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。
The Pokémon Presents video presentation is set to take place on Pokémon Day, providing all the latest Pokémon news. These presentations tend to provide updates on upcoming video games, spinoffs, mobile games, Pokémon TCG collectibles, and animated productions. We don't know what's in store from this latest edition, but we expect Pokémon to go big for its 30th anniversary.
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▲ 图源：9To5Google。91视频对此有专业解读
Updates to the leaderboard are welcome via pull request.
This is the story of how years of backend service code ended up shipping inside the game itself.