这辆纯电SUV是Jessica在2023年2月购置的，她也因此成为该车型在香港的首批车主。彼时，香港 新能源汽车市场仍由特斯拉主导，街头常见的还是奔驰、宝马、保时捷等豪华品牌，内地品牌身影难 觅。 2025.07. 18 然而随着中国汽车品牌近年来争相抢滩登陆，电车的性能体验，智能化和舒适程度打动了越来越多的 香港居民，香港车市已发生翻天覆地的变化。今年上半年，比亚迪以4909辆的销量登顶香港车市， 超越长期霸榜的特斯拉；而销量前十的品牌中，中国品牌占据五席，市占率合计超三分之一。 本文字数：4917，阅读时长大约6分钟 作者 | 第一财经 葛慧 7月的一个周五下午，Jessica如往常一般，从香港九龙写字楼的电梯间下行至地库，驾驶着她的比 亚迪ATTO 3，行驶三十公里返回港岛家中。 Jessica与先生均出生于中国内地，在香港定居多年。家中常用车是丰田埃尔法——这款经典MPV是 香港主流车型之一。2023年，Jessica计划购置第二辆车用于通勤。 "当时市面上新能源车以特斯拉为主，审美上已有些审美疲劳。"Jessica说，她乐于尝试新鲜事物， 全球掀起的电动车热潮让她心动。但那时，除特斯拉外，香港居民可 ...

Core Insights - European consumers recognize that "quality equals value" and are willing to pay for quality and service, moving away from a "low-price strategy" [1] - The relationship between multinational companies and the Chinese market has shifted from "one-way adaptation" to "two-way empowerment," with Chinese electric vehicles (EVs) seeking global brand recognition [1][2] - Multinational companies are undergoing deep adjustments in China, transitioning from product localization to full-chain localization, with decision-making increasingly centered on Chinese teams [1][4] Multinational Strategies - The strategy of "empowering China to the outside" is emerging, where foreign companies are recognizing the global competitiveness of China's EV supply chain and planning to integrate it with global markets [2] - Examples include Renault's shift to design multiple EVs in collaboration with Chinese companies, indicating a break from the traditional "European design dominance" [3] Challenges Faced - A primary challenge is the decision-making conflict between global headquarters and Chinese teams, as the old model of "European design, Chinese localization" is difficult to adjust [4] - Understanding Chinese consumers remains a barrier, as foreign companies often rely on superficial research rather than in-depth market insights [4] Future Trends in China's EV Industry - The market is expected to consolidate, reducing competition and price wars, leading to a transition towards "profitable growth" [5] - China is poised to lead in technology trends, particularly in smart cockpits and autonomous driving, challenging European automakers to accelerate their advancements [5] - Internationalization is essential, with leading Chinese automakers already ranking among the global top players, indicating a shift towards comprehensive globalization [5] Building Premium Brands - Chinese automakers should embrace the notion that European consumers value quality and are willing to pay for it, rather than focusing solely on low pricing [6] - Building a brand requires time and trust, similar to how established brands like Audi evolved over decades [6] - Understanding regional differences in perceptions of "premium" is crucial, as Chinese consumers prioritize autonomous driving while European consumers focus on comfort and performance [6] Expectations for Global Cooperation - There is an expectation for deeper integration of Chinese EV companies in Europe and for collaboration between Chinese and foreign companies in supply chains, technology, and branding to achieve mutual benefits in the global automotive industry [6]

Core Viewpoint - The global electric vehicle (EV) industry is entering a highly competitive phase in 2025, with companies like Tesla and BYD leading the charge, while Zeekr Technology showcases impressive financial results, marking a significant milestone in China's EV sector's high-end and global expansion [1][14]. Financial Performance - In Q1 2025, Zeekr Technology reported total revenue of 22 billion yuan (approximately 3.04 billion USD), with vehicle sales revenue dominating at 19.1 billion yuan, reflecting a year-on-year growth of 16.1% [3]. - The company achieved a gross profit of 4.213 billion yuan (about 580 million USD), up 18.8% from the previous year, and a comprehensive gross margin of 19.1%, the highest in its history [3][4]. - Zeekr's net loss decreased by over 60% year-on-year, achieving a profit of 510 million yuan under Hong Kong accounting standards, marking three consecutive quarters of profitability [3][4]. Cost Management and Efficiency - Total costs for Q1 2025 were 17.8 billion yuan (approximately 2.54 billion USD), down 2.4% year-on-year and 38.6% from the previous quarter [4]. - Sales and marketing expenses were 2.645 billion yuan (around 364 million USD), a decrease of 9.2% year-on-year [4]. - The integration of Zeekr and Lynk & Co has led to significant cost reductions and improved operational efficiency [4][6]. Strategic Developments - The merger of Zeekr with Lynk & Co and its planned integration into Geely Auto is a strategic move aimed at enhancing market competitiveness and operational synergy [6][7]. - Zeekr and Lynk & Co are adopting differentiated competition strategies, with Zeekr focusing on the luxury market above 300,000 yuan and Lynk & Co targeting the market above 200,000 yuan [8]. Global Expansion - As of April 2025, Zeekr has entered over 60 international markets and established more than 1,200 stores, gaining the trust of over 1.9 million global users [11]. - Geely Auto is also expanding its overseas presence, with plans to launch multiple models in key markets like the Middle East and Europe [11][12]. Technological Advancements - Zeekr is innovating with its "three 800" ecosystem solution, including the V4 ultra-fast charging station capable of delivering peak power of 1.3 megawatts [9]. - The company is also enhancing its technology capabilities through shared R&D efforts between Zeekr and Lynk & Co, focusing on intelligent driving solutions and smart cockpit technologies [8][9]. Conclusion - Zeekr's Q1 2025 financial performance reflects the effectiveness of its "technology-driven high-end" strategy, showcasing growth in both scale and profitability while breaking the trend of "burning cash for volume" typical of new entrants in the EV market [14].

Group 1 - CATL aims for a 50% penetration rate of new energy in heavy trucks within three years, introducing a standard battery and battery swap solution [1] - The battery swap solution is expected to address issues of short range and slow charging, potentially lowering costs in the commercial vehicle sector [1] - This strategic move signifies CATL's deepening involvement in the commercial vehicle market and may drive industry standards and electric vehicle adoption [1] Group 2 - Xiaomi responded to rumors regarding the SU7 model, clarifying that minor deformation issues are due to installation gaps and offering free repair services [2] - The company refuted claims of a sales collapse due to cancellations, attributing delivery limitations to production capacity issues [2] - Xiaomi's proactive communication reflects its commitment to consumer concerns and brand image maintenance [2] Group 3 - Changan Automobile's new electric vehicle factory in Thailand marks a significant step in its global strategy, enhancing competitiveness in Southeast Asia [3] - The factory, with an investment of approximately 2 billion RMB, showcases advanced manufacturing and supply chain management capabilities [3] - This development exemplifies the global influence of Chinese manufacturing and aligns with the Belt and Road Initiative [3] Group 4 - BYD announced the establishment of its European headquarters in Hungary to strengthen its market presence and service efficiency [4] - The new center will create 2,000 jobs and will serve as a hub for sales, after-sales, testing, and localized vehicle development [4] - This move reinforces BYD's strategic expansion in Europe amid increasing competition in the electric vehicle market [4] Group 5 - China FAW Group signed a strategic cooperation agreement with New Ziguang Group to enhance domestic chip applications and supply chain resources [5] - The collaboration aims to develop a comprehensive automotive-grade chip ecosystem, covering design, manufacturing, and application [5] - This partnership highlights the deep integration of the automotive and semiconductor industries, improving self-innovation capabilities [6]

Core Insights - BYD is undergoing a strategic adjustment in its European market expansion, focusing on restructuring its dealer network and increasing the supply of hybrid models to accelerate growth [1][2] - The company aims to achieve a significant increase in overseas sales, targeting 800,000 units by 2025, leveraging its competitive experience from the Chinese market [2] Group 1 - BYD's European business is reportedly improving, with plans to use successful models from the Chinese market as a foundation for growth [1] - The company has faced challenges in Europe due to a weak dealer network, lack of local talent, and delays in hybrid model deployment [1][2] - BYD has introduced four vehicle models in Europe and plans to launch its high-end brand, Tengshi, in the fourth quarter to enhance its product lineup [1] Group 2 - The company is expanding its dealer network through partnerships with major investment groups, aiming to create a scalable sales and service system [2] - BYD's experience in the competitive Chinese market is seen as a strength that will enhance its competitiveness in the global market [2] - The first quarter of 2025 is expected to show significant year-on-year growth in BYD's European sales, indicating that the adjustment measures are starting to yield results [3]

点击蓝字，关注我们 比亚迪股份有限公司（01211.HK）是全球领先的新能源汽车和智能设备制造商，业务涵盖电动汽车、电池及其相关组件的设计、研发、生产和销售。 汽车领域专注于新能源汽车的生产，涵盖乘用车、商用车及零部件；比亚迪电子主要从事电子零部件的生产和组装，特别是在手机及其他消费电子产品 领域；而电池领域，旗下弗迪公司则专注于动力电池的研发与生产，尤其是在新能源汽车领域的应用。 财务回顾 24年比亚迪营业总收入人民币7,771.02亿元，同比增长29.02%，历史首次超过特斯拉 。其中，汽车及相关产品收入为人民币6,173.82亿元，占总营收的 79.45%，同比增长27.70%；手机部件及组装业务实现收入人民币1,596.09亿元，占比20.54%，同比增长34.60%。尽管非汽车业务增长迅猛，但汽车业务 依然是公司的营收核心支柱。2024年，比亚迪售出约427万辆新能源汽车，比第二名特斯拉的两倍还多，市占率提升至33.2%。 公司24年归属于母公司股东的净利润为人民币402.54亿元，同比增长34.00%，扣非净利润为369.83亿元，同比增长29.94%，基本每股收益达到人民币 13.84元。 截至 ...