Industry Overview Upstream - International crude oil prices are fluctuating at a low level, and PTA prices are falling [2] Midstream - PX operating rate is increasing, and coal consumption of power plants is decreasing [3] Downstream - The sales of commercial housing in second - and third - tier cities are picking up, and the number of international flights is declining [4] Zhongguan Event Overview Production Industry - In the first half of 2025, BYD led in terms of revenue and net profit among listed car companies, while GAC Group's data were at the bottom and it turned from profit to loss. Many car companies saw revenue growth, with BYD and Geely hitting record highs, but only BYD maintained profit growth, and its automotive gross margin dropped by two percentage points [1] - The Ministry of Commerce ruled that US optical fiber producers and exporters circumvented anti - dumping measures on non - dispersion - shifted single - mode optical fibers from the US by changing trade patterns [1] Service Industry - The joint working group of the Ministry of Finance and the People's Bank of China held a meeting, affirming the achievements since its establishment last year and discussing topics such as financial market operation, government bond issuance management, etc. They believe that the coordinated efforts of fiscal and monetary policies provide support for the economy [1] Key Industry Price Indicators | Industry Name | Indicator Name | Frequency | Unit | Update Time | Value | YoY | | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | Daily | Yuan/ton | 9/3 | 2302.9 | 0.00% | | | Spot price: Eggs | Daily | Yuan/kg | 9/3 | | | | | Spot price: Palm oil | Daily | Yuan/ton | 9/3 | 9492.0 | - 0.77% | | | Spot price: Cotton | Daily | Yuan/ton | 9/3 | 15460.2 | 0.82% | | | Average wholesale price: Pork | Daily | Yuan/kg | 9/3 | 20.0 | 0.60% | | | Spot price: Copper | Daily | Yuan/ton | 9/3 | 80360.0 | 0.97% | | | Spot price: Zinc | Daily | Yuan/ton | 9/3 | 22220.0 | - 0.20% | | Non - ferrous metals | Spot price: Aluminum | Daily | Yuan/ton | 9/3 | 20743.3 | - 0.22% | | | Spot price: Nickel | Daily | Yuan/ton | 9/3 | 123333.3 | 1.12% | | | Spot price: Aluminum | Daily | Yuan/ton | 9/3 | 16825.0 | - 0.07% | | | Spot price: Rebar | Daily | Yuan/ton | 9/3 | 3154.5 | - 2.67% | | Ferrous metals | Spot price: Iron ore | Daily | Yuan/ton | 9/3 | 782.3 | - 0.92% | | | Spot price: Wire rod | Daily | Yuan/ton | 9/3 | 3322.5 | - 1.99% | | | Spot price: Glass | Daily | Yuan/square meter | 9/3 | 13.9 | 0.00% | | Non - metals | Spot price: Natural rubber | Daily | Yuan/ton | 9/3 | 15050.0 | 0.95% | | | China Plastics City price index | Daily | - | 9/3 | 802.4 | - 0.18% | | Energy | Spot price: WTI crude oil | Daily | US dollars/barrel | 9/3 | 65.6 | 3.70% | | | Spot price: Brent crude oil | Daily | US dollars/barrel | 9/3 | 69.1 | 2.86% | | | Spot price: Liquefied natural gas | Daily | Yuan/ton | 9/3 | 3892.0 | - 1.32% | | | Coal price: Coal | Daily | Yuan/ton | 9/3 | 782.0 | - 0.13% | | Chemical industry | Spot price: PTA | Daily | Yuan/ton | 9/3 | 4749.5 | - 3.34% | | | Spot price: Polyethylene | Daily | Yuan/ton | 9/3 | 7425.0 | - 0.36% | | | Spot price: Urea | Daily | Yuan/ton | 9/3 | 1712.5 | 0.29% | | | Spot price: Soda ash | Daily | Yuan/ton | 9/3 | 1262.5 | - 2.13% | | Real estate | Cement price index: National | Daily | - | 9/3 | 129.3 | - 0.55% | | | Building materials composite index | Daily | Points | 9/3 | 113.1 | - 1.53% | | | Concrete price index: National index | Daily | Points | 9/3 | 92.9 | - 0.14% | [38]

2025 年 9 月 4 日 1H25 业绩承压：1H25 公司总营业收入同比-8.0%至 421.7 亿元，归母净利润同 比转亏至-25.4 亿元（vs. 1H24 为 15.2 亿元），扣非后归母净亏损同比扩大 771.1%至 29.5 亿元，毛利率同比-7.7pcts 至-1.7%；其中，2Q25 营业收入同 比-8.0%/环比+14.6%至225.2亿元，归母净利润同比转亏至-18.1亿元（vs. 2Q24 为 3.0 亿元、1Q25 为-7.3 亿元），毛利率同比-8.9pcts/环比-3.6pcts 至-3.4%。 我们判断，1H25 广汽集团业绩承压主要受累于行业竞争加剧自主品牌销量下滑、 以及促销投入增加。 广汽丰田销量回升，合资品牌加速转型：1H25 公司销量同比-12.5%至 75.5 万 辆，其中 2Q25 销量同比-15.2%/环比+3.5%至 38.4 万辆（2Q25 广本销量同比 -31.9%/环比-33.2%至 6.2 万辆、广丰销量同比+1.7%/环比+13.3%至 18.3 万 辆）；1H25 公司对联营与合营企业的投资收益同比-26.3%至 24.0 亿元，其中 2Q25 ...

Core Viewpoint - GAC Group has reported significant financial losses in the first half of 2025, with a notable decline in both revenue and net profit, primarily due to falling sales across its main brands and poor strategic decisions [1][2][4]. Financial Performance - In the first half of 2025, GAC Group achieved revenue of 42.61 billion yuan, a year-on-year decrease of 7.9%, and a net profit of -2.54 billion yuan, representing a decline of 267.4% [1]. - The second quarter revenue was 22.73 billion yuan, also down 7.9% year-on-year, with a net profit of -1.87 billion yuan, worsening from a profit of 300 million yuan in the same quarter of 2024 [1][3]. Sales Performance - GAC Group's total sales for the first half of 2025 reached 755,000 units, a year-on-year decline of 12.5%. Notably, GAC Honda, GAC Trumpchi, and GAC Aion saw sales drop by 25.6%, 22.6%, and 14.0% respectively [2]. - GAC Toyota was the only brand to show a slight increase in sales, up 2.6% [2]. Profitability Issues - The gross profit margin for GAC Group fell to -3.4% in the second quarter, a decrease of 10 percentage points year-on-year, while the half-year gross margin dropped to -1.7% [3]. Research and Development - GAC Group's R&D expense ratio has remained low, between 1% and 2%, indicating that a significant portion of R&D investments is not accounted for in current expenses [4][5]. - Despite high R&D spending historically, the company has faced multiple strategic missteps, particularly in the electric vehicle sector, leading to a delayed transition to electrification and smart technology [5]. Strategic Decisions - GAC Group's previous decision to terminate its partnership with Huawei has been criticized, especially as competitors who maintained such collaborations have seen success [6]. - The company has recently announced a renewed partnership with Huawei to establish a new automotive brand, but market skepticism remains regarding the potential success of this initiative [6]. Leadership Changes - The recent leadership change, with Feng Xingya taking over from Zeng Qinghong, raises questions about the company's ability to reverse its current downward trend [6].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进入9月，各家上市乘用车企2025年中报陆续披露完毕。尽管行业整体业绩保持增长，但部分车企也出现掉队，其中广汽集团收利双降，降幅均位列进入统 计的13家车企之首。 | | | 2025H1上市乘用车企营收、净利及同比增速 | | | | --- | --- | --- | --- | --- | | 上市车企 | 营业总收入(亿元) | 営收増速 | 归母浄利润（亿元） | 净利润增速 | | 比亚迪 | 3,712.8 | 23.3% | 155.1 | 13.8% | | 上汽集团 | 2,971.5 | 5.2% | 60.2 | -9.2% | | 吉利汽车 | 1,502.8 | 26.5% | 92.9 | -13.9% | | 长城汽车 | 923.3 | 1.0% | 63.4 | -10.2% | | 长安汽车 | 710.2 | -5.3% | 22.9 | -19.1% | | 塞力斯 | 607.3 | -4.1% | 29.4 | 81.0% | | 理想汽车 | 561.7 | -2.0% | 17.4 | ...

作者 | 王泽红 随着蔚来披露2025年中期财报后，国内主流上市车企半年报均已出炉。 回顾上半年的汽车行业，车企价格战频发，"反内卷"随之升级，手段包括成本调查和价格监测、60天支付账期承诺、降低经销商库存及 缩短返利兑现账期等。 当中，最为外界关注的便是，17家车企集体承诺，将供应商账期压缩至不超过60天，以缓解零部件企业现金流压力。 如今，正值车企半年报披露结束，恰是观察成果之际，尤其是车企账期的变化。 | | | | 2025上半年18家车企账期变化 | | | | --- | --- | --- | --- | --- | --- | | 证券简称 | 营收(亿元) | 应付账款及 票据 | 2025 下未在 应付账款及票 | 2024年应付 账款及票据 | 账期增减(天) | | | | (亿元) | 据周转天数 | 周转天数 | | | | | | (大) ▼ | (大) ▼ | | | 比亚迪 | 3712.81 | 2366.86 | 142.12 | 127.23 | 14.89 | | 上汽集团 | 2971.51 | 2305.53 | 157.31 | 163.63 | (6.32) ...

| 汽车大集团 | 销量(万辆) | 同比 | | --- | --- | --- | | 比亚迪 | 37.36 | 基本持平 | | 上汽集团 | 36. 30 | 41.00% | | 中国一汽 | 27.78 | 3. 70% | | 吉利汽车 | 25.02 | 38.00% | | 奇瑞集团 | 24. 27 | 14.60% | | 长安汽车 | 23. 30 | | | 北汽集团 | 13. 50 | 3. 30% | | 长城汽车 | 11.56 | 22. 33% | | 东风汽车 | | | | 奕派科技 | 2. 91 | 62. 39% | | 岚图汽车 | 1. 35 | 119% | | 广汽集团 | | | | 广汽埃安 | 2. 70 | | 比亚迪： 海外销量同比大增146.4% 8月，比亚迪汽车销量为37.36万辆，与去年同期的37.31万辆基本持平。 本月，比亚迪乘用车销售37.15万辆。其中，王朝|海洋销售34.28万辆；方程豹销售1.63万辆；腾势销售1.20万辆；仰望销售405辆。 随着8月海鸥进入萨尔瓦多市场、全面升级芬兰销售与服务网络布局等举措落地，比亚迪海外 ...

Core Viewpoint - GAC Group's semi-annual report for 2025 indicates a focus on reform and adjustment, with a commitment to improving performance despite current pressures [1][4][8] Financial Performance - The company's consolidated revenue for the first half of 2025 was CNY 42.611 billion [1] - As of June 30, 2025, GAC's debt-to-asset ratio improved to 44.65%, down from 47.61% at the end of 2024, indicating enhanced financial health [2] - The automotive industry average debt-to-asset ratio is 66.32%, with GAC's ratio significantly lower than many competitors [2] Reform and Strategy - The report emphasizes the importance of reform, with the chairman mentioning "reform" five times, "focus" six times, and "cost" ten times in his address [5][6] - GAC aims to shorten the vehicle development cycle to 18 months and reduce R&D costs by over 10% [4][6] - The "Panyu Action" initiative aims to increase GAC's self-owned brand sales to 2 million units by 2027, with integrated management and supply chain optimization [5][6] Market Outlook - Analysts from CMB International maintain a "buy" rating for GAC, expecting profitability to improve from the second half of 2025 [8] - JPMorgan upgraded GAC's investment rating from "underweight" to "overweight," raising target prices for both A and H shares [8] Sales and Production - GAC's total sales of energy-saving and new energy vehicles reached 366,000 units, with a sales share of 48.43% [10] - The company launched several new models in the first half of 2025, contributing to a 18% year-on-year increase in sales of energy-saving and new energy vehicles [10] - GAC's overseas sales of self-owned brands grew by 45.8%, with expansion into new markets and the introduction of new models [11]

8月29日，广汽集团（601238.SH，02238.HK）发布2025年半年度报告，报告期内该公司合并口 径营业总收入为426.11亿元。 细心研读可以发现:广汽的这次半年报，提及的具体动作透露出公司改革聚焦而实在，也处处 渗透着广汽对现阶段问题"清醒的认知"，以及"要和时间赛跑的决心"。 此次半年报同时披露番禺行动启动8个月以来的进展，显示正处于改革"调整期"中的广汽集团 业绩依然短期受压，但显然已在以最快速度消化不足及调整"体质"，上半年多项具体的改革 实际动作落地、部分业绩指标开始呈现上扬。 上半年，招银国际两度给予广汽集团维持"买入"评级，并在研报中指出，预计广汽盈利将从 2 0 2 5财年下半年开始改善。今年7月，摩根大通发表报告指出，预计广汽集团受益于2 0 2 6年 产品周期向好及结构调整，将广汽集团投资评级从 "减持" 上调至 "增持"并提高其A、H股目 标股价。 财务结构稳健 资产负债率及6 0天账期表现领先行业 据统计，截至今年6月3 0日，公司资产负债率为4 4 . 6 5%，较2 0 2 4年1 2月3 1日的4 7 . 6 1%进一 步优化近3个百分点，显示公司财务健康水平进一步提 ...

Core Viewpoint - The report from CMB International indicates that despite GAC Group's (601238)(02238) second-quarter loss of 1.3 billion RMB, which fell short of expectations, the market is unlikely to focus on the company's current profit and loss situation due to the potential competitiveness of a new model to be launched in collaboration with Huawei next year, which could serve as a positive catalyst for the company [1] Financial Performance - GAC Group reported a loss of 1.3 billion RMB in the second quarter, which was below the expectations of CMB International [1] Future Prospects - The collaboration with Huawei to launch a new model next year is expected to enhance the competitiveness of GAC Group, potentially acting as a positive catalyst for the company [1] Cost Management - There is significant room for cost reduction in employee expenses within GAC Group's joint ventures and associates, which could improve overall financial performance [1] Investment Rating - CMB International maintains a "Buy" rating for GAC Group's H-shares, raising the target price from 3.6 HKD to 4.3 HKD [1]

Group 1 - The Chengdu International Auto Show has officially opened, showcasing nearly 120 automotive brands and over 1,600 vehicles, highlighting the latest achievements in China's automotive industry, particularly in the fields of new energy and smart technology [1][2] - Domestic brands, especially BYD and GAC, have made significant impacts at the show, indicating their leadership in the new energy and intelligent vehicle sectors [3][10] - The show reflects a shift in the automotive industry, where it serves as a platform for observing industry trends and competitive dynamics rather than just a brand showcase [3][10] Group 2 - BYD has introduced several key models, including the 2026 Sea Lion 07 DM-i and the new version of the Qin L EV, with prices ranging from 10.98 million to 20 million yuan, aiming to provide high-quality options in the mid-to-large sedan market [4][10] - GAC's new energy segment is also making strides, with the launch of the GAC Aohong HL range extender and the A800 smart flagship sedan, showcasing the company's commitment to high-end electric vehicles [5][6] Group 3 - Other brands like Deep Blue and Xpeng have also presented new models and innovations, with Deep Blue launching the S07 SUV and Xpeng showcasing a range of vehicles and AI technologies, emphasizing their focus on intelligent driving and user experience [7][8] - The show has been strategically leveraged by local government initiatives to stimulate automotive consumption, with financial incentives for buyers during the event [9][10] Group 4 - The overall market environment indicates a strong performance of domestic brands, with retail market share reaching 64% in the first seven months of the year, reflecting a 6.9 percentage point increase year-on-year [10]