呢係最好嘅時代，呢係最壞嘅時代。

近日，中國汽車流通協會數據發布咗一組令人揪心嘅數據，4 月中國汽車經銷商庫存預警指數為 62.1%，喺榮枯線之上；同時存貨係數亦喺上升，4 月汽車經銷商綜合存貨係數為 1.89。有業界人士指出，存貨長期高企會佔用經銷商營運資金，增加其利息支出同流動性風險，或會加劇經銷商同主機廠之間嘅矛盾。

唔單單如此，唔止乘用車遭重擊，中汽協發布嘅最新數據為商用車行業亦敲響咗警鐘——其整體存貨係數已升至 1.8 嘅警戒線以上，部分重卡細分市場存貨週期超過 90 日。為消化存貨，新一輪價格戰喺多個區域悄然打響，終端優惠幅度再度擴大。

作為長期關注汽車產業嘅媒體，汽車有文化喺呢場不斷蔓延嘅價格競爭中，睇到一個跨越 170 多年嘅歷史鏡像——1854 年，查爾斯・狄更斯喺《艱難時世》中寫落個被利益主導嘅「焦煤鎮」，從未真正消失。

喺全球汽車產業加速向新能源、智能化轉型，中國車企以前無人可比嘅速度駛向全球市場之際，ESG 建設早已唔係企業年報中可有可無嘅點綴，而係決定企業定唔定能穿越週期嘅核心能力。其中，供應鏈 ESG 更係連接產業上下游、決定行業健康度嘅關鍵環節。喺行業普遍陷入「以價換量」惡性循環嘅當下，福田汽車發布嘅 2025 年可持續發展報告，為我哋觀察中國商用車企業點樣破解工業文明嘅固有矛盾，提供咗一個值得深入分析嘅範本。

狄更斯式歷史嘅重演，同福田嘅破局起點

狄更斯喺《艱難時世》、《霧都孤兒》、《大衞・科波菲爾》等經典作品中，以近乎新聞紀實嘅筆觸，記錄工業革命初期嘅三大核心矛盾。其中，《艱難時世》中焦煤鎮嘅工場主為追求利潤最大化，將工人異化做機器嘅附屬品，展現咗資本逐利導致嘅價值扭曲；《霧都孤兒》裡底層兒童嘅悲慘命運，暴露咗勞動者尊嚴被系統性漠視嘅現實；《大衞・科波菲爾》中 10 歲嘅大衞喺洗瓶廠被剝削嘅經歷，則折射出早期產業鏈中，成本壓力單向向下傳導嘅殘酷邏輯。

呢啲 170 年前嘅矛盾，喺今日嘅汽車行業依然有清晰嘅投射。以本次探討嘅商用車行業為例，2024-2025 年，商用車市場嘅價格戰持續升級，部分細分市場車型終端降價幅度超過 10%。為維持自身利潤，部分頭部車企將降本壓力直接轉嫁俾上游，要求供應商年度降價幅度超過 10%。

呢種壓力層層傳導嘅結果係，傳統非核心零組件企業平均利潤率被壓縮至 3% 以下，大量中小企業喺盈虧線上掙扎，下游渠道端亦同樣承受壓力。中國汽車流通協會數據顯示，2025 年全國商用車經銷商虧損面達 52.6%，新車銷售業務利潤貢獻為 -22.3%；而處於產業鏈最末端嘅貨車司機，更加係承受住運價持續下跌嘅壓力，部分短途城配路線運費已跌至 0.8 元/公里，中長途幹線運輸平均運價較 2020 年下降 42%。

呢種「上游擠利潤、下游壓價格、終端受擠壓」嘅模式，正喺侵蝕整個行業嘅長期競爭力。當然，福田汽車同樣身處呢個行業大環境中，其 2025 年嘅海外出口 16.4 萬輛，創下歷史新高，但亦面臨住歐盟 CBAM 碳關稅、歐美市場日益嚴格嘅供應鏈 ESG 審查等多重挑戰；喺新能源轉型過程之中，行業平均三電系統成本佔比超過 40%，亦同樣面臨住降本壓力。

但與多數企業唔同嘅係，福田汽車冇選擇將壓力單向轉嫁俾產業鏈上下游，而係將全鏈條 ESG 建設作為破局嘅核心抓手，試圖探索一條更可持續嘅發展路徑。

福田嘅實踐，用全價值鏈共贏回應歷史命題

狄更斯作品嘅當代價值喺於，佢始終提醒我哋發展嘅終極目的係人，而唔係利潤。福田汽車構成嘅覆蓋「上游供應商 - 中游製造 - 下游經銷商 - 終端用戶」嘅全價值鏈 ESG 體系，恰好回應咗狄更斯當年提出嘅三個核心命題。

針對資本逐利導致嘅價值扭曲，福田透過綠色協同構建共生型供應鏈。據悉，公司建立咗供應商全生命週期 ESG 管理體系，將環境、社會同治理指標納入供應商准入、審核、評價同退出嘅全流程。2025 年，福田完成咗 58 家綠色供應商認證，覆蓋引擎、變速箱、車橋等核心模塊。

同單純壓低採購價格唔同，福田透過技術賦能同資源共享協助供應商降本增效，其中最具代表性嘅係供應商屋頂光伏計劃，2025 年協助 283 家供應商建成咗總計 1901 兆瓦嘅光伏發電設施，直接降低咗合作夥伴嘅能源成本，同時推動咗整個產業鏈嘅低碳轉型。

針對產業鏈利益分配失衡，福田則透過生態賦能打造利益共同體。面對經銷商普遍面臨嘅生存困境，福田喺 2025 年完成咗 1658 家經銷商嘅轉型培訓，創新推出「生態店、智慧店、零售店」三級渠道體系，並建成 8 家經銷商生態港。

呢個體系幫助經銷商從單一嘅整車銷售商，轉型為集「銷售 + 充換電 + 二手車 + 租賃 + 維修保養」於一體嘅綜合服務商，為佢哋開拓咗多元盈利渠道。同時，福田同所有供應商簽訂《廉政承諾書》，建立咗相對公平透明嘅合作機制，保障咗產業鏈各環節嘅合理利益。

此外，針對勞工尊嚴嘅缺失，福田將人本關懷貫穿全鏈條。喺企業內部，福田推行工學改善計劃，喺輪胎組裝、電池安裝等重體力崗位引入定製省力機械臂同液壓升降台，令重型物料手動搬运量同比下降 30%。

喺供應鏈端，福田要求所有供應商嚴格遵守勞動法規，2025 年重點供應商合規同質量培訓覆蓋率達 100%。喺終端，福田透過捐贈支持「貨車司機護航」專項行動，關注物流從業者嘅生存狀況。呢啲措施，體現咗企業對產業鏈上每一個勞工嘅尊重。

以人為本，中國汽車出海嘅正確姿態

事實上，隨住中國車企加速全球化佈局，我哋面臨嘅並非只係「價格為王」嘅競爭格局，而係正進入一個「合規即競爭力」嘅新時代。

歐盟《企業可持續發展盡職調查指令》(CSDDD) 明確要求，企業必須對其整個供應鏈嘅人權同環境影響負責，違規者將面臨全球營業額 5% 嘅罰款；2026 年正式實施嘅歐盟碳邊境調節機制 (CBAM)，更加係將碳排放成本直接納入進口商品嘅價格體系。這意味著，傳統依靠低成本擴張嘅發展模式已經難以為繼，供應鏈 ESG 能力正成為中國車企進入國際市場嘅通行證。

福田汽車嘅前瞻性佈局，使其喺全球化競爭中获得咗一定嘅先發優勢。據悉，透過全價值鏈 ESG 建設，福田提前滿足咗主要海外市场嘅合規要求：喺歐洲，福田純電動輕卡、VAN 車型獲得 WVTAEU 整車型式認證，呢係歐洲市場嘅最高門檻之一；再加上歐盟重型車碳排 VECTO 認證，呢就意味著福田嘅碳數據已經得到咗歐洲監管機構嘅認可，成功駛入歐洲綠色交通體系。

除此之外，福田汽車亦深深獲得咗全球合作夥伴嘅認可：喺泰國、巴西、南非嘅本土工廠順利投產，全球第 1200 萬輛整車喺巴西工廠下線；喺澳洲同非洲市場，福田獲得咗批量新能源客車訂單；喺中東，向沙特客戶集中交付咗 1000 輛定製校車。

有行業分析人士指出，福田汽車嘅模式為中國商用車行業提供咗一個重要參考，供應鏈 ESG 唔係企業嘅成本負擔，而係提升產業鏈韌性同長期競爭力嘅有效手段。當企業唔再將上下游視為博弈嘅對手，而係視為共同成長嘅夥伴時，其發展嘅成果先能夠被產業鏈上嘅每一個參與者共享，整個行業先能夠實現真正嘅高質量發展。

有文話：

「呢係最好嘅時代，呢係最壞嘅時代。」狄更斯呢句名言，依然適用於今日嘅中國汽車產業。我哋擁有全球最大嘅汽車市場、最完整嘅產業鏈體系同最領先嘅新能源技術，呢係最好嘅時代；但係我哋亦面臨住價格戰內卷、供應鏈矛盾突顯、全球化合規壓力增大等多重挑戰，呢係最壞嘅時代。

170 年過去，工業文明嘅技術形態發生咗翻天覆地嘅變化，但點樣平衡資本逐利同社會公平，點樣令發展嘅成果惠及每一個人，依然係我哋需要回答嘅根本問題。福田汽車嘅實踐話畀我哋知，ESG 唔僅係數字報告，而係一種更具溫度、更可持續嘅發展理念。當越來越多嘅中國車企將以人為本嘅理念深植喺供應鏈建設之中，我哋唔單止能夠打造出更具競爭力嘅產品，更加能夠向世界輸出一種更加公平、更具包容性嘅產業文明，令中國汽車以「中國方案」真正響誉全球。（撰稿人丨歐陽）

In the 2026 hybrid market, domestic brands are rising comprehensively, ending the long-term monopoly premium of Japanese hybrids.

On May 23, Changan Automobile's 4th Gen CS75PLUS Blue Whale Super Engine and 4th Gen Eado Blue Whale Super Engine officially launched and delivered, starting prices are 109,900 yuan and 79,900 yuan respectively. This means Changan directly pulled HEV hybrid SUVs into the 100,000 yuan range, and hybrid family sedans into the 70,000 yuan range.

For the past 20+ years, the global HEV market has been dominated by Japanese brands. Joint-venture hybrid models often carry a premium of 20,000 to 30,000 yuan compared to fuel vehicles of the same spec, making fuel savings hard to offset the price difference.

The arrival of Changan Blue Whale Super Engine dual vehicles is not just a price drop, but a comprehensive dimensional attack on technology, experience, benefits, and cost-performance. It not only redefines the value standards of the 100,000 yuan hybrid market but also allows Chinese hybrid technology to officially overtake traditional joint-venture hybrids on a corner.

01

HEV Becomes a Strategic Battleground for Car Companies

Under pressures of high fuel prices, uneven charging infrastructure, and over 45% of households lacking fixed charging spots, HEVs that require no charging, reduce fuel consumption by half compared to ICE vehicles, and have no refueling anxiety are back in the mainstream focus, becoming a key move on the strategic chessboard of Chinese car companies.

Geely, Changan, Chery, Great Wall, and other top domestic brands made strategic choices almost simultaneously, densely releasing new generation HEV technology. Analysts point out that true technological trends are never a single route substitution, but long-term coexistence of pure electric, plug-in hybrid, and HEV directions.

In this new tech competition, domestic brands did not follow the Japanese path, but came up with a more "aggressive" electrification plan. Geely launched i-HEV Intelligent Drive Hybrid with 48.41% thermal efficiency; Chery launched the "Rhinoceros H" gas-electric system with 5.1kWh battery capacity. Changan's Blue Whale Super Engine Hybrid takes a different path, redefining the basic logic of hybrid systems.

Traditional Japanese HEVs are essentially optimization plans for ICE vehicles — the engine is always the core, the motor and battery only "give a hand" when the engine is inefficient. Changan used a vivid analogy: Japanese hybrids are like a "master craftsman leading an apprentice", always taking on the vast majority of work themselves, only letting the apprentice help when busy.

Blue Whale Super Engine's approach is completely different. It proposes an architecture of "Balance of Gas and Electric, Fusion of Intelligence", consisting of 500 Bar ultra-high-pressure direct injection hybrid engine, 180kW highest power electric drive in class, 50C high-rate battery, and Ai Cloud Intelligent Control System.

The core change here isn't how high a specific parameter is, but the underlying synergy logic of the whole system changed. The engine and electric drive are no longer main/subordinate, but achieve intelligent division of labor based on all scenario road conditions.

Comparing Toyota Dual Engine and other traditional hybrids, Blue Whale Super Engine hybrid has distinct advantages: 180kW high-power electric drive far exceeds Japanese 88kW low-power electric drive. Low-speed engine is fully decoupled from wheels, pure electric drive is quieter, startup response fast to 0.29 seconds, 0-60km/h acceleration low to 3.71 seconds, power is instant without hesitation.

Meanwhile, whole vehicle idle noise is as low as 37.9 decibels, reaching library-level quiet standards. Noise reduced by 10 decibels compared to traditional fuel cars. Driving quality infinitely close to pure electric vehicles.

02

Saving Downpayment for a Car in Five Years

From test data, Changan Blue Whale Super Engine architecture effect is also very intuitive. 4th Gen Eado Blue Whale Super Engine city average fuel consumption 2.62L, medium speed 3.21L, highway 4.10L, combined 100km fuel consumption 3.2L; 4th Gen CS75PLUS Blue Whale Super Engine city average 2.88L, medium speed 3.78L, highway 4.44L, combined 3.6L — Fuel consumption directly halved compared to same-level traditional fuel cars.

In Xi'an media tests, Eado Blue Whale Super Engine even ran 1.6L/100km city results. CS75PLUS Blue Whale Super Engine also achieved 2.3L/100km city fuel consumption. This "more traffic, more savings; highway no waste" full-condition energy-saving performance is difficult for traditional mechanical logic hybrid systems to achieve.

A user participating in the "Challenge World Record, I am Fuel Consumption Champion" nationwide store test drive activity drove CS75PLUS Blue Whale Super Engine on urban congested roads with 3L class fuel consumption. He is not a professional car reviewer, nor does he have the "Golden Right Foot" of extreme fuel-efficient driving, just an ordinary prospective buyer. This scene was unlikely in the previous fuel vehicle era — normal people driving casually, fuel consumption actually lower than the manufacturer's combined condition rating.

This is determined by Blue Whale Super Engine's technical logic. It doesn't rely on the driver "saving fuel" to reduce consumption, but relies on the system "driving to save" to make every drop of fuel count.

In the past, when consumers were debating between fuel cars and PHEV/BEV, attention often focused on purchase price and government subsidies. But this time Changan fully calculated and cleared these "silent big items": insurance, energy consumption, residual value, daily maintenance.

Taking 4th Gen CS75PLUS Blue Whale Super Engine as an example, calculated at 15,000 km/year average, same-level fuel SUV combined consumption is about 8.56L, one year fuel cost 11,267 yuan; Blue Whale Super Engine combined consumption only 3.6L, annual fuel cost 4,744 yuan, directly saving 6,523 yuan in one year. Also as a "Blue License Plate" car, it is basically consistent with traditional fuel cars in insurance and used car residual value.

More importantly, the first non-operating owner enjoys lifetime warranty for core components of the HEV hybrid system, completely eliminating user concerns about large maintenance costs during long-term use.

Summarizing, calculating total over 5 years, CS75PLUS Blue Whale Super Engine saves over 32,000 yuan in comprehensive vehicle cost compared to same-level fuel SUV, Equivalent to directly saving downpayment for a car. 4th Gen Eado Blue Whale Super Engine uses the same algorithm, saving about 21,800 yuan in 5 years compared to same-level fuel sedans.

Even comparing with same-level BEVs that need charging, CS75PLUS Blue Whale Super Engine as a "Blue License Plate" car, premium cost is about 1,000 yuan lower per year than BEVs. Resale value gap is more obvious. 3-year-old compact fuel car retention rate about 50%, BEV about 44%. A 120,000 yuan car, can sell 7,200 yuan more after 3 years, annualized income increase 2,400 yuan. After calculating energy, insurance, maintenance, residual value etc. total over 5-year usage cycle, 4th Gen CS75PLUS Blue Whale Super Engine still saves about 10,730 yuan compared to same-level pure electric SUV.

In terms of range, CS75PLUS Blue Whale Super Engine one tank of fuel runs 1500km, Eado Blue Whale Super Engine breaks 1700km. Chongqing to Beijing one-way no need to refuel, completely saying goodbye to range anxiety, perfectly fitting long-distance self-drive and high-frequency commuting user needs.

Changan's Blue Whale Super Engine is a HEV that completely doesn't need charging, doesn't rely on charging piles, doesn't change refueling habits. Pulled entry-level price into 70,000 yuan range, directly cutting into core territory of joint-venture fuel cars. The cost saved day by day is enough to cover years of maintenance fees, truly achieving "more you drive, more you earn".

03

Chinese Hybrid Technology Goes Global

While product breakthroughs, Changan Automobile global layout accelerated synchronously. Local time May 22, Changan Automobile formally signed global strategic cooperation agreement with Portugal Football Association in Lisbon, becoming Portugal National Team Global Official Partner. Cooperation covers 2026 USA/Canada/Mexico World Cup, 2030 World Cup and 2027, 2031 Women's World Cup.

Previously Changan announced investing over 500 million yuan to layout 2026 World Cup global marketing, target directly 750,000 units overseas sales in 2026.

Globally, HEV is showing explosive growth trend. 2025, HEV sales in Europe reached 4.57 million units, YoY growth 19.9%, market share reached 35%, exceeding gasoline cars for the first time, becoming Europe's largest single power form; in Southeast Asia Indonesia, Malaysia, HEV is also a rapidly growing emerging market.

2025 BEV exports were greatly affected by tariffs in some overseas regions, while China HEV exports grew 94.1% YoY. This further highlights HEV's special value in going overseas strategy.

Changan uses World Cup traffic to push Blue Whale Super Engine to global view, both brand positioning and anchor point for Chinese hybrid solutions going global. From tech self-research breakthrough, domestic market subversion, to landing global top venues to show Made in China, Changan Automobile is pushing Chinese hybrid technology globally with tech as core, quality as wings.

Changan Automobile Executive Vice President Yang Dayong previously stated in media interview that China new energy development is fast, but globally, still 70 million users choose fuel cars annually, many overseas regions charging conditions cannot keep up. From the domestic market perspective, currently there are also over half fuel car users. They are not unwilling to save energy, but charging is inconvenient, no fixed parking spot, or they don't want to change driving habits. This is HEV's most practical market logic.

Yang Dayong stated, Changan's judgment is clear: not "Gas vs Electric", but "What users need, we do". Future must be multiple power types coexist long-term, HEV will become one of mainstream choices. Expected by 2030, HEV (Gas-Electric Hybrid) share in China fuel cars will exceed 60%. In addition, Overseas HEV sales will likely be higher than domestic market.

China auto industry always talks about electrification endgame, but true market evolution is never "elimination-style" substitution, but "addition-style" enrichment. For over 45% users without home charging piles, for owners in winter extremely cold regions, for people doing long-distance self-drive several times a year, they don't need to be educated to "change habits", but need a non-troublesome solution.

So Changan Blue Whale Super Engine dual vehicle launch is not just iteration of two new cars, but a value reconstruction of home hybrid market. Currently many hybrid models, either high price high spec, threshold discourages, or low price reduced spec, experience discounted, while Changan accurately grabs ordinary family vehicle core needs: No charging, no fear of winter, not wasting fuel, not breaking car, not expensive price.

79,900, 109,900 yuan friendly pricing, 2L class real fuel consumption, 1500km+ super long range, full cycle low cost, lifetime warranty safety net, this combination punch completely broke "Hybrid must be premium" industry stereotype. Not forcing users to change driving habits, using hardcore tech to adapt to user needs, this is Changan Blue Whale Super Engine hybrid's given "Chinese Hybrid Optimal Solution".

Technology is never to replace someone, but to fill those unmet needs. When industry was still arguing "Who dominates Gas vs Electric", Changan already silently pressed hybrid threshold to 70,000 yuan level, submitted a China solution to the market.

It can no longer be concealed. Recently, the viral Denza Z9 GT Chopard Edition has pushed BYD's bespoke journey to a new height.

As a unique top-tier bespoke one-of-a-kind piece, this car debuted at the Cannes amfAR Charity Gala and was sold via auction hammer at a high price of 700,000 Euros (approximately 5.5256 million RMB), allowing Chinese automotive bespoke craftsmanship to officially gain recognition from the global ultra-luxury circle.

For reference, the Denza Z9 GT domestic price starts at 269,800, while the European price starts at 117,500 Euros (approx. 927,500 RMB).

Chopard was founded in 1860, specializing in high-end watch and jewelry design and production, renowned for its exquisite craftsmanship and fashionable dynamic design style. Co-created with Chopard, the Denza Z9 GT Chopard also became a "jewelry artwork on wheels".

[Denza Z9 GT Chopard]

The Denza Z9 GT Chopard features Chopard exclusive gold strips accenting the exterior appearance, possessing the shimmering texture of top-tier jewelry.

The interior is inlaid with Chopard-sourced precious amethyst, fully revealing luxury under the play of light and shadow.

Additionally, seat headrests use exquisite hand embroidery, engraved with the iconic "C" logo; welcome light carpet, wireless charging panel, center control theme interface and other details also fully integrate Chopard brand exclusive elements.

Furthermore, Chopard specifically presented two timepieces, forming an "His & Hers" exclusive watch set.

Both timepieces are crafted in rose 18K gold, jointly interpreting precision, elegance, and contemporary luxury.

Among them, the dial of the Happy Sport series 36mm watch features brilliant diamonds adorned with snow setting craftsmanship, and integrated with Denza Z9GT patterns; the Alpine Eagle series 41mm watch uses a vintage minimalist classic design, and integrates Denza exclusive elements on the case back.

Additionally, leather designer Shiro also handcrafted exclusive luggage sets for it, making Z9GT beyond the vehicle itself, becoming part of a complete luxurious lifestyle and artistic vision.

[Entering a Favorable Phase]

From the Z9GT launch at Paris Opera this April to this appearance at Cannes amfAR Charity Gala, Denza in the European market is not just talking about specifications and parameters, but using luxurious lifestyle as a link to knock open the door of European celebrity circles.

And the 700,000 Euro sky-high transaction price is even better proof of Chinese high-end new energy vehicle strength.

Of course, we also know that Denza Z9 GT Chopard is not BYD's first attempt in the bespoke market.

As the pinnacle work of YangWang Automotive, YangWang U9 Xtreme is globally limited to 30 units, with a price exceeding 20 million RMB. Upon debut, it was snapped up by global top collectors, with Thai private collector Mr. Pratarnwong Phornprapha, Brazilian famous racer Leo Sanchez and other international celebrities all being its owners.

When domestic high-end models can fetch high prices in the international market, when Chinese brand customization capability rivals world top levels, the high-end era belonging to Chinese cars has already arrived.

From YangWang U9 Xtreme creating collectible supercars with ultimate performance, to Denza Z9 GT Chopard Edition reaching the top of the global ultra-luxury circle with international collaboration, BYD's bespoke journey advances layer by layer, clear and firm, and will surely bloom more brilliance of Eastern luxury in the future.