来源：环球时报 日前，德国大众汽车集团公布了今年一季度财报。财报显示，一季度大众汽车营收为776亿欧元，同比 增长2.8%；但是营业利润仅29亿欧元，同比下滑37%。结合2024年末，德国大众汽车集团关闭工厂、裁 员及降薪的传闻一度沸沸扬扬，尽管这些计划最终通过谈判得以避免，但大众仍宣布要对德国业务进行 全面改革，包括未来裁员超过3.5万人、大幅削减产能以及未来4年工资不再上涨。大众的危机可说是整 个德国汽车行业的缩影，令人不禁要问，德国的"汽车神话"是否真的即将走向终结？ 德国汽车凭借其在燃油车领域成熟的技术和工艺以及遍布全球的销售网络，收获了大量忠实用户。汽车 行业是德国最重要的制造业门类。2024年，德国汽车行业相关从业人员近78万，销售额5419亿欧元，远 超其他行业。但是，德国国内汽车市场相对狭小，占全球不到3%，3/4的德国造汽车出口海外，海外市 场对于德国汽车行业的重要性不言而喻。2024年德国汽车行业销售额的69.5%来自海外市场，汽车行业 因此也成为德国占比最大的出口部门。2024年汽车及其零配件出口2625亿欧元，占德国对外出口总额的 17%。 近年来，新能源汽车的异军突起给德国汽车行业带 ...

Core Viewpoint - The emergence of BYD's Seal 06 DM-i travel version and other new energy travel vehicles marks a significant shift in the automotive industry, targeting mainstream family consumers with competitive pricing and advanced technology [2][3][9] Group 1: Market Trends - The penetration rate of new energy vehicles has surpassed 50%, indicating a transition from niche to mainstream in consumer purchasing decisions [2] - The SUV market is experiencing a slowdown in growth, while the travel vehicle segment shows signs of recovery, presenting an opportunity for travel vehicles to capture market share [9][10] Group 2: Consumer Insights - Young consumers are becoming the primary purchasing force, seeking individuality and quality in their vehicle choices, which aligns well with the characteristics of new energy travel vehicles [2][6] - There is a significant lack of awareness and understanding of travel vehicles among domestic consumers, which has hindered their market performance [3][10] Group 3: Product Development - The application of new energy technology has greatly improved the economic and environmental aspects of travel vehicles, providing a unique opportunity for market growth [4][11] - Travel vehicles must innovate in design, smart features, and pricing strategies to resonate with young consumers and differentiate themselves in a competitive market [6][7] Group 4: Marketing Strategies - Effective marketing strategies, such as experiential events and lifestyle integration, are essential to enhance consumer awareness and acceptance of travel vehicles [10][11] - The focus should be on creating emotional connections and showcasing the practical advantages of travel vehicles to shift consumer perceptions [6][11]

编者按：财报是上市公司生产经营活动的"成绩单"，更是投资者决策的重要依据。 作为中国经济的"定盘星""压舱石"，上市公司的经营状况如何、业绩含金量多少、未来将有哪些布局等问题，一直备受市场关注。 数据之中有价值，报告背后更精彩。 为此，中国基金报推出《财报面面观》策划，解读财报数据，聚焦热门行业，提示潜在风险，洞悉核心价值，为投资者了解公司真实情况提供参考，更好 地助力上市公司提高信息披露质量。 中国基金报记者邱德坤 随着上市车企交出2024年的"成绩单"，汽车行业"驶向"关键路口得以进一步印证。 比亚迪作为新能源汽车龙头企业，2024年首次在营收、利润、销量、市值等方面超越上汽集团，而后者此前是燃油车时代的"领头羊"。 上市车企"一哥"易主传递出重要信号：2024年，汽车行业固有格局加速崩坏，传统上市车企的固有优势快速丧失，新能源汽车时代扑面而来且远超预期。 转型新能源汽车较为成功的上市车企，已通过2024年的营收、利润等财务指标印证其享受到时代红利，而转型步伐迟缓的传统上市车企正忙于自救。 如何突围是多家上市车企需要回答的时代命题。汽车行业在2025年迎来"淘汰赛"，哪些上市车企能够做到求生存、谋发展？ ...

Core Viewpoint - The recent announcement by FAW Bestune to initiate a new round of capital increase and strategic investment reflects the company's commitment to deepening reforms and accelerating its transition towards electrification and intelligence in the competitive landscape of the new energy vehicle industry [1][8]. Group 1: Strategic Investment and Market Positioning - FAW Bestune's strategic investment aims to integrate resources from various sectors, including local investment entities and partners within the automotive supply chain, to enhance its capabilities in technology development, supply chain optimization, and market expansion [1]. - The company has successfully transitioned to a shareholding system with the support of China FAW, improving its governance structure and operational efficiency [3]. - The introduction of strategic investors like Yueda Group has facilitated the infusion of market resources and external mechanisms, positioning FAW Bestune as a model for state-owned enterprise transformation [3]. Group 2: Technological Advancements and Product Development - Over the past three years, FAW Bestune has invested nearly 10 billion yuan to develop a comprehensive new energy vehicle technology framework, including platforms, battery systems, and intelligent driving technologies [3]. - The company has established a product matrix covering A0 to B-class vehicles, with models like the electric SUV Bestune Yuyi 03 and hybrid model Yuyi 07 targeting different market segments [5]. - The successful launch of the "lifetime warranty" service for vehicles and battery systems has enhanced consumer trust and contributed to a significant increase in sales [6]. Group 3: Market Performance and Future Outlook - In Q1 2024, FAW Bestune achieved sales of 38,939 vehicles, a year-on-year increase of 47.4%, with new energy vehicle sales reaching 28,441 units, accounting for 73% of total sales [6]. - The company plans to launch six new models over the next two years, aiming to cover a broader range of market segments and respond to the evolving demands of consumers [8]. - The strategic investment is seen as a means to build a resource-sharing platform that addresses systemic challenges in the industry, ensuring sustainable growth and competitiveness [8].

当新能源汽车产业从增量竞争迈入存量深水区，市场对产品力与体系力的考验，开始变得前所未有地严 苛。2025年上海国际车展，成为车企比拼含新量、兑现承诺的重要舞台。在这场关乎未来生死线的竞速 中，广汽本田以P7为核心，完成了100%新能源动力展车布局，不仅刷新了合资品牌在新能源领域的含 新量认知，也交出了从产品逻辑到体系能力的完整答卷。P7不是单点突破，而是以驾趣体验、安全标 准、智造体系、长期主义为四大支柱，重新定义了合资品牌在新能源成熟周期中的竞争力。它证明，真 正的转型，不是发布新车的速度，而是兑现价值的厚度。新驾趣纯电SUV P7在上市后24小时内获得超 5000订单，从P7起步，广汽本田正在构筑属于自己的新能源第二增长曲线。 以驾趣破局：P7重新定义电动化体验标准 在新能源浪潮席卷之下，智能、电动成为行业标配，但真正决定用户长期选择的，始终是驾控体验本 身。尤其是在新能源车型普遍堆砌算力、卷参数的现状中，P7选择了一条逆势而行的路——回归驾驶 本质，以"好开、好控、好用"重新定义电动化驾趣。 P7基于本田云驰架构，结合高刚性车身、低重心设计与轻量化技术，打造出真正兼顾舒适性与运动性 的底盘表现。前双叉臂 ...

2020年，长春一东实现营业收入11.56亿元，同比增长22.49%；净利润5721.56万元，同比增长184.51%；扣非净利润5264.37万元，同比增长167.22%，公司主要业绩指标均创下了历史新 2021年，长春一东实现营业收入11.23亿元，同比下降2.83%；净利润4125.50万元，同比下降27.90%；扣非净利润3237.76万元，同比下降38.50%，这也成了公司目前最后一次实质上盈利 2022年和2023年，长春一东营业收入分别为5.51亿元和6.96亿元，同比分别增长-50.98%和26.43%；净利润-704.56万元和66.08万元，同比分别增长-117.08%和109.38%；扣非净利润 近日，长春一东发布年报显示，公司2024年实现营业收入6.90亿元，同比下降0.85%；净利润-232.12万元，同比下降451.27%；扣非净利润-702.80万元，同比下降64.96%。 由此，长春一东扣非净利润连续三年亏损，累计亏损金额达3190.14万元。 对于2024年亏损，长春一东表示，受行业因素影响，本报告期公司出于谨慎性原则对经营困难的客户相关应收款项计提信用减值损失同比增加。公 ...

受海外项目物流及交付周期延长、国内汽车产业链产能利用率低迷等因素影响，公司部分智能装配线项 目验收进度滞后，直接导致收入同比下滑。细分业务线呈现明显分化，发动机智能装配线收入保持增 长，但变速箱装配线业务收入骤降超七成，凸显下游客户需求的结构性变化。 汽车行业竞争加剧背景下，项目周期延长推高实施成本，叠加近年来为承接新订单扩张团队带来的人工 成本激增，致使销售毛利率持续承压。尽管公司试图通过优化组织架构降低管理费用，但战略调整期的 架构重组反而推高了当期运营成本，形成"降本难增效"的困局。 值得关注的是，公司在年报中释放出战略调整信号。通过持续优化海内外订单结构、聚焦新能源汽车领 域技术升级，豪森智能试图在汽车产业电动化转型中寻找新增长点。审计报告特别强调，其形成的自动 化、信息化、智能化生产线技术体系，仍是支撑未来发展的核心资产。 此外，管理费用率较高也是原因之一。为适用海内外订单的结构性变化和实施成本优化措施，公司本年 度持续优化人员结构配置、调整组织架构，导致管理费用较上年同期有所增加，管理费用率较高。 报告期内，欧洲多国下调或取消新能源汽车补贴，新能源汽车销量下滑；美国新能源汽车政策不确定性 增大，多 ...