撰稿|多客 来源|贝多商业&贝多财经 在推出号称"地表最快四门量产车"的小米SU7 Ultra时，小米集团和雷军都不会想到，一场由"碳纤维挖孔机盖"宣传内容争议引发的退车潮，会将品牌推向信 任危机的深渊。 近日，"小米SU7 Ultra挖孔机盖"纠纷案第一次在南京秦淮法院开庭，小米法务团队拿出了84页、14组新证据材料，一句"雷军不懂结构，发的微博不算数"的 犀利辩词，直接引发舆论哗然。 这场被网友戏称为"小米法务背刺CEO"的闹剧，将被誉为"新势力黑马"的小米汽车以及背后的雷军彻底拉下了"跨界造车"的神坛，即便小米集团交出了三季 度业绩显著增长、汽车业务实现盈利的答卷，也未能破解困境。 种种迹象都表明着，通过营销创始人IP搭建起"流量帝国"的小米，如今正在遭受流量的反噬，如何找到IP产品营销和品牌价值口碑之间的平衡点，将是品牌 重新建立用户信任的首要课题。 将时间拨回2025年2月，在新车小米 SU7 Ultra的宣传中，雷军重点介绍了选装配件"碳纤维双风道前舱盖"，称这款售价为4.2万元的前舱盖与纽北赛道原型车 采用相同的空气动力学设计，拥有两个贯穿风道，能实现前部空气高效导流。 事实上，雷军曾发文，称碳 ...

Core Viewpoint - The article discusses the recent trend of automotive companies in China, such as Xiaomi, Li Auto, and NIO, launching subsidy plans to mitigate the impact of the upcoming reduction in the new energy vehicle (NEV) purchase tax, which is set to be halved in 2026. This strategy aims to secure consumer demand and stabilize cash flow amid changing policies and production challenges [3][4][5]. Group 1: Policy Changes and Industry Response - The NEV purchase tax exemption will continue until 2027, but the reduction will gradually adjust, with a full exemption until 2025 and a 50% reduction from 2026 [3][4]. - Automotive companies are implementing "purchase tax subsidy" plans to lock in orders before the tax changes take effect, with the aim of stabilizing production and cash flow [4][5]. - The Chinese automotive market is expected to see significant growth, with predictions of a 7% year-on-year increase in retail sales, reaching 24.5 million units in 2023 [3][11]. Group 2: Company Strategies and Market Dynamics - Companies like Xiaomi and Li Auto are offering subsidies that cover the purchase tax for vehicles ordered by the end of 2025, which will be delivered in 2026, effectively allowing consumers to benefit from the current tax exemption [5][6]. - The push for these subsidy plans is linked to the need for companies to manage production ramp-up and long delivery times, as well as to counteract potential consumer hesitation due to increased costs from the tax changes [7][8]. - The fourth quarter is traditionally a peak sales period, and companies are intensifying promotional efforts to meet annual sales targets, with expectations of increased market activity [9][10]. Group 3: Market Performance and Future Outlook - In the first nine months of 2023, the automotive industry in China saw production and sales growth of 13.3% and 12.9%, respectively, with NEV sales reaching 46.1% of total new car sales [11][12]. - The industry aims for a total vehicle sales target of approximately 32.3 million units in 2025, with NEV sales projected to reach around 1.55 million units, reflecting a 20% year-on-year increase [11]. - The introduction of stricter technical requirements for NEVs is expected to drive companies to accelerate promotions and clear out lower-range inventory in anticipation of the new regulations [10].

Core Insights - The ongoing competition among automakers in the new energy vehicle (NEV) sector has led to a "purchase tax subsidy war" as companies aim to capture market share before the upcoming tax policy changes in 2026 [1][2][3] Group 1: Purchase Tax Policy Changes - Starting January 1, 2026, the purchase tax for NEVs will shift from exemption to a 50% reduction, with the maximum tax reduction amount decreasing from 30,000 yuan to 15,000 yuan [1][4] - The new policy will require plug-in hybrid vehicles to have a pure electric range of at least 100 kilometers to qualify for tax exemptions, which is a significant increase from the previous requirement of 43 kilometers [2][7] Group 2: Automaker Responses - Sixteen automakers, including Xiaomi, Li Auto, and Tank, have introduced "cross-year purchase tax subsidy plans" to incentivize customers to place orders before the policy change [1][3][4] - These subsidy plans are primarily aimed at new and popular models, with companies offering to cover the tax difference for vehicles delivered in 2026 [4][5] Group 3: Market Impact and Sales Projections - The new tax policy is expected to boost NEV sales in the short term, with projections indicating that total vehicle sales in China could exceed 34 million units in 2025, an increase of 1 million from earlier estimates [6] - The impending policy changes may lead to a surge in sales of lower-range electric vehicles as automakers push to clear inventory before the new regulations take effect [2][6] Group 4: Industry Transformation - The tightening of tax exemption criteria is seen as a move towards creating a more competitive environment between NEVs and traditional fuel vehicles, promoting technological upgrades within the industry [7][9] - The new technical requirements for NEVs are expected to accelerate the elimination of outdated production capacities and drive companies to enhance their research and development efforts [8][9]

Core Viewpoint - The impending expiration of the new energy vehicle (NEV) purchase tax exemption policy by the end of 2025 has prompted various automakers to introduce subsidy schemes to secure potential consumer demand [2][4]. Group 1: Policy Changes and Impacts - The NEV purchase tax exemption will continue until 2027, but the level of exemption will gradually decrease. From 2024 to 2025, the exemption will be up to 30,000 yuan per vehicle, while from 2026 to 2027, it will be halved to a maximum of 15,000 yuan [2]. - The China Automobile Dealers Association anticipates that the car market may achieve unexpected growth this year, with a projected retail volume of 24.5 million passenger vehicles, representing a year-on-year increase of over 7% [2]. Group 2: Automaker Strategies - Multiple automakers, including Xiaomi, Li Auto, and NIO, have launched purchase tax subsidy plans aimed at locking in orders before the end of 2025, with subsidies applicable for vehicles delivered in 2026 [4][5]. - The subsidy schemes are seen as a defensive strategy to stabilize cash flow and mitigate the impact of future policy changes, allowing companies to secure customer commitments in advance [5][6]. Group 3: Market Dynamics - As the fourth quarter approaches, traditional promotional activities are expected to intensify, with manufacturers and dealers preparing to boost sales to meet annual targets [6]. - The new technical requirements for NEV purchase tax exemptions, which include a minimum electric range for plug-in hybrid vehicles, are pressuring automakers to accelerate promotions and clear out low-range inventory [7].

Group 1 - Apple is investigating the discoloration issue of the iPhone 17 Pro series, confirming it is due to manufacturing defects and has initiated a recall assessment [3][4] - Reports indicate that the number of cases is limited, suggesting it is not a widespread defect, and users can feel secure purchasing the Starry Orange color variant [4] - Apple is actively working to resolve the issue and will provide after-sales support for affected devices [4] Group 2 - Apple lost a lawsuit in the UK regarding its App Store commission practices, potentially facing a compensation claim of £1.5 billion (approximately $2.01 billion) [9] - The lawsuit was filed on behalf of around 20 million iPhone and iPad users, alleging unfair commission charges [9] Group 3 - JD.com, Meituan, and Ele.me were investigated by the State Administration for Market Regulation over food safety and merchant qualification issues [7] - The investigation involved on-site inquiries, marking a departure from previous practices of merely questioning business leaders [7] Group 4 - Xiaomi's founder addressed pricing concerns for the Xiaomi K90 smartphone, attributing high prices to increased memory costs [8] Group 5 - Tesla announced plans to increase its vehicle production to 3 million units over the next two years, driven by advancements in its full self-driving technology [13]

Group 1: Company Developments - Rivian plans to lay off over 600 employees due to increasing market challenges in the electric vehicle sector [1] - Tesla aims to increase its vehicle production to 3 million units within the next two years, driven by the expansion of its full self-driving technology [3] - Xiaomi has introduced a tax subsidy plan for its vehicles to address unexpected order volumes and delivery issues, offering up to 15,000 yuan in tax relief [6] - TikTok is undergoing structural adjustments and is actively recruiting high-end talent, with multiple positions offering annual salaries exceeding 1 million yuan [7] - EVE Energy expects to launch the next generation of solid-state batteries in the fourth quarter, while also exploring semi-solid battery production [10] Group 2: Industry Trends - Taobao has officially launched cross-border direct mail services for furniture, covering markets such as Hong Kong, Taiwan, Singapore, and Malaysia, with over 1 million items available for direct shipping [4] - The China Logistics and Purchasing Union has initiated an "anti-involution" campaign to promote high-quality development in the warehousing industry, advocating for fair competition and price stability [8] - The French highway operator has successfully tested dynamic inductive charging technology for electric heavy-duty trucks, which could enhance decarbonization in transportation [11] Group 3: Financing Activities - Pony.ai plans to go public in Hong Kong within two weeks, aiming to raise over $500 million [12] - The parent company of the large model Kimi, Moonlight Dark Side, is set to complete a new round of financing amounting to several hundred million dollars [13]

Core Viewpoint - Xiaomi Auto has introduced a year-end purchase tax subsidy plan to alleviate concerns among car owners regarding potential reductions in tax benefits due to vehicle delivery delays into the next year [1] Group 1: Subsidy Details - The subsidy can reach up to 15,000 yuan for eligible users who complete their order by November 30, 2025, but experience delays in vehicle delivery until 2026 due to production or transportation issues [1] - The subsidy applies to specific models including the Xiaomi SU7 series, Xiaomi YU7 series, and Xiaomi SU7 Ultra series [1] - The subsidy amount will be calculated based on the tax difference between the 2025 and 2026 policies, and will be issued as a reduction in the final payment for the vehicle [1]

Core Viewpoint - Xiaomi's automotive journey has transformed from skepticism to success, establishing itself as a significant player in the electric vehicle market with the launch of the SU7 and YU7 series, challenging established competitors like Tesla [2][3][6]. Group 1: Product Definition - Xiaomi's approach to automotive manufacturing emphasizes product definition, focusing on understanding user needs and market demands, which has been a cornerstone of its success [8][9]. - The company aims to create vehicles that not only meet but exceed user expectations, with a strong emphasis on driving performance and user experience [12][14]. - Xiaomi's strategy includes extensive market research and user feedback, which has informed the design and functionality of its vehicles, ensuring they resonate with consumer preferences [22][23]. Group 2: Product Strength - Xiaomi's vehicles are designed to be competitive in terms of quality and performance, with a focus on high-end materials and advanced technology, aiming to capture significant market share in the electric vehicle sector [10][16]. - The company leverages its experience in consumer electronics to enhance its automotive offerings, ensuring that its vehicles are not only functional but also appealing to a broad audience [14][16]. - Xiaomi's marketing strategy is built on the foundation of strong product capabilities, which enhances brand recognition and consumer trust, allowing for a successful market entry [13][15]. Group 3: Consumer-Centric Approach - Xiaomi targets a younger demographic, particularly urban dwellers with disposable income, reflecting a shift in consumer behavior towards more personalized and lifestyle-oriented products [19][21]. - The company actively engages with users to gather feedback, which informs product iterations and improvements, demonstrating a commitment to meeting consumer needs [22][24]. - Xiaomi's vehicles offer customization options and modern design elements that appeal to younger consumers, positioning the brand as a trendy choice in the automotive market [20][24].

Core Viewpoint - Xiaomi's automotive division has achieved significant delivery milestones, indicating strong market performance and growth potential in the electric vehicle sector [2][3]. Group 1: Delivery Performance - In August, Xiaomi delivered over 30,000 vehicles, marking the second consecutive month of exceeding this delivery figure [2][3]. - The company aims to meet its annual delivery target of 350,000 vehicles for the year [3]. Group 2: Historical Growth - In the second quarter of 2025, Xiaomi's vehicle deliveries reached 81,300 units, a record high, representing a 197.7% increase compared to 27,300 units in the same period last year [3]. Group 3: Product Launch and Market Strategy - Xiaomi's first SUV, the Xiaomi YU7 series, was launched in June, achieving over 240,000 orders within 18 hours of its release [3]. - The company plans to enter the European market with its first electric vehicle by 2027 and aims to compete globally with Tesla and BYD [3].

Core Insights - Xiaomi Group reported strong Q2 2025 results with revenue of 116 billion RMB, a year-on-year increase of 30.5%, and an adjusted net profit of 10.8 billion RMB, up 75.4% year-on-year [1][4] - The automotive business significantly contributed to this performance, delivering 81,300 vehicles in the quarter, generating 20.6 billion RMB in revenue, and achieving a year-on-year growth of 234%, accounting for 17.8% of total revenue [1][4] Financial Performance - Revenue for Q2 2025 reached 115,956.1 million RMB, up from 88,887.8 million RMB in Q2 2024, reflecting a 30.5% increase [4] - Gross profit was 26,101.0 million RMB, a 41.9% increase from 18,394.2 million RMB year-on-year [4] - Operating profit surged to 13,436.7 million RMB, marking a 128.2% increase compared to the previous year [4] - Adjusted net profit was 10,830.7 million RMB, up 75.4% year-on-year [4] Automotive Business Growth - The automotive segment's gross margin improved from 23.2% in Q1 to 26.4% in Q2, with a reduction in operating losses from 500 million RMB to 300 million RMB [4][5] - The SU7 series' product strategy allowed for cost efficiencies, with battery costs reduced by 18% due to increased procurement volumes [5] - The introduction of the SU7 Ultra model, priced at 529,900 RMB, enhanced the average selling price and product margins [7] Production Capacity and Efficiency - The Beijing Yizhuang Phase I factory has reached a monthly production capacity of 32,000 vehicles, with Phase II expected to begin production in Q3, increasing total capacity to over 500,000 vehicles per year [8] - Manufacturing efficiency is high, with a vehicle rolling off the production line every 76 seconds, supporting the delivery of the YU7 series [8] Challenges and Competitive Landscape - The automotive business faced high operating expenses of 5.9 billion RMB in Q2, leading to a per-vehicle cost allocation of 73,000 RMB [9] - Despite strong performance, competition in the 250,000-350,000 RMB market is intensifying, with rivals employing aggressive pricing strategies [9] - The need to balance high R&D investments, which totaled over 30 billion RMB since 2022, with achieving sales volume thresholds for profitability remains a challenge [9] Ecosystem Synergy - Xiaomi's IoT business generated 38.7 billion RMB in revenue, growing 44.7% year-on-year, providing a stable cash flow for the automotive segment [10] - The integration of hardware, software, and services enhances user engagement and creates differentiated profit opportunities [10] Future Outlook - Xiaomi's automotive division is transitioning from survival to a phase focused on balancing scale and profitability, with potential for quarterly profitability by the end of 2025 [12] - The YU7 model's success is crucial for achieving sales targets, with over 200,000 pre-orders indicating strong market demand [12] - Analysts predict Xiaomi could reach a revenue of 1 trillion RMB and a net profit of 100 billion RMB by 2030, positioning it alongside major players like Apple and Tesla [13]