智通财经APP讯，北京汽车(01958)发布截至2025年6月30日止六个月业绩，收入823.98亿元(人民币，下 同)，同比下降12.6%;公司权益持有人应占利润3.6亿元，同比下降81.8%;每股基本盈利0.04元。 集团2025年上半年收入同比下降，主要由于价格竞争及销量下降变动影响。 集团坚定秉持新能源化发展方向，持续完善新能源产品矩阵，推动新能源战略纵深突破。报告期内，北 京品牌打造BJ30和BJ40增程双子星产品，实现了越野和新能源技术的双向奔赴;北京奔驰持续完善"油电 双行"的产品阵容，基于梅赛德斯-奔驰模块化架构(MMA)打造的首款车型-全新纯电长轴距CLA于第二 十一届上海国际汽车工业展览会亮相，进一步扩充纯电阵容;北京现代首款纯电SUV公开亮相，开启全 面佈局新能源赛道的新徵程;福建奔驰已全面启动梅赛德斯-奔驰新能源商务车平台(VAN.EA)的在华建 设，稳步推进基于该平台开发的全新豪华纯电MPV项目，产品矩阵将迎来全新的升级跨越。 2025年上半年，集团以"生存、改革、发展"方针为引领，围绕"国内、国际"双战略市场，聚焦明星产品 组合，销售基盘稳定，运营效率优化，经营质量提升。报告期内， ...

Core Viewpoint - Beijing Automotive aims to revitalize its brand and expand its market presence by transitioning from traditional off-road vehicles to a broader audience through a "five transformations" strategy [2] Group 1: Market Position and Challenges - Beijing Automotive, established in 1958, has a rich history but faces challenges such as low brand awareness and market presence [2] - The hard-core off-road vehicle market has seen a slight increase in market share from 1.98% in 2020 to 2.91% in Q1 2025, but it remains a niche segment within the overall SUV market [2] Group 2: Strategic Transformations - The company is focusing on making off-road vehicles more accessible by introducing smarter and more fuel-efficient models, aiming to shift from a niche to a mass market [5] - Beijing Automotive is leveraging new energy technologies to redefine off-road vehicles, addressing concerns about fuel consumption and range anxiety with extended-range technology [5][6] - The BJ40 extended-range version and BJ60 Thunder models achieve a remarkable 1200 km range, catering to both off-road and urban commuting needs [5] Group 3: User-Centric Approach - The company is transitioning from a production-oriented to a user-oriented business model, emphasizing direct communication with customers to better understand their needs [6] - Engaging with users through social media and direct feedback is a key strategy for building trust and improving product offerings [6][7] Group 4: Brand Building and Long-Term Vision - Brand building is viewed as a long-term commitment, with a focus on delivering high-quality products and reliable services to gain user trust [7] - The importance of user-centered brand development is highlighted, with a belief that genuine user engagement leads to better brand loyalty [7][8] - The company acknowledges the challenges of building a strong brand in a competitive market, emphasizing the need for consistent quality and service over time [8]

Core Insights - The rise of "boxy cars" is redefining the value logic of the SUV market, moving from niche appeal to mainstream popularity as they attract consumers with their unique design and functionality [2][3] - The shift in consumer lifestyle towards urban commuting and outdoor activities has led to the emergence of "light off-road" positioning for these vehicles, catering to both family travel and adventure needs [2][3] Market Trends - The market penetration rate of "boxy cars" is expected to grow from 2.1% in 2024 to 3.5% in 2025, with sales projected to exceed 800,000 units [4] - The trend towards "democratization" of these vehicles is evident, with models like the Jietu Traveler priced at 139,900 yuan and expected to achieve sales of over 100,000 units in 2024, representing 17.6% of the brand's total sales [3][4] Consumer Preferences - A significant 47% of consumers prioritize "unique design" when purchasing "boxy cars," surpassing the importance of brand premium (23%) and technological features (18%) [6] - The demand for "boxy cars" reflects a desire for both functionality and individuality, with consumers seeking vehicles that can perform in various scenarios while also expressing personal style [7][8] Technological Advancements - The electric wave is revitalizing "boxy cars," with models like iCAR V23 featuring an 81.76 kWh battery and a range of 501 km, serving as a "mobile power station" for outdoor activities [3][8] - Modular platforms are crucial for the production of "boxy cars," allowing for compatibility with various power systems and rapid market response, exemplified by the iCAR V23's 18-month development cycle [8] Cultural Integration - "Boxy cars" are evolving from mere transportation tools to emotional symbols, integrating cultural elements into their design, such as the 吉利银河战舰's incorporation of traditional Chinese aesthetics [7] - The trend of co-creation in vehicle customization is gaining traction, with brands offering extensive modification options that allow users to personalize their vehicles, fostering a unique community culture [7][8] Future Outlook - The competition in the "boxy car" market is shifting from product-based to ecosystem-based, emphasizing the importance of creating rich user experiences and diverse scenarios [8] - The popularity of "boxy cars" signifies a broader transition in the automotive market from functional consumption to emotional consumption, reflecting changing consumer values and technological advancements [8]