政策与地缘风险进一步加剧了经营不确定性。国内市场方面，2025 年底旧标车禁售导致渠道去库存压力，新国标强化防篡改设计也切断了其核心利润来源之一的改装服务；海外市场中，北美营收占比高达 45%，但美国 301 关税豁免期仅延长至 2026 年 11 月，欧盟反倾销调查与环保标准升级也持续压缩盈利空间。此外，公司资产负债率高达 64.95%，流动比率仅 1.25，偿债压力凸显，而 2025 年实控人减持 2% 存托凭证套现 7.88 亿元，红杉、小米系累计套现超 62 亿元，反映出资本对其增长可持续性的担忧。
There's no drastic divide between this trio. Like the "Father" family, they've drifted apart, seemingly content to have lives of their own. But in this household, their proximity practically itches. Lilith looks for ways to razz her sister, sparking a juvenile sibling rivalry that forces Tim into flushed retreat. But these intrusions and escapes are all in the gentle way of making nice. The tragedy of these moments is in how we can see their urge to connect and their fear to, all in a furtive glance, a choked laugh, or a licked bit of pastry.
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音頻加註文字，走進中國的「思想轉化營」關恆的案件最終於1月28日在紐約州的移民法庭舉行聽證，美國聯邦移民法官查爾斯·奧斯蘭（Charles Ouslander）正式批准了關恆的庇護申請。
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// console.log(dailyTemperatures([73,74,75,71,69,72,76,73])); // [1,1,4,2,1,1,0,0]，推荐阅读Line官方版本下载获取更多信息
Андрей Ставицкий (Редактор отдела «Наука и техника»)