2025广州车展，问界全系车型重磅亮相。其中，问界M9凭借强大产品实力，吸引了无数媒体与观众驻 足围观，成为展会焦点。截至目前，问界M9全系累计交付突破26万辆，创下50万级豪华车交付新纪 录，用实打实的市场成绩充分印证了产品认可度，资本市场也持续看好其长期发展潜力。 资本市场对问界的青睐，不仅源于其亮眼的业绩表现，更看重产品矩阵构筑的长期竞争护城河。中信建 投最新研报指出，当前品牌处于强产品周期阶段，问界M8以及全新问界M7持续保持热销态势，推动公 司盈利结构实现质的跃升——从2024年"问界M9单品热销"过渡为2025年"问界M9、M8、M7、M5 四箭 齐发"，盈利能力持续增强。 与此同时，用户口碑的持续领跑，为问界的市场表现注入了更强支撑。据杰兰路《2025年度上半年新能 源汽车品牌健康度研究》，问界M9稳居新能源全车型用户净推荐值（NPS）榜首。同时，中国汽车流 通协会报告显示，问界M9连续三个月位列中国插电混动（含增程）车型保值率第一，印证了其卓越的 产品力与市场认可。 问界M9的现象级成功为中国汽车产业提供了宝贵经验，将助力中国汽车产业实现从技术追赶到市场引 领的历史性转变，持续为资本市场打开更 ...

Core Insights - Maserati's promotional campaign offering the Grecale SUV at a significantly reduced price of 388,800 yuan has sparked widespread discussion about the luxury car market and brand strategies [1][3] - The drastic price cut, which is nearly 43% off the original price, reflects the challenges faced by Maserati and the broader luxury car segment in China [3][4] Company Performance - Maserati's sales in China have plummeted, with only 1,209 units sold in 2024, a 71% year-on-year decline, and just 384 units sold in the first five months of this year, down 44% [6][8] - The brand's global sales are also struggling, with a projected 11,300 units in 2024, a 57% decrease compared to the previous year [8] Market Trends - The luxury car market in China is experiencing a downturn, with other high-end brands like Bentley, Rolls-Royce, and Ferrari also reporting significant sales declines [9][10] - The trend of consumer downgrade in the luxury segment is evident, impacting brands like Maserati more severely [10] Brand Challenges - Maserati faces multiple challenges, including a decline in service quality, high parts prices, and a damaged brand image due to its association with lower-end sales tactics [11][12] - The brand's product lineup is outdated, with key models like Levante and Ghibli discontinued, and new replacements not expected until 2027 and 2028 [11] Competitive Landscape - Chinese luxury brands are gaining traction, with companies like BYD and Huawei launching competitive models that are attracting former luxury car buyers [13][14] - The promotional pricing of Maserati's Grecale places it in direct competition with established models from BMW and Mercedes-Benz, further complicating its market position [14]