来源：问董秘 投资者提问： 公司海外收入占比升至27.3%，土耳其、印尼子公司相继落地。在墨西哥、越南等地本地化生产是否已 在规划中？若实现区域组装，能否将海外毛利率提升至35%以上，支撑更高估值？ 董秘回答(伊之密SZ300415)： 尊敬的投资者，您好。相关财务信息请关注公司后续披露的定期报告。感谢您的关注。 查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

战略升级：全球化协同的"巴西样本" 11月18日，在吉利与雷诺集团宣布成立雷诺吉利巴西公司（Renault Geely do Brasil）后，双方战略合作 启动仪式在巴西埃尔顿·塞纳工业园区举行。 此次合作，标志着吉利与雷诺集团在韩国整车合作、浩思（HORSE）动力总成联合之后，正式开启南 美市场的深度协同。 据悉，雷诺吉利巴西公司将投资38亿雷亚尔（约合人民币51亿元），推动新能源技术平台及车型在巴西 落地。该项目将显著提升工业园区产能利用率，并加速吉利在拉美拓展新能源市场，为全球汽车产业跨 洲际合作树立新典范。 巴西副总统杰拉尔多·阿尔克明表示，中国企业在巴西备受青睐，吉利与雷诺携手合作，真正实现了互 利双赢。这让人不禁回想起桑托斯足球俱乐部的黄金年代，库蒂尼奥与贝利并肩作战，两位冠军交相辉 映。 作为拉美最大、全球第六大汽车市场，巴西正成为新能源汽车增长的核心引擎。数据显示，2024年巴西 汽车总销量达248.6万辆，同比增长14%，新能源汽车销量更是呈现爆发式增长，其中中国品牌占进口 新能源汽车总量的91.4%。与此同时，巴西政府自2024年起逐步恢复电动车进口税，2026年将升至 35%，本地化生 ...

Core Viewpoint - Elon Musk's recent decision to eliminate Chinese-made parts from Tesla's supply chain is primarily driven by the need to comply with U.S. government electric vehicle subsidy policies, despite the potential financial drawbacks involved [1][3][11]. Group 1: Strategic Shift - Tesla has mandated global suppliers to remove all Chinese-manufactured components within two years to align with U.S. subsidy requirements [1][3]. - The Inflation Reduction Act stipulates that to qualify for up to $7,500 in subsidies, vehicles must not contain Chinese-made parts, affecting batteries, chips, and raw materials [3][5]. - The decision to "decouple" from China is seen as a forced move rather than a strategic choice, as the company faces significant cost increases and supply chain restructuring challenges [7][11]. Group 2: Financial Implications - Analysts estimate that completely abandoning Chinese components could lead to a 42% increase in battery costs, significantly impacting Tesla's profitability in a highly competitive market [2][15]. - The production costs at Tesla's U.S. factories have already surged by 12% to 15% due to tariffs on Chinese goods, further squeezing profit margins [5][15]. - The shift may result in higher vehicle prices or reduced profit margins, ultimately affecting consumers and the broader electric vehicle market [15][18]. Group 3: Competitive Landscape - China remains a leader in the global electric vehicle industry, with advanced battery technology and a mature supply chain that is difficult to replicate elsewhere [8][10]. - European automakers are increasing their procurement of Chinese components, recognizing the importance of Chinese technology for maintaining competitiveness [11][13]. - Chinese companies like CATL and BYD are establishing local production facilities in Europe to circumvent policy barriers, demonstrating a more flexible and long-term strategy compared to Tesla's approach [13][15]. Group 4: Broader Industry Impact - Tesla's move reflects a larger trend in the global electric vehicle supply chain being influenced by geopolitical factors, leading to potentially irrational business decisions [17][18]. - The ongoing tension between the need for U.S. market compliance and reliance on Chinese technology may hinder Tesla's innovation and product competitiveness [15][18].

Core Viewpoint - The South African automotive market, traditionally dominated by Western brands, is undergoing a significant transformation with the rapid entry and expansion of Chinese automotive companies, which are leveraging a comprehensive strategy that includes product diversification, technological innovation, and local production [6][8][12]. Group 1: Market Dynamics - The South African automotive market, previously led by brands like Toyota and Volkswagen, is now seeing a shift as Chinese brands such as Chery, BYD, and Great Wall Motors establish a strong presence [6][10]. - Chinese automakers are not solely relying on price competition; they are focusing on product layout, technology routes, channel development, and local production to gain market share [6][8]. - By 2025, the active Chinese automotive brands in South Africa will reach 16, accounting for one-third of all brands available, with a significant proportion of new energy vehicles [16]. Group 2: Key Players and Strategies - Chery's return to South Africa in 2022 marked a pivotal moment, with its models quickly gaining traction, including the Omoda and Jaecoo brands targeting younger consumers [10][11]. - BYD has adopted a strategy of introducing a full range of electric vehicles, with models like the Dolphin and Sealion 6 gaining popularity due to their affordability and features [14][16]. - Great Wall Motors is focusing on the SUV and pickup segments, achieving notable sales figures and establishing itself as a key player among Chinese brands [12][14]. Group 3: Challenges and Responses - The influx of Chinese brands has raised concerns about market saturation and brand dilution, prompting calls for a more strategic approach to avoid internal competition [18][20]. - The South African government is considering measures to support local manufacturing, which may include increasing tariffs on imported vehicles, potentially impacting the competitive edge of Chinese brands [20][22]. - In response, leading Chinese automakers are shifting towards local production and investment in infrastructure, with plans for CKD (Completely Knocked Down) assembly plants and extensive dealer networks [22][24]. Group 4: Market Potential and Infrastructure - South Africa is viewed as a critical market due to its developed automotive industry, with an annual production exceeding 500,000 vehicles and significant consumer potential [26][30]. - The country's strategic geographical location, coupled with modern infrastructure, positions it as a hub for automotive exports across Africa and beyond [28][30]. - The establishment of a competitive local supply chain for automotive parts enhances the viability of South Africa as a manufacturing base for electric vehicles [30].

Group 1 - The company's overseas revenue growth is primarily driven by sales volume, particularly benefiting from the increasing orders in the new energy vehicle and consumer electronics sectors [1] - The establishment of the factory in India will effectively avoid tariff barriers, shorten delivery times, and reduce cross-border logistics costs [1] - The company is enhancing its sales and service network in overseas regions, significantly boosting sales scale [1]

Core Insights - The export of Chinese automobiles to Russia has significantly declined, with a 58% drop in the first nine months of 2025 compared to the previous year, marking a shift in the export landscape [3][11][12] - Mexico has overtaken Russia as the largest destination for Chinese automobile exports, reflecting a changing dynamic in the market [3][11] - Increased taxes and economic challenges in Russia, including a rise in scrappage taxes by 70% to 85%, have negatively impacted the profitability and attractiveness of the Russian market for Chinese exporters [8][9][11] Export Trends - In the first nine months of 2025, China exported 35.77 million vehicles to Russia, a significant decrease from previous years when Russia was the top destination for Chinese car exports [3][11] - The top three destinations for Chinese automobile exports are now Mexico, the UAE, and Russia, indicating a shift in market focus [3][11] Market Challenges - Factors such as rising import taxes, scrappage taxes, and economic instability in Russia are contributing to a decline in demand for Chinese vehicles [8][9][11] - The Russian market is experiencing a structural economic decline, with inflation at 10% and high interest rates affecting consumer purchasing power [11] Industry Response - Chinese automobile manufacturers are shifting strategies from quick profits to long-term investments in local production and service networks in Russia [16][18] - Companies like Great Wall Motors and Chery are establishing local assembly plants to increase localization and reduce import costs [18][19] Future Outlook - Industry experts suggest that Chinese car manufacturers need to enhance localization, improve after-sales service, and reshape brand perception to succeed in the Russian market [19] - The transition to a more sustainable and competitive approach in the Russian market is expected to take three to five years, requiring patience and strategic planning [19]

Core Viewpoint - The article highlights the successful IPO of Le Shushi, the first Middle Eastern company to list on the Hong Kong Stock Exchange, achieving a subscription rate of 2358 times and a stock price increase of 35.8%, with a market capitalization exceeding HKD 21.5 billion, marking it as a new star in the consumer goods sector [3][4]. Company Overview - Le Shushi, headquartered in Dubai, operates primarily in Africa and was founded by Chinese couple Shen Yanchang and Yang Yanjuan, who have a background in engineering from Harbin Engineering University [5][6]. - The company started as a trading firm in 2000, focusing on sourcing goods for African clients, and evolved into a manufacturer of consumer goods, establishing factories across several African countries [7][8]. Business Model and Growth - Le Shushi's core business focuses on two main sectors: decorative building materials and fast-moving consumer goods (FMCG), including laundry powder and hygiene products [8]. - The company has developed a multi-brand strategy, launching several brands in the hygiene product sector, with a significant contribution from baby diapers, which account for over 70% of its revenue [10][11]. Financial Performance - Le Shushi's revenue projections for 2022 to 2024 are approximately USD 320 million, USD 411 million, and USD 454 million, respectively, with profits increasing from USD 18.39 million to USD 95.11 million during the same period [11][12]. - The company sold 4.12 billion baby diapers and 1.63 billion sanitary pads in 2024, leading the market in Africa with a share of 20.3% and 15.6%, respectively [12][14]. Market Potential - The African market for baby and female hygiene products is identified as having the largest growth potential globally, with a newborn population growth rate of 1.8% from 2020 to 2024 [16][18]. - Current market penetration rates for baby diapers and sanitary pads in Africa are significantly lower than in Europe and North America, indicating a substantial opportunity for growth [18]. Strategic Positioning - Le Shushi's competitive advantage lies in its ability to produce locally, which reduces costs and tariffs, and its focus on high-demand products in emerging markets [15][16]. - The company has established multiple production facilities in Africa, enhancing its supply chain efficiency and product affordability, with local prices being about one-third of those in Western markets [15][16]. IPO Context - The IPO of Le Shushi is seen as a significant step in strengthening financial ties between Hong Kong and the Middle East, with ongoing efforts to facilitate cross-border financial cooperation [19][20].

Core Viewpoint - The export of Chinese automobiles to Russia has significantly declined, with a 58% drop in the first nine months of 2025 compared to the previous year, as new taxes and changing market dynamics impact the industry [3][5][7]. Group 1: Market Dynamics - In the first nine months of 2023, China exported 5.71 million vehicles, a year-on-year increase of 21%, with Mexico becoming the largest export destination, followed by the UAE and Russia [1][3]. - Russia, which was previously the largest market for Chinese automobile exports, has now fallen to third place, with exports dropping to 357,700 units in 2025 [3][7]. - The shift in export destinations indicates a significant change in the landscape of Chinese automobile exports, moving away from reliance on the Russian market [3][7]. Group 2: Tax and Regulatory Impact - Starting October 1, 2024, the scrap tax for new imported vehicles in Russia will increase by 70% to 85%, particularly affecting used cars with engine sizes between 2 to 3 liters and over three years old, where the tax will rise from 1.3 million rubles (approximately 114,000 RMB) to 2.37 million rubles (approximately 208,000 RMB) [5][7]. - Additionally, from January 1, 2025, import tariffs on vehicles will be adjusted to 20% to 38%, leading to increased clearance costs for Chinese automobiles [5][7]. Group 3: Industry Challenges - The Russian economy is experiencing structural decline, with high inflation rates of 10% and a long-term benchmark interest rate of 21%, leading to increased car loan rates and reduced purchasing power [7][10]. - Chinese brands are facing declining sales in Russia, with significant drops reported for brands like Haval and Geely, which saw year-on-year declines of 15.5% and 39.3%, respectively [7][10]. - The closure of 274 car dealerships in Russia, with 78% being Chinese brands, highlights the challenges faced by Chinese automobile exporters in maintaining market presence [7][10]. Group 4: Strategic Shifts - Chinese automobile manufacturers are shifting from a focus on quick profits to establishing a long-term presence in the Russian market, emphasizing local production and service [13][14]. - Companies like Great Wall Motors are adopting a localized assembly model, achieving over 65% localization to mitigate high import taxes and benefit from local subsidies [14][15]. - Experts suggest that to succeed in the Russian market, Chinese manufacturers must enhance local production, improve after-sales service, and reshape their brand image to counter negative perceptions [14][15].

Core Viewpoint - The export of Chinese automobiles to the Russian market is facing significant challenges, with a notable decline in sales and increasing operational costs due to new taxes and changing consumer sentiment [1][4][11]. Group 1: Export Trends - In the first nine months of 2025, China's automobile exports to Russia fell to 357,700 units, a decrease of 58% year-on-year, marking a significant shift in export dynamics [4]. - Russia has dropped from being the largest export destination for Chinese automobiles to the third position, with Mexico and the UAE now leading [4][11]. - The overall export volume of Chinese automobiles reached 5.71 million units in the first nine months of the year, reflecting a 21% increase, but the focus has shifted away from Russia [1][4]. Group 2: Market Challenges - The introduction of new taxes, including a 70% to 85% increase in the scrappage tax for imported vehicles, has severely impacted the profitability of exporting to Russia [9][11]. - The economic situation in Russia, characterized by high inflation (10%) and a fluctuating ruble, has led to decreased purchasing power and rising costs for consumers [11]. - The interest in foreign brands returning to the Russian market has caused potential buyers to adopt a wait-and-see approach, further dampening demand for Chinese vehicles [15] . Group 3: Industry Response - Chinese automobile manufacturers are shifting strategies from quick profits to establishing a long-term presence in the Russian market, focusing on local production and service [20][21]. - Companies like Great Wall Motors are already implementing localized production strategies, achieving a localization rate of over 65% to mitigate import tax impacts [20]. - Industry leaders emphasize the need for improved after-sales service and brand perception to counteract negative stereotypes about quality [21].

Core Viewpoint - The export of Chinese automobiles to the Russian market is facing significant challenges, with a notable decline in sales and increasing operational costs due to new taxes and changing market dynamics [2][4][10]. Group 1: Market Dynamics - In the first nine months of 2025, China's automobile exports to Russia fell to 357,700 units, a decrease of 58% year-on-year, marking a significant shift in export destinations, with Mexico and the UAE surpassing Russia [4][10]. - Previously, Russia was the largest export market for Chinese automobiles, but it has now dropped to third place, reflecting a major change in the export landscape [4][10]. - The demand for Chinese electric vehicles in Russia has decreased, with many customers now hesitant to purchase due to rising costs and uncertainty about future taxes [2][5]. Group 2: Tax and Regulatory Impact - Starting October 1, 2024, the scrap tax for new imported vehicles in Russia will increase by 70% to 85%, significantly impacting the cost structure for Chinese exporters [8]. - The scrap tax for used cars with engine displacements of 2-3 liters and over three years old will rise from 1.3 million rubles (approximately 114,000 RMB) to 2.37 million rubles (approximately 208,000 RMB), an increase of nearly 83% [8]. - Additionally, from January 1, 2025, the import tariff for automobiles will be adjusted to 20% to 38%, further increasing the cost of doing business in Russia [8]. Group 3: Competitive Landscape - The Russian automotive market is experiencing a structural decline, with inflation at 10% and high interest rates on car loans, which are suppressing demand [10]. - Chinese brands still hold a significant presence in the Russian market, occupying six out of the top ten spots in sales, but overall sales are declining [10]. - Major Chinese automakers, such as Chery, are beginning to scale back their operations in Russia, indicating a shift in strategy as they reassess the market [10][15]. Group 4: Strategic Adjustments - Chinese automotive companies are shifting from a short-term profit focus to a long-term commitment in the Russian market, emphasizing the need for local production and service networks [19][20]. - Companies are encouraged to enhance localization efforts, improve product development for extreme weather conditions, and build robust after-sales service systems to better serve Russian consumers [20]. - The transition from a "quick profit" mindset to establishing a sustainable presence in Russia is seen as crucial for future success [15][19].