近日，经济观察报从多位离职员工处了解到，爱玛科技（603529）（603529.SH，下称"爱玛"）近期启 动裁员，涉及品牌、国际、研发、新零售、斯波兹曼（爱玛旗下品牌）等多个部门，这些信息源中也有 此轮被裁员工。其中一位被裁人员表示，自己是在2025年11月底被裁的，在他之后也有其他不同部门的 同事陆续被裁。 爱玛在国内主打中端电动车业务，高性价比和时尚化是其显著标签。面对市场竞争，爱玛并非没有尝试 突破增长瓶颈。过去几年，面对行业高端化、全球化的趋势，爱玛曾将出海与高端化列为战略重点，试 图开辟新的增长曲线。 爱玛早在2015年就已吹响出海的号角，当时在瑞士开设了首家欧洲旗舰店。出海被拉升到战略高度是在 2021年，当年爱玛组建国际事业部，明确东南亚（印尼、越南）为核心突破市场，欧美为高端市场拓展 重点。2023年，爱玛的越南工厂正式开工；2024年，爱玛印尼工厂正式投产运营。 此前有市场消息称，爱玛正在进行多部门的人员优化，其中，高端品牌"零际"、国际事业部两大部门成 为重灾区，减员超50%。 对于以上信息，1月9日，记者以投资者身份致电爱玛投资者热线。对方称，企业发展过程中进行人员调 整是非常正常的情 ...

Core Insights - UBS reported that BYD's third-quarter performance shows encouraging signs, with net profit rebounding by 23% from the low levels of the second quarter [1] - UBS maintains a "Buy" rating on BYD, setting a target price of HKD 160 [1] Company Performance - BYD's net profit margin has recovered from the low levels seen in the second quarter [1] - The company has achieved record sales of 11,000 electric vehicles in the UK in September [1] - The Brazilian factory has commenced production, contributing to market expansion [1] Market Challenges - Domestic competition remains intense, and the industry outlook for next year is challenging due to a 5% purchase tax on electric vehicles starting in 2026 [1] - Despite these challenges, BYD is gaining market share from Australia to Turkey [1] Product Development - Recent high-end product initiatives have shown results, with the newly launched FCBTai7 approaching monthly sales of 10,000 units [1] - The Tengshi N8 has been introduced at a competitive price of approximately RMB 300,000 [1]