几年前，很难想象中国品牌会在美国走红；如今，曼哈顿已有 Urban Revivo 的 2,800 平方米门店，消费者还能在 2025 年开始进驻当地的瑞幸咖啡门店买到拿铁，或在近期开店的蜜雪冰城购买冰淇淋。此类面向消费者的扩张与 TikTok 等平台带动的热度相互强化。
在更广范围内，海外增长同样体现在硬数据上：2024 年中国上市公司海外销售额达 15 万亿元人民币（2.1 万亿美元），高于 2021 年的 11.6 万亿元人民币。2025 年比亚迪在电动车销量上超过特斯拉，其海外销量占比超过五分之一，高于 2024 年的约十分之一；与此同时，2019—2024 年上市公司平均经营利润率从 12.4% 降至 11.2%。
尽管 2024 年中国对外直接投资存量仅为 GDP 的 17%（美国为 38%，日本为 57%），且中国海外 FDI 存量只占全球 4%（约为荷兰的一半），企业正在通过本地化“落地”加速推进：名创优品海外门店已超过 3,300 家，小米计划在未来五年新增至 10,000 家海外门店。扩张也伴随合规与地缘风险，例如 TikTok 在美国的业务被要求出售并预计于 2026 年 1 月完成，同时 2026 年 1 月美国政府还下令撤销对 EMCORE 部分资产的收购。
A few years ago, it would have been hard to imagine Chinese brands breaking out in America; today Manhattan has Urban Revivo’s 2,800-square-metre store, shoppers can grab a latte from Luckin Coffee outlets that began opening there in 2025, or buy ice cream from Mixue’s newly opened shop. This consumer-facing push is amplified by TikTok-driven buzz.
Hard numbers show the broader surge: in 2024 listed Chinese firms generated 15 trillion yuan ($2.1 trillion) in overseas sales, up from 11.6 trillion yuan in 2021. In 2025 BYD overtook Tesla in EV sales, with more than a fifth of its cars bought abroad versus about a tenth in 2024; meanwhile average operating margins at listed firms fell from 12.4% in 2019 to 11.2% in 2024.
Even though China’s outbound FDI stock was only 17% of GDP in 2024 (38% for America and 57% for Japan), and its overseas FDI stock is just 4% of the global total (about half the Netherlands), firms are building local “ground games” fast: Miniso now has more than 3,300 outlets overseas, and Xiaomi plans 10,000 overseas shops within the next half-decade. The expansion also runs into regulatory and geopolitical friction, including TikTok’s forced U.S. sale due to be completed in January 2026 and a January 2026 order to unwind a purchase of some EMCORE assets."""
Source: A new generation of Chinese companies is expanding around the world
Subtitle: And they are doing things differently from their elders
Dateline: 1月 15, 2026 07:52 上午 | Shanghai