第一财经对比2020~2025年数据发现，2025年新能源车新车的降价力度创下了近3年的新高，仅好于2022年的13.8%。 2025年被称为"反内卷"之年，但年末车市依旧溅起了价格战的"浪花"。 乘联分会秘书长崔东树提供的最新数据显示，2025年12月，新能源车降价车型均价为13.6万元，平均降价2万元，降幅高达14.7%。 受新能源车降价拖累，12月份总体乘用车市场新车降价车型均价12.4万元的降价力度算术平均达到1.5万元，降幅达12.4%。 从全年角度看，1~12月份，新能源车新车降价车型均价19.5万元的降价力度算术平均达到2.1万元，降幅达11%。 | | 乘用车新车降价的综 | 2020年 | 2021年 | 2022年 | 2023年 | 2024年 | 2025年 | | 2025年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合降价 | | | | | 汇总 | 11月 | 12月 | 汇总 | | 新能 | 新车降价车型均价 | 15.4 | 23.0 | 21.0 | 21.5 | 18.8 | ...

万帮数字能源股份有限公司（下称万帮数字）于1月4日首次向港交所呈交了IPO（首次公开募股）申请 文件。 据招股书（申请版本，下同），万帮数字拟将此次港股IPO募集资金分别用于研发、全球市场拓展、提 高常州和盐城生产设施的产能、战略投资与并购、营运资金及一般企业用途。 万帮数字招股书中引用弗若斯特沙利文资料称，按照2024年的收入及销量计算，万帮数字是全球最大的 智能充电设备供应商。但也是在2024年，公司不仅出现"增收不增利"的局面，且经营活动所得现金流量 净额较2023年的11.51亿元下滑至2.72亿元，降幅超76%。此外，万帮数字过往还与江苏万帮太乙科技股 份有限公司（下称万帮太乙，由万帮数字控股股东邵丹薇及丁锋控制）存在大额的关联交易，且万帮太 乙还是公司报告期内五大客户之一。 核心产品平均售价曾在2024年同比下滑近9% 据招股书，万帮数字是智能充电设备供应商，亦是微电网系统的先驱，公司同时还提供大型储能系统。 招股书援引弗若斯特沙利文的资料称，万帮数字是中国首家获高端国际主机厂客户认证的智能充电设备 供应商，提供高兼容性产品及服务，满足主机厂对充电基础设施的高标准要求。按照2024年的收入及销 量 ...

影石创新向大疆发起挑战的首款无人机产品影翎A1，陷入了销量遇冷的舆论风波。 影石创新创始人刘靖康给出的数据是，影翎中国区48小时卖了3000多万元。一位行业人士直言，七八千元的客单价，3000多万的销售额，算下来 销量在3000—4000台， "销量确实一般" 。 《BUG》栏目看到，截至1月4日，在京东无人机热卖榜TOP30中，影翎A1排名在第27位。在天猫无人机热销榜中，TOP20未见到影翎A1的身 影。 而在过去的一个月中，刘靖康在不同场合和渠道多次发表言论，称与大疆属于非正常竞争，要"斗争到底，死而后已。 " 实际上，影石创新已经多个季度陷入增收不增利的局面。2025年第三季度，影石创新净利润更是遭遇了15.9%的同比下降。 新品被指遇冷， 无缘京东天猫TOP20榜单 一直深耕全景相机的影石创新，于12月正式入局无人机领域。 一个月前，影石创新与第三方共同孵化的首款全景无人机影翎A1正式上市，原价为7999元起，国补优惠后售价为6799元起。官方宣称影翎A1是 首款将360°全景影像、沉浸式飞行视角与体感操控整合于同一系统的无人机。 不过，被影石创新寄予厚望的影翎A1，上市之初便陷入了销量遇冷的舆论风 ...

文 | 《BUG》栏目 张俊 影石创新向大疆发起挑战的首款无人机产品影翎A1，陷入了销量遇冷的舆论风波。 影石创新创始人刘靖康给出的数据是，影翎中国区48小时卖了3000多万元。一位行业人士直言，七八千元的客单价， 3000多万的销售额，算下来销量在3000—4000台，"销量确实一般"。 实际上，影石创新已经多个季度陷入增收不增利的局面。2025年第三季度，影石创新净利润更是遭遇了15.9%的同比 下降。 新品被指遇冷，无缘京东天猫TOP20榜单 一直深耕全景相机的影石创新，于12月正式入局无人机领域。 一个月前，影石创新与第三方共同孵化的首款全景无人机影翎A1正式上市，原价为7999元起，国补优惠后售价为6799 元起。官方宣称影翎A1是首款将360°全景影像、沉浸式飞行视角与体感操控整合于同一系统的无人机。 不过，被影石创新寄予厚望的影翎A1，上市之初便陷入了销量遇冷的舆论风波。有媒体援引国内头部电商平台的销量 数据称，影翎A1的销量数据不太理想。 一位行业人士对此表示，七八千元的客单价，3000多万的销售额，算下来销量在3000—4000台左右。"销量确实很一 般，尤其是在大量自媒体账号推广视频的前提 ...

就全年汽车销量来看，长城汽车（601633）距当初董事长立下的目标相去甚远。 2026年开年，长城汽车官网显示，公司2025年销售汽车132.37万辆，同比增长7.33%，对照全年400万辆业绩目标来看，完成率仅为33.09%。从结构上看， 长城汽车海外全年累计销量50.61万辆，高于新能源汽车销量的40.36万辆。 令人担忧的是，长城汽车12月单月销量12.4万辆，同比下滑8.33%，未能出现往年常见的"翘尾效应"。具体到品牌方面，哈弗在去年12月销量同比下滑 20.34%，而被寄予厚望的欧拉全年销量缩水23.68%。 早在2021年6月，长城汽车董事长魏建军在公司2025战略发布会上曾表示：至2025年，长城汽车将实现年销售400万辆、新能源汽车占比80%、营业收入超 6000亿元的目标。未来5年，长城汽车将累计投入1000亿元的研发资金。 长城汽车(HK:02333) 港股通 可融资 可卖空 ∞ … 加自选 7.52 万球友关注 休市 01-02 16:08:46 北京时间 实际上，从2025年第三季度报告来看，长城汽车已陷入了增收不增利的困局。财务数据显示，前三季度，长城汽车实现营业收入1535.82 ...

Core Viewpoint - The company Bi Yin Le Fen has announced the dissolution and liquidation of the Guangzhou Hou De Zai Wu Industrial Investment Fund Partnership, citing the achievement of investment objectives and the need to optimize management costs and improve operational efficiency [1][3]. Group 1: Dissolution of Partnership - Bi Yin Le Fen, along with partners, established the Guangzhou Hou De Zai Wu Industrial Investment Fund with a total investment of 75 million yuan, where Bi Yin Le Fen contributed 74.89 million yuan, accounting for 99.86% of the total [3]. - The decision to dissolve the partnership was made after friendly negotiations among all partners, and the assets will be distributed according to a signed agreement, with Bi Yin Le Fen acquiring 100% equity in Hong Kong-based companies [3]. Group 2: Financial Performance - The partnership has reported significant losses, with net losses of 44.22 million yuan in 2023, 81.18 million yuan in 2024, and 37.08 million yuan in the first half of 2025 [4]. - Bi Yin Le Fen's overall revenue for 2024 was 4.004 billion yuan, a year-on-year increase of 13.24%, but the net profit decreased by 14.28% to 781 million yuan, marking the first annual decline since its listing in 2016 [8]. - In the first three quarters of the current year, the company achieved total revenue of 3.201 billion yuan, a year-on-year increase of 6.71%, while net profit fell by 18.70% to 620 million yuan [8]. Group 3: Management Changes - In April 2025, the founder's son, Xie Yang, was appointed as the new general manager, succeeding Shen Jindong, who resigned but will continue to serve as a board member and chief strategic officer [9]. - The company has faced challenges in the market, with its stock price halving since May 2023 and being removed from the Shenzhen Composite Index sample stock list [9].

瞭望塔财经获悉，浙江新恒泰新材料股份有限公司即将在12月26日接受北交所上市委员会的第49次审议会议的审核。公司拟募集资金3.8亿元，用于多个生 产与研发项目。 瞭望塔财经根据招股书中财务数据发现，2022年至2024年，公司的营业收入实现了持续增长，从5.30亿元增至7.74亿元。然而，光鲜的增长背后，其利润增 长动能却出现明显衰减，净利润在2023年达到1.01亿元的高点后，于2024年回落至9176.43万元。 1、公司背景与IPO进程 瞭望塔财经通过官网了解到，新恒泰新材料股份有限公司成立于2012年，是一家专注于功能性高分子发泡材料研发、制造与销售的企业。 其产品主要涵盖化学交联聚乙烯发泡材料（PEFoam）、电子辐照交联聚乙烯发泡材料（IXPE）及聚丙烯微孔发泡材料（MPP）等。 股权结构显示，这是一个典型的家族控股企业。截至招股书签署日，实际控制人陈春平、金玮夫妇及其儿子陈俊桦合计控制公司75.04%的表决权。 公司此次上市申请的保荐机构为浙商证券股份有限公司，这标志着新恒泰首次公开冲击资本市场。 2、贸易商交易真实性存疑 北交所在第二轮审核问询中，对公司的贸易商销售模式提出了直接而深入的质疑。 ...

Core Viewpoint - The company, Biyinlefen, has decided to dissolve and liquidate the Guangzhou Houde Zaiwu Industrial Investment Fund Partnership due to the achievement of its investment objectives and the need to optimize management costs and improve operational efficiency [1][3]. Group 1: Company Actions - Biyinlefen's board approved the dissolution and liquidation of the partnership during its 13th meeting of the fifth board session [1]. - The company holds a 99.86% stake in the partnership, with a total investment of 74.89 million yuan out of 75 million yuan [3]. - The liquidation will involve cash distribution to other partners and the transfer of assets, including 100% equity stakes in Hong Kong-based Kerryte Limited and Hong Kong Yingfeng Zerun Limited to Biyinlefen [3]. Group 2: Financial Performance - The partnership has reported significant losses, with net losses of 44.22 million yuan in 2023, 81.18 million yuan in 2024, and 37.08 million yuan in the first half of 2025 [5]. - Biyinlefen's overall financial performance has been declining, with a 14.28% decrease in net profit in 2024 despite a 13.24% increase in revenue [7]. - In the first three quarters of 2025, the company achieved a revenue of 3.20 billion yuan, a 6.71% increase year-on-year, but net profit fell by 18.70% [7]. Group 3: Management Changes - The company appointed Xie Yang, the son of the chairman, as the new general manager following the resignation of the previous general manager, Shen Jindong [6][8]. - Xie Yang has prior experience in the company and in the trading sector, indicating a potential shift in management strategy [8]. Group 4: Market Position - Biyinlefen has faced challenges in the market, being removed from the Shenzhen Component Index and experiencing a significant drop in stock price since May 2023 [8]. - The company's market capitalization has fallen below 10 billion yuan, down from a peak of 20 billion yuan after its A-share listing in 2017 [8].

Core Viewpoint - Yuan Chuang Technology Co., Ltd. (Yuan Chuang) has successfully listed on the Shenzhen Stock Exchange, with a significant increase in share price on the first trading day, indicating strong market interest and investor confidence in the company’s future prospects [1][3]. Fundraising and Use of Proceeds - Yuan Chuang's IPO price was set at 24.75 yuan per share, with a total issuance of 19.6 million shares, raising approximately 485 million yuan, and a net amount of about 397 million yuan after expenses [1]. - The company plans to allocate the raised funds for the construction of a production base (400 million yuan), a technology center (25 million yuan), and to repay bank loans and supplement working capital (110 million yuan) [4]. Stock Performance - On the first trading day, Yuan Chuang's stock opened at 79.00 yuan, reflecting a 219.19% increase from the IPO price, and closed at 67.23 yuan, a 171.64% increase, giving the company a market capitalization of approximately 5.271 billion yuan [3]. Historical Context - Yuan Chuang previously attempted to list on the Shanghai Stock Exchange in December 2021 but withdrew its application in October 2022 due to issues related to fund flow verification and declining performance [3][8]. - The company has a history of cash dividends, distributing 10.08 million yuan in 2020, 11.76 million yuan in 2021, and 11.76 million yuan in 2022 and 2023 [4]. Financial Performance - The company reported revenues of approximately 1.261 billion yuan in 2022, 1.141 billion yuan in 2023, and projected revenues of 1.349 billion yuan in 2024, with net profits of 139 million yuan, 178 million yuan, and 155 million yuan respectively [8]. - For the first half of 2025, revenues are expected to be around 652 million yuan, a year-on-year increase of 6.74%, while net profit is projected at 74.23 million yuan, showing a decline of 2.65% [9]. Ownership Structure - The major shareholder and actual controller of Yuan Chuang is Wang Wenjie, who directly holds 82.27% of the shares and controls an additional 8.66% through Xing Teng Investment, totaling 90.93% [5][6].

Core Viewpoint - The company, known as "the alternative to Arc'teryx," is advancing its IPO process in Hong Kong, facing rapid growth in revenue but significant challenges in profitability and product quality [1][2]. Group 1: Financial Performance - The company's revenue for 2022, 2023, 2024, and the first half of 2025 is projected to be 379 million, 910 million, 1.766 billion, and 910 million respectively, with net profits of 24.3 million, 152 million, 283 million, and 85 million [3]. - Notably, the revenue for the first half of 2025 is expected to be the same as in 2023, but net profit will decrease by 67 million [4]. - The gross margin is increasing, from 58.5% in 2023 to 64.2% in the first half of 2025, while the net margin is declining from 16.7% to 9.3% during the same period [5]. Group 2: Pricing Strategy - The company has been increasing product prices, with the average selling price of clothing rising from 169 yuan in 2022 to 299 yuan in 2024, a 77% increase. The average price of jackets and pants increased from 381 yuan in 2022 to 459 yuan in the first half of 2025, a 20% increase [7]. - The average selling price of most products has risen by 20-30% over two to three years [7]. Group 3: Marketing and Distribution Costs - Sales and distribution expenses have significantly increased, rising from 30.5% of total revenue in 2023 (280 million) to 41.5% in the first half of 2025 (380 million), negatively impacting net margins [9]. - The company is heavily reliant on marketing-driven growth, which raises concerns about sustainability [9]. Group 4: Cash Flow and Inventory Issues - Despite seemingly good revenue, the company has faced negative cash flow from operating activities since 2024 due to increased inventory and receivables [10]. Group 5: Product Quality Concerns - The company has faced multiple quality control issues, with products failing to meet standards in various inspections, raising concerns about its reputation and product reliability [11].