据证券之星公开数据整理，近期上汽集团（600104）发布2025年中报。截至本报告期末，公司营业总收 入2995.88亿元，同比上升5.23%，归母净利润60.18亿元，同比下降9.21%。按单季度数据看，第二季度 营业总收入1587.27亿元，同比上升12.08%，第二季度归母净利润29.94亿元，同比下降23.5%。本报告 期上汽集团公司应收账款体量较大，当期应收账款占最新年报归母净利润比达4519.66%。 本次财报公布的各项数据指标表现一般。其中，毛利率8.31%，同比增4.95%，净利率2.83%，同比增 5.29%，销售费用、管理费用、财务费用总计163.1亿元，三费占营收比5.44%，同比减23.96%，每股净 资产25.51元，同比增3.05%，每股经营性现金流1.82元，同比增85.89%，每股收益0.53元，同比减9.01% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2846.86 Z | 2995.88 Z | 5.23% | | 归母净利润(元) | 66.28亿 | 60.18 Z ...

证券代码：600104 证券简称：上汽集团 公告编号：临 2025－039 上海汽车集团股份有限公司 关于实施回购股份注销暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 上海汽车集团股份有限公司（以下简称"公司" ）将于 2025 年 （以 下简称"此次回购股份"）。本次注销完成后，公司股份总数将由 一、注销此次回购股份的决策程序及信息披露 为提升上市公司质量和投资价值，落实《上海汽车集团股份有限 公司 2025 年度估值提升计划》 ，以实际行动回报投资者，公司分别于 会议、2024 年年度股东大会，审议通过了《关于注销回购股份、减 少注册资本并相应修订 <公司章程> 的议案》，同意注销存放于公司回 购专用证券账户的 80,021,941 股股份，相应核减公司注册资本及股份 总数，相应修订《公司章程》中的相关条款，并授权公司经营管理层 具体办理相关手续。 公司已根据相关法律、法规的规定就注销此次回购股份事项履行 了通知债权人程序，于 2025 年 6 月 28 日在上海证券交易所网站 ww ...

Core Insights - SAIC Motor Corporation Limited reported a consolidated revenue of 299.59 billion yuan for the first half of 2025, representing a year-on-year growth of 5.2% [1] - The company achieved a net profit attributable to shareholders of 6.02 billion yuan, with a non-recurring net profit of 5.43 billion yuan, marking a significant year-on-year increase of 432.2% [1] - Operating cash flow reached 21.04 billion yuan, up by 85.9% compared to the previous year [1] Sales Performance - During the reporting period, SAIC Motor sold approximately 2.053 million vehicles, reflecting a year-on-year increase of 12.4% [1] - Retail sales totaled 2.207 million vehicles, with self-owned brands accounting for about 1.304 million units, increasing their market share to 63.5% [1] Strategic Management - The company has implemented integrated management for its self-owned passenger and commercial vehicle businesses, enhancing operational efficiency and market responsiveness [1] - The passenger vehicle segment has adopted Huawei's Integrated Product Development (IPD) and Integrated Product Marketing System (IPMS) models, optimizing numerous business processes and reducing product development cycles to 18 months [1] New Product Launches - At the Chengdu Auto Show, SAIC's Zhiji Auto showcased the new Zhiji LS6, featuring a 66 kWh battery with a pure electric range exceeding 450 km and a total range of 1500 km [2] - The MG brand introduced the MG4, with a range of 530 km, priced between 65,800 to 99,800 yuan [2] - The Roewe brand launched the Roewe M7 DMH, with a starting pre-sale price of 97,800 yuan, positioned as a mid-large hybrid sedan [2] New Energy Vehicles - SAIC-GM presented several new energy models at the Chengdu Auto Show, with Buick planning to launch five new models based on the "Xiaoyao" architecture within the next eight months [3] - The high-end electric sub-brand "Zhijing" from Buick unveiled three concept vehicles at the show, all based on the "Xiaoyao" architecture [3] - The Audi A5L Sportback and Audi E5 Sportback were also showcased, with the latter featuring a battery from CATL that offers a maximum range of 773 km [4] Collaboration and Market Response - The SAIC-Audi brand's first SUV, the H5, developed in collaboration with Huawei, received over 50,000 orders within 18 hours of its pre-sale launch [4]

Core Viewpoint - The company's Q2 2025 performance met expectations, with significant improvements in sales volume and revenue, although net profit showed a decline due to various factors [2][3]. Financial Performance Summary - **Revenue**: In Q2 2025, the company achieved total revenue of 158.73 billion yuan, with a year-on-year increase of 12% and a quarter-on-quarter increase of 13%. The wholesale sales volume reached 1.108 million units, reflecting a year-on-year increase of 12% and a quarter-on-quarter increase of 17% [2][3]. - **Net Profit**: The net profit attributable to shareholders was 2.99 billion yuan, down 23% year-on-year and 1% quarter-on-quarter. The non-recurring net profit was 2.58 billion yuan, with a quarter-on-quarter decrease of 9% [2][3]. - **Gross Margin and Expense Ratios**: The gross margin for Q2 2025 was 8.5%, up 0.3 percentage points year-on-year and quarter-on-quarter. The sales, management, and R&D expense ratios were 2.7%, 3.2%, and 2.7%, respectively, showing a year-on-year decrease in sales and management expenses [3]. - **Investment Income**: The company reported net investment income of 1.83 billion yuan, a significant decline of 68% year-on-year and 17% quarter-on-quarter, primarily due to a large investment gain from MG India in the same period last year [3]. Future Outlook and Ratings - The company has adjusted its net profit forecasts for 2025, 2026, and 2027 to 10.2 billion, 13 billion, and 17.4 billion yuan, respectively, maintaining a "buy" rating with corresponding P/E ratios of 22, 17, and 13 times [4].

Group 1 - The company has confirmed that SAIC Motor Corporation is one of its important clients [2] - The company provides various automotive electronic products to SAIC Motor [2]

Core Insights - SAIC Motor Corporation Limited reported a total vehicle wholesale of 2.053 million units in the first half of 2025, representing a year-on-year increase of 12.4% [1] - The company achieved a consolidated revenue of CNY 299.59 billion, up 5.2% year-on-year, and a net profit attributable to shareholders of CNY 6.02 billion, with a significant increase in net profit excluding non-recurring items by 432.2% [1] - The company launched several new models and implemented various consumer promotion measures to stimulate demand, including trade-in subsidies and purchase packages [1] Sales Performance - The retail sales reached 2.207 million units, maintaining the leading position in the domestic industry [1] - Sales of self-owned brands reached 1.304 million units, up 21.1%, with a market share increase to 63.5% [1] - New energy vehicle sales totaled 646,000 units, marking a growth of 40.2%, while overseas sales reached 494,000 units, a slight increase of 1.3% [1] Operational Efficiency - The company has implemented integrated management for passenger and commercial vehicle businesses, enhancing operational efficiency and market responsiveness [2] - The passenger vehicle segment adopted Huawei's integrated product development and marketing systems, optimizing numerous business processes and reducing product development cycles to 18 months [2] - The commercial vehicle segment established a dedicated board to improve organizational structure and resource collaboration [2] New Product Development - SAIC Motor launched a new brand "SAIC Shangjie" in collaboration with Huawei, focusing on durable and high-quality vehicles [2] - The first product, Shangjie H5, started pre-sales on August 25, achieving over 50,000 orders within 18 hours [2] - The MG brand adjusted its product structure and marketing strategies, achieving a 16% year-on-year increase in deliveries in Europe, totaling 153,000 units [3] Technological Advancements - The company is advancing the development of second-generation solid-state batteries and has partnered with OPPO for a new intelligent cockpit [3] - These technologies have been implemented in the new MG4, which has received 30,000 pre-sale orders [3] - The "end-to-end" large model has been integrated into the Zhiji L6, with continuous upgrades, while the new Zhiji LS6 utilizing "Star" super-range technology received over 10,000 orders within 30 minutes of pre-sale [3]

Index Performance - The CSI A500 Index increased by 3.34% this week, marking four consecutive weeks of gains, closing at 5372.76 points on August 29 [4][5] - The average daily trading volume for the week was 10,436.75 billion yuan, with a week-on-week increase of 30.39% [4][5] Component Stock Performance - The top ten gainers this week included Tianfu Communication (61.54%), Yanshan Technology (34.86%), and Shenzhen South Circuit (32.07%) [3] - The top ten losers included Berteli (-11.09%), Giant Star Technology (-9.33%), and Weining Health (-7.78%) [3] Fund Performance - All 39 CSI A500 funds reported positive returns, with the highest increase from Guolian An at 4.72% [5] - The total scale of CSI A500 funds reached 1884.32 billion yuan, showing an increase compared to the previous week [5] - The top three funds by scale were Huatai-PB (210.84 billion yuan), E Fund (198.54 billion yuan), and Guotai Fund (195.83 billion yuan) [5] Market Outlook - Current market conditions support continued stock market growth, with reasonable valuations and emerging positive factors such as a potential interest rate cut cycle by the Federal Reserve [6] - The market is expected to experience a "rotation and rebound" characteristic, with short-term rebound opportunities being more noteworthy [7] - In September, basic factors may have a weaker impact on the market, but liquidity-driven trading is at historical highs, suggesting a potential shift in market dynamics [7]

【文/观察者网 潘昱辰 编辑/高莘】1小时小订突破2.5万份，18小时突破5万份……8月25日，在鸿蒙智行 秋季新品发布会的压轴环节，由上汽与华为联手打造的尚界H5以16.98万元的价格开启预订，并隐隐有 了成为爆款的潜质。 对上汽与华为而言，尚界H5的意义不单是一款新车，更是双方从昔日"灵魂"之争到如今携手合作的见 证。 尚界H5 尚界汽车 而尚界H5所处的价格区间，恰好直击15万—25万元的主流消费带，也是竞争最为白热化的红海市场。 无论对上汽还是华为，实现规模化都是尚界H5的第一使命。 作为昔日中国最大的汽车制造商，上汽集团正面临合资品牌收缩、自主品牌蛰伏的状况，大象转身需要 破局手段，而智能化对年轻消费群体的吸引力，使之成为上汽必须捏在手中的一张王牌。 对华为而言，尚界H5则代表着鸿蒙智行走入"寻常百姓家"。在此之前，华为智选车业务已通过"四界"覆 盖了25万——100万元的市场，却尚未涉及15万—25万元的最主流市场。但是，尚界的落地，第一次让 华为的智能体验飞入寻常百姓家，这对华为智能汽车解决方案的长远发展至关重要。 在合资时代，上汽大众和上汽通用正是依靠这一市场奠定行业领先地位——对主流消费群体 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report indicates that a turning point has been reached for the company, suggesting that it is well-positioned for a significant transformation [1] - The company has shown strong performance in the first half of 2025, with total revenue of 299.59 billion yuan, a year-on-year increase of 5.2%, and a non-recurring net profit of 5.43 billion yuan, up 432.2% year-on-year [7] - The company is expected to benefit from its three main growth drivers: self-owned brands, new energy vehicles, and international operations, which will facilitate the transition from old to new business models [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 700.95 billion yuan, with a year-on-year growth rate of 11.7% [5] - The net profit attributable to the parent company is projected to be 11.40 billion yuan for 2025, reflecting a significant year-on-year increase of 584.2% [5] - Earnings per share are expected to rise to 0.99 yuan in 2025, with a projected price-to-earnings ratio of 19 [5] - The company’s gross margin is anticipated to improve to 10.0% in 2025, with a return on equity (ROE) of 3.9% [5] Market Performance - The company maintained its position as the leading domestic automaker, with retail sales reaching 2.207 million vehicles, including 1.304 million from self-owned brands, a 21.1% increase year-on-year [7] - The sales of new energy vehicles reached 646,000 units, marking a 40.2% increase year-on-year [7] - The company has successfully navigated challenges in the European market, achieving a 16% year-on-year increase in deliveries for its MG brand [7]

Core Viewpoint - Huawei and SAIC are collaborating to create a competitive force in the mainstream SUV market, aiming to disrupt the existing automotive landscape with the launch of the "Shangjie H5" model at a competitive price point of 169,800 yuan [1][3][5]. Summary by Sections Product Launch and Features - The Shangjie H5, positioned as a mainstream SUV, features advanced technologies such as Huawei's ADS 4 autonomous driving system, a 192-line lidar, and a digital chassis engine, all starting at a pre-sale price of 169,800 yuan [3][7][9]. - The vehicle offers both pure electric and extended-range versions, with a focus on delivering high-tech features at a lower price point than competitors, aiming to redefine the B-class car segment [5][7][9]. Market Strategy and Positioning - The collaboration between Huawei and SAIC is seen as a strong alliance that could reshape the Chinese automotive market, with ambitions to capture a significant share in the rapidly growing 150,000 to 200,000 yuan segment, which accounted for 42.3% of the domestic market in the first half of the year [6][18][24]. - The Shangjie H5 is designed to meet the practical needs of family users, emphasizing spaciousness and safety, with a length of 4.78 meters and a wheelbase of 2.84 meters, providing ample interior space [11][13]. Sales Performance and Market Impact - The pre-sale of the Shangjie H5 saw over 25,000 orders within the first hour and surpassed 50,000 orders in 18 hours, indicating strong market interest and demand [14][18]. - The competitive pricing strategy is expected to challenge existing players in the market, with analysts predicting that the model could become a "bestseller" in its category, potentially reaching 150,000 pre-orders before its official launch [14][21]. Future Outlook - The partnership aims to leverage Huawei's technological expertise and SAIC's manufacturing capabilities to create a product that not only competes on price but also offers superior technology and safety features, setting a new standard in the automotive industry [25][26]. - The Shangjie brand is positioned to become a significant player in the market, with plans for extensive distribution through over 1,500 dealers, focusing on both first- and second-tier cities [21][26].