就在刚过去的11 月，鸿蒙智行以 8.18 万辆的纪录登顶新势力榜首，成功点燃市场热情之际，亮眼成绩单背后却藏着"价格屠夫"尚界 H5 的尴尬境地。 这点儿价差，换800V高压平台、双 激光雷达 ，还有大空间。"这样，算下来不如直接上 R7 划算。"李生坦言，原本觉得两款车价差不小，真到终端算完 才发现，"不如多花几万，把体验拉满了"。 华为 体验中心的销售说，这样的场景每天都在发生。11月以来，到店看尚界H5的客户里，超过4成都会对比智界 R7，光我们这个门店一半人最后会选择 后者。"15万 华为 智驾的口号，确实拉来不少人，但只要客户愿意多聊两句，算一算成本和预算，最后再试驾对比一下，很容易倾向R7。" 作为鸿蒙智行旗下首款下探至 15 万元级的规模化产品，尚界无疑替鸿蒙"五界"的矩阵开辟出了一套"技术赋能+成本控制"的全新协作模式。以至于尚界 H5自今年9月上市起便被各方寄予厚望。 明明试图要以击穿智能电动车价格地板的姿态入市，却从诞生至今未能实现规模放量的目标。以至于让一场声势浩大"低价换量"打法，终究与市场预期严 重脱节。 近期就在蜂鸣出行终端走访时发现，即便经历'1月3降、柔性让利'，尚界H5的销 ...

来源 | 财经九号 作者 | 胖虎 海辰储能的崛起，本质是一场以牺牲利润为代价的规模攻坚战。其核心策略便是以低价抢占市场份额， 这种模式短期内拉动了出货量增长，却彻底打乱了企业的盈利结构与经营逻辑。 要知道，储能市场不是茶饮、出行、外卖这类市场，靠烧钱、补贴就能把对手挤出去，整个行业都是动 辄几十亿上百亿的重资产模式，玩家基本上都是巨头，这种低价策略的"零和博弈"能把谁逼下牌桌？ 就在今年9月，海辰储能在沙特市场以每千瓦时73-75美元的价格中标1GW/4GWh储能项目，不仅创下中 国以外全球市场最低价纪录，还远低于欧美行业平均水平。这种近乎"赔本赚吆喝"的定价策略，直接导 致其单位产出价值严重偏低。 2025年上半年，海辰储能出货量30GWh略高于亿纬锂能的28.7GWh，但储能业务收入仅54.5亿元，不足 后者103亿元的一半，单GWh收入1.82亿元与亿纬锂能的3.59亿元相差近一倍，跟宁德时代、天合光能 这些头部玩家就更没法比了。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 ...

Core Viewpoint - Luckin Coffee is rapidly expanding its presence in the coffee market, aiming to replicate the success of its parent brand, Mixue Ice Cream, by leveraging a low-cost model and aggressive franchise strategies [1][4][10]. Expansion and Growth - As of July 2025, Luckin Coffee has signed over 7,000 stores nationwide, a significant increase from approximately 4,000 at the end of 2024, with a target of exceeding 10,000 stores by the end of 2025 [1]. - The company reported a 164% year-on-year increase in new store signings in Q2 2025, with 1,291 new stores opened in July alone, representing a month-on-month growth of over 330% [1][2]. Market Strategy - Luckin Coffee has shifted its focus from lower-tier markets to first and second-tier cities, particularly targeting the Yangtze River Delta and Pearl River Delta regions, with commercial streets as key expansion points [2]. - The franchise model requires full ownership by franchisees, allowing for unified market management and operational transparency, which facilitates rapid store replication [6]. Pricing and Supply Chain - The pricing strategy includes a low-cost model, with an American-style coffee priced at 5.9 yuan, benefiting from the supply chain advantages shared with Mixue Ice Cream [1][4]. - The company has established direct sourcing channels for coffee beans in major producing countries, enhancing its procurement scale and cost efficiency [4]. Franchisee Performance - Despite rapid expansion, franchisee profitability varies, with some reporting significant challenges and losses, leading to store closures or transfers [8][10]. - A franchisee in a university area reported a winter daily revenue of only 1,200 yuan, far below initial projections, resulting in a loss of 250,000 yuan before transferring the store [8][9]. Competitive Landscape - Luckin Coffee faces stiff competition from established brands like Luckin and Kudi, with franchisees noting that brand recognition significantly influences consumer choices [8][10]. - The company’s low-price strategy may not be sufficient to attract a broader customer base, as many consumers still prefer more recognized brands despite the lower franchise costs [8][10].

Core Insights - The express delivery industry is experiencing a wave of price increases, starting from regions like Guangdong and Yiwu and gradually spreading nationwide [1] - The industry has been trapped in a vicious cycle of "low-price for volume" competition, leading to a situation where increased volume does not translate into increased revenue [1] - Rising operational costs, including labor, fuel, and rent, have severely compressed profit margins, making it difficult for companies to absorb these cost pressures internally [1] Group 1 - The dilemma for express companies, primarily operating on a franchise model, is whether to enforce price increases, risking the loss of price-sensitive customers, or to maintain low prices, which could lead to franchisee losses [1] - Many franchisees are already on the brink of losses due to prolonged low-price competition, highlighting the challenge of balancing corporate interests with market demand [1] Group 2 - The direct result of price increases is an increase in consumer spending, with many consumers noticing the gradual disappearance of free return insurance and higher thresholds for free shipping [2] - Consumers are generally accepting of price increases as long as they perceive value in the service, but initial feedback indicates no significant improvement in service quality post-price hike, leading to dissatisfaction [2] - The industry needs to build a sustainable and balanced ecosystem that aligns the interests of merchants, express companies, and consumers, ensuring that every additional cost is justified and perceived as valuable [2]