季度数据显示，小米智能电动汽 车收入达181亿元，环比增长10.7%，经营亏损收窄至5亿元，毛利率达23.2%。 同时，SU7系列第一季度交付75869辆，4月和5月交付量均超2.8万辆，这些数据为盈利预测提供了现实 基础，也是小米稳定投资者信心的有力支撑。 关于小米YU7的定价，雷军否定了网传的23.59万元，并表示正式定价将在开售前确定。值得注意的 是，此前雷军还提到小米YU7将对标Model Y配置，售价三十几万较为合理。 从品牌战略看，YU7定位豪华高性能SUV，较高的定价区间有助于塑造小米汽车的高 ...

Financial Data and Key Metrics Changes - Non-GAAP earnings per diluted share increased to $0.19 from $0.12 year-over-year, exceeding guidance [13][37] - Net sales for the quarter were $584 million, down from $610 million in the same period last year, aligning with expectations [35] - Gross margin percentage was 42.2%, slightly down from 42.5% in the previous year [35][36] - Non-GAAP net income for the first quarter was $8.4 million compared to $5.8 million in the previous year [37] - Ending cash and availability was approximately $740 million, indicating a strong financial position [13][38] Business Line Data and Key Metrics Changes - Wholesale segment net sales decreased to $563 million from $598 million year-over-year [35] - Retail segment net sales increased to $36 million from $31 million in the previous year [35] - Key owned brands, including DKNY, Karl Lagerfeld, and Donna Karan, experienced double-digit growth, offsetting losses from exited businesses [5][14] Market Data and Key Metrics Changes - International markets are seen as significant growth opportunities, particularly in Europe [14][22] - The brand Donna Karan saw nearly 50% sales growth, with strong performance in dresses and suit separates [15][16] - DKNY and Karl Lagerfeld also reported strong sales growth, particularly in North America and Europe [20][22] Company Strategy and Development Direction - The company is focused on driving growth through its owned brands, which are expected to be sustainable long-term profit drivers [13][14] - Strategic initiatives include sourcing diversification, vendor negotiations, and selective price increases to mitigate tariff impacts [7][39] - The company is also enhancing its omni-channel capabilities and optimizing its global store footprint [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the consumer environment despite macroeconomic uncertainties [6][33] - The potential unmitigated tariff impact for fiscal 2026 is estimated at approximately $135 million, with ongoing efforts to mitigate this through various strategies [7][39] - The company remains committed to investing in key owned brands and growth initiatives despite challenges [12][33] Other Important Information - The company successfully renegotiated favorable lease terms for corporate offices and is streamlining its warehouse network [11] - The planned relaunch of the Sonya Riquel brand was postponed due to uncertainties in the operating environment [12][54] Q&A Session Summary Question: Pricing Power and Areas for Price Increases - Management indicated strong cooperation from retailers in adjusting pricing, focusing on areas where consumers will accept price increases [45][46] Question: Impact of Sonya Riquel Postponement on Guidance - The decision to postpone the Sonya Riquel launch was made to avoid losses, but strength in other brands allows the company to maintain its sales guidance [53][54][75] Question: Inventory Levels and Supply Chain Challenges - Inventory levels are expected to align with sales growth, with management actively managing inventory purchases in light of supply chain disruptions [78][80] Question: Promotions and Consumer Demand - Management does not anticipate significant pressure on promotions, citing strong demand for their products and effective management of inventory levels [84][85]

近期，一篇关于"雪佛兰退出中国"的报道再度引发关注。 报道称，雪佛兰在中国市场正经历重大战略调整，或已进入退出倒计时阶段。然而，报道发布后，有博主在微博公开否认这一信息，强调："雪佛兰不存在 退出中国一说，因为雪佛兰并非独立运营品牌，而是由上汽通用（SGM）负责运营" 上汽通用总经理卢晓也表示"该消息不实"，并再次强调不会放弃雪佛兰品牌。事实上，从去年开始，上汽通用已多次在公开场合明确表示"雪佛兰不会退出 中国市场"。 带着以上疑问，近日，《车壹条》走访了一家雪佛兰门店，围绕品牌当前优惠力度、未来发展规划以及售后服务保障等问题展开了调查。 有优惠但不至于"打骨折"，店员确认不会再推新车 位于北京某地的雪佛兰4S店，是目前北京市仅存的两家雪佛兰经销商之一。建筑三分之二的空间是荣威飞凡，仅剩一小部分属于雪佛兰，左右相邻的则是 smart和AITO问界。 进入门店后，负责接待的工作人员均位于荣威飞凡的一侧，需经由雪佛兰区域后方通道至荣威飞凡前台，才能找到工作人员。《车壹条》以购车者身份询问 雪佛兰车型时，工作人员便引导至雪佛兰区域。 目前，雪佛兰门店内仅剩探界者Plus、迈锐宝XL和创酷三款展车。据店员介绍，在叠加 ...

作为"粽子第一股"，五芳斋在2024年经历了上市以来的首次业绩滑坡，营收与净利润双双下降，核心产 品粽子销量大幅下滑，市场竞争加剧与消费需求疲软成为其面临的两大核心挑战。 2024年，五芳斋实现营业收入约22.51亿元，同比下滑14.57%；归属于上市公司股东的净利润约1.42亿 元，同比下滑14.24%；归属于上市公司股东的扣除非经常性损益的净利润约1.3亿元，同比下滑9.66%。 2025年一季报，公司营业收入为2.43亿元，同比上升17.2%；归母净利润仍处于亏损之中。 尽管公司通过优化渠道、提升毛利率等措施试图扭转颓势，但其在品牌创新、市场拓展及产品结构上的 短板仍未得到有效解决，未来仍需面对传统食品行业的多重经营风险。 五芳斋在2024年对渠道进行了大规模调整，关闭了部分低效门店并优化了经销网络。这一调整虽然有助 于提升渠道质量。线下渠道的收缩与线上渠道的拓展形成了此消彼长的局面，而线上渠道的盈利能力虽 有所提升，但规模或不足以弥补线下渠道的损失。 此外，粽子作为季节性产品的特性，使得五芳斋在生产和库存管理上面临更大的风险，一旦市场预测失 误，可能导致产品积压或供应不足，进一步加剧经营压力。 战略转 ...

Torrid (CURV) Q1 2026 Earnings Call June 05, 2025 04:30 PM ET Company Participants Chinwe Abaelu - SVP & CAOLisa Harper - CEO & DirectorPaula Dempsey - Chief Financial OfficerAshlee Wheeler - Chief Strategy & Planning Officer Conference Call Participants None - AnalystSavannah Sommer - Equity Research AnalystDylan Carden - Research Analyst Operator Greetings and welcome to the Torrid Holdings Inc. First Quarter Fiscal twenty twenty five Earnings Conference Call. At this time, all participants are in a liste ...

【文/观察者网 张家栋 编辑/高莘】 当电动化与智能化转型的势头一浪高过一浪，长城汽车却正用另一种方式展现中国汽车产业的技术实 力。 文中图片均来自长城汽车 时隔十年，在5月20日开启的2025年环塔拉力赛上，长城汽车再度现身。据悉，本次长城汽车参赛车辆 覆盖哈弗、坦克、长城炮三大品牌，以涵盖汽油、柴油、新能源三大T2原厂量产组别的十辆赛车参 赛，并最终斩获燃油组与新能源组两个组别的总赛段冠军。 尽管在赛事全长与难度上不及更具世界影响力的"达喀尔拉力赛"，但作为国内难度最大的拉力赛事，环 塔拉力赛不仅是一场由复杂多变的地形、极端恶劣的气候组成的赛程，同样也是一个检验汽车性能与可 靠性的"试炼场"。 尽管十年来市场环境不断变革，汽车行业也经历了诞生以来最关键的动力系统转折时刻，但长城却并没 有在市场销量的变革中，改变对于"赛事验证技术"的决心。 长城汽车董事长魏建军 长城汽车董事长魏建军表示，通过在极限环境下对车型进行实战检验，从而积累宝贵经验和数据，持续 优化技术，最终将赛事经验转化为量产车型的可靠性与耐久性提升，为消费者带来更出色的产品体验， 这是长城汽车参赛的核心价值。 更进一步来看，参加环塔的"以赛验车 ...

Group 1 - The core viewpoint of the articles highlights the launch of new models by SAIC Audi, including the A5L Sportback and E5 Sportback, showcasing their dual-brand strategy aimed at covering various segments of the luxury market [2][3] - The A5L Sportback is the first fuel vehicle equipped with Huawei's advanced driving technology, featuring 32 high-precision sensors that provide a driving experience comparable to electric vehicles [2][3] - The E5 Sportback represents the first mass-produced vehicle under the new AUDI brand, integrating Audi's luxury heritage with global innovation and Chinese smart electric technology, catering to the upgrading demands of the Chinese electric vehicle market [3] Group 2 - SAIC Audi plans to launch multiple new models based on the Premium Platform Combustion (PPC) luxury fuel vehicle platform over the next two years, focusing on high-level assisted driving features to strengthen its position in the luxury fuel vehicle market [4] - In the new energy sector, the AUDI brand will accelerate the development of a product matrix covering various market segments to meet the diverse needs of Chinese consumers for high-end electric mobility [4]

5月31日，上汽奥迪携旗下全新车型A5L Sportback、E5 Sportback，以及A7L、Q6亮相粤港澳大湾区国际汽车展，展现其双品牌战略在智能科技、 本土化创新及豪华体验领域的进阶成果。 上汽奥迪营销事业部总经理施鹏泽（Stefan Poetzl）表示："双品牌共享'突破科技·启迪未来'的奥迪基因，同时通过差异化的品牌定位，全面覆盖 豪华市场各细分领域。" 上汽奥迪营销事业部总经理施鹏泽（Stefan Poetzl） 作为双品牌战略首批成果之一，AUDI新品牌首款量产车——奥迪 E5 Sportback深度融合奥迪百年豪华品牌基因、全球创新科技和中国智电技术， 既展现上汽与奥迪"美美与共"的合作精髓的同时，更精准契合了中国新能源汽车市场的消费升级需求。 在造型设计方面，奥迪 E5 Sportback高度还原概念车前瞻设计，实现了传承基因与创新元素的精妙平衡：既从初代奥迪TT、RSQ概念车以及RS6 等奥迪经典车型汲取灵感，又通过精雕车身线条，创新性地采用一体式科技格栅、集成灯光模块，以及电子外后视镜和隐藏式门把手等设计，降 低风阻系数，完美结合空气动力学、空间利用率和人体工学，为用户带来兼具高效能 ...

Core Insights - The core message of the news is that Beiqi Blue Valley is undergoing a significant transformation in the electric vehicle sector, with a clear strategic plan for growth and market expansion over the next three years [1][10]. Company Strategy - Beiqi Blue Valley has defined 2024 as a pivotal year for transformation and high-quality development, with a focus on establishing a solid market foundation through the "Three-Year Leap Plan" from 2025 to 2027 [1][6]. - The company aims to achieve a sales target of 500,000 units for the Arcfox brand by 2027, representing a more than fivefold increase from 2024 [6][7]. - The dual-brand strategy focuses on "Arcfox + Enjoy" where Arcfox targets the mid-to-high-end market, while Enjoy, developed in collaboration with Huawei, aims to establish itself in the high-end electric vehicle segment [5][10]. Market Expansion - Beiqi Blue Valley plans to aggressively enter international markets, targeting five core regions: the Middle East, Latin America, Central Asia, Asia-Pacific, and Africa [2][10]. - The company intends to increase its retail presence, adding 80 new stores by 2025 to reach a total of 400, ensuring 100% coverage in third-tier cities and above [8]. Financial Performance - In 2024, Beiqi Blue Valley reported sales of 114,000 units and revenue of 14.5 billion yuan, with Arcfox achieving 81,000 units sold, a 170% year-on-year increase [5][9]. - The company has set strict profitability improvement targets, with a reported revenue growth of 151% year-on-year in Q1 2025 and an increase in average selling price by 9,000 yuan [9]. Management and Innovation - The management team has been restructured to include a younger demographic, with a focus on innovation and a culture driven by performance [3][4]. - Beiqi Blue Valley is enhancing its collaborative efforts with partners like CATL and Huawei, and is developing L4-level Robotaxi models in partnership with Pony.ai [5][10].