7月31日，宝马披露了2025年上半年的财务业绩。财报显示，今年上半年，宝马集团全球销量超过120万 辆，同比减少0.5%。 分品牌来看： 营收与利润的跌幅远超销量。宝马今年上半年录得营收676.85亿欧元，同比减少8%；净利润40.15亿欧 元，同比下降29%；汽车业务的息税前（EBIT）利润率已经同比下降了2.4个百分点，跌至6.2%。尽管 如此，在德系三大豪华品牌（BBA）中，宝马今年上半年在营收、净利润和销量上均保持领先。 21世纪经济报道记者 焦文娟 宝马在中国市场跌势未止，关税冲击又接踵而至。 中国市场持续承压拖累了宝马今年二季度以及上半年的业绩。今年上半年，中国市场成为宝马下滑幅度 最大的单一市场，同比下滑15.5%至31.8万辆。 "关税在第二季度对财务状况也造成了重大影响。"宝马集团CFO沃特尔（Walter Mertl）表示。 鉴于中国市场的严峻形势以及关税带来的压力， 标普全球评级已将宝马的展望从稳定下调至负面，同 时确认其"A/A-1"评级。 在整体数据持续下滑中，宝马新能源汽车销量逆势上扬，成为难得的亮点。 今年上半年，宝马的纯电车型交付超22万辆，同比增长15.7%，占比总销量的1 ...

Core Insights - BMW Group demonstrates strong resilience in the global automotive market amid a complex international trade environment, with over 1.2 million vehicles sold in the first half of 2025, maintaining sales levels compared to the previous year, and over 26% of sales coming from new energy vehicles [1][4] Group 1: Sales Performance - BMW's global sales are supported by the collaborative efforts of various brands, with the BMW M brand achieving record sales of over 106,000 units in the first half of the year, a 6.5% increase year-on-year [2] - MINI brand sales grew by over 17%, with more than 34.3% of its sales coming from electric models, highlighting the success of its electrification strategy [2][5] - Rolls-Royce, as a luxury brand under BMW, saw a 9.4% increase in deliveries in the second quarter, reflecting stable demand in the ultra-luxury car market [2] Group 2: Electrification Strategy - BMW's electrification strategy shows significant results, with electric vehicle sales (including BEV/PHEV) increasing by 18.6% year-on-year, accounting for over 26% of total sales [4] - The total sales of pure electric vehicles surpassed 1.5 million units since the launch of the i3 in 2013, solidifying BMW's leadership in the electric luxury vehicle segment [4] Group 3: R&D Investment - In the first half of 2025, BMW invested over €4 billion in R&D, focusing on the new generation technology cluster to support the upcoming launch of the new generation iX3 and other models [6] - The new generation technology cluster encompasses cutting-edge technologies in electrification, intelligence, and connectivity, aimed at enhancing product competitiveness [6] Group 4: Localization Strategy - Starting in 2026, the first domestically produced new generation models will roll off the production line in Shenyang, reflecting BMW's commitment to the Chinese market [1][7] - BMW's "In China, For China" strategy emphasizes deep integration into the local market, enhancing local production capabilities and reducing delivery times [6][7]

Group 1 - BMW Group reported stable global sales in the first half of 2025, with over 1.2 million units sold, maintaining year-on-year levels despite a complex international trade environment [1] - The high-end and personalized brands, including BMW M, Rolls-Royce, and MINI, showed strong performance, with BMW M achieving a record sales figure of over 106,000 units, a 6.5% increase year-on-year [1] - The chairman of BMW Group emphasized the company's resilience based on three pillars: global presence, innovation capabilities, and attractive product offerings [1] Group 2 - BMW Group's electric vehicle sales (including BEV/PHEV) grew by 18.6% year-on-year, accounting for over 25% of total sales in the first half of 2025 [2] - MINI brand emerged as a benchmark for electrification, with pure electric models making up 34.3% of its sales, contributing to a 17.4% increase in global sales [2] - The company invested over €4 billion in R&D focused on new generation technology clusters, preparing for the launch of over 40 new and updated models by 2027 [2]