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IP属地：北京
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etc卷商银行为主
etc卷商银行为主
·
05-12
**的用户怎么这样？
小米又胜诉！用户造谣小米汽车线束质量差被判侵权并公开道歉
北京互联网法院依法对该案进行审理，经核查确认，该用户所发布的“小米汽车线束质量差”相关言论与事实严重不符，其行为已构成对小米科技有限责任公司名誉权的侵害，依法需承担相应侵权责任。依据法院生效判决，该用户于2026年5月9日发布书面道歉声明，明确承认自身言论失实，并向小米科技有限责任公司正式致歉，相关道歉内容已在对应平台公开，接受公众监督。
小米又胜诉！用户造谣小米汽车线束质量差被判侵权并公开道歉
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etc卷商银行为主
etc卷商银行为主
·
05-06
空调市场排名，销售额，格力很不理想
千亿消费大白马，双双失速了
谁能笑到最后
千亿消费大白马，双双失速了
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etc卷商银行为主
etc卷商银行为主
·
2025-09-16
上海支持特斯拉的举证，北京支持维权司机的要求，我等屁民支持北京
历时4年！站车顶维权女车主胜诉：特斯拉需提供完整行车数据
据了解，张女士为上海车展特斯拉车顶维权女车主，在2021年4月19日上海车展期间，她爬上了特斯拉展车车顶，大呼“特斯拉刹车失灵”，引起舆论关注。但该案只是维权女车主侵犯特斯拉名誉权的案件，至于女车主起诉特斯拉刹车失灵的案件，直到今日才有了初步结果，法院判令特斯拉提供事发前30分钟完整的行车数据。后续，维权女车主拿到事发时完整行车数据后，再以数据为依据，申请司法鉴定涉事特斯拉车辆是否刹车失灵。
历时4年！站车顶维权女车主胜诉：特斯拉需提供完整行车数据
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etc卷商银行为主
etc卷商银行为主
·
2025-08-04
在郑州某写字楼，两名女大学生的代理律师正在整理证据。"我们掌握的银行流水、聊天记录和监控视频，足以证明释永信利用宗教身份实施精神控制和经济剥削。。。倒打一耙
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etc卷商银行为主
etc卷商银行为主
·
2025-07-22
即便再不喜欢小米，在这方面真找不出任何黑点，，，那些抹黑的各种喷。尤其某个友商的粉丝。看起来很像有人机。人红是非多呀！
小米5G基带和玄戒O2研发被曝进展顺利，要全面出击了！
除了玄戒O2芯片的研发较为顺利之外，小米5G基带的研发也在持续推进中，但鉴于研发难度，能否赶得上明年玄戒O2发布，目前来看还是个未知数，但既然这话已经说出来，想必也不是空穴来风，其实本月初小米联合创始人在网上爆出了一张手机通话页面截图，但后续又被火速删除，而此图内容就被很多人认为是小米正在测试5G基带的证据。
小米5G基带和玄戒O2研发被曝进展顺利，要全面出击了！
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etc卷商银行为主
etc卷商银行为主
·
2025-07-03
这个事情要相信人民的力量。
雷军：小米YU7大定数据出来时愣住了，看了好几遍才敢分享
创造了中国汽车工业的奇迹。
雷军：小米YU7大定数据出来时愣住了，看了好几遍才敢分享
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etc卷商银行为主
etc卷商银行为主
·
2025-06-03
余大嘴是一个人导致讨厌一个品牌。发现了好多问题。
2024年中国车企研发费用：比亚迪、小米前两名
快科技6月1日消息，SU7卖爆背后显然是小米倾力打造的结果，这点从他们投入的研发就能看出来。近日，佐思汽研公布了过去1年中国自主品牌主机厂研发费用排名，其中比亚迪一骑绝尘，而第二名是小米。未来，随着市场竞争的加剧和技术的不断进步，车企的研发投入将持续增加。所以问题来了，某公司有强大流量能力，只做一款车就卖爆了，这背后还是友商强大的研发做背书吧。
2024年中国车企研发费用：比亚迪、小米前两名
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etc卷商银行为主
etc卷商银行为主
·
2025-05-18
小米对标国外。大公司行业排名第一的苹果，特斯拉。小米的前身。和微软竞争。为国家节省了外汇。让大伙儿使上了，性价比高的软件。和性价比高的智能手机，而那些没有。和这些企业竞争的国家。就比较惨了。。。网络上有很多机器人。经常喷小米。
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etc卷商银行为主
etc卷商银行为主
·
2025-05-18
小米对标国外。大公司行业排名第一的苹果，特斯拉。小米的前身。和微软竞争。为国家节省了外汇。让大伙儿使上了，性价比高的软件。和性价比高的智能手机，而那些没有。和这些企业竞争的国家。就比较惨了。。。网络上有很多机器人。经常喷小米。
雷军：小米自主研发设计的手机SoC芯片将在5月下旬发布
雷军：小米自主研发设计的手机SoC芯片“玄戒O1”，即将在5月下旬发布。
雷军：小米自主研发设计的手机SoC芯片将在5月下旬发布
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etc卷商银行为主
etc卷商银行为主
·
2025-03-14
这个女前台，上台之后找了很多女拳师。还把阳历也整出来了。普信下头女
暴涨7成净利400亿，刘强东再出重拳，京东不讲新故事
随着腰包日渐鼓涨，京东扩张步伐也在提速。
暴涨7成净利400亿，刘强东再出重拳，京东不讲新故事
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19:01","market":"us","language":"zh","title":"小米又胜诉！用户造谣小米汽车线束质量差被判侵权并公开道歉","url":"https://stock-news.laohu8.com/highlight/detail?id=2634801289","media":"快科技","summary":"北京互联网法院依法对该案进行审理，经核查确认，该用户所发布的“小米汽车线束质量差”相关言论与事实严重不符，其行为已构成对小米科技有限责任公司名誉权的侵害，依法需承担相应侵权责任。依据法院生效判决，该用户于2026年5月9日发布书面道歉声明，明确承认自身言论失实，并向小米科技有限责任公司正式致歉，相关道歉内容已在对应平台公开，接受公众监督。","content":"<html><body><p>快科技5月11日消息，<strong>近日，一名网络用户通过其“高手路太弯”的账号，就此前发布的“<a href=\"https://laohu8.com/S/XIACY\">小米</a>汽车线束质量差”不实言论，向<a href=\"https://laohu8.com/S/01810\">小米</a>科技有限责任公司公开致歉。</strong></p><p><strong>时间回溯至2024年12月，该用户在社交平台发布针对<a href=\"https://laohu8.com/S/81810\">小米</a>汽车线束质量的负面不实信息，相关言论未经核实便传播，对小米汽车的品牌形象造成了不良影响。</strong></p><p>对此，小米科技有限责任公司为维护自身合法权益，以侵犯名誉权为由，向法院提起诉讼。</p><p><img src=\"https://x0.ifengimg.com/res/2026/997B197339201F3F2BAAA5EA51DF410D8445D75E_size448_w600_h405.png\"/></p><p><strong>北京互联网法院依法对该案进行审理，经核查确认，该用户所发布的“小米汽车线束质量差”相关言论与事实严重不符，其行为已构成对小米科技有限责任公司名誉权的侵害，依法需承担相应侵权责任。</strong></p><p>依据法院生效判决，该用户于2026年5月9日发布书面道歉声明，<strong>明确承认自身言论失实，并向小米科技有限责任公司正式致歉，相关道歉内容已在对应平台公开，接受公众监督。</strong></p><p>据悉，此次案件从用户发布不实信息，到法院审理判决，再到用户公开道歉，全程历时约一年半。</p><p>这起案件也再次提醒，<strong>网络内容创作者及普通用户在社交媒体发表针对企业产品的批评意见时，必须基于客观事实，杜绝无依据的贬损性表述。</strong></p><p><img src=\"https://x0.ifengimg.com/res/2026/ECEABCB5F814A10613795E9E607B046546B015BD_size559_w600_h1980.jpg\"/></p><p>【本文结束】如需转载请务必注明出处：快科技</p><p>责任编辑：王一</p></body></html>","source":"fenghuang_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小米又胜诉！用户造谣小米汽车线束质量差被判侵权并公开道歉</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ 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#eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小米又胜诉！用户造谣小米汽车线束质量差被判侵权并公开道歉\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-11 19:01 北京时间 <a href=https://tech.ifeng.com/c/8t2ripnV15l><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技5月11日消息，近日，一名网络用户通过其“高手路太弯”的账号，就此前发布的“小米汽车线束质量差”不实言论，向小米科技有限责任公司公开致歉。时间回溯至2024年12月，该用户在社交平台发布针对小米汽车线束质量的负面不实信息，相关言论未经核实便传播，对小米汽车的品牌形象造成了不良影响。对此，小米科技有限责任公司为维护自身合法权益，以侵犯名誉权为由，向法院提起诉讼。北京互联网法院依法对该案进行审理...</p>\n\n<a href=\"https://tech.ifeng.com/c/8t2ripnV15l\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","BK1506":"5G概念","LU2294711473.HKD":"BNP PARIBAS CHINA EQUITY \"C\" (HKD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS \"A2\" (USD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS \"A2\" (USD) INC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0211977185.USD":"EASTSPRING 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\"A\" (HKD) ACC","BK4504":"桥水持仓","SG9999001093.SGD":"United Greater China Fund A Acc SGD"},"source_url":"https://tech.ifeng.com/c/8t2ripnV15l","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2634801289","content_text":"快科技5月11日消息，近日，一名网络用户通过其“高手路太弯”的账号，就此前发布的“小米汽车线束质量差”不实言论，向小米科技有限责任公司公开致歉。时间回溯至2024年12月，该用户在社交平台发布针对小米汽车线束质量的负面不实信息，相关言论未经核实便传播，对小米汽车的品牌形象造成了不良影响。对此，小米科技有限责任公司为维护自身合法权益，以侵犯名誉权为由，向法院提起诉讼。北京互联网法院依法对该案进行审理，经核查确认，该用户所发布的“小米汽车线束质量差”相关言论与事实严重不符，其行为已构成对小米科技有限责任公司名誉权的侵害，依法需承担相应侵权责任。依据法院生效判决，该用户于2026年5月9日发布书面道歉声明，明确承认自身言论失实，并向小米科技有限责任公司正式致歉，相关道歉内容已在对应平台公开，接受公众监督。据悉，此次案件从用户发布不实信息，到法院审理判决，再到用户公开道歉，全程历时约一年半。这起案件也再次提醒，网络内容创作者及普通用户在社交媒体发表针对企业产品的批评意见时，必须基于客观事实，杜绝无依据的贬损性表述。【本文结束】如需转载请务必注明出处：快科技责任编辑：王一","news_type":1,"symbols_score_info":{"81810":0.6,"HXXD.SI":0.6,"01810":1.91,"MIUmain":0.6,"XIACY":1.91}},"isVote":1,"tweetType":1,"viewCount":149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":561169669866256,"gmtCreate":1778036090946,"gmtModify":1778036093521,"author":{"id":"3494546574063181","authorId":"3494546574063181","name":"etc卷商银行为主","avatar":"https://static.tigerbbs.com/5b586cccac8b017e17fe86d3573d32b9","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3494546574063181","authorIdStr":"3494546574063181"},"themes":[],"title":"","htmlText":"空调市场排名，销售额，格力很不理想","listText":"空调市场排名，销售额，格力很不理想","text":"空调市场排名，销售额，格力很不理想","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/561169669866256","repostId":"2632893120","repostType":2,"repost":{"id":"2632893120","kind":"highlight","pubTimestamp":1777887292,"share":"https://www.laohu8.com/m/news/2632893120?lang=zh_CN&edition=full","pubTime":"2026-05-04 17:34","market":"us","language":"zh","title":"千亿消费大白马，双双失速了","url":"https://stock-news.laohu8.com/highlight/detail?id=2632893120","media":"格隆汇","summary":"谁能笑到最后","content":"<html><body><p><span><span>作为国内家电行业的佼佼者，近日</span></span><span><span><span>格力</span></span><span><span>和海尔的财报或许都令人有些</span></span><span><span>五味杂陈</span></span><span><span>。</span></span></span></p><p><span><span><span>财报</span></span><span><span>显示，</span></span><span><span>2025</span></span><span><span>年<a href=\"https://laohu8.com/S/000651\">格力电器</a>实现营业收入</span></span><span><span>1704.47</span></span><span><span>亿元，同比下滑</span></span><span><span>9.89%</span></span><span><span>，创下</span></span><span><span>2021</span></span><span><span>年以来的新低</span></span><span><span>。</span></span></span></p><p><span><span><span>公司</span></span><span><span>归母净利润</span></span><span><span>也同比下滑</span></span><span><span>9.89%</span></span><span><span>至</span></span><span><span>290.03</span></span><span><span>亿元，降幅进一步扩大</span></span><span><span>。</span></span></span></p><p><span><span><span>然而资本市场对这份业绩的反应，</span></span><span><span>却与实际数字截然不同</span></span><span><span>。</span></span></span></p><p><span><span><span>年报发布同日，格力同步披露了每</span></span><span><span>10</span></span><span><span>股派发现金红利</span></span><span><span>20</span></span><span><span>元的慷慨分红预案，股息率超过</span></span><span><span>5%</span></span><span><span>。</span></span></span></p><p><span><span><span>或受此提振，</span></span><span><span>年报发布次日，格力电器股价</span></span><span><span>单日</span></span><span><span>涨幅达</span></span><span><span>5.85%</span></span><span><span>，</span></span><span><span>逆势走强。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/cbdaa-953fcb42-b9bc-4b12-9c59-5dca43420a5d.jpg?guru_height=549&guru_width=750&guru_size=50394\"/></p><p><span><span><span>与格力形成鲜明对比的，是同期披露业绩的另一大白电巨头，<a href=\"https://laohu8.com/S/600690\">海尔智家</a>。</span></span></span></p><p><span><span><span>2025</span></span><span><span>年，</span></span><span><span><a href=\"https://laohu8.com/S/06690\">海尔智家</a>全年实现营业收入</span></span><span><span>3023.47</span></span><span><span>亿元，同比增长</span></span><span><span>5.71%</span></span><span><span>，全年首破</span></span><span><span>3000</span></span><span><span>亿大关</span></span><span><span>。</span></span></span></p><p><span><span><span>归母净利润</span></span><span><span>也同比增长</span></span><span><span>4.39%</span></span><span><span>亿元，至</span></span><span><span>195.53</span></span><span><span>亿元。</span></span></span></p><p><span><span><span>然而，业绩公布后，海尔业绩反而持续承压。</span></span></span></p><p><span><span><span>为什么会产生这种反差？</span></span></span></p><h3><strong><span><font color=\"#3daad6\"><br/></font></span></strong></h3><h3><strong><span><font color=\"#3daad6\">01</font></span></strong></h3><div><strong><span><font color=\"#3daad6\"><br/></font></span></strong></div><p><span><span><span>过去两年，格力的财报数据给出的信号相当复杂。</span></span></span></p><p><span><span><span>2024</span></span><span><span>年年报显示，格力电器实现营业收入</span></span><span><span>1891.64</span></span><span><span>亿元，同比减少</span></span><span><span>7.26%</span></span><span><span>。</span></span></span></p><p><span><span><span>但</span></span><span><span>归母</span></span><span><span>净利润却达到了</span></span><span><span>321.85</span></span><span><span>亿元，同比增长</span></span><span><span>10.91%</span></span><span><span>。</span></span></span></p><p><span><span><span>营收收缩近一成而盈利逆势扩张，这源于</span></span><span><span>格力在</span></span><span><span>成本端的严格控制</span></span><span><span>，以及在</span></span><span><span>渠道营销费用的压缩。</span></span></span></p><p><span><span><span>2024</span></span><span><span>年，格力</span></span><span><span>销售费用同比下降</span></span><span><span>34.11%</span></span><span><span>，管理费用同比下降</span></span><span><span>7.41%</span></span><span><span>，两项合计削减了约</span></span><span><span>65</span></span><span><span>亿元的费用支出</span></span><span><span>，显示出格力惊人的利润调节能力。</span></span></span></p><p><span><span><span>但</span></span><span><span>在行业整体需求疲软的境况下，单纯的节流并非永远有效。</span></span></span></p><p><span><span><span>2025</span></span><span><span>年，国内家电行业经历了近几年来最为严重的需求下滑。</span></span></span></p><p><span><span><span>奥维云网推总数据显示，</span></span><span><span>2025</span></span><span><span>年，中国家电零售市场规模为</span></span><span><span>8931</span></span><span><span>亿元，同比下降</span></span><span><span>4.3%</span></span><span><span>。</span></span></span></p><p><span><span><span>在此行业背景之下，白电巨头均遭受着前所未有的压力，格力也</span></span><span><span>营收与利润双双失守</span></span><span><span>。</span></span></span></p><p><span><span><span>然而，哪怕面临全行业的下滑，格力的下滑幅度也更为突出。</span></span></span></p><p><span><span><span>具体到核心业务，消费电器收入</span></span><span><span>1330.55</span></span><span><span>亿元，占总营收的</span></span><span><span>78%</span></span><span><span>，却同比大跌</span></span><span><span>10.44%</span></span><span><span>。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/561fa-11abe44b-bc83-4fa5-9d09-71e011a4876d.jpg?guru_height=600&guru_width=753&guru_size=35962\"/></p><p><span><span><span>国内销售端下滑尤其明显，降幅达到</span></span><span><span>10.67%</span></span><span><span>，</span></span><span><span>远超</span></span><span><span>行业整体收缩</span></span><span><span>的</span></span><span><span>速度。</span></span></span></p><p><span><b><span><span>换句话说，格力</span></span></b><b><span><span>的失速</span></span></b><b><span><span>，</span></span></b><b><span><span>很大程度</span></span></b><b><span><span>是企业自身的问题。</span></span></b></span></p><p><span><span><span>这点不难想象，一直以来，格力都有这一条极为稳固的护城河</span></span><span><span>——空调。</span></span></span></p><p><span><span><span>格力就是空调，空调就是格力。</span></span></span></p><p><span><span><span>2025</span></span><span><span>年，格力家用空调线上市场零售额占比为</span></span><span><span>24.31%</span></span><span><span>，仍居行业首位，中央空调</span></span><span><span>业务更是以</span></span><span><span>超</span></span><span><span>15%</span></span><span><span>的市场占有率连续十四年保持国内第一。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/7f753-42112ffb-51bf-4069-83f4-4dbca0589bce.jpg?guru_height=606&guru_width=749&guru_size=33275\"/></p><p><span><span><span>在空调这一核心品类上，格力的品牌力无人能出其右。</span></span></span></p><p><span><span><span>而近年来，空调市场增长见顶，且在国补退潮之后，更新需求迅速下降，格力也就面临着更为严峻的挑战。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/5f46b-4a76f7b3-a350-414e-8063-1e8c5db4fcea.jpg?guru_height=471&guru_width=915&guru_size=43611\"/></p><p><span><span><span>事实上，近几年来，</span></span><span><span>格力的收入结构非但没有</span></span><span><span>变得更加多元化，反而对于空调的依赖度越来越深。</span></span></span></p><p><span><span><span>在各家巨头纷纷开启第二曲线之时，格力的</span></span><span><span>空调收入占总营收比重</span></span><span><span>一度不降反升，</span></span><span><span>到了</span></span><span><span>2025</span></span><span><span>年，这一比重仍保持在高位</span></span><span><span>。</span></span></span></p><p><span><span><span>而海尔的情况则与格力恰恰相反。</span></span></span></p><p><span><span><span>如今的海尔，已然成为国内全球化布局最为成功的企业之一。</span></span></span></p><p><span><span><span>2025</span></span><span><span>年，海尔智家海外收入</span></span><span><span>1545.45</span></span><span><span>亿元，同比增长</span></span><span><span>8.15%</span></span><span><span>，海外营收占比</span></span><span><span>首次</span></span><span><span>超过</span></span><span><span>50%</span></span><span><span>，增速</span></span><span><span>也</span></span><span><span>显著高于国内的</span></span><span><span>3.07%</span></span><span><span>。</span></span></span></p><p><span><span><span>在全球家电品牌中，这</span></span><span><span>样</span></span><span><span>内外均衡的结构</span></span><span><span>都</span></span><span><span>非常少见。</span></span></span></p><p><span><span><span>不仅如此，海尔旗下的高端品牌卡萨帝也已然收获颇丰。</span></span></span></p><p><span><span><span>目前，</span></span><span><span>卡萨帝在</span></span><span><span>1.5</span></span><span><span>万元以上高端市场的冰箱份额达到</span></span><span><span>71.08%</span></span><span><span>、洗衣机份额达到</span></span><span><span>80%</span></span><span><span>、空调份额达到</span></span><span><span>44.7%</span></span><span><span>，在多品类高端市场占据着近乎压倒性的优势。</span></span></span></p><p><span><b><span><span>无论从收入规模还是</span></span></b><b><span><span>业务广度来</span></span></b><b><span><span>看，海尔的表现都明显好于格力。</span></span></b></span></p><p><span><span><span>但进入</span></span><span><span>2026</span></span><span><span>年第一季度，海尔营收</span></span><span><span>736.87</span></span><span><span>亿元，同比下降</span></span><span><span>6.86%</span></span><span><span>，归母净利润</span></span><span><span>46.52</span></span><span><span>亿元，同比大跌</span></span><span><span>15.22%</span></span><span><span>。</span></span></span></p><p><span><span><span>这份一季报出来后，虽然多数机构维持买入评级，但普遍下调了盈利预测。</span></span></span></p><p><span><span><span>短暂的增长之后，脆弱性开始暴露</span></span><span><span>。</span></span></span></p><p><span><span><span>这样的</span></span><span><span>分野背后，是两家公司深层的结构</span></span><span><span>问题</span></span><span><span>。</span></span></span></p><h3><strong><span><font color=\"#3daad6\"><br/></font></span></strong></h3><h3><strong><span><font color=\"#3daad6\">02</font></span></strong></h3><div><strong><span><font color=\"#3daad6\"><br/></font></span></strong></div><p><span><span><span>一直以来，格力采取的是，高壁垒的纵深模式。</span></span></span></p><p><span><span><span>由于空调具有</span></span><span><span>“三分制造，七分安装”的半成品特性</span></span><span><span>、较</span></span><span><span>长</span></span><span><span>的</span></span><span><span>使用寿命与复杂的售后维保需求</span></span><span><span>，使得空调</span></span><span><span>品类比其他家电更容易</span></span><span><span>积淀</span></span><span><span>品牌认同</span></span><span><span>，进而带来</span></span><span><span>溢价空间</span></span><span><span>。</span></span></span></p><p><span><span><span>因此，在空调这一完全成熟的主赛道上，格力具备着远超同行的渠道效率和成本管控，以至于单品净利润率远超行业平均。</span></span></span></p><p><span><span><span>也是因此，格力</span></span><span><span>在长期保持</span></span><span><span>20%</span></span><span><span>以上的净资产收益率，仅</span></span><span><span>依赖</span></span><span><span>空调一个品类</span></span><span><span>，就能完成对于海尔整个集团利润的反超。</span></span></span></p><p><span><span><span>事实上，哪怕是业绩如此惨淡的</span></span><span><span>2025</span></span><span><span>年，</span></span><span><span>格力的消费电器毛利率反而微升了</span></span><span><span>0.37</span></span><span><span>个百分点，达到</span></span><span><span>35.28%</span></span><span><span>。</span></span></span></p><p><span><span><span><img src=\"https://img3.gelonghui.com/2f1f9-47910f7c-baea-4a27-85a6-885966ab9db9.jpg?guru_height=390&guru_width=861&guru_size=47334\"/></span></span></span></p><p><span><span><span>这显示出，在收缩中，格力也</span></span><span><span>没有因为降价抢市场而牺牲利润。</span></span></span></p><p><span><span><span>但这一模式同样面临着相当明显的挑战。</span></span></span></p><p><b><span><span>当空调市场总容量触及天花板之时，格力几乎没有任何缓冲来对冲风险。</span></span></b></p><p><span><span><span>2024</span></span><span><span>年上半年空调占比不降反升，正是由于此，因为其多元化业务没能形成足够的规模，面临风险，只能进一步加固护城河。</span></span></span></p><p><span><span><span>海尔</span></span><span><span>的业务模式则与格力完全相反，完全呈现</span></span><span><span>横向展开</span></span><span><span>——</span></span></span></p><p><span><b><span><span>通过多品牌<a href=\"https://laohu8.com/S/301365\">矩阵</a>，以横向扩张</span></span></b><b><span><span>来弥补</span></span></b><b><span><span>单一品类的</span></span></b><b><span><span>不足</span></span></b><b><span><span>。</span></span></b></span></p><p><span><span><span>目前，海尔已经在</span></span><span><span>在全球范围内构建了海尔、卡萨帝、</span></span><span><span>Leader</span></span><span><span>、</span></span><span><span>GE Appliances</span></span><span><span>、</span></span><span><span>Candy</span></span><span><span>、</span></span><span><span>Fisher&Paykel</span></span><span><span>及</span></span><span><span>AQUA</span></span><span><span>七大品牌集群。</span></span></span></p><p><span><span><span>这一</span></span><span><span>模式的优势在于抗风险能力和增量空间</span></span><span><span>——</span></span></span></p><p><span><span><span>不管哪一国或者哪一</span></span><span><span>品类需求萎缩，都可以通过</span></span><span><span>地区和品类</span></span><span><span>调整来对冲</span></span><span><span>风险</span></span><span><span>。</span></span></span></p><p><span><span><span>然而，横向模式的代价同样</span></span><span><span>巨大</span></span><span><span>。</span></span></span></p><p><span><span><span>多品牌、多</span></span><span><span>国家</span></span><span><span>的运营架构</span></span><span><span>，需要</span></span><span><span>庞大的管理费用和营销投入，导致海尔智家的费用率远超格力</span></span><span><span>——</span></span></span></p><p><span><b><span><span>2025</span></span><span><span>年，海尔智家的</span></span></b><b><span><span>销售费用达</span></span></b><b><span><span>338.78</span></span></b><b><span><span>亿元，而同期格力全年的销售费用仅</span></span></b><b><span><span>84.11</span></span></b><b><span><span>亿元。</span></span></b></span></p><p><span><span><span>2023</span></span><span><span>至</span></span><span><span>2025</span></span><span><span>年的三年间，海尔智家的销售费用分别为</span></span><span><span>409.78</span></span><span><span>亿元、</span></span><span><span>335.86</span></span><span><span>亿元、</span></span><span><span>338.78</span></span><span><span>亿元，三年合计超过一千亿元。</span></span></span></p><p><span><span><span>这也就导致，</span></span><span><span>海尔的净利润率在</span></span><span><span>“白电三巨头”中持续垫底——</span></span><span><span>202</span></span><span><span>5</span></span><span><span>全年</span></span><span><span>仅为</span></span><span><span>6.67</span></span><span><span>%</span></span><span><span>，而格力的净利润率则高达</span></span><span><span>1</span></span><span><span>6.93</span></span><span><span>%</span></span><span><span>。</span></span></span></p><p><span><span><span>因此</span></span><span><span>，海尔智家营收规模</span></span><span><span>经常</span></span><span><span>大幅领先格力，但盈利总量却被后者反超。</span></span></span></p><p><span><span><span>相比之下，格力还面临着</span></span><span><span>渠道改革的阵痛</span></span><span><span>。</span></span></span></p><p><span><span><span>曾几何时，</span></span><span><span>格力的渠道能力令所有对手艳羡。</span></span></span></p><p><span><span><span>省代、代理商、经销商层层绑定，在历史上支撑了格力空调的高速扩张。</span></span></span></p><p><span><span><span>但在消费场景由线下切换为线上</span></span><span><span>，</span></span><span><span>这套</span></span><span><span>由</span></span><span><span>核心代理商支撑的模式</span></span><span><span>，就</span></span><span><span>暴露出一系列痼疾。</span></span></span></p><p><span><span><span>2020</span></span><span><span>年以来，董明珠强势推动线上直播与线下扁平化改革</span></span><span><span>。</span></span></span></p><p><span><span><span>然而，</span></span><span><span>这一举措固然减少了中间环节对利润的侵蚀，但也引发了一系列震荡</span></span><span><span>。</span></span></span></p><p><span><span><span>因为，</span></span><span><span>渠道改革的实质是在存量市场里重新分配利润，而每一次利润再分配都意味着某些既得利益者的退出</span></span><span><span>。</span></span></span></p><p><span><span><span>这也就导致了，格力在</span></span><span><span>经营现金流</span></span><span><span>上</span></span><span><span>的剧烈波动</span></span><span><span>，直到</span></span><span><span>2025</span></span><span><span>年</span></span><span><span>，</span></span><span><span>现金流</span></span><span><span>才再次反弹</span></span><span><span>至</span></span><span><span>463.83</span></span><span><span>亿元，</span></span><span><span>这也意味着，过去几年间，格力面临的</span></span><span><span>不确定性。</span></span></span></p><p><span><span><span>作为国内</span></span><span><span>白电的标杆企业，在经历了各自的扩张与整合之后，</span></span><span><span>格力和海尔</span></span><span><span>已走上</span></span><span><span>截然不同</span></span><span><span>的竞争路径。</span></span></span></p><p><span><span><span>而显然，多品牌多品类布局的风险性和发展潜力，均优于单一品类，因此，过往格力一直被视为</span></span><span><span>一家过度依赖空调、增长空间逼仄的公司</span></span><span><span>，面临着行业的持续低估值。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/106f1-a20e6e89-f18d-49bd-bccb-6a4bce1ab139.jpg?guru_height=672&guru_width=843&guru_size=52417\"/></p><p><span><span><span>但</span></span><span><span>当</span></span><span><span>公司</span></span><span><span>实际业绩仍在下滑但并未低于预期，同时高额分红落地、现金流大幅</span></span><span><span>增长，利好信号</span></span><span><span>开始释放，估值水平</span></span><span><span>就</span></span><span><span>从过度悲观</span></span><span><span>开始向</span></span><span><span>中性回归</span></span><span><span>。</span></span></span></p><p><span><span><span>甚至</span></span><span><span>在业绩承压的情况下，格力的经营质量并没有同步恶化，关键质量指标有所改善。</span></span></span></p><p><span><span><span>2026</span></span><span><span>年第一季度，格力营收和归母净利润双双恢复正增长</span></span><span><span>，</span></span><span><span>营收同比增长</span></span><span><span>3.52%</span></span><span><span>至</span></span><span><span>429.66</span></span><span><span>亿元，净利润同比增长</span></span><span><span>3.01%</span></span><span><span>至</span></span><span><span>60.82</span></span><span><span>亿元</span></span><span><span>，也就</span></span><span><span>进一步夯实了估值修复的基础。</span></span></span></p><p><span><span><span>而</span></span><span><span>海尔智家</span></span><span><span>2026</span></span><span><span>年一季度的</span></span><span><span>业绩双降，暴露出了其海外市场的脆弱性。</span></span></span></p><p><span><span><span>汇率波动、海外通胀抑制需求以及跨区域管理成本的</span></span><span><span>影响</span></span><span><span>，都可能侵蚀</span></span><span><span>海尔多品牌布局</span></span><span><span>的红利。</span></span></span></p><p><span><span><span>更重要的是，海尔当前估值约</span></span><span><span>10</span></span><span><span>倍</span></span><span><span>，高于</span></span><span><span>格力约</span></span><span><span>7.4</span></span><span><span>倍</span></span><span><span>的估值</span></span><span><span>，更高的估值中包含着市场对其全球化、高端化持续增长的期待</span></span><span><span>。</span></span></span></p><p><span><span><span>公司一</span></span><span><span>季度业绩</span></span><span><span>打破了这种期待，也就</span></span><span><span>面临</span></span><span><span>着更为剧烈的</span></span><span><span>回撤压力。</span></span></span></p><p><span><span><span>目前，</span></span><span><span>海尔已经明确将</span></span><span><span>2026</span></span><span><span>年、</span></span><span><span>2027</span></span><span><span>年、</span></span><span><span>2028</span></span><span><span>年的现金分红比例分别提升至不低于</span></span><span><span>58%</span></span><span><span>、</span></span><span><span>60%</span></span><span><span>、</span></span><span><span>60%</span></span><span><span>，但分红的基础归根结底取决于盈利的可持续性。</span></span></span></p><p><span><span><span>如果无法在收入增长的基础上同步提升利润转化效率，海尔的估值上限将始终被约束在现有区间内。</span></span></span></p><p><span><span><span>对于格力而言，</span></span><span><span>低估值和高分红，</span></span><span><span>使得其具备相当的安全边际，不过其</span></span><span><span>依靠空调核心品类的基本盘，</span></span><span><span>需要</span></span><span><span>等待行业周期回暖和多元化转型的成熟，</span></span><span><span>等待其</span></span><span><span>需更多耐心。</span></span></span></p><p><span><span><span>而</span></span><span><span>海尔</span></span><span><span>固然拥有</span></span><span><span>全球化布局及多品类矩阵的基础上，但相对应的，外部政治、气候、汇率等不确定因素也带来更高的波动率。</span></span></span></p><p><span><span><span>今年一季度的冷热反差，正是这两家公司经营模式和市场表现反差之间，最典型的例证。</span></span></span></p><h3><strong><span><font color=\"#3daad6\"><br/></font></span></strong></h3><h3><strong><span><font color=\"#3daad6\">03</font></span></strong></h3><h3><span><strong><span><font color=\"#3daad6\">结语</font></span></strong></span></h3><div><span><strong><span><font color=\"#3daad6\"><br/></font></span></strong></span></div><p><span><span><span>目前，</span></span><span><span>中国家电行业已从高增长时代的增量博弈</span></span><span><span>，</span></span><span><span>全面转向存量博弈与结构升级的双</span></span><span><span>方向</span></span><span><span>竞争。</span></span></span></p><p><span><span><span>在这一新的竞争</span></span><span><span>格局</span></span><span><span>中，格力与海尔的</span></span><span><span>差异，正</span></span><span><span>是中国制造业正在发生</span></span><span><span>的两条不同发展路径的缩影</span></span><span><span>。</span></span></span></p><p><span><span><span>在某个时间节点</span></span><span><span>，这两条路径或许也终将</span></span><span><span>交汇</span></span><span><span>。</span></span></span></p><p><span><span><span>而谁能在交汇前积蓄更多</span></span><span><span>能量</span></span></span><span><span><span>，谁就将在中国家电业的下一轮洗牌中占据先机。</span></span></span></p></body></html>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>千亿消费大白马，双双失速了</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n千亿消费大白马，双双失速了\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-04 17:34 北京时间 <a href=https://www.gelonghui.com/p/4622158><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作为国内家电行业的佼佼者，近日格力和海尔的财报或许都令人有些五味杂陈。财报显示，2025年格力电器实现营业收入1704.47亿元，同比下滑9.89%，创下2021年以来的新低。公司归母净利润也同比下滑9.89%至290.03亿元，降幅进一步扩大。然而资本市场对这份业绩的反应，却与实际数字截然不同。年报发布同日，格力同步披露了每10股派发现金红利20元的慷慨分红预案，股息率超过5%。或受此提振，年报...</p>\n\n<a href=\"https://www.gelonghui.com/p/4622158\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img3.gelonghui.com/15f47-f8effb9b-703c-4319-8b6c-6c4fd0040202.jpg?guru_height=309&guru_width=550&guru_size=25270","relate_stocks":{"BK0196":"行业龙头","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU1934453819.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"A\" (USD) ACC","000651":"格力电器","LU1979443071.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"AD\" (USDHDG) INC","SGXZ81163826.USD":"UNITED CHINA A-SHARES INNOVATION \"A\" (USD) ACC","SGXZ49509284.SGD":"United China A Shares Innovation A Acc SGD","BK0224":"电气机械","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","BK0188":"融资融券","HK0000181112.HKD":"DA CHENG CHINA BALANCED \"A\" (HKD) INC","BK0012":"证金概念","BK0187":"一线龙头","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","HK0000181138.USD":"DA CHENG CHINA BALANCED \"A\" (USD) INC","BK0028":"国家队","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","01169":"海尔电器","BK0175":"白马股","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","BK0014":"新能源汽车"},"source_url":"https://www.gelonghui.com/p/4622158","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2632893120","content_text":"作为国内家电行业的佼佼者，近日格力和海尔的财报或许都令人有些五味杂陈。财报显示，2025年格力电器实现营业收入1704.47亿元，同比下滑9.89%，创下2021年以来的新低。公司归母净利润也同比下滑9.89%至290.03亿元，降幅进一步扩大。然而资本市场对这份业绩的反应，却与实际数字截然不同。年报发布同日，格力同步披露了每10股派发现金红利20元的慷慨分红预案，股息率超过5%。或受此提振，年报发布次日，格力电器股价单日涨幅达5.85%，逆势走强。与格力形成鲜明对比的，是同期披露业绩的另一大白电巨头，海尔智家。2025年，海尔智家全年实现营业收入3023.47亿元，同比增长5.71%，全年首破3000亿大关。归母净利润也同比增长4.39%亿元，至195.53亿元。然而，业绩公布后，海尔业绩反而持续承压。为什么会产生这种反差？01过去两年，格力的财报数据给出的信号相当复杂。2024年年报显示，格力电器实现营业收入1891.64亿元，同比减少7.26%。但归母净利润却达到了321.85亿元，同比增长10.91%。营收收缩近一成而盈利逆势扩张，这源于格力在成本端的严格控制，以及在渠道营销费用的压缩。2024年，格力销售费用同比下降34.11%，管理费用同比下降7.41%，两项合计削减了约65亿元的费用支出，显示出格力惊人的利润调节能力。但在行业整体需求疲软的境况下，单纯的节流并非永远有效。2025年，国内家电行业经历了近几年来最为严重的需求下滑。奥维云网推总数据显示，2025年，中国家电零售市场规模为8931亿元，同比下降4.3%。在此行业背景之下，白电巨头均遭受着前所未有的压力，格力也营收与利润双双失守。然而，哪怕面临全行业的下滑，格力的下滑幅度也更为突出。具体到核心业务，消费电器收入1330.55亿元，占总营收的78%，却同比大跌10.44%。国内销售端下滑尤其明显，降幅达到10.67%，远超行业整体收缩的速度。换句话说，格力的失速，很大程度是企业自身的问题。这点不难想象，一直以来，格力都有这一条极为稳固的护城河——空调。格力就是空调，空调就是格力。2025年，格力家用空调线上市场零售额占比为24.31%，仍居行业首位，中央空调业务更是以超15%的市场占有率连续十四年保持国内第一。在空调这一核心品类上，格力的品牌力无人能出其右。而近年来，空调市场增长见顶，且在国补退潮之后，更新需求迅速下降，格力也就面临着更为严峻的挑战。事实上，近几年来，格力的收入结构非但没有变得更加多元化，反而对于空调的依赖度越来越深。在各家巨头纷纷开启第二曲线之时，格力的空调收入占总营收比重一度不降反升，到了2025年，这一比重仍保持在高位。而海尔的情况则与格力恰恰相反。如今的海尔，已然成为国内全球化布局最为成功的企业之一。2025年，海尔智家海外收入1545.45亿元，同比增长8.15%，海外营收占比首次超过50%，增速也显著高于国内的3.07%。在全球家电品牌中，这样内外均衡的结构都非常少见。不仅如此，海尔旗下的高端品牌卡萨帝也已然收获颇丰。目前，卡萨帝在1.5万元以上高端市场的冰箱份额达到71.08%、洗衣机份额达到80%、空调份额达到44.7%，在多品类高端市场占据着近乎压倒性的优势。无论从收入规模还是业务广度来看，海尔的表现都明显好于格力。但进入2026年第一季度，海尔营收736.87亿元，同比下降6.86%，归母净利润46.52亿元，同比大跌15.22%。这份一季报出来后，虽然多数机构维持买入评级，但普遍下调了盈利预测。短暂的增长之后，脆弱性开始暴露。这样的分野背后，是两家公司深层的结构问题。02一直以来，格力采取的是，高壁垒的纵深模式。由于空调具有“三分制造，七分安装”的半成品特性、较长的使用寿命与复杂的售后维保需求，使得空调品类比其他家电更容易积淀品牌认同，进而带来溢价空间。因此，在空调这一完全成熟的主赛道上，格力具备着远超同行的渠道效率和成本管控，以至于单品净利润率远超行业平均。也是因此，格力在长期保持20%以上的净资产收益率，仅依赖空调一个品类，就能完成对于海尔整个集团利润的反超。事实上，哪怕是业绩如此惨淡的2025年，格力的消费电器毛利率反而微升了0.37个百分点，达到35.28%。这显示出，在收缩中，格力也没有因为降价抢市场而牺牲利润。但这一模式同样面临着相当明显的挑战。当空调市场总容量触及天花板之时，格力几乎没有任何缓冲来对冲风险。2024年上半年空调占比不降反升，正是由于此，因为其多元化业务没能形成足够的规模，面临风险，只能进一步加固护城河。海尔的业务模式则与格力完全相反，完全呈现横向展开——通过多品牌矩阵，以横向扩张来弥补单一品类的不足。目前，海尔已经在在全球范围内构建了海尔、卡萨帝、Leader、GE Appliances、Candy、Fisher&Paykel及AQUA七大品牌集群。这一模式的优势在于抗风险能力和增量空间——不管哪一国或者哪一品类需求萎缩，都可以通过地区和品类调整来对冲风险。然而，横向模式的代价同样巨大。多品牌、多国家的运营架构，需要庞大的管理费用和营销投入，导致海尔智家的费用率远超格力——2025年，海尔智家的销售费用达338.78亿元，而同期格力全年的销售费用仅84.11亿元。2023至2025年的三年间，海尔智家的销售费用分别为409.78亿元、335.86亿元、338.78亿元，三年合计超过一千亿元。这也就导致，海尔的净利润率在“白电三巨头”中持续垫底——2025全年仅为6.67%，而格力的净利润率则高达16.93%。因此，海尔智家营收规模经常大幅领先格力，但盈利总量却被后者反超。相比之下，格力还面临着渠道改革的阵痛。曾几何时，格力的渠道能力令所有对手艳羡。省代、代理商、经销商层层绑定，在历史上支撑了格力空调的高速扩张。但在消费场景由线下切换为线上，这套由核心代理商支撑的模式，就暴露出一系列痼疾。2020年以来，董明珠强势推动线上直播与线下扁平化改革。然而，这一举措固然减少了中间环节对利润的侵蚀，但也引发了一系列震荡。因为，渠道改革的实质是在存量市场里重新分配利润，而每一次利润再分配都意味着某些既得利益者的退出。这也就导致了，格力在经营现金流上的剧烈波动，直到2025年，现金流才再次反弹至463.83亿元，这也意味着，过去几年间，格力面临的不确定性。作为国内白电的标杆企业，在经历了各自的扩张与整合之后，格力和海尔已走上截然不同的竞争路径。而显然，多品牌多品类布局的风险性和发展潜力，均优于单一品类，因此，过往格力一直被视为一家过度依赖空调、增长空间逼仄的公司，面临着行业的持续低估值。但当公司实际业绩仍在下滑但并未低于预期，同时高额分红落地、现金流大幅增长，利好信号开始释放，估值水平就从过度悲观开始向中性回归。甚至在业绩承压的情况下，格力的经营质量并没有同步恶化，关键质量指标有所改善。2026年第一季度，格力营收和归母净利润双双恢复正增长，营收同比增长3.52%至429.66亿元，净利润同比增长3.01%至60.82亿元，也就进一步夯实了估值修复的基础。而海尔智家2026年一季度的业绩双降，暴露出了其海外市场的脆弱性。汇率波动、海外通胀抑制需求以及跨区域管理成本的影响，都可能侵蚀海尔多品牌布局的红利。更重要的是，海尔当前估值约10倍，高于格力约7.4倍的估值，更高的估值中包含着市场对其全球化、高端化持续增长的期待。公司一季度业绩打破了这种期待，也就面临着更为剧烈的回撤压力。目前，海尔已经明确将2026年、2027年、2028年的现金分红比例分别提升至不低于58%、60%、60%，但分红的基础归根结底取决于盈利的可持续性。如果无法在收入增长的基础上同步提升利润转化效率，海尔的估值上限将始终被约束在现有区间内。对于格力而言，低估值和高分红，使得其具备相当的安全边际，不过其依靠空调核心品类的基本盘，需要等待行业周期回暖和多元化转型的成熟，等待其需更多耐心。而海尔固然拥有全球化布局及多品类矩阵的基础上，但相对应的，外部政治、气候、汇率等不确定因素也带来更高的波动率。今年一季度的冷热反差，正是这两家公司经营模式和市场表现反差之间，最典型的例证。03结语目前，中国家电行业已从高增长时代的增量博弈，全面转向存量博弈与结构升级的双方向竞争。在这一新的竞争格局中，格力与海尔的差异，正是中国制造业正在发生的两条不同发展路径的缩影。在某个时间节点，这两条路径或许也终将交汇。而谁能在交汇前积蓄更多能量，谁就将在中国家电业的下一轮洗牌中占据先机。","news_type":1,"symbols_score_info":{"01169":0.9,"000651":0.9}},"isVote":1,"tweetType":1,"viewCount":220,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":479199140831240,"gmtCreate":1758010834522,"gmtModify":1758010940163,"author":{"id":"3494546574063181","authorId":"3494546574063181","name":"etc卷商银行为主","avatar":"https://static.tigerbbs.com/5b586cccac8b017e17fe86d3573d32b9","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3494546574063181","authorIdStr":"3494546574063181"},"themes":[],"title":"","htmlText":"上海支持特斯拉的举证，北京支持维权司机的要求，我等屁民支持北京","listText":"上海支持特斯拉的举证，北京支持维权司机的要求，我等屁民支持北京","text":"上海支持特斯拉的举证，北京支持维权司机的要求，我等屁民支持北京","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/479199140831240","repostId":"2567172739","repostType":2,"repost":{"id":"2567172739","kind":"news","pubTimestamp":1758006510,"share":"https://www.laohu8.com/m/news/2567172739?lang=zh_CN&edition=full","pubTime":"2025-09-16 15:08","market":"us","language":"zh","title":"历时4年！站车顶维权女车主胜诉：特斯拉需提供完整行车数据","url":"https://stock-news.laohu8.com/highlight/detail?id=2567172739","media":"快科技","summary":"据了解，张女士为上海车展特斯拉车顶维权女车主，在2021年4月19日上海车展期间，她爬上了特斯拉展车车顶，大呼“特斯拉刹车失灵”，引起舆论关注。但该案只是维权女车主侵犯特斯拉名誉权的案件，至于女车主起诉特斯拉刹车失灵的案件，直到今日才有了初步结果，法院判令特斯拉提供事发前30分钟完整的行车数据。后续，维权女车主拿到事发时完整行车数据后，再以数据为依据，申请司法鉴定涉事特斯拉车辆是否刹车失灵。","content":"<html><body><p>快科技9月16日消息，据报道，今日，北京市大兴区人民法院就张女士诉<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>汽车销售服务（北京）有限公司等买卖合同纠纷一案作出判决：</p><p>认定特斯拉作为经营者应保障消费者的知情权，<strong>责令其向张女士提供事故前三十分钟的完整行车数据。</strong></p><p>当事人张女士向媒体表示，她最初是以产品质量案去起诉的特斯拉，但当时数据不完整，特斯拉方面一直没有提供完整数据，所以就先把案由更改成了数据案。</p><p>她会在拿到完整数据后，再去申请司法鉴定，看下数据的真实性和完整性，以数据为依据做刹车的司法鉴定。</p><p><img src=\"https://x0.ifengimg.com/res/2025/71E1B1E16109A575D5C3D3A43825956A4877DDA5_size566_w600_h425.png\"/></p><p>据了解，张女士为上海车展特斯拉车顶维权女车主，在2021年4月19日上海车展期间，她爬上了特斯拉展车车顶，<strong>大呼“特斯拉刹车失灵”，引起舆论关注。上海警方以扰乱公共秩序为由对张女士处以行政拘留五日。</strong></p><p>随后，特斯拉以侵犯名誉权为由，起诉张女士，并索赔500万元。直到今年7月11日，上海市二中院作出二审判决，维持原判，<strong>认定张亚周侵犯特斯拉名誉权，需向特斯拉赔礼道歉并赔偿17万元。</strong></p><p>但该案只是维权女车主侵犯特斯拉名誉权的案件，至于女车主起诉特斯拉刹车失灵的案件，直到今日才有了初步结果，法院判令特斯拉提供事发前30分钟完整的行车数据。</p><p>后续，维权女车主拿到事发时完整行车数据后，再以数据为依据，申请司法鉴定涉事特斯拉车辆是否刹车失灵。</p><p><img src=\"https://x0.ifengimg.com/res/2025/97540142FFCDD55E904918B36C47CDFAD84B6ACD_size290_w444_h250.png\"/></p></body></html>","source":"fenghuang_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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#eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n历时4年！站车顶维权女车主胜诉：特斯拉需提供完整行车数据\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-16 15:08 北京时间 <a href=https://tech.ifeng.com/c/8mgr9yia0Xz><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技9月16日消息，据报道，今日，北京市大兴区人民法院就张女士诉特斯拉汽车销售服务（北京）有限公司等买卖合同纠纷一案作出判决：认定特斯拉作为经营者应保障消费者的知情权，责令其向张女士提供事故前三十分钟的完整行车数据。当事人张女士向媒体表示，她最初是以产品质量案去起诉的特斯拉，但当时数据不完整，特斯拉方面一直没有提供完整数据，所以就先把案由更改成了数据案。她会在拿到完整数据后，再去申请司法鉴定，看...</p>\n\n<a href=\"https://tech.ifeng.com/c/8mgr9yia0Xz\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0234572021.USD":"高盛美国核心股票组合Acc","BK4511":"特斯拉概念","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","TSLL":"2倍做多TSLA ETF-Direxion","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) 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ACC","BK4574":"无人驾驶"},"source_url":"https://tech.ifeng.com/c/8mgr9yia0Xz","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2567172739","content_text":"快科技9月16日消息，据报道，今日，北京市大兴区人民法院就张女士诉特斯拉汽车销售服务（北京）有限公司等买卖合同纠纷一案作出判决：认定特斯拉作为经营者应保障消费者的知情权，责令其向张女士提供事故前三十分钟的完整行车数据。当事人张女士向媒体表示，她最初是以产品质量案去起诉的特斯拉，但当时数据不完整，特斯拉方面一直没有提供完整数据，所以就先把案由更改成了数据案。她会在拿到完整数据后，再去申请司法鉴定，看下数据的真实性和完整性，以数据为依据做刹车的司法鉴定。据了解，张女士为上海车展特斯拉车顶维权女车主，在2021年4月19日上海车展期间，她爬上了特斯拉展车车顶，大呼“特斯拉刹车失灵”，引起舆论关注。上海警方以扰乱公共秩序为由对张女士处以行政拘留五日。随后，特斯拉以侵犯名誉权为由，起诉张女士，并索赔500万元。直到今年7月11日，上海市二中院作出二审判决，维持原判，认定张亚周侵犯特斯拉名誉权，需向特斯拉赔礼道歉并赔偿17万元。但该案只是维权女车主侵犯特斯拉名誉权的案件，至于女车主起诉特斯拉刹车失灵的案件，直到今日才有了初步结果，法院判令特斯拉提供事发前30分钟完整的行车数据。后续，维权女车主拿到事发时完整行车数据后，再以数据为依据，申请司法鉴定涉事特斯拉车辆是否刹车失灵。","news_type":1,"symbols_score_info":{"TSLA":1.5,"TSYW.SI":0.6,"TSLL":1.5}},"isVote":1,"tweetType":1,"viewCount":2979,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3536855912478993","authorId":"3536855912478993","name":"大妮儿","avatar":"https://static.tigerbbs.com/00bb12446f72a8662bfcea127b163f10","crmLevel":5,"crmLevelSwitch":1,"idStr":"3536855912478993","authorIdStr":"3536855912478993"},"content":"这么多年了，还有人提这陈年老梗……这几年还有车主说过刹不住吗？","text":"这么多年了，还有人提这陈年老梗……这几年还有车主说过刹不住吗？","html":"这么多年了，还有人提这陈年老梗……这几年还有车主说过刹不住吗？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":463843578794048,"gmtCreate":1754285263861,"gmtModify":1754285455719,"author":{"id":"3494546574063181","authorId":"3494546574063181","name":"etc卷商银行为主","avatar":"https://static.tigerbbs.com/5b586cccac8b017e17fe86d3573d32b9","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3494546574063181","authorIdStr":"3494546574063181"},"themes":[],"title":"","htmlText":"在郑州某写字楼，两名女大学生的代理律师正在整理证据。\"我们掌握的银行流水、聊天记录和监控视频，足以证明释永信利用宗教身份实施精神控制和经济剥削。。。倒打一耙","listText":"在郑州某写字楼，两名女大学生的代理律师正在整理证据。\"我们掌握的银行流水、聊天记录和监控视频，足以证明释永信利用宗教身份实施精神控制和经济剥削。。。倒打一耙","text":"在郑州某写字楼，两名女大学生的代理律师正在整理证据。\"我们掌握的银行流水、聊天记录和监控视频，足以证明释永信利用宗教身份实施精神控制和经济剥削。。。倒打一耙","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/463843578794048","isVote":1,"tweetType":1,"viewCount":3377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":459075797860384,"gmtCreate":1753115889433,"gmtModify":1753115891336,"author":{"id":"3494546574063181","authorId":"3494546574063181","name":"etc卷商银行为主","avatar":"https://static.tigerbbs.com/5b586cccac8b017e17fe86d3573d32b9","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3494546574063181","authorIdStr":"3494546574063181"},"themes":[],"title":"","htmlText":"即便再不喜欢小米，在这方面真找不出任何黑点，，，那些抹黑的各种喷。尤其某个友商的粉丝。看起来很像有人机。人红是非多呀！","listText":"即便再不喜欢小米，在这方面真找不出任何黑点，，，那些抹黑的各种喷。尤其某个友商的粉丝。看起来很像有人机。人红是非多呀！","text":"即便再不喜欢小米，在这方面真找不出任何黑点，，，那些抹黑的各种喷。尤其某个友商的粉丝。看起来很像有人机。人红是非多呀！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/459075797860384","repostId":"2553442784","repostType":2,"repost":{"id":"2553442784","kind":"news","pubTimestamp":1753061760,"share":"https://www.laohu8.com/m/news/2553442784?lang=zh_CN&edition=full","pubTime":"2025-07-21 09:36","market":"us","language":"zh","title":"小米5G基带和玄戒O2研发被曝进展顺利，要全面出击了！","url":"https://stock-news.laohu8.com/highlight/detail?id=2553442784","media":"Ofweek光电信息网","summary":"除了玄戒O2芯片的研发较为顺利之外，小米5G基带的研发也在持续推进中，但鉴于研发难度，能否赶得上明年玄戒O2发布，目前来看还是个未知数，但既然这话已经说出来，想必也不是空穴来风，其实本月初小米联合创始人在网上爆出了一张手机通话页面截图，但后续又被火速删除，而此图内容就被很多人认为是小米正在测试5G基带的证据。","content":"<html><body><article><p>要说今年国内最让人感到不可思议的公司是哪家，相信很多人都会选<a href=\"https://laohu8.com/S/01810\">小米</a>，3nm芯片的出现，可以说是极高标准填补了国内空白，即便再不喜欢<a href=\"https://laohu8.com/S/81810\">小米</a>，在这方面真找不出任何黑点，说实话，既然开了头，大家更期待的还是小米在芯片自研方面接下来的表现，因为玄戒O1只是个门面，让大家看到小米已经跨过了自研的门槛，但要能在这方面持续走下去，才能更加击碎质疑，展现实力，而小米显然已经做了这方面的长远规划。</p><p>根据官方数据，小米在芯片研发方面已经付出了超百亿的成本，但玄戒O1产能受限，别说收回成本，就连收回其中一部分都显得难度极大，想要让这100多亿成本花的物有所值，提升玄戒芯片产能并推出更多能搭载该芯片的设备才是关键，而小米似乎早已在做这方面的工作。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250721094715080d2061x18tvn6dt8\"/><p>据最新爆料内容显示，玄戒O2的研发正在推进中，言下之意就是进展还比较顺利，按这个意思，明年如期推出应该没什么问题，而且之前官方公布的135亿研发费用并不是终点，小米在芯片研发方面还将持续加大投入，预示着小米已经做好了持久战的打算，这点其实也能预料到，芯片研发这种事，一旦开了头，就没有停下来的理由，至于加大玄戒芯片普及速度一事，小米的做法似乎有点激进。</p><p>“全终端覆盖”的意思，从字面意思理解应该是要让自家尽量多的产品都涉及到，而作为目前由雷军亲自领导，小米阵营最重要的一环，小米汽车显然也被包含在内了，个人觉得小米会持续将手机芯片放到车上用，毕竟已经用骁龙芯片开了这种先例，接下来由玄戒芯片接班，也没什么好奇怪的。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250721094724912d206rxg38kslgq0\"/><p>除了玄戒O2芯片的研发较为顺利之外，小米5G基带的研发也在持续推进中，但鉴于研发难度，能否赶得上明年玄戒O2发布，目前来看还是个未知数，但既然这话已经说出来，想必也不是空穴来风，其实本月初小米联合创始人在网上爆出了一张手机通话页面截图，但后续又被火速删除，而此图内容就被很多人认为是小米正在测试5G基带的证据。</p><p>这一切都证明小米将在重要芯片研发领域全面出击，什么叫一鸣惊人，小米就生动演绎了一番，而小米目前在电车领域的惊人表现，更是给自家芯片研发注入了强大的推进动力，这点确实是国内大部分友商所不能及的。</p><img src=\"https://mp.ofweek.com/Upload/News/Img/member36126/202507/19144915535745.png\"/><p>玄戒O2的研发肯定没问题，至于5G基带能否研发，个人还是倾向于小米有这样的能力，在座各位觉得呢？</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小米5G基带和玄戒O2研发被曝进展顺利，要全面出击了！</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小米5G基带和玄戒O2研发被曝进展顺利，要全面出击了！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-21 09:36 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250721094750954a3679&s=b><strong>Ofweek光电信息网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>要说今年国内最让人感到不可思议的公司是哪家，相信很多人都会选小米，3nm芯片的出现，可以说是极高标准填补了国内空白，即便再不喜欢小米，在这方面真找不出任何黑点，说实话，既然开了头，大家更期待的还是小米在芯片自研方面接下来的表现，因为玄戒O1只是个门面，让大家看到小米已经跨过了自研的门槛，但要能在这方面持续走下去，才能更加击碎质疑，展现实力，而小米显然已经做了这方面的长远规划。根据官方数据，小米在...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250721094750954a3679&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","01810":"小米集团-W","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU1720050803.USD":"安联全方位中国股票基金","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","BK4170":"电脑硬件、储存设备及电脑周边","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","XIACF":"Xiaomi Corp."},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250721094750954a3679&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2553442784","content_text":"要说今年国内最让人感到不可思议的公司是哪家，相信很多人都会选小米，3nm芯片的出现，可以说是极高标准填补了国内空白，即便再不喜欢小米，在这方面真找不出任何黑点，说实话，既然开了头，大家更期待的还是小米在芯片自研方面接下来的表现，因为玄戒O1只是个门面，让大家看到小米已经跨过了自研的门槛，但要能在这方面持续走下去，才能更加击碎质疑，展现实力，而小米显然已经做了这方面的长远规划。根据官方数据，小米在芯片研发方面已经付出了超百亿的成本，但玄戒O1产能受限，别说收回成本，就连收回其中一部分都显得难度极大，想要让这100多亿成本花的物有所值，提升玄戒芯片产能并推出更多能搭载该芯片的设备才是关键，而小米似乎早已在做这方面的工作。据最新爆料内容显示，玄戒O2的研发正在推进中，言下之意就是进展还比较顺利，按这个意思，明年如期推出应该没什么问题，而且之前官方公布的135亿研发费用并不是终点，小米在芯片研发方面还将持续加大投入，预示着小米已经做好了持久战的打算，这点其实也能预料到，芯片研发这种事，一旦开了头，就没有停下来的理由，至于加大玄戒芯片普及速度一事，小米的做法似乎有点激进。“全终端覆盖”的意思，从字面意思理解应该是要让自家尽量多的产品都涉及到，而作为目前由雷军亲自领导，小米阵营最重要的一环，小米汽车显然也被包含在内了，个人觉得小米会持续将手机芯片放到车上用，毕竟已经用骁龙芯片开了这种先例，接下来由玄戒芯片接班，也没什么好奇怪的。除了玄戒O2芯片的研发较为顺利之外，小米5G基带的研发也在持续推进中，但鉴于研发难度，能否赶得上明年玄戒O2发布，目前来看还是个未知数，但既然这话已经说出来，想必也不是空穴来风，其实本月初小米联合创始人在网上爆出了一张手机通话页面截图，但后续又被火速删除，而此图内容就被很多人认为是小米正在测试5G基带的证据。这一切都证明小米将在重要芯片研发领域全面出击，什么叫一鸣惊人，小米就生动演绎了一番，而小米目前在电车领域的惊人表现，更是给自家芯片研发注入了强大的推进动力，这点确实是国内大部分友商所不能及的。玄戒O2的研发肯定没问题，至于5G基带能否研发，个人还是倾向于小米有这样的能力，在座各位觉得呢？","news_type":1,"symbols_score_info":{"81810":0.9,"01810":0.9,"XIACF":0.9}},"isVote":1,"tweetType":1,"viewCount":2136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":452603367964728,"gmtCreate":1751522420438,"gmtModify":1751522422190,"author":{"id":"3494546574063181","authorId":"3494546574063181","name":"etc卷商银行为主","avatar":"https://static.tigerbbs.com/5b586cccac8b017e17fe86d3573d32b9","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3494546574063181","authorIdStr":"3494546574063181"},"themes":[],"title":"","htmlText":"这个事情要相信人民的力量。","listText":"这个事情要相信人民的力量。","text":"这个事情要相信人民的力量。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/452603367964728","repostId":"1138170483","repostType":2,"repost":{"id":"1138170483","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1751459060,"share":"https://www.laohu8.com/m/news/1138170483?lang=zh_CN&edition=full","pubTime":"2025-07-02 20:24","market":"hk","language":"zh","title":"雷军：小米YU7大定数据出来时愣住了，看了好几遍才敢分享","url":"https://stock-news.laohu8.com/highlight/detail?id=1138170483","media":"老虎资讯综合","summary":"创造了中国汽车工业的奇迹。","content":"<html><head></head><body><p>7月2日，雷军举行返场直播，畅聊16款产品背后的故事。</p><p>对于小米YU7上线即爆单的情况，雷军表示，“看到（三分钟）大定数据的第一时间我都愣住了，看了好几遍才跟现场的人分享。三分钟大定20万单，一小时大定28.9万单，这个数字绝对创造了中国汽车工业的奇迹，所以大家都非常震惊。”（新浪科技）</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>雷军：小米YU7大定数据出来时愣住了，看了好几遍才敢分享</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n雷军：小米YU7大定数据出来时愣住了，看了好几遍才敢分享\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-07-02 20:24</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>7月2日，雷军举行返场直播，畅聊16款产品背后的故事。</p><p>对于小米YU7上线即爆单的情况，雷军表示，“看到（三分钟）大定数据的第一时间我都愣住了，看了好几遍才跟现场的人分享。三分钟大定20万单，一小时大定28.9万单，这个数字绝对创造了中国汽车工业的奇迹，所以大家都非常震惊。”（新浪科技）</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/86eaa8565a3430191eb6cda01c42ee72","relate_stocks":{"01810":"小米集团-W","XIACY":"小米集团ADR"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138170483","content_text":"7月2日，雷军举行返场直播，畅聊16款产品背后的故事。对于小米YU7上线即爆单的情况，雷军表示，“看到（三分钟）大定数据的第一时间我都愣住了，看了好几遍才跟现场的人分享。三分钟大定20万单，一小时大定28.9万单，这个数字绝对创造了中国汽车工业的奇迹，所以大家都非常震惊。”（新浪科技）","news_type":1,"symbols_score_info":{"XIACY":1.1,"01810":1.1}},"isVote":1,"tweetType":1,"viewCount":2097,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":441750715167440,"gmtCreate":1748888187903,"gmtModify":1748888191464,"author":{"id":"3494546574063181","authorId":"3494546574063181","name":"etc卷商银行为主","avatar":"https://static.tigerbbs.com/5b586cccac8b017e17fe86d3573d32b9","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3494546574063181","authorIdStr":"3494546574063181"},"themes":[],"title":"","htmlText":"余大嘴是一个人导致讨厌一个品牌。发现了好多问题。","listText":"余大嘴是一个人导致讨厌一个品牌。发现了好多问题。","text":"余大嘴是一个人导致讨厌一个品牌。发现了好多问题。","images":[{"img":"https://static.tigerbbs.com/5b02d4e395e28d2e879d1c926ae2e270"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/441750715167440","repostId":"2540735850","repostType":2,"repost":{"id":"2540735850","kind":"news","pubTimestamp":1748745905,"share":"https://www.laohu8.com/m/news/2540735850?lang=zh_CN&edition=full","pubTime":"2025-06-01 10:45","market":"hk","language":"zh","title":"2024年中国车企研发费用：比亚迪、小米前两名","url":"https://stock-news.laohu8.com/highlight/detail?id=2540735850","media":"快科技","summary":"快科技6月1日消息，SU7卖爆背后显然是小米倾力打造的结果，这点从他们投入的研发就能看出来。近日，佐思汽研公布了过去1年中国自主品牌主机厂研发费用排名，其中比亚迪一骑绝尘，而第二名是小米。未来，随着市场竞争的加剧和技术的不断进步，车企的研发投入将持续增加。所以问题来了，某公司有强大流量能力，只做一款车就卖爆了，这背后还是友商强大的研发做背书吧。","content":"<html><body><p>快科技6月1日消息，SU7卖爆背后显然是小米倾力打造的结果，这点从他们投入的研发就能看出来。</p><p>近日，佐思汽研公布了过去1年中国自主品牌主机厂研发费用排名，其中<a href=\"https://laohu8.com/S/002594\">比亚迪</a>一骑绝尘，而第二名是小米。</p><p><strong>从公布的榜单中可以看到，比亚迪以531.9亿元的研发费用高居榜首，小米集团、<a href=\"https://laohu8.com/S/600104\">上汽集团</a>、蔚来汽车、<a href=\"https://laohu8.com/S/LI\">理想汽车</a>、<a href=\"https://laohu8.com/S/00175\">吉利汽车</a>等企业也位列前茅，研发费用均超过百亿元，具体名单如下：</strong></p><p>比亚迪：531.9亿元</p><p>小米集团：240.5亿元</p><p>上汽集团：176.5亿元</p><p>蔚来汽车：130.4亿元</p><p>理想汽车：110.7亿元</p><p>吉利汽车：104.2亿元</p><p>奇瑞汽车：99.5亿元（预估）</p><p>极氪汽车：97.2亿元</p><p><a href=\"https://laohu8.com/S/601633\">长城汽车</a>：92.8亿元</p><p><a href=\"https://laohu8.com/S/00489\">东风集团股份</a>：86亿元</p><p>2024年中国自主品牌主机厂研发费用排名榜单直观反映了车企在技术创新和新能源汽车领域的投入力度。未来，随着市场竞争的加剧和技术的不断进步，车企的研发投入将持续增加。</p><p><strong>所以问题来了，某公司有强大流量能力，只做一款车就卖爆了，这背后还是友商强大的研发做背书吧。</strong></p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>责任编辑：雪花</p></body></html>","source":"ifeng_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2024年中国车企研发费用：比亚迪、小米前两名</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2024年中国车企研发费用：比亚迪、小米前两名\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-06-01 10:45 北京时间 <a href=https://tech.ifeng.com/c/8jpLgTf5FpY><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技6月1日消息，SU7卖爆背后显然是小米倾力打造的结果，这点从他们投入的研发就能看出来。近日，佐思汽研公布了过去1年中国自主品牌主机厂研发费用排名，其中比亚迪一骑绝尘，而第二名是小米。从公布的榜单中可以看到，比亚迪以531.9亿元的研发费用高居榜首，小米集团、上汽集团、蔚来汽车、理想汽车、吉利汽车等企业也位列前茅，研发费用均超过百亿元，具体名单如下：比亚迪：531.9亿元小米集团：240.5...</p>\n\n<a href=\"https://tech.ifeng.com/c/8jpLgTf5FpY\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81211":"比亚迪股份-R","81810":"小米集团-WR","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","BYDDY":"比亚迪ADR","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","HYDD.SI":"BYD HK SDR 10to1","XIACY":"小米集团ADR","01211":"比亚迪股份","HXXD.SI":"Xiaomi HK SDR 2to1","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","002594":"比亚迪","BK1509":"特斯拉概念股","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","00285":"比亚迪电子","LU0274383008.USD":"MANULIFE GF ASIAN SMALL CAP EQUITY \"AA\" (USD) 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20:37","market":"us","language":"zh","title":"雷军：小米自主研发设计的手机SoC芯片将在5月下旬发布","url":"https://stock-news.laohu8.com/highlight/detail?id=1149546260","media":"老虎资讯综合","summary":"雷军：小米自主研发设计的手机SoC芯片“玄戒O1”，即将在5月下旬发布。","content":"<html><head></head><body><p>雷军：小米自主研发设计的手机SoC芯片“玄戒O1”，即将在5月下旬发布。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb0ac4b91cdc0c7028f895ac060a0650\" tg-width=\"623\" tg-height=\"330\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>雷军：小米自主研发设计的手机SoC芯片将在5月下旬发布</title>\n<style 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20:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>雷军：小米自主研发设计的手机SoC芯片“玄戒O1”，即将在5月下旬发布。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb0ac4b91cdc0c7028f895ac060a0650\" tg-width=\"623\" 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12:16","market":"us","language":"zh","title":"暴涨7成净利400亿，刘强东再出重拳，京东不讲新故事","url":"https://stock-news.laohu8.com/highlight/detail?id=2519079734","media":"闻道商业","summary":"随着腰包日渐鼓涨，京东扩张步伐也在提速。","content":"<p><strong>1 利润大增，更大更强的<a href=\"https://laohu8.com/S/JD\">京东</a></strong></p><p>财务出身的京东CEO许冉，当真有两把刷子。</p><p>自2023年5月，许冉走马上任首席执行官后，整个京东业绩为之一振。</p><p>3月6日，京东发布2024全年财报。营收方面，继去年京东突破万亿大关后冲至11588亿元，同比增长6.8%；归母净利润更是同比大增71.1%至414亿元。</p><p>不少人将京东业绩大涨，归因于去年下半年火爆的国补。事实证明，这确实是个不小的助力。例如，Q4京东3C营收达到1741亿元，同比增长了15.8%；而当季净利也是翻了近两番达到98.5亿元。</p><p>但换个视角，即便是国补造就的高光Q4，京东归母净利润也不足全年的1/4。国补的确是个重要因子，但并非核心所在。</p><p>最关键的变量是，许冉给京东带来的全面“提效”。</p><p>2022至2024年，京东经营利润率依次为1.9%、2.4%以及3.3%。非美国通用会计准则（Non-GAAP）下，京东近两年经营利润率更是提升至3.3%、3.8%。</p><p>连续三年，每年以0.5甚至近1个点的利润率提升，放在万亿营收大盘上，便是一个相当可观的数字。借此，京东也逐渐摆脱了此前增收不增利、赔本赚吆喝的尴尬局面。</p><p><strong>随着腰包日渐鼓涨，京东扩张步伐也在提速。</strong></p><p>2025年2月，在资本运作层面，京东爆出两个重磅炸弹。一是京东宣布以每股ADS 2.0美元（溢价42%）全资收购达达，强化“最后一公里”物流配送能力。二是京东开启对德国线下零售巨头Ceconomy AG的收购谈判，后者在欧洲拥有1000家门店，市值超10亿欧元。</p><p>向前推，刚刚过去的2024年12月23日，京东通过其全资子公司以32.5亿人民币收购捷信消费金融65%的股权。此次收购使京东正式获得了全国性消费金融牌照，并将零售与金融彻底打通。</p><p>与京东大举扩张形成鲜明对比，另一电商巨头阿里却一退再退、岌岌收缩。</p><p>天眼查显示，近一年阿里通过清仓B站、陌陌，减持<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>、<a href=\"https://laohu8.com/S/09899\">网易云音乐</a>，贱卖大润发等非核心资产，聚拢了300多亿现金。</p><p>收缩之外，阿里不断对AI下重注。</p><p><strong>作为零售乃至大消费领域的两大王者，阿里与京东选择了截然不同的进化路径。前者放下包袱，调转枪口、向AI冲锋；后者整合资源，依托供应链，继续向自己擅长且熟悉的大消费领域深扎。</strong></p><p>于是，不少投资人与媒体人直呼“京东没有新故事”。至今年2月，当京东高调宣布进军品质外卖时，这种焦躁与质疑之声几乎达到了顶点。</p><p>京东没有新故事，还是不喜欢讲新故事？这两种截然不同的心境取决于怎么理解。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b832c87ab213efe603f54c13093e87c3\" tg-width=\"1080\" tg-height=\"679\"></p><p><strong>2 不老外卖，为京东注入新灵魂</strong></p><p>做外卖并非京东心血来潮。</p><p>围绕外卖（即时零售），京东有过比较长的筹谋与布局。</p><p>2021年双十一启动会，京东App首页推出了“附近”频道，主打为用户提供吃喝玩乐的周边即时零售。</p><p>2022年中，时任京东零售CEO的辛利军公开表态，京东正在考虑入局外卖行业。也是这一年，京东同城业务部成立，时任达达副总裁何辉剑亲自挂帅。</p><p>至2024年初，京东一举将即时零售升级为“京东秒送”。是年9月，京东秒送设立咖啡奶茶专区，悄悄打入餐饮外卖市场。</p><p>到了年末，京东秒送正式设立了外卖频道。农历新年一过，京东接连通过“品质外卖”“免佣金”“交五险一金”等一系列手段，以雷霆之势杀入外卖市场。</p><p>为什么一定要做外卖？京东有着不得不做的理由。</p><p><strong>从内部看，品质电商形成的用户心智与快捷物流形成的供应链优势，是京东的核心竞争力。但这两大优势，在以外卖为代表的即时零售领域，却出现了一个明显的短板与缺口。</strong></p><p>这显然是京东与刘强东所不能接受的。</p><p>此外，过去几年，包含达达、京东产发、京喜在内的新业务表现低于预期。2024年，新业务不仅亏了28亿元，连整体营收体量也下降了28%。</p><p>京东急需找到，真正具备增长动能的新业务。此时交易频率高，又在射程范围之内的外卖业务，就成为京东破局的绝佳抓手。</p><p>从外部来看，京东也有不得不构筑的防守长城。</p><p>从外卖赛道切入的美团，依托700多万骑手大军，尝试向电商实杂零售切入，</p><p>逐步形成了送万物的局面。</p><p><strong>面对即时零售，京东与美团都摆出了王者不容他人鼾睡的姿态。美团侵入电商万物，京东切入外卖配送，各自攻入对方腹地。</strong></p><p>抛开外战，对被外界视作没有新故事的京东而言，也确实要给自己立一个flag：用老故事打磨新灵魂，夯实自己护城河。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55bc1bbe9203229347f152ff5eeba16c\" tg-width=\"1080\" tg-height=\"656\"></p><p><strong>3 七鲜狂奔，京东大零售一盘棋</strong></p><p>虽然京东外卖声量高涨，但当下也有不小的压力。</p><p>比如，此前主要承担京东即时零售使命的达达，业绩并不亮眼。2024年，受京东秒送业务收入下降4成影响，达达全年收入小幅下降至97亿元。</p><p>或许也是京东秒送业务的不争气，让京东决定在外卖业务上放手一搏。</p><p>当然，京东不是盲目蛮干。基于零售整体，京东的掌舵者们正在做出系统性的思考与布局。</p><p>1月25日，京东向达达发出初步非约束性私有化提议，其目的之一便是为更好的统筹拥有130万骑手的即时配送业务。</p><p>在财报电话会议上，京东首席执行官许冉对外卖的表述，更显露出其全局性战略眼光。</p><p>“我们零售的战略重点没有改变，建议大家不要单独去思考即时零售或者外卖这个业务，而是要放在京东整体零售业务能力和服务体验上通盘考虑.......在即时零售包括外卖投入，对我们丰富消费场景、打造能力、满足用户的需求和提升用户体验都有积极的效果......”</p><p>这段话，至少传递出了三层含义：</p><p>其一，外卖是京东零售的重要支点，对整体零售战略意义非凡。其二，对于外卖，京东在业务创新上会保持较大容忍度，并在财务上保持强有力的支撑。其三，<strong>也是最重要的，不管是外卖还是其他即时零售形态，京东最核心的目标还是思考京东整体零售这盘大棋如何下、这棵大树如何深扎的根本性问题。</strong></p><p>这并不是我们的主观臆测。</p><p>近日，京东旗下自营超市“京东七鲜”被曝正加速全国布局仓店。较为具体的信息是，京东七鲜计划今年6月底在天津新增20家仓店，北京等地也有相关布局。</p><p>熟知零售新物种的用户，自然对京东七鲜并不陌生。</p><p>2018年1月，京东首家线下生鲜超市7FRESH在亦庄大族广场营业。彼时，被阿里寄予厚望的新零售物种盒马鲜生，已在全国开出了几十家线下门店。</p><p>面对一众对手的蒙眼狂奔，京东七鲜没有大举压上，而是选择了缓慢探索与试错。</p><p>2024年后，当新零售赛道上一个个大厂偃旗息鼓时，京东悄悄完成了追赶与超越。</p><p>2024年10月，京东七鲜完成店仓融合，并宣布将履约时效提升至30分钟以内。除此之外，京东七鲜以“击穿价真便宜不怕比”等活动，大打低价战略。</p><p>时至今日，京东七鲜全国可查询门店达到68家，大部分在集中在京津广深。其中，北京37家，广州19家，天津10家，深圳6家。</p><p>京东七鲜提速扩张，自然不是拍脑袋决定的。从控股到逐渐私有化达达，从即时零售到外卖狂飙，从京东七鲜慢吞发展到强势提速，京东基于整体零售战略所作的一个又一个布局逐渐浮出水面。</p><p>与阿里不断抽身零售聚焦AI不同，京东在零售大本营不断深挖，既是自身开疆拓土，也是抵御外敌的高高筑墙。</p><p>用自己的专业能力，京东在自己最擅长的领域，甘心做着不易赚钱但又竞争激烈的活计。</p><p><strong>4 结语</strong></p><p>锐意进取的东哥重掌一线，成为京东的最大底气与依仗。</p><p>从2022年底痛批高管不拼搏，到2023年底裁撤臃肿机构，再到2024年强推京喜、重拾低价，乃至如今推外卖、七鲜.......</p><p><strong>刘强东主导了一场深刻的内部自省、业务变革以及航向重塑，并赋予了京东全新的战斗灵魂</strong>。</p><p>难而正确、道阻且长。</p><p>好在京东所谋的这盘大棋，是有备而来、更有人托底。</p>","source":"lsy1732524917108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>暴涨7成净利400亿，刘强东再出重拳，京东不讲新故事</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n暴涨7成净利400亿，刘强东再出重拳，京东不讲新故事\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-03-13 12:16 北京时间 <a href=https://tech.ifeng.com/c/8hgcw4kvhBC><strong>闻道商业</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>1 利润大增，更大更强的京东财务出身的京东CEO许冉，当真有两把刷子。自2023年5月，许冉走马上任首席执行官后，整个京东业绩为之一振。3月6日，京东发布2024全年财报。营收方面，继去年京东突破万亿大关后冲至11588亿元，同比增长6.8%；归母净利润更是同比大增71.1%至414亿元。不少人将京东业绩大涨，归因于去年下半年火爆的国补。事实证明，这确实是个不小的助力。例如，Q4京东3C营收达到...</p>\n\n<a href=\"https://tech.ifeng.com/c/8hgcw4kvhBC\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09618":"京东集团-SW","BK4504":"桥水持仓","BK4122":"互联网与直销零售","JD":"京东","BK1575":"同股不同权","BK4551":"寇图资本持仓","BK4558":"双十一","BK4526":"热门中概股","BK1591":"就地过年概念","BK1142":"互联网与直销零售"},"source_url":"https://tech.ifeng.com/c/8hgcw4kvhBC","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2519079734","content_text":"1 利润大增，更大更强的京东财务出身的京东CEO许冉，当真有两把刷子。自2023年5月，许冉走马上任首席执行官后，整个京东业绩为之一振。3月6日，京东发布2024全年财报。营收方面，继去年京东突破万亿大关后冲至11588亿元，同比增长6.8%；归母净利润更是同比大增71.1%至414亿元。不少人将京东业绩大涨，归因于去年下半年火爆的国补。事实证明，这确实是个不小的助力。例如，Q4京东3C营收达到1741亿元，同比增长了15.8%；而当季净利也是翻了近两番达到98.5亿元。但换个视角，即便是国补造就的高光Q4，京东归母净利润也不足全年的1/4。国补的确是个重要因子，但并非核心所在。最关键的变量是，许冉给京东带来的全面“提效”。2022至2024年，京东经营利润率依次为1.9%、2.4%以及3.3%。非美国通用会计准则（Non-GAAP）下，京东近两年经营利润率更是提升至3.3%、3.8%。连续三年，每年以0.5甚至近1个点的利润率提升，放在万亿营收大盘上，便是一个相当可观的数字。借此，京东也逐渐摆脱了此前增收不增利、赔本赚吆喝的尴尬局面。随着腰包日渐鼓涨，京东扩张步伐也在提速。2025年2月，在资本运作层面，京东爆出两个重磅炸弹。一是京东宣布以每股ADS 2.0美元（溢价42%）全资收购达达，强化“最后一公里”物流配送能力。二是京东开启对德国线下零售巨头Ceconomy AG的收购谈判，后者在欧洲拥有1000家门店，市值超10亿欧元。向前推，刚刚过去的2024年12月23日，京东通过其全资子公司以32.5亿人民币收购捷信消费金融65%的股权。此次收购使京东正式获得了全国性消费金融牌照，并将零售与金融彻底打通。与京东大举扩张形成鲜明对比，另一电商巨头阿里却一退再退、岌岌收缩。天眼查显示，近一年阿里通过清仓B站、陌陌，减持小鹏汽车、网易云音乐，贱卖大润发等非核心资产，聚拢了300多亿现金。收缩之外，阿里不断对AI下重注。作为零售乃至大消费领域的两大王者，阿里与京东选择了截然不同的进化路径。前者放下包袱，调转枪口、向AI冲锋；后者整合资源，依托供应链，继续向自己擅长且熟悉的大消费领域深扎。于是，不少投资人与媒体人直呼“京东没有新故事”。至今年2月，当京东高调宣布进军品质外卖时，这种焦躁与质疑之声几乎达到了顶点。京东没有新故事，还是不喜欢讲新故事？这两种截然不同的心境取决于怎么理解。2 不老外卖，为京东注入新灵魂做外卖并非京东心血来潮。围绕外卖（即时零售），京东有过比较长的筹谋与布局。2021年双十一启动会，京东App首页推出了“附近”频道，主打为用户提供吃喝玩乐的周边即时零售。2022年中，时任京东零售CEO的辛利军公开表态，京东正在考虑入局外卖行业。也是这一年，京东同城业务部成立，时任达达副总裁何辉剑亲自挂帅。至2024年初，京东一举将即时零售升级为“京东秒送”。是年9月，京东秒送设立咖啡奶茶专区，悄悄打入餐饮外卖市场。到了年末，京东秒送正式设立了外卖频道。农历新年一过，京东接连通过“品质外卖”“免佣金”“交五险一金”等一系列手段，以雷霆之势杀入外卖市场。为什么一定要做外卖？京东有着不得不做的理由。从内部看，品质电商形成的用户心智与快捷物流形成的供应链优势，是京东的核心竞争力。但这两大优势，在以外卖为代表的即时零售领域，却出现了一个明显的短板与缺口。这显然是京东与刘强东所不能接受的。此外，过去几年，包含达达、京东产发、京喜在内的新业务表现低于预期。2024年，新业务不仅亏了28亿元，连整体营收体量也下降了28%。京东急需找到，真正具备增长动能的新业务。此时交易频率高，又在射程范围之内的外卖业务，就成为京东破局的绝佳抓手。从外部来看，京东也有不得不构筑的防守长城。从外卖赛道切入的美团，依托700多万骑手大军，尝试向电商实杂零售切入，逐步形成了送万物的局面。面对即时零售，京东与美团都摆出了王者不容他人鼾睡的姿态。美团侵入电商万物，京东切入外卖配送，各自攻入对方腹地。抛开外战，对被外界视作没有新故事的京东而言，也确实要给自己立一个flag：用老故事打磨新灵魂，夯实自己护城河。3 七鲜狂奔，京东大零售一盘棋虽然京东外卖声量高涨，但当下也有不小的压力。比如，此前主要承担京东即时零售使命的达达，业绩并不亮眼。2024年，受京东秒送业务收入下降4成影响，达达全年收入小幅下降至97亿元。或许也是京东秒送业务的不争气，让京东决定在外卖业务上放手一搏。当然，京东不是盲目蛮干。基于零售整体，京东的掌舵者们正在做出系统性的思考与布局。1月25日，京东向达达发出初步非约束性私有化提议，其目的之一便是为更好的统筹拥有130万骑手的即时配送业务。在财报电话会议上，京东首席执行官许冉对外卖的表述，更显露出其全局性战略眼光。“我们零售的战略重点没有改变，建议大家不要单独去思考即时零售或者外卖这个业务，而是要放在京东整体零售业务能力和服务体验上通盘考虑.......在即时零售包括外卖投入，对我们丰富消费场景、打造能力、满足用户的需求和提升用户体验都有积极的效果......”这段话，至少传递出了三层含义：其一，外卖是京东零售的重要支点，对整体零售战略意义非凡。其二，对于外卖，京东在业务创新上会保持较大容忍度，并在财务上保持强有力的支撑。其三，也是最重要的，不管是外卖还是其他即时零售形态，京东最核心的目标还是思考京东整体零售这盘大棋如何下、这棵大树如何深扎的根本性问题。这并不是我们的主观臆测。近日，京东旗下自营超市“京东七鲜”被曝正加速全国布局仓店。较为具体的信息是，京东七鲜计划今年6月底在天津新增20家仓店，北京等地也有相关布局。熟知零售新物种的用户，自然对京东七鲜并不陌生。2018年1月，京东首家线下生鲜超市7FRESH在亦庄大族广场营业。彼时，被阿里寄予厚望的新零售物种盒马鲜生，已在全国开出了几十家线下门店。面对一众对手的蒙眼狂奔，京东七鲜没有大举压上，而是选择了缓慢探索与试错。2024年后，当新零售赛道上一个个大厂偃旗息鼓时，京东悄悄完成了追赶与超越。2024年10月，京东七鲜完成店仓融合，并宣布将履约时效提升至30分钟以内。除此之外，京东七鲜以“击穿价真便宜不怕比”等活动，大打低价战略。时至今日，京东七鲜全国可查询门店达到68家，大部分在集中在京津广深。其中，北京37家，广州19家，天津10家，深圳6家。京东七鲜提速扩张，自然不是拍脑袋决定的。从控股到逐渐私有化达达，从即时零售到外卖狂飙，从京东七鲜慢吞发展到强势提速，京东基于整体零售战略所作的一个又一个布局逐渐浮出水面。与阿里不断抽身零售聚焦AI不同，京东在零售大本营不断深挖，既是自身开疆拓土，也是抵御外敌的高高筑墙。用自己的专业能力，京东在自己最擅长的领域，甘心做着不易赚钱但又竞争激烈的活计。4 结语锐意进取的东哥重掌一线，成为京东的最大底气与依仗。从2022年底痛批高管不拼搏，到2023年底裁撤臃肿机构，再到2024年强推京喜、重拾低价，乃至如今推外卖、七鲜.......刘强东主导了一场深刻的内部自省、业务变革以及航向重塑，并赋予了京东全新的战斗灵魂。难而正确、道阻且长。好在京东所谋的这盘大棋，是有备而来、更有人托底。","news_type":1,"symbols_score_info":{"JD":1,"09618":1}},"isVote":1,"tweetType":1,"viewCount":1053,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}