同售奔驰和Smart的门店外观。图片拍摄/刘舒雨 上述门店工作人员告诉智通财经，该店奔驰和Smart的售后服务和销售人员不会做单独的区分，但Smart 的业务量占比很小。据他透露，此前Smart有一个单独的售后门店，近一两年才与奔驰合并。 Smart由奔驰和吉利各持股50%。智通财经获悉，考虑到Smart在部分地区销量不高和为节约建店成本， 奔驰经销商会附带承担Smart的销售和售后工作。 一线门店接连遇冷的背后，是Smart销量连续两年下跌的残酷现实。据第三方平台数据，2024年Smart在 华全年销量为3.34万辆，较2023年同比下滑近20%，2025年则进一步下滑至3.08万辆。其中，2025年精 灵1号销量为2.08万辆，占品牌全年销量的67.7%。 为了提振销量，Smart尝试在2026年初推出了"马年开运版"精灵1号，该版本增加马年专属车顶涂装设 计，官方售价较普通版直接下调了1.5万元。一位湖北地区的销售告诉智通财经，两个车型版本在核心 产品点上并无本质区别。 距离Smart推出限量"马年开运版"精灵1号已经过去了一个多月，但Smart并没有等到它想象中的"热 闹"。 今年1月底，江西一家商场 ...

Core Viewpoint - Toyota Motor Corporation is undergoing a leadership change, with CFO Kenta Nishikata set to replace Akio Toyoda as President and CEO on April 1, 2026, amid significant shifts in the global automotive market [1][10]. Group 1: Leadership Transition - Kenta Nishikata will take over as President and CEO from Akio Toyoda, who served for three years [1]. - Nishikata's background in finance and experience in restructuring will be crucial as Toyota aims to improve its profitability and adapt to market changes [10]. Group 2: Performance Under Current Leadership - During Akio Toyoda's tenure, Toyota achieved a 4.6% increase in sales in 2023, reversing a previous decline [2]. - The company reported record operating profits exceeding 5 trillion yen and a net profit of 4.9 trillion yen, marking a more than doubling of net profit [2]. - Revenue grew by 21% year-on-year, reaching 45 trillion yen [2]. Group 3: Market Challenges - Despite being the global sales leader for six consecutive years, Toyota's market share in China has dropped from 23.1% in 2020 to 9.7% [5]. - The rise of electric vehicles (EVs) and domestic brands in China has put pressure on Toyota, which has been slow to adapt to the electrification trend [5]. Group 4: Financial Challenges - Toyota's gross profit growth has shown signs of fatigue since Q2 2025, with net profit experiencing significant fluctuations [9]. - The company has invested heavily in fuel cell and solid-state battery research, with 1.24 trillion yen spent in 2022 alone, representing 3.3% of revenue [9]. - The anticipated investment of 1.5 trillion yen by 2030 for battery development highlights the financial strain associated with these projects [9]. Group 5: Strategic Focus - The leadership change reflects Toyota's strategy to prioritize financial stability and profitability while navigating technological transitions [10]. - Nishikata's appointment as CEO marks a significant shift, as it is the first time a CFO has taken on this role, raising concerns about the potential impact on innovation [11][13]. - The company aims to balance financial health with the need for technological advancement to avoid falling behind competitors like BYD and Tesla [13].

2025年业绩： 股息3.50欧元，上年同期4.30欧元，预估2.43欧元； 息税前利润58.2亿欧元，同比-57%； 销售额1,322.1亿欧元，同比-9.2%，预估1,327.7亿欧元； 第四季度业绩： 调整后息税前利润25.5亿欧 元，同比-28%，预估18.1亿欧元； 销售额332.2亿欧元，同比-14%，预估349.8亿欧元； 息税前利润22.9 亿欧元，预估16.8亿欧元； 净利润16.8亿欧元，预估10.7亿欧元。 来源：滚动播报 ...

Economic Overview - In 2025, China's economy reached a total of 140 trillion yuan, with a real GDP growth of 5.0%, achieving the target set at the beginning of the year. The GDP growth rate for the fourth quarter was 4.5%, down 0.3 percentage points from the third quarter, with external demand being the main support while consumption and investment remained weak [1][15][30] - The economic landscape showed four distinct divergences: supply-demand, internal-external demand, new-old momentum, and macro data versus micro perception. Traditional industries faced demand losses and slow capacity clearance, leading to supply-demand mismatches that affected prices and corporate profits [1][31] Investment Trends - Fixed asset investment in 2025 saw a historic decline of 3.8%, marking the first annual negative growth since records began. In the fourth quarter, investment dropped by 12.8%, significantly worse than the 6.2% decline in the third quarter. Real estate, infrastructure, and manufacturing investments all saw substantial declines [19][50] - The government is expected to implement policies to stabilize and support investment, with a focus on "investing in people" and encouraging private investment. The manufacturing sector is anticipated to see marginal improvements due to the "14th Five-Year Plan" emphasizing technological innovation and industrial upgrades [2][51][60] Consumption Insights - The total retail sales of consumer goods in 2025 grew by 3.7%, with a notable decline of 1.8% in the fourth quarter, marking the first quarterly negative growth since 2023. However, service consumption and self-indulgent consumption showed resilience, with service consumption growth reaching 5.5% [18][37] - The consumption market is expected to continue its shift towards new and quality-driven consumption, with policies aimed at promoting green, intelligent, and elderly-friendly consumption [2][18] Export Performance - Exports in 2025 increased by 5.5%, with a trade surplus of nearly 1.2 trillion USD, a historical high. High-end manufacturing emerged as the core driver of exports, supported by strong demand from ASEAN, Africa, India, and other regions [21][30] - The government aims to address trade imbalances and enhance the quality of exports while navigating the challenges posed by global trade protectionism [21][30] Fiscal Policy - Public fiscal revenue in 2025 decreased by 1.7%, falling short of the initial budget growth target of 0.1%. Public expenditure growth was only 1.0%, the lowest completion rate on record at 96.8% of the budget [22][65] - The government plans to increase fiscal support for infrastructure and social welfare, with a focus on stabilizing investment and consumption in 2026 [22][65] Monetary Policy - In 2025, monetary policy was characterized by moderate easing, with a total of 50 basis points in reserve requirement ratio cuts and 10 basis points in interest rate cuts. The focus for 2026 will be on stabilizing expectations and promoting transformation [23][60] - The central bank is expected to maintain a flexible and effective monetary policy, with potential further cuts in interest rates and reserve requirements to support economic recovery [23][60]

Core Viewpoint - The Chinese automotive market is currently characterized by intense price wars, but Great Wall Motors stands out as a model of high-quality management, focusing on solid technology and genuine sales rather than gimmicky marketing or low prices [1][13]. Group 1: Sales and Revenue Performance - In 2025, Great Wall Motors sold 1.3237 million vehicles, which, while not the highest in the industry, reflects real market demand [3]. - The company's revenue reached 222.79 billion yuan, a year-on-year increase of 10.19%, with revenue per vehicle rising to 168,300 yuan, an increase of 4,500 yuan from the previous year [3]. Group 2: Technological Strength - Great Wall Motors emphasizes a comprehensive power solution, offering fuel, hybrid, electric, and hydrogen options, showcasing its commitment to diverse consumer needs [5]. - The Hi4 hybrid technology, recognized with a top award from the China Automotive Engineering Society, exemplifies the company's technical prowess, enabling both performance and fuel efficiency [5]. Group 3: Market Positioning and Brand Strategy - Great Wall Motors focuses on technology rather than price competition, achieving significant sales in the high-end MPV and luxury SUV markets, with models like the Wei brand achieving national sales leadership [7]. - The company maintains a strong market presence in niche segments, such as the pickup market, where it has been the sales leader for 28 consecutive years [7]. Group 4: Global Expansion Strategy - Great Wall Motors adopts an "ecological export" strategy, establishing a factory in Brazil and achieving over 2 million cumulative sales overseas, focusing on high-end products rather than cheap vehicles [9]. - The company’s approach to global markets emphasizes technological exports, positioning itself to capture high-end market segments internationally [9]. Group 5: Long-term Vision and Principles - The core of Great Wall Motors' success lies in its commitment to long-termism, avoiding short-term profit pursuits and excessive marketing, instead investing in research and development [11]. - The company’s strategy includes self-research across the entire supply chain, creating a technological moat that is difficult for competitors to replicate [11][13].

（文章来源：第一财经） 梅赛德斯-奔驰集团发布财报，2025年营收为1322亿欧元，上年营收为1456亿欧元。 ...

2027款车型的整体造型和现款车型基本保持一致，S-Line运动套件版本新增黑色选装包，首次提供黑色格栅、黑色外后视镜壳及黑色门把手等组件，并 配备20英寸五辐式铝合金轮圈，进一步强化运动视觉效果。 内饰的变化是这次改款的重点，首先是方向盘实体按键回归，新款车型的方向盘换上了来自奥迪Concept C概念车设计灵感的新款式，换回了物理按键 和滚轮。 近日，奥迪发布2027款A6 e-tron与Q6 e-tron的图片。本次改款的车型包含A6 Sportback e-tron、S6 Sportback e-tron、Q6 e-tron、SQ6 e-tron等多款车型， 针对内饰操作配置进行调整，方向盘将触控按键替换为物理按键。 另外，车机系统UI界面经过重新设计，操作流程更加简洁直观。车辆还新增两款选装配置包——Premium Plus包涵盖行车记录仪及Dynamic Plus驾驶模 式，Prestige包则提供抬头显示系统（HUD）与副驾娱乐屏幕等高端配置。 动力方面，新车依旧基于PPE平台打造，全系搭载100kWh电池，不同车型功率不同：A6 Sportback e-tron最大功率375马力；A6 Spo ...

Core Viewpoint - The company emphasizes its commitment to continuous improvement and innovation in response to competitive pressures while focusing on key areas such as new energy, intelligent networking, and overseas markets [1] Group 1 - The company respects the achievements of its competitors and actively learns from their successful development [1] - The company aims to deepen its core business and accelerate transformation through management upgrades and product innovation [1] - The company is dedicated to enhancing its competitiveness to provide maximum returns to its investors [1]

中新社北京2月12日电中国汽车工业协会(简称"中汽协")12日发布的"关于重点车企供应商货款账期承诺 落实情况的调研报告"显示，绝大多数重点车企已把账期压缩至60天内，平均账期约54天(比去年同期缩 短约10天)，其中平均账期低于50天的企业有4家。 调研结果显示，支付方式上，15家企业全部采用现金或银行承兑汇票，个别企业使用商业承兑汇票，2 家企业使用应付账款电子凭证并承诺将逐步取消，现金支付比例超过50%的有5家，超过70%的有2家。 中小企业优惠上，17家重点企业对中小企业账期自货物交付验收起算，从验收到付款"全流程"不超过60 天，有14家企业对中小企业实施额外优惠政策，2家企业对中小企业货款100%现金支付，5家企业允许 资金紧张的中小企业申请提前支付货款。 中汽协称，所有重点车企均高度重视账期承诺落实工作，不少企业成立专项工作组负责推进，出台专门 的制度性文件，建立承诺落实长效机制，并已完成包括存量合同在内的账期调整。部分企业进一步优化 财务流程、完善信息化系统，做到定期自动付款，减少由于人为操作造成的延误。部分企业将起算日由 挂账日改为交货验收日，结算频率由月结改为旬结，优化流程提升结算效率。多 ...

Core Viewpoint - BMW Group announced a global recall of multiple vehicle models due to potential issues with the starter motor's electromagnetic switch, which may lead to starting difficulties and fire hazards [1] Group 1: Recall Details - The recall affects various BMW models, including the 2 Series Coupe, multiple versions of the 3 Series, 4 Series, 5 Series, 6 Series Gran Turismo, 7 Series, as well as the X4, X5, X6, and Z4 [1] - The issue is linked to starter relays produced between July 2020 and July 2022, with difficulties in precisely identifying the affected vehicles due to differing production and transportation cycles [1] - BMW advises owners not to leave vehicles unattended while the engine is running due to potential fire risks [1] Group 2: Historical Context - This is not the first large-scale recall for BMW related to starter motor issues; a previous recall occurred in the fall of 2025 due to water ingress leading to corrosion and fire risks [1]