新泉股份 2025082320250822 摘要 新泉股份经历四个发展阶段：2011-2015 年收入稳定；2016-2017 年 受益于吉利和上汽自主车型收入快速增长；2018-2020 年营收停滞； 2021-2024 年新能源渗透率提升及自主品牌份额增加驱动收入增长至 超 130 亿元。 公司乘用车仪表板市占率在 2017-2018 年提升至约 5.7%，此后市占率 明显提升。整体毛利率从 2013 年的接近 30%下降至 2024 年的约 20%，但乘用车业务毛利率保持相对稳定。 2018-2019 年全流程毛利率下滑，原因是资本开支加速但收入增长失 速、产能利用率下降导致摊销占比提升以及原材料价格上涨。2024 年 销售费用因质保金影响同比下降，管理费用因海外布局及特斯拉项目提 前量产而上升。 客户结构显著变化：早期奇瑞和吉利为主要客户，中期吉利和上汽占比 提升，近期奇瑞、特斯拉、吉利和理想为重要客户。未来预计通过全球 化发展，与大众、沃尔沃、奥迪等海外 OEM 合作实现增长。 Q&A 新泉股份在过去几年中经历了哪些主要的发展阶段？ 新泉股份自成立以来，一直深耕于汽车内饰件行业，作为汽车事件整体解决 ...

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 整理丨薛皓皓 本周（2025. 08.18-2025.08.24）出 海大事件包括： Temu 联手奥地利邮政，在中欧市场推出便 捷取送货服务；速卖通首款AI Agent上线；TikTok Shop跨境电商全球黑五大促定档；比亚迪将在阿 根廷生产汽车；泡泡玛特上半年营收138.8亿元人民币；DeepSeek发布V3.1版本；特朗普政府收购 英特尔10%的股份；特朗普手机广告被指套用iPhone照片；特斯拉在英国销量萎靡，计划开拓租车 和供电服务。 出海大事件、海外大公司、投融资消息，本篇 为栏目第 297 篇 报道。 出海四小龙 Temu 联手奥地利邮政，在中欧市场推出便捷取送货服务 日前，据外媒报道，拼多多旗下跨境电商平台 Temu 将在今年与奥地利邮政合作推出一个便捷取送货 服务（PUDO），从而进一步改善消费者的购物体验。 Temu 自2023年进入奥地利市场以来，一直与奥地利邮政保持着紧密的合作关系，两者计划将合作 扩展到匈牙利和保加利亚等新市场，以及更多中东欧国家。 "我们很高兴能够将PUDO服务 ...

Group 1 - The Chinese imported automobile market is experiencing a continuous decline, with total imports expected to be only 220,000 units in the first half of 2025, a year-on-year decrease of 32% [1] - Since reaching a peak of 1.43 million imports in 2014, the market has been on a downward trend, with a 12% year-on-year decline in 2024, bringing imports down to 700,000 units [1] - The decline is attributed to the rise of the domestic automotive industry and the wave of electrification [1] Group 2 - Traditional luxury car brands, particularly the German trio (BMW, Mercedes-Benz, Audi), are facing significant challenges, with BMW deliveries down 15.5% to 317,900 units, Mercedes-Benz down 19% to 293,200 units, and Audi down 10.2% to 287,600 units [3] - In contrast, domestic new energy luxury vehicles are rising sharply, with Li Auto delivering 204,000 units and NIO delivering 74,000 units in the same period [3] - In the 300,000-400,000 yuan market, new energy vehicles achieved a market share of 52.5% in July, surpassing traditional fuel vehicles for the first time [3] Group 3 - Despite the challenges, traditional luxury brands still maintain a loyal customer base, with a market share of 58.7% in July, down from 60.2% in March [4] - The slow pace of electrification among traditional luxury brands is evident, with imported new energy passenger vehicles accounting for only 2% of the market in the first half of 2025, an 80% year-on-year decline [4] - Policy changes, such as the adjustment of luxury car tax thresholds, have led to a significant drop in sales for some models, with declines exceeding 20% [4] Group 4 - The future of the Chinese imported automobile market will be characterized by both challenges and opportunities, with the competition between traditional luxury and domestic luxury brands unlikely to end soon [5] - Domestic brands are leading in electrification, making it difficult for traditional ultra-luxury brands to catch up [5] - The market feedback indicates that high-end positioning now relies on technological strength and ecosystem development rather than solely on brand prestige [5]

Core Viewpoint - Tesla has officially launched the Model Y L at a price of 339,000 yuan, which is 25,500 yuan higher than the current top version of the Model Y, suggesting a reasonable pricing strategy given its features and specifications [1]. Group 1: Product Features and Market Position - The Model Y L features a dual motor system with slightly higher power and a larger body size compared to the existing Model Y, which may justify its higher price [1]. - The introduction of the Model Y L coincides with a booming market for family SUVs, with competitors like the Leado L90 and Li Auto i8 gaining popularity [3]. - The Model Y L includes a third-row seating arrangement, which aims to replicate the success of the original Model Y [3]. Group 2: Customer Reception and Sales Potential - The Tesla store has seen a high level of interest in the Model Y L, with various customer demographics showing enthusiasm, including young families and car enthusiasts [4]. - Some existing Model Y owners expressed that they did not opt for the Model Y L due to a lack of need for the third-row seating, preferring the current Model Y for its storage space [4][7]. - Customers recognize the high configuration of competing electric vehicles but still value Tesla's brand prestige in the mid-to-high-end electric vehicle market [7]. Group 3: Design and Usability Concerns - The Model Y L has a longer wheelbase and increased height, improving passenger space compared to the current Model Y, but the third-row seating has received mixed reviews regarding comfort [16][21]. - The third-row seats are described as cramped, with concerns about headroom and potential discomfort due to proximity to the rear window [27][31]. - The design choices, including the coupe SUV shape, may limit the usability of the third row and create challenges such as sun exposure and limited cargo space when all seats are in use [39][40]. Group 4: Competitive Landscape - Despite the initial interest, the Model Y L faces stiff competition from other electric SUVs in the same price range, which offer better configurations and comfort [44]. - The overall market performance of the Model Y L will depend on its ability to maintain competitive advantages against established models that do not have the same range anxiety issues [40][44].

Core Viewpoint - The establishment of the last battery swap station on the G318 National Highway marks a significant milestone for NIO, enabling full electric travel from Shanghai to Mount Everest, indicating the arrival of the golden era for large three-row electric SUVs [2][4][12]. Group 1: Market Dynamics - The relaxation of the two-child and three-child policies has led to an increase in multi-member families, making the demand for large three-row vehicles more pronounced, especially among the 80s and 90s generations [5][8]. - The market for large three-row electric SUVs is expected to grow significantly, as more brands are entering this segment due to the increasing market size [8][9]. Group 2: Challenges in Production - Historically, few manufacturers have focused solely on pure electric large three-row SUVs, with most options being hybrid or extended-range vehicles [16][18]. - The complexity of providing convenient charging solutions has made it easier for manufacturers to opt for hybrid models, which can alleviate consumer anxiety regarding range [20][35]. Group 3: Technological Advancements - The new NIO L90 and the upcoming ES8 are positioned to meet the growing demand for large three-row electric SUVs, leveraging advanced technology to maximize interior space and comfort [36][38]. - The 900V electric platform architecture allows for significant space optimization, reducing the size of components and enhancing the overall design [64][68]. Group 4: Charging Infrastructure - NIO has established a robust charging infrastructure, with 3,455 battery swap stations and 26,984 charging piles, significantly improving the charging experience for users [106][110]. - The expansion of charging facilities is expected to reduce range anxiety among consumers, making pure electric vehicles more appealing [104][111]. Group 5: Industry Positioning - NIO has maintained a consistent focus on pure electric vehicles, distinguishing itself from competitors who have shifted towards hybrid models in response to market pressures [90][113]. - The company's commitment to building a comprehensive charging network and investing in technology has positioned it favorably in the market, with a significant share in the pure electric segment [115][128].

Core Viewpoint - Toyota's financial outlook for the fiscal year 2025 indicates a significant decline in net profit, projected to drop by 44% to 2.66 trillion yen, highlighting a severe strategic misalignment and operational challenges in the face of evolving market dynamics [5][10]. Group 1: Financial Performance and Challenges - Toyota's operating profit is expected to decrease by 1.4 trillion yen due to U.S. government tariffs and a further reduction of 725 billion yen attributed to yen appreciation [7][10]. - The company's financial report reveals a stark contrast in performance across regions, with North America showing a revenue increase of 6.2% but incurring a direct loss of 21.1 billion yen, indicating a troubling trend in profitability [17][18]. - The overall financial performance for the first quarter of fiscal year 2026 shows declines in revenue and profit across major markets, with Japan experiencing a 0.3% revenue drop and a 26.8% profit decline [17][18]. Group 2: Strategic Missteps and Market Position - Toyota's delayed response to the shift towards electric vehicles (EVs) has left it vulnerable, as competitors like Tesla rapidly advance in the EV market while Toyota remains focused on hybrid technologies [18][24]. - The company's reliance on traditional manufacturing practices and a conservative approach to innovation have hindered its ability to adapt to the fast-paced changes in the automotive industry [20][24]. - Toyota's strategy of cost-cutting through material substitutions and component standardization has led to a decline in perceived value among consumers, risking brand loyalty and market share [31][35]. Group 3: Supply Chain and Operational Issues - The North American supply chain remains heavily reliant on imports from Japan and other countries, exacerbating the impact of tariffs and local policy changes [15][17]. - Recent supply chain disruptions have resulted in production halts, further complicating Toyota's operational efficiency and cost management [17][18]. - The company's extensive recall history, including over 1 million vehicles in December 2023 alone, raises concerns about quality control and the long-term implications of its cost-cutting measures [34][35]. Group 4: Leadership and Future Outlook - Shareholder dissatisfaction is evident, with declining support for leadership amid concerns over Toyota's slow adaptation to electric vehicles and technological advancements [37][40]. - The company's historical reliance on traditional automotive paradigms is increasingly seen as a liability, with calls for a more aggressive embrace of innovation and market trends [40]. - The financial forecast and strategic misalignment suggest that without significant changes, Toyota risks further erosion of its market position and profitability in the coming years [40].

当"现在这个时代谁还买油车""开了电车再也不想碰油车了"成为不少车企领导人的口头禅，当社交媒体评论区电车拥趸者一个劲儿地宣扬新时代的来临， 油车和电车的对抗在当下的舆论环境下愈加激烈。 似乎从消费者到行业，都认为油车代表旧时代，而电车代表新时代，以至于外界对油车的评价不断走低：使用成本高、NVH差、场景化体验少、智能化 表现差、可玩性低、情绪价值不足，一无是处。 据了解，该调研测评衡量了燃油车新车车主在购车2至6个月内拥有和驾驶车辆的各方面体验，从而最终整合出让新车购买者感到兴奋和欣喜的车辆要素， 最终结果是2025年中国燃油车行业整体魅力指数达到751分（采用1,000分制），较2024年上升14分，创下了近5年来的最大升幅。 然而最近来自全球领先的消费者洞察与市场研究机构J.D.Power|君迪的一份调研报告显示，燃油车的产品魅力指数正在上升，且燃油车的用户满意度创下 了过去几年来的新高。 这似乎与当前行业和大众舆论的认知有些偏差，燃油车真的更加受欢迎吗？ 01 真的没人关注油车了吗？ 看到这个结论，或许很多人第一感觉是质疑君迪调研的客观性。但熟悉行业的都知道，君迪这个机构确实在汽车行业调研领域拥有超过5 ...

Group 1 - Xiaomi's YU7 achieved over 200,000 pre-orders in just three minutes, setting a new benchmark in the smart car industry, which is seen as a "myth" that few can replicate [1] - The success of YU7 is attributed to its emotional value, appealing design, competitive pricing, and strong marketing by Lei Jun, which resonated with consumers [1][2] - Other companies, such as XPeng, are also focusing on emotional value in their products, with XPeng's new P7 emphasizing both technology and aesthetics [2][3] Group 2 - The concept of emotional value is becoming central to the strategies of various automakers, with XPeng's founder emphasizing the importance of aesthetics alongside technology [2][3] - Companies like Li Auto, Leap Motor, and Great Wall are also working on enhancing emotional value in their products, indicating a broader industry trend [3][19] - The shift towards emotional value reflects a change in consumer preferences from basic transportation needs to a desire for personalized and emotionally resonant products [20] Group 3 - Cross-domain integration is identified as a key factor in enhancing emotional value in smart vehicles, requiring collaboration across various functional domains [3][21] - XPeng and Volkswagen's collaboration on the CEA architecture aims to support both electric and hybrid vehicles, showcasing the industry's move towards integrated systems [24] - Companies are investing in advanced computing architectures to facilitate cross-domain integration, which is essential for delivering emotional value in smart cars [25][28]

编者按：当BBA和雷克萨斯在豪华汽车市场不再强势，自主品牌新能源豪车强势崛起，单纯依靠品牌底蕴和机械素质又还能守住多少市场份额？燃油车 命运的齿轮早已开始转动，一场关乎万亿产业链的博弈将走向何方？ 随着电动化进程的深入，传统豪华燃油车也站在了新的十字路口。 官方数据显示，今年上半年，包括BBA在内的多个豪华品牌在华销量呈现下滑态势。中国汽车流通协会乘联分会的数据也表明，今年上半年我国进口汽 车尤其是进口豪车的数量也下滑明显。 在传统豪华品牌销量下滑的同时，新能源豪车开始后来居上，尤其是自主品牌旗下的豪华汽车正在抢占更多的市场份额。在销量榜中，30万元至40万元的 价格区间里，新能源豪华汽车正在占据更多席位。传统豪华油车的市场格局正被改写。 销量下滑 "这是近期少见的1月-6月巨大下滑。"这是乘联分会主席崔东树发表的关于进口汽车情况的文章中，对于今年上半年进口汽车数量的描述。 崔东树指出，今年6月我国进口汽车4.3万辆，同比下滑30%，环比5月下降9%。2025年1月-6月，我国进口汽车22万辆，同比下降32%。 回顾过去十年，进口汽车可谓大起大落。乘联分会的数据显示，2014年，我国进口汽车数量达到143万辆 ...

Core Viewpoint - The implementation of the personal consumption loan interest subsidy policy aims to stimulate consumer spending, particularly in the automotive sector, by providing financial support for loans over 50,000 yuan, with a maximum subsidy of 3,000 yuan starting from September 1, 2025 [1][2]. Group 1: Policy Details - The policy will be effective from September 1, 2025, to August 31, 2026, allowing eligible personal consumption loans to receive various benefits, focusing on a "broad coverage, risk control, and strong implementation" approach [2]. - Loans under 50,000 yuan will receive full interest subsidies, while loans of 50,000 yuan and above will have a subsidy cap at 5,000 yuan, ensuring significant support for automotive purchases [2][3]. - The policy includes not only vehicle purchases but also insurance and maintenance costs, addressing the entire lifecycle cost of vehicle ownership [4]. Group 2: Market Impact - The policy is expected to lower the overall cost of car loans, particularly benefiting consumers purchasing family cars priced above 50,000 yuan [3]. - Financial institutions are responding quickly by launching innovative "car purchase interest subsidy loans," allowing consumers to better calculate the total cost of purchasing a vehicle [5]. - The policy is seen as a sustainable alternative to direct price cuts, avoiding harmful price competition among car manufacturers while enhancing consumer purchasing power through financial leverage [6]. Group 3: Consumer Behavior - Consumers are actively seeking ways to maximize the benefits of the subsidy, with strategies such as trading in old vehicles to enhance savings [7]. - The combination of the interest subsidy with other incentives, such as trade-in programs, can lead to significant overall discounts on vehicle purchases, potentially exceeding 21,500 yuan [6][7]. - The policy is anticipated to create immediate market vitality and, if sustained, could significantly unleash consumer potential in the automotive market, contributing to economic growth and the transition towards greener and smarter vehicles [7].