如果只看数字，腾势的2025年并不"爆炸"。 但如果把它放进整个新能源市场的结构里，这反而是一份异常冷静，甚至有点"反内卷"的成绩单。 这组数据的价值，并不在于到底卖了多少辆，而在于"在什么价格带卖了这么多"。 2025年12月，腾势单月销量18139辆，环比增长36.8%，同比增长20.5%；全年累计销量157134辆，同比 增长24.7%；更值得注意的是，品牌全年成交均价维持在36.1万元的高位区间。 2025年，中国新能源市场的主旋律已经非常清晰：低端市场在补贴退坡后持续失血，中端市场全面进入 价格战，高端市场则开始出现明显分化。大多数品牌的增长逻辑，仍然高度依赖促销、金融政策和配置 堆叠，用价格换规模、用规模换存在感。 而腾势走的，恰恰是一条相反的路径。 在30–40万元这一被反复验证"最难站稳"的价格区间，腾势没有通过频繁改款或短期刺激制造虚假繁 荣。相反，它的销量增长更多来自结构稳定后的自然放量——这在当前的新能源市场中，反而成了一种 稀缺能力。 从行业视角看，这意味着腾势已经悄然完成了一次阶段切换：它不再处在新品牌爬坡期的轨道上，不再 需要通过不计代价地冲量来证明自己被认可。取而代之的，是一种更 ...

Summary of Cisco's Earnings Call Company Overview - **Company**: Cisco - **Date**: November 18, 2025 Key Industry Insights - Cisco merged opportunities in Enterprise, Sovereign, and New Cloud sectors, revealing over $200 million in orders to showcase AI-driven growth opportunities and update market information, primarily involving systems and optical products [2][3] - AI revenue is derived mainly from Series A K, Silicon One, and optical products, with systems and optical products each accounting for 50% of the revenue [2][9] - Demand for DCI (Data Center Interconnect) related products has significantly increased, particularly for coherent pluggable optics [2][9] Core Business Strategies - Cisco's deep involvement in the design process with Hyper Scalers and the implementation of a Silicon strategy have reduced reliance on external supply chains, enabling success in the AI sector and effectively addressing supply chain challenges [2][8] - Collaboration with NVIDIA on the N9,200 switch may lower profit margins due to the use of external chips, but the integration of software and enterprise sales channel advantages enhances customer satisfaction and market competitiveness [2][11] Market Position and Competition - Cisco believes that white box switches do not pose a substantial threat to its market position and gross margins, as it possesses silicon technology and operating systems, maintaining close relationships with Hyper Scaler customers to meet complex network demands [2][13] - The company is optimistic about the growth of its security business, targeting a long-term growth rate of 15% to 17% annually, despite recent underperformance due to a transition period between old and new products [4][17] Financial Performance and Projections - Cisco's $2 billion pipeline includes opportunities from Sovereign enterprises and emerging cloud vendors, with the timing of project rollouts dependent on market demand and project progress [5][6] - The company expects that the conversion of orders to revenue typically takes about six months, but it can be quicker, around 90 days, depending on external factors [7] Product Development and Customer Needs - The hybrid work trend has impacted Cisco's collaboration business, which remains stable due to a strong product portfolio and cash flow generation capabilities [4][19] - Cisco's strategy for product updates involves a gradual approach, allowing customers to transition from older products to newer models, ensuring service continuity and security [15][16] Future Outlook - Cisco is optimistic about the future, particularly in AI and security sectors, and is positioned to leverage its dual technology strengths in networking and security [21][22] - The company emphasizes the importance of enhancing remote participant experiences in hybrid work environments and continues to focus on AI advancements as a key growth area [22][23] Additional Considerations - The transition to cloud subscriptions in the Slunk business has altered revenue recognition methods, leading to short-term revenue softness but aligning with long-term strategic goals [18] - Cisco's diverse supply chain strategy, including both proprietary and third-party components, ensures production stability and mitigates risks associated with single supply chain dependencies [11]

Group 1: Market Overview - Global sales of new energy vehicles (NEV) are projected to reach 4.868 million units in Q2 2025, representing a 30% year-on-year increase [1] - Including hybrid electric vehicles (HEV), total electric vehicle (EV) sales are expected to reach 6.456 million units, accounting for 29% of global automobile sales [1] Group 2: Battery Electric Vehicle (BEV) Market - BEV sales reached 3.28 million units, with a year-on-year growth of 39% [4] - BYD holds the largest market share in the BEV segment at 18.3%, with a year-on-year sales growth of 43% [4] - Tesla, while maintaining the second position, experienced a 14% decline in overall sales due to poor performance in major markets [4] - Geely remains in third place with a market share of approximately 6.4% [4] - Leapmotor and XPeng both achieved quarterly sales exceeding 100,000 units for the first time, with Leapmotor showing remarkable growth [4] - Xiaomi's sales are primarily driven by the SU7 model, but future model releases and capacity expansion are expected to enhance performance [4] - Hyundai's sales increased by 41% year-on-year, benefiting from policy incentives in the South Korean market, ranking tenth in market share [4] Group 3: Plug-in Hybrid Electric Vehicle (PHEV) Market - PHEV sales reached 1.587 million units, reflecting a 15% year-on-year increase [5] - BYD remains the leader in the PHEV market, but faced a 12% decline in sales, reducing its market share from nearly 40% to 28.9% [5] - Li Auto's sales grew by 11%, slightly increasing its market share to 7.4%, while AITO's market share rose to 6.2% [5] - BYD's sub-brand Denza launched a new model, achieving a 41% increase in sales, entering the top ten for the quarter [5] Group 4: Future Projections - TrendForce forecasts global NEV sales to reach 19.7 million units by 2025, with a year-on-year growth of 21%, and a slowdown to 14% growth in 2026 [6] - In the U.S. market, the end of electric vehicle subsidies on September 30 may hinder the industry's growth prospects [6]