这场交易的中断，折射出两个方向的困局：对鸿海而言，是造车版图迟迟难以破局；对采埃孚而言，则 是转型周期拉长、财务压力陡增的现实。 经观感知 鸿海精密工业与采埃孚的交易，或将不会走到签字桌前。 这场历时两年的跨境收购，本被视为鸿海在电动车产业链中向上突破的重要一步。鸿海计划入股采埃孚 集团旗下动力总成业务 Division E，以借助这家德国零部件巨头的技术积累，加速在电驱系统领域的布 局。然而，今年秋天，这笔交易突然搁浅。 原因并不复杂。鸿海在尽职调查阶段认定，Division E 的整体估值介于 15 亿到 25 亿欧元之间，远低于 此前市场甚至公司方面内部曾谈及的 35 亿欧元估值。 同时，净资产价值（Equity Value）在扣除债务与养老金负担后呈现负值，与此前曾预计的 13 亿欧元正 值相去甚远。正如文件边注所写："no deal if equity value is negative.（净资产为负，就停止交易）"" 而在欧洲，采埃孚的传统支柱业务却正逐步失守。作为全球第三大零部件供应商，其在变速器领域长期 与博世、爱信并列，但电动化进程改变了利润结构。2018 年起，采埃孚持续投入电驱与自动驾驶 ...

岚图通过介绍上市和母公司退市的模式，给传统车企转型提供了"腾笼换鸟"的新思路。在不少传统车企 中，燃油车业务的厚重资产既是其盈利的"利润奶牛"，也是电动化转型的"绊脚石"。东风集团股份将其 持有的岚图汽车79.67％股权按持股比例向全体股东分派，随后岚图汽车以介绍上市方式登陆香港联交 所，既规避了市场波动对募资的冲击，更破解了母公司市值低迷拖累子品牌的困局——事实上，东风集 团港股市净率仅0.24倍，融资功能几近丧失，而岚图上市后有望获得估值溢价。这种模式的价值，远不 止于一种融资手段，更是传统车企资产重构的"手术刀"：通过将新能源业务剥离上市，集中资源聚焦核 心赛道，摆脱燃油车业务的路径依赖。对于长安、北汽等同样面临新旧业务相互拉扯的车企而言，岚图 的探索无疑提供了一条可复制的转型路径。 这场IPO浪潮对行业的影响，或将超越资本层面，推动中国汽车产业从野蛮生长迈向"高质量竞争"。过 去，新势力靠烧钱拼规模、拼销量，而"车二代"的入场，将带来更成熟的供应链管理、更稳健的盈利预 期，倒逼行业从规模竞赛转向技术和盈利的双重比拼。未来，行业竞争的核心将是800V高压平台、城 市NOA等硬核技术的突破，以及全球化市场 ...

Core Insights - Doosan Group attributes its longevity to "transformational DNA" and "new generation power discovery" strategies, focusing on enhancing competitiveness in three future industries: energy, industrial machinery, and semiconductors [1] Energy Sector - Doosan Energy has achieved international certification for 8MW and 10MW offshore wind power projects and successfully completed full-load testing of a 380MW gas turbine developed in 2019 [1] - In the nuclear power sector, the company has supplied a total of 34 reactors and 124 steam generators globally [1] Industrial Machinery - Doosan Bobcat has doubled its scale over the past five years, with rapid growth in agricultural and landscaping equipment [1] - The company is leading the electrification transformation in the industry, launching the world's first fully electric compact tracked loader in 2022 [1] - Doosan Robotics has maintained its position as the leader in the collaborative robot market in South Korea since 2018, leveraging exclusive torque sensor technology, and has successfully entered the global top four [1] Semiconductor Sector - In 2022, Doosan Group acquired Tesna, a leading testing company in South Korea, which holds the top market share in the system semiconductor testing field, particularly in wafer testing [1]

Core Insights - The Wuhan Economic and Technological Development Zone is planning to convert the site of the former Dongfeng Honda second factory from industrial to primarily residential use, which includes residential, commercial, and educational facilities [1][3] - This initiative is part of a broader strategy to develop the "China Auto Valley" and the "Double Intelligence Pilot Zone," aiming to create a model for industrial integration and urban development in the region [1] Group 1 - The Dongfeng Honda second factory, covering approximately 1.05 million square meters, was established in November 2010 and began production in July 2012, with an annual capacity of 240,000 vehicles [3] - The factory is set to officially cease operations in November 2024 [3] - The transformation of the site follows the previous conversion of the Shenyang Automotive Wuhan plant into a mixed-use development, indicating a trend of repurposing industrial sites in the area [1][3] Group 2 - Dongfeng Honda has taken over the Shenyang Automotive Wuhan second factory and has repurposed it into a new energy vehicle production base, which officially commenced operations on October 11, 2024 [3] - The new energy factory is the first of its kind in Honda's global strategy, with a production capacity of 120,000 new energy passenger vehicles per year, supporting the company's transition towards electrification [3]

当下的IPO时机选择，更是传统车企对行业周期的精准把控。今年"车二代"集体冲刺IPO，背后是新能 源行业逻辑的深刻变革：辅助驾驶从概念走向落地，端到端大模型上车重塑技术壁垒；政策重心从补贴 转向基建，充电网络与海外市场布局成为新的竞争焦点；欧洲等海外市场渗透率提升，为中国车企打开 第二增长曲线。正是这样的行业变革，让奇瑞上市首日市值就能突破1972亿港元，让赛力斯因赴港计划 迎来A股股价单日5.77％的涨幅，收盘价为157.22元／股，创历史新高。 这一轮IPO热潮，可谓是传统车企用资本杠杆撬动电动化转型的一场破局之战。过去数年，新势力车企 凭借先发优势抢占市场，而传统车企虽手握供应链、制造能力等底牌，却受制于燃油车业务的路径依赖 问题，难以及时将优势转化为新能源汽车赛道的竞争力。 而今，传统车企全面打响电动化转型战役。如极氪品牌2024年全年经营总收入759亿元，同比增长 47％，财年内整车毛利率逐季攀升，2024年第四季度达17.3％，全年整车毛利率15.6％，证明了传统车 企（吉利集团）在新能源汽车市场的资源整合效率；岚图在上市前即实现盈利，打破了"传统车企做新 能源车必亏损"的魔咒，并用连续7个月销量 ...

Group 1: Market Dynamics - The luxury car market is undergoing a significant adjustment, with BBA (BMW, Mercedes-Benz, Audi) showing a differentiated trend: BMW is leading, Mercedes-Benz is under pressure, and Audi is catching up [1] - BMW is the only company among BBA to achieve positive sales growth, with global deliveries reaching 588,300 units in Q3, up 8.8% year-on-year, and a total of 1,795,900 units in the first three quarters, up 2.4% [1] - In contrast, Mercedes-Benz's Q3 global sales fell to 525,300 units, down 12% year-on-year, with a total of 1,601,600 units in the first three quarters, down 9% [1][3] - Audi's Q3 global sales were 397,100 units, a decrease of 2.5%, with a total of 1,191,100 units in the first three quarters, down 4.8% [1] Group 2: Challenges in the Chinese Market - The Chinese market poses a significant challenge for BBA, with BMW's Q3 deliveries in China slightly declining by 0.4% to 147,100 units, and a cumulative drop of 11.2% to 464,000 units in the first three quarters [3] - Mercedes-Benz faced a more severe decline, with Q3 deliveries in China plummeting 27% to 125,000 units, and a total drop of 18% to 418,000 units in the first three quarters [3] - Audi's sales in China showed signs of recovery, with its joint venture reporting a 13.5% increase in sales to 58,000 units in the first three quarters [3] Group 3: Pricing and Competitive Pressure - The pricing structure of BBA is under pressure, particularly in the 200,000 to 400,000 RMB price range, where local brands are challenging entry-level models [4] - In the 200,000 to 300,000 RMB segment, brands like Zeekr and Tesla are eroding BBA's market share with better performance and value [4] - BMW has revised its profit forecast for 2025, expecting a pre-tax profit "slightly below" last year's 10.97 billion euros (approximately 90.98 billion RMB) due to increased tariff costs and support for local dealers [4][5] Group 4: Electrification Strategies - BBA's electrification strategies are diverging, with BMW leading, Mercedes-Benz aggressively pushing forward, and Audi taking a more pragmatic approach [6] - BMW's electric vehicle sales reached 323,000 units in the first three quarters, up 10% year-on-year [7] - Mercedes-Benz is launching a significant product offensive, with plans to introduce at least 40 new models by the end of 2027, including the new electric GLC targeting the Chinese luxury electric SUV market [8] - Audi is adjusting its electric strategy, focusing on a balanced approach between long-term electric goals and flexible product offerings, with new models like the Q6L e-tron [9] Group 5: Current Market Trends - The hybrid market remains a crucial support for BBA, with BMW's hybrid vehicle sales growing 8% to 152,000 units in Q3 [9] - The pure electric market is outpacing hybrids in China, with a year-on-year growth of 32.4% in September, indicating a shift in consumer preference [9] - As BBA collectively intensifies its focus on electric products, a competitive battle for market share in the future landscape is unfolding in China [9]

Core Viewpoint - The luxury car market is undergoing a significant adjustment, with BBA (BMW, Mercedes-Benz, Audi) showing a differentiated performance: BMW is leading, Mercedes-Benz is under pressure, and Audi is catching up [1]. Group 1: Sales Performance - BMW is the only company among BBA to achieve positive sales growth, with global deliveries reaching 588,300 units in Q3, a year-on-year increase of 8.8%, and a total of 1,795,900 units for the first three quarters, up 2.4% [1]. - Mercedes-Benz's Q3 global sales were 525,300 units, down 12% year-on-year and 4% quarter-on-quarter, with a total of 1,601,600 units for the first three quarters, a decrease of 9% [1]. - Audi's Q3 global sales were 397,100 units, a decline of 2.5% year-on-year, with a total of 1,191,100 units for the first three quarters, down 4.8% [1]. Group 2: Market Challenges - The Chinese market has become a common challenge for BBA, with BMW's Q3 deliveries in China slightly decreasing by 0.4% to 147,100 units, and a cumulative decline of 11.2% to 464,900 units for the first three quarters [3][4]. - Mercedes-Benz faced a significant drop in China, with Q3 deliveries plummeting 27% to 125,000 units and a total decline of 18% to 418,000 units for the first three quarters, marking it as the largest market decline for the brand [5]. - Audi's sales in China showed signs of recovery through its joint ventures, with a 13.5% increase in sales for the first three quarters [5]. Group 3: Pricing and Competition - The pricing structure of BBA is under pressure, particularly in the 200,000 to 400,000 RMB price range, where domestic brands are challenging BBA's entry-level models [6]. - In the 200,000 to 300,000 RMB segment, brands like Zeekr and Tesla are offering better performance or value, while in the higher segments, NIO and Li Auto are competing for core customers [6]. - BMW has adjusted its profit forecast for 2025, expecting a pre-tax profit "slightly lower" than last year's 10.97 billion euros (approximately 90.98 billion RMB) due to higher-than-expected tariff costs and financial support for local dealers [6]. Group 4: Electrification Strategies - BBA's electrification paths are diverging, with BMW leading, Mercedes-Benz aggressively pushing, and Audi taking a pragmatic approach [8]. - BMW's electric vehicle deliveries reached 323,000 units in the first three quarters, a year-on-year increase of 10% [8]. - Mercedes-Benz is launching a major product offensive with its new electric GLC targeting the luxury electric SUV market in China, while also building a cooperative ecosystem for intelligent driving [8][9]. - Audi is adjusting its electric strategy, focusing on a balanced approach between long-term electric goals and flexible product offerings, with plans for new electric models [11]. Group 5: Market Trends - The hybrid market remains a crucial support, with BMW's hybrid vehicle sales increasing by 8% to 152,000 units in Q3, while Mercedes-Benz delivered 96,000 hybrid vehicles, up 10% [8]. - The pure electric market is growing rapidly, with a year-on-year increase of 32.4% in September, surpassing hybrid and extended-range vehicles [8].

Group 1 - BMW Group is lowering its profit expectations for 2025 due to weak sales in the Chinese market, rising tariff costs, and increased financial support for Chinese dealers [2] - The expected pre-tax profit for 2025 is projected to be slightly below the 10.97 billion euros (approximately 90.98 billion yuan) forecasted for 2024, which was previously expected to remain stable compared to the previous year [2] - The EBIT margin for BMW's automotive business has been revised down from 5%-7% to 5%-6%, and the return on capital employed has been adjusted from 9%-13% to 8%-10% [2] Group 2 - In the Chinese market, BMW's sales for October have decreased by 0.4% year-on-year, and the year-to-date sales have dropped by 11.2% [3] - The company anticipates further declines in sales in the Chinese market for the fourth quarter of this year [2] Group 3 - BMW is focusing on its new generation of electric vehicles to boost sales, having invested over 10 billion euros (approximately 82.93 billion yuan) in the Neue Klasse series [4] - However, the sales performance of key electric models like the i3 and iX3 has been disappointing, with sales figures of 16,586 and 8,599 units respectively in the first eight months [4] - Quality issues and after-sales service deficiencies have further exacerbated the brand's challenges, with models like the 5 Series, 3 Series, and X3 facing significant complaints [4]

Core Viewpoint - Rolls-Royce is accelerating efforts to attract younger consumers through regular live streaming events, despite the potential risk of diluting its luxury brand image in a challenging ultra-luxury car market [1][11][12] Group 1: Marketing Strategy - Multiple Rolls-Royce dealerships have initiated regular live streaming sessions, focusing on brand presentation rather than direct sales links, which has led to several orders being placed [1][2][4] - The average age of Rolls-Royce customers has decreased significantly, with the average age of buyers for the new Ghost model being around 35 years [4][5] - The brand is also introducing sportier models and design elements that appeal to younger aesthetics, such as the 2025 Black Badge versions of the Phantom and Cullinan [5][6] Group 2: Market Challenges - The ultra-luxury car market in China is under pressure, with sales dropping nearly 50% year-on-year in the first half of 2025, leading to a need for brands like Rolls-Royce to target younger consumers [6][9] - Despite a decline in sales, Rolls-Royce's global sales showed signs of recovery in 2025, with a 3.3% increase in the first three quarters compared to the previous year [6][9] - The brand's transition to electric vehicles is ongoing, with plans for full electrification by 2030, but sales of electric models are facing challenges [7][9] Group 3: Brand Image and Consumer Perception - The shift to live streaming reflects the increasing sales pressure on ultra-luxury brands, which may risk alienating their core older clientele while trying to engage younger consumers [11][12] - Experts suggest that while live streaming can enhance brand visibility among younger affluent consumers, it may also lead to a decrease in brand prestige and consumer trust in the long term [11][12]

作者 | 第一财经 肖逸思 在业绩增长承压的背景下，选择撤回野心勃勃的电动化转型计划的不只是法拉利一家。今年9月下旬，保时捷宣布电动汽车战略发生重大转变，推迟了几 款新型电动车型的推出，并将内燃机和混合动力汽车的生产寿命延长至未来十年。保时捷即将推出的定位高于卡宴的全新SUV系列将仅提供内燃机和插混 动力车型，该系列原本计划以纯电动阵容亮相。 除超豪华品牌外，传统豪华车品牌也纷纷宣布暂停全面电动化的计划。最先放弃的是沃尔沃，这家公司于2024年9月撤回"2030年全面电动化"承诺，转而 设定"90%~100%销量为电动或插电混动"的弹性目标。 越来越多国际车企放缓电动化转型计划。 近日，法拉利宣布，将调整其电动化转型目标，到2030年，法拉利车型阵容中纯电动汽车的占比约为20%，而此前法拉利在2022年提出来的该数值目标为 40%，降低的20%销量比重将被燃油车取代。法拉利计划将其2030年阵容中纯燃油车的比例提高一倍至40%，而混合动力车型的比例则仍维持在40%。 在暂缓电动化转型计划的同时，法拉利公布的2030年业绩指引也未达华尔街预期。受此消息影响，当地时间10月9日，法拉利（RACE.US）美股大跌 ...