混动车和纯电动汽车（EV）等电动汽车的销量增长10%，达499万4894辆，占总销量的比重达47%。具 体来看，混动车销量增加7%，增至443万3503辆，纯电动汽车销量增加42%，增至19万9137万辆。在纯 电动汽车方面，在中国上市的新款SUV"bZ3X"和在日本和欧洲进行部分改良的"bZ4X"销售坚挺。 在美国的销量增长8%，达到251万8071辆。在中国的销量也比上年微增，达到178万396辆。集团整体全 球销量增长5%，达到1132万2575辆，创历史新高。超过德国大众集团的898万辆…… 丰田1月29日公布的数据显示，2025年全球销量（包括雷克萨斯）同比增长4%，达到1053万6807辆，创 出历史新高。混合动力车（HV）在美国等地表现坚挺。包括大发工业、日野汽车在内的集团全球销量 也增长5%，达到1132万2575辆，创历史新高。超过德国大众集团的898万辆，连续6年世界第一。 丰田的海外销量增长4%，达903万5544辆。因"凯美瑞"和"塞纳"等车型畅销，在美国的销量增长8%，达 到251万8071辆。在美国的混动车销量约为111万辆，增长20%。 在中国的销量也比上年微增，达到178万39 ...

Group 1 - Toyota's sales in the U.S. increased by 8%, reaching 2,518,071 units, driven by strong sales of models like the Camry and Sienna [2] - Global sales for Toyota reached a record high of 11,322,575 units, growing by 5% year-over-year, surpassing Volkswagen Group's 8.98 million units [2] - In China, sales slightly increased to 1,784,396 units, supported by promotional policies linked to government subsidies, although growth is slowing due to reduced policy strength [2] Group 2 - Sales of hybrid and electric vehicles grew by 10%, totaling 4,994,894 units, accounting for 47% of total sales [4] - Hybrid vehicle sales increased by 7% to 4,433,503 units, while pure electric vehicle sales surged by 42% to 199,137 units [4] Group 3 - Lexus, Toyota's luxury brand, saw a 4% increase in sales, reaching a record high of 882,231 units, with strong performance from SUV models like the RX and NX in North America [7] - Toyota's global production is projected to grow by 5% to 9,959,904 units, recovering from production halts due to certification violations and recalls [7] - Exports from Japan increased by 7% to 2,031,460 units, with a 14% rise in exports to the U.S. [7]

Group 1: Market Trends - The Chinese automotive market is undergoing unprecedented changes, with a shift from price competition to value competition, emphasizing long-term user value [1][14] - Toyota achieved over 1.78 million vehicle sales in China in 2025, marking a year-on-year growth and becoming the only Japanese brand to maintain positive growth in the market [1] - Lexus also reported annual sales exceeding 180,000 units, demonstrating strong performance in the luxury segment despite overall market challenges [1][10] Group 2: Toyota's Localization Strategy - Toyota's "Global to Local" strategy, announced in April 2025, focuses on deeper localization across management, R&D, products, manufacturing, channels, and services [2][4] - The company aims to enhance its innovation and driving role in the Chinese market by integrating local elements into its global framework [4] - The establishment of the ONE R&D system consolidates China's R&D resources into a unified platform, allowing for faster development of smart and electric technologies [5] Group 3: Product Development and Technology - Toyota's new RCE system empowers local engineers to take greater responsibility in vehicle development, enhancing responsiveness to market changes [5] - The first electric products, such as the Platinum 3X and bZ5, have been optimized for Chinese consumer preferences, focusing on smart connectivity, space, and range [7] - Toyota maintains a multi-path technology strategy, offering various powertrain options including fuel, hybrid, plug-in hybrid, battery electric, and hydrogen fuel cell vehicles to cater to diverse consumer needs [7] Group 4: Lexus's Long-Term Strategy - Lexus celebrates its 20th anniversary in China in 2025, achieving steady growth with total sales surpassing 180,000 units, positioning itself as a resilient brand in the luxury market [9][10] - The brand emphasizes long-termism by enhancing local R&D and design, and fostering emotional connections with consumers through a "warm luxury" approach [12] - Lexus's overall vehicle retention rate stands at 60.7%, reflecting its strong brand reputation and product stability in a market increasingly focused on long-term value [12][14] Group 5: Service and Consumer Focus - Lexus has established a comprehensive service guarantee system, including a 4-year/100,000 km free maintenance service and extended warranties for hybrid models [14] - As competition shifts towards value dimensions, traditional luxury brands are reassessing their configuration and pricing strategies to better meet real user needs [14] - Both Toyota and Lexus are building sustainable product value systems and differentiating themselves in the market by focusing on long-term capabilities rather than short-term tactics [14]

Core Insights - The Chinese automotive market is becoming increasingly complex, with some brands struggling to maintain their positions while others demonstrate resilience, indicating a shift in competition from "traffic" and "volume" to "value" and "stability" for 2026 and beyond [1][9] - Companies must adapt to a multi-dimensional competitive landscape, focusing on the entire value chain, including R&D, manufacturing, supply chain, delivery, user operations, digital asset management, and capital efficiency [1][9] - The market is beginning to favor companies that exhibit long-term strategic stability and can navigate technological shifts, changing consumer perceptions, and market cycles [1][9] Industry Trends - In 2025, Toyota's sales in China reached 1.78 million units, showing positive growth and maintaining a solid market base, while Lexus was the only luxury brand to achieve sales growth, exceeding 180,000 units [2][7] - The market is increasingly selecting high-quality brands with "anti-dip" attributes, which focus on long-term value rather than short-term market fluctuations [2][9] - The shift from a "flow era" to a "stock era" in the automotive industry emphasizes the importance of companies with "value stability" [9] Company Strategies - Toyota's approach to long-term value is exemplified by its commitment to "safety, reliability, and quality," which has built a strong brand reputation over decades [4][5] - The company is entering a "inheritance and evolution" phase, emphasizing deep localization in its management and R&D processes, including the establishment of a local chief engineer system to better meet Chinese consumer needs [5][6] - Toyota's multi-path technology strategy, which includes hybrid, pure electric, and plug-in hybrid options, reflects a commitment to risk management and respect for diverse consumer demands [6] Luxury Market Dynamics - Lexus's sales performance in 2025 illustrates a "value over price" approach, appealing to rational consumers who prioritize long-term ownership value [7][8] - The brand's success is attributed to its strong reputation built over 20 years in the Chinese market, with over 2.2 million cumulative sales and a significant number of loyal customers [7][8] - Lexus's product matrix, which includes models like ES, NX, and RX, showcases its ability to meet diverse consumer needs while maintaining a focus on quality and luxury [8] Conclusion - The automotive industry's evolution highlights the importance of long-term strategies and genuine value creation, as companies that prioritize sustainable practices and customer trust are more likely to succeed in a volatile market [9]

Group 1 - Lexus achieved continuous positive sales growth in the Chinese market, exceeding 180,000 units in 2025, making it the only imported luxury car brand to do so [1] - The brand's diverse product lineup caters to various transportation needs, including daily commuting, business socializing, off-roading, and performance driving [1] - Key models such as the Lexus ES, NX, and RX series have received strong user recognition due to their excellent quality and reputation, while the LX and GX models enhance the brand's technical strength in the off-road segment [1] Group 2 - By the end of 2025, Lexus's cumulative sales in China surpassed 2.2 million units, with the ES series alone accounting for over 1.1 million units sold, indicating strong customer loyalty [1]

Core Insights - The role of AI is evolving from mere model competition to practical applications in various industries, focusing on "last mile" implementations, with consumer AI targeting individual users and industrial AI emphasizing reliability and foundational skills [1][3] - Industrial AI is seen as a significant value driver, but it is still in its early stages, with increasing customer acceptance and potential for China to lead in application [3][4] - Siemens is recognized as a key partner in the industrial AI space, leveraging its extensive industry knowledge and data to drive transformation [6][11] Group 1: AI Evolution and Industrial Applications - AI is transitioning to become a true collaborative entity, focusing on practical applications rather than just model performance [1] - The true value of AI is expected to be realized in the industrial sector, with current applications still in the early stages of development [3][4] - Siemens emphasizes the importance of digital twin technology, which allows for the creation of virtual models that can enhance production efficiency and quality [5][9] Group 2: Siemens' Strategic Positioning - Siemens plans to invest €1 billion over the next three years to expand its industrial AI ecosystem, focusing on creating foundational models and collaborating with partners [6][14] - The company aims to leverage its historical expertise and high-quality data to lead the industrial AI revolution, addressing complex industry needs [6][11] - Siemens' digital twin composer is a significant innovation that integrates real-time data with virtual models, enhancing operational efficiency [5][9] Group 3: Market Trends and Future Outlook - The industrial AI market is characterized by its complexity and the need for tailored applications across different sectors, with Siemens advocating for a focus on application rather than just model parameters [14][15] - The company believes that AI will not replace human expertise but will enhance it, allowing experienced workers to define and make decisions rather than just operate [4][23] - The future of AI in industrial applications is expected to see incremental breakthroughs rather than radical changes, with a focus on quality improvement and cost reduction [24][27]

Core Viewpoint - Toyota Motor (China) Investment Co., Ltd. and its subsidiaries have announced a recall plan for various models due to safety concerns related to the panoramic monitoring system control program [1] Group 1: Recall Details - Toyota Motor (China) Investment Co., Ltd. will recall a total of 19,161 imported Lexus vehicles and 36,275 imported Toyota vehicles produced between March 31, 2021, and September 12, 2025 [1] - FAW Toyota Motor (Chengdu) Co., Ltd. will recall 28,654 domestic Prado vehicles produced between July 16, 2024, and September 27, 2025 [1] - GAC Toyota Motor Co., Ltd. will recall 1,363 domestic Corolla vehicles, 1,566 domestic bZ4X vehicles, and 3,302 domestic Platinum 4X vehicles produced between March 30, 2023, and August 29, 2025 [1] - FAW Toyota Motor Co., Ltd. will recall 2,417 domestic bZ4X vehicles, 1,061 domestic Corolla vehicles, and 1 domestic Asian Lion vehicle produced between September 7, 2022, and February 27, 2025 [1] Group 2: Safety Concerns - The recall is initiated due to a design flaw in the panoramic monitoring system control program, which may cause the panoramic image to misalign, freeze momentarily, or fail to display when the driver attempts to reverse immediately after starting the vehicle [1] - This issue poses a safety risk as it affects the driver's ability to judge the surrounding environment [1] Group 3: Remedial Actions - Toyota and its subsidiaries will provide free upgrades to the panoramic monitoring system control program for the recalled vehicles to eliminate the safety hazard [1]

Financial Data and Key Metrics Changes - In Q4 2024, total sales volume reached 226,600 units, a significant 65% year-over-year growth, with total revenue of RMB819 million, reflecting a 71% increase compared to the same period last year [7][8][51]. - For the full year 2024, total sales volume was 924,000 units, representing a 30% year-over-year increase, and total revenue reached RMB3.29 billion, up 24% from 2023 [8][51]. Business Line Data and Key Metrics Changes - In Q4 2024, sales volume in China was 182,000 units, a 65% year-over-year increase, while overseas sales volume reached 44,000 units, marking a 64% growth [7][50]. - The N series accounted for 39% of total sales volume in China, a substantial increase from just 5% in 2023, demonstrating strong market demand [15]. - The ASP for China e-scooters reached RMB3,544, a 15% increase quarter-over-quarter and a 10% increase year-over-year [52]. Market Data and Key Metrics Changes - The overseas market saw a 54% growth in sales volume in Q4 2024 and a 52% growth for the full year [33]. - The overseas branded scooter ASP decreased to nearly RMB2,000, down around 10% year-over-year, primarily due to a higher sales contribution from kick-scooters [52]. Company Strategy and Development Direction - The company remains focused on expanding product offerings, strengthening sales channels, and broadening market reach, with a commitment to refining its strategy to achieve ambitious targets [9][23]. - In 2024, the company opened approximately 900 new stores, with plans to open another 1,000 to 1,500 stores in 2025 to strengthen market presence [26][27]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the China market and overseas market, highlighting strong foundations established in 2024 and expectations for continued growth in 2025 [39][44]. - The company anticipates a positive effect on ASP and gross margin in the domestic market in 2025, driven by increased sales volume and economies of scale [73]. Other Important Information - The gross margin for Q4 2024 was 12.4%, a decrease of 6.6 percentage points compared to the same period last year, primarily due to shifts in the overseas product mix and US tariffs [56]. - The company ended the year with RMB1.1 billion in cash and short-term investments, with operating cash flow showing an inflow of RMB55 million [62]. Q&A Session Summary Question: What is your sales target for kick-scooters in 2025? - The company expects a sales target of approximately 30% to 50% growth for kick-scooters in 2025, following a previous year of over 160,000 units sold [66][67]. Question: What is your outlook for average selling price and gross profit margin in the domestic market in 2025? - The company anticipates a slight increase in ASP in the domestic market, with expectations for improved gross margin due to economies of scale and increased sales volume [70][73]. Question: Can you provide guidance on expected net profit margin by 2025? - The company is not ready to share specific net profit margin guidance but expects to achieve overall profitability in 2025 [80][81]. Question: Which quarter in 2025 is expected to see the company's net profit turn from loss to profit? - The company expects to see quarterly profits in the second quarter of 2025, which is typically a peak quarter for revenue [84].