从技术储备来看，该公司在固态电池、燃料电池和混动技术方面具有全球领先 优势，但在传统液态锂电池领域表现一般。因此，他们希望通过展示其优势技 术并利用专利布局来收取专利费，同时通过中国供应链降低成本，实现大规模 应用。此外，从财报分析来看，2024 年该公司利润约为 2,400 多亿人民币， 中国市场占比约 19%。尽管比例不大，但中国市场未来增长潜力巨大，因此他 3D 打印技术应用：丰田使用 3D 打印技术制造 200 纳米以下电解质层， 降低界面阻抗至传统固相法的 1/5，但大规模量产仍面临成本、效率和 一致性挑战。 负极材料选择：丰田倾向于硫化物固态电解质与锂金属负极结合，但因 织晶问题，目前采用硅碳负极，通过调整硅比例优化性能。硫化物负极 集流体解决方案包括铜镀镍（成熟但有腐蚀）和镍铁（耐腐蚀但导电性 差）。 海外固态电池专家会 20250805 摘要 丰田战略调整：日本总部侧重核心技术，中国专注应用市场需求，旨在 利用优势技术收取专利费，并通过中国供应链降低成本，扩大市场份额。 2024 年利润 2,400 亿人民币，中国市场占比 19%，增长潜力巨大。 固态电池产业化：丰田计划 2026 年小规模试 ...

Sales Performance - In April, the total sales of passenger vehicles reached 1.696 million units, a year-on-year increase of 10.1%, but a month-on-month decrease of 9.5% [4] - The sales of the new energy vehicle (NEV) market were approximately 871,000 units, outperforming the overall market with a year-on-year growth of 29.3%, but showing a month-on-month decline of 10.2% [4] - NEVs accounted for 51.3% of total passenger vehicle sales in April, a decrease of 0.4% from the previous month but an increase of 7.6% compared to the same month last year [4] New Energy Market Performance - In April, pure electric vehicle sales were about 550,000 units, up 34.5% year-on-year but down 14.0% month-on-month; plug-in hybrid sales were approximately 321,000 units, up 21.3% year-on-year and down 2.8% month-on-month [9] - Cumulatively, NEV sales reached 3.2 million units by 2025, with a year-on-year increase of 32.7% [9] Top 10 Cities for NEV Sales - The top 10 cities accounted for 25.5% of total NEV sales, an increase of 0.5% from the previous month; the top three cities remained the same: Guangzhou, Chengdu, and Shenzhen [10] - In terms of fuel type, pure electric vehicles dominated sales in the top 10 cities, with personal users being the primary buyers [10] - All top 10 cities, except Beijing (49.0%), had NEV penetration rates exceeding 50%, with Shenzhen leading at 66.1% [10] Pure Electric Market Analysis - The top three segments in the pure electric market were A0 class (18.8%), A-SUV (14.2%), and B-SUV (13.5%); A0 class and A-SUV saw a smaller decline compared to the overall market [14] - The market share of A0 class expanded from 14.3% to 18.8% year-on-year, while the A-class market share shrank from 15.0% to 8.3% [14] User Demographics in Pure Electric Market - In April, personal users accounted for 83.8% of pure electric vehicle sales, a year-on-year increase of 40.0%; unit users accounted for 7.5%, a year-on-year decrease of 48.2% [15] - Cumulatively, personal users made up 84.4% of the pure electric market, while unit users accounted for 7.3% [15] Industry Dynamics - Key industry events in April included Chery's launch of its global hybrid technology and open-source plan, as well as CATL's release of three new battery products [19][22] - Lantu Motors introduced its L3-level intelligent architecture, "Tianyuan Zhijia," aimed at enhancing safety and driving capabilities [21] Policy Developments - On April 28, the Ministry of Industry and Information Technology released the "2025 Automotive Standardization Work Points," which includes 23 items focusing on battery safety, autonomous driving technology, and automotive chip development [26][28]

Core Viewpoint - The declaration by Great Wall Motors' president, Mu Feng, to "never engage in range-extended technology" signifies a commitment to long-term strategies over short-term gains in the automotive industry [1][4]. Group 1: Company Strategy - Great Wall Motors is choosing to focus on hybrid technology, which is more complex but aligns with long-term industry trends and consumer needs, rather than opting for the simpler, more popular range-extended technology [1][2]. - The company’s decision reflects a deep understanding of technological pathways, market demands, and policy directions, showcasing a balance between innovation and consumer expectations [1][4]. Group 2: Industry Context - Many automotive companies are currently adopting range-extended technology due to its lower technical barriers and higher market acceptance, driven by the success of brands like Li Auto and AITO [1][2]. - The industry is experiencing a trend of companies quickly following profitable technologies without a long-term vision, leading to homogenization and a lack of true innovation [3][4]. - Great Wall Motors' approach serves as a model for the industry, emphasizing the importance of strategic determination and technological confidence in navigating the evolving automotive landscape [3][4]. Group 3: Technological Insights - Hybrid technology, while more expensive and complex, offers superior user experience and aligns with energy-saving policies, making it a forward-looking choice for manufacturers [2][4]. - Great Wall Motors has invested significantly in core technologies such as traditional fuel engines, transmissions, and new energy batteries, which provides the foundation for rejecting shortcuts like range-extended technology [2][3].