Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.75 CNY, based on a projected EPS of 0.95, 1.03, and 1.15 CNY for 2025-2027, respectively, and a PE valuation of 25 times [4][7]. Core Views - The report suggests that SAIC-GM will not hinder the company's profit growth, as the joint venture's sales are expected to stabilize and improve profitability after internal adjustments made in the previous year [11]. - The report highlights that GM China has achieved profitability for three consecutive quarters, indicating a gradual improvement in SAIC-GM's profitability [11]. - The report anticipates that new models will drive sales and profitability for SAIC-GM in the second half of the year, with a projected wholesale sales increase of 8.6% year-on-year in the first half of 2025 [11]. Financial Summary - The company's revenue is projected to decline by 15.4% in 2024, followed by a recovery with growth rates of 3.9%, 7.7%, and 8.0% in the subsequent years [6]. - Operating profit is expected to drop significantly by 60.0% in 2024 but rebound with a growth of 74.4% in 2025 [6]. - The net profit attributable to the parent company is forecasted to decrease by 88.2% in 2024, followed by a substantial increase of 560.3% in 2025 [6]. - The gross margin is expected to improve from 9.4% in 2024 to 11.1% by 2027 [6]. - The net profit margin is projected to recover from 0.3% in 2024 to 1.8% in 2027 [6].

在具身智能这一新领域，主机厂正竞相布局，以期找寻新增长曲线。 7月23日，上海汽车集团（北京）有限公司与逐际动力LimX Dynamics签署战略合作备忘录 ，宣布建立长期战略合作伙伴关系，并成立具身智能联合实验室 。 按照备忘录，双方围绕具身智能关键技术，共同开展面向汽车场景的具身机器人算法研发、系 统开发、工具链部署等工作。逐际动力提供具身智能软硬件共性技术，助力上汽北京构建自主 的具身智能系统开发能力，形成从数据采集、模型训练到系统测试的完整研发流程。未来，二 者还将以联合实验室为依托，协同构建具身智能机器人技术与应用的生态体系，推动相关技术 解决方案在汽车产业链的拓展。 "当前全球范围内人力成本上涨，传统汽车领域用得比较多的工业自动化已很难解决汽车智能 制造下的需求。人形机器人在汽车制造危险作业的替代、自动化方面有较大的应用潜力。"蔚 来汽车前瞻制造工程人形机器人战队负责人乙鹏，道出了部分车企下场造机器人的目的。 在政策支持与技术创新的双轮驱动下，具身智能产业正在加速发展。"早期我们凭借低成本、 高效率的优势快速扩大规模，如今则需要将中国制造业推向创新驱动、高质量发展的新高 度。"比亚迪集团董事长兼总 ...

Summary of Key Points Group 1: Market Overview - On July 24, a total of 84 stocks in the A-share market experienced block trading, with a total transaction value of 1.794 billion yuan [1] - The top three stocks by transaction value were Hotgen Biotech (1.33 billion yuan), SAIC Motor (1.05 billion yuan), and China National Machinery Industry Corporation (1.03 billion yuan) [1] Group 2: Price Transactions - Among the stocks traded, 11 stocks were transacted at par value, 2 stocks at a premium, and 71 stocks at a discount [1] - Minsheng Bank and Skyworth Digital had the highest premium rates at 0.39% and 0.09% respectively [1] - Guangxin Technology, Bio Valley, and Ruisheng Intelligent had the highest discount rates at 30.66%, 26.5%, and 22.25% respectively [1] Group 3: Institutional Buying - The top institutional buying amounts were led by Hotgen Biotech (1.33 billion yuan), XCMG Machinery (1.01 billion yuan), and Shennong Development (88.275 million yuan) [2] - Other notable institutional purchases included Jiejia Weichuang (67.7057 million yuan) and SAIC Motor (52.29 million yuan) [2] Group 4: Institutional Selling - The leading institutional selling amounts were from Hailiang Co., Ltd. (24.817 million yuan), Anning Co., Ltd. (13.2458 million yuan), and Northern Copper Industry (4.8536 million yuan) [3] - Other significant sales included Dongrui Co., Ltd. (4.375 million yuan) and Shengtong Co., Ltd. (4 million yuan) [3]

携手加速汽车产业具身智能发展。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 上海汽车集团（北京）有限公司（以下简称 "上汽北京"）与逐际动力LimX Dynamics 日前 在北京正式签署战略合作备忘录，宣布建立长期战略合作伙伴关系，并成立具身智 能联合实验室，携手推动具身智能在汽车产业链的技术创新、研发协同和人才培养。 这意味着， 逐际动力成为中国首家与上汽建立战略合作关系的具身智能企业 ； 依托逐际动力在具 身智能领域的创新平台能力，上汽将加快构建自主的场景解析及系统应用能力，推动新质生产力在汽 车产业链中的实践落地 。同时，这也标志着 具身智能技术正式进入主流工业的研发体系 。 事实上， 具身智能技术在汽车产业转型升级中具有巨大的应用潜力和变革价值。作为上汽的全资子 公司，上汽北京长期深耕汽车制造、物流、供应链管理等领域，具备覆盖全链条的系统搭建与工程实 施能力。此次合作，双方将围绕具身智能关键技术，建立联合实验室，共同开展面向汽车场景的具身 机器人算法研发、系统开发、工具链部署等关键能力。 作为上汽旗下私募股权投资平台尚颀资本战略投 ...

上海汽车集团股份有限公司 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： ? 每股分配比例 A 股每股现金红利0.088元 ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/7/30 － 2025/7/31 2025/7/31 证券代码：600104 证券简称：上汽集团 公告编号：2025-034 ? 差异化分红送转： 是 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 6 月 27 日的2024年年度股东大会 审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司" ）登记 在册的本公司全体股东。 根据《公司法》《证券法》《上海证券交易所上市公司自律监管指 引第 7 号—回购股份》等相关规定，公司回购专用证券账户持有的股 份不参与公司本次利润分配。 （1）差异化分红方案 根据公司 2024 年年度股东大会审议通过的《2024 年度利润分配预 案》，以公司享 ...

Core Viewpoint - GAC Fiat Chrysler's bankruptcy marks the end of the domestic Jeep brand's presence in China, reflecting the challenges faced by traditional joint venture models in the automotive industry [2][3]. Group 1: Market Trends and Changes - The period from 2020 to 2024 has seen a significant rise in new energy vehicle penetration from 5.8% to 56%, while the market share of joint venture car manufacturers has dropped from 60% to 34.8% [4]. - However, starting from November 2024, the market share of joint venture brands began to recover, reaching 36% in the first half of 2025 [5][6]. - In June 2025, the top joint venture car manufacturers showed positive sales growth, with SAIC Volkswagen and FAW-Volkswagen leading the way [11]. Group 2: Factors Contributing to Recovery - Joint venture brands maintained their fuel vehicle market share, which serves as a stabilizing factor for their overall performance [12]. - Localized R&D capabilities have become crucial for joint venture companies, with GAC Toyota's success in the new energy sector exemplifying this trend [14][17]. - Innovative marketing strategies, such as the "one-price" policy and FAW Toyota's "Time Renewal Plan," have revitalized market demand [18]. Group 3: Challenges Faced by Specific Companies - Honda's joint ventures in China are experiencing severe market challenges, with a significant decline in sales in the first half of 2025 [20]. - Honda's failure to maintain its fuel vehicle base and lack of brand premium in the new energy sector have contributed to its struggles [24]. - In contrast, Dongfeng Nissan has shown a more optimistic outlook, with the successful launch of the N7 electric vehicle demonstrating the effectiveness of the "foreign strategy + local capability" model [26][27]. Group 4: Performance of Other Joint Ventures - Beijing Hyundai and Yueda Kia have also shown positive sales trends in the first half of 2025, with significant growth in June [28][29]. - However, companies like Shenlong Automobile and Changan Ford are facing declining sales and market share, indicating a trend of marginalization [32][36].

Core Viewpoint - SAIC Group is poised for significant growth in the second half of the year, driven by the launch of multiple strategic new models and a strong performance in the first half, with a notable increase in sales and market position [1][14][19]. Group 1: Product Launches and Innovations - The first model from the SAIC-Huawei collaboration, the "Shangjie" H5, features a spacious design and offers both pure electric and range-extended versions, with a maximum range of 1300 km [3][5]. - The LS9 model from the Zhiji brand is a full-size SUV with impressive dimensions (5279/2000/1806 mm) and a new design philosophy, enhancing its market appeal [7][9]. - Upcoming models from SAIC's self-owned brands include the luxurious Roewe M7 DMH and the upgraded MG4, both promising advanced technology and enhanced user experience [5][12]. Group 2: Sales Performance - In the first half of the year, SAIC Group achieved a vehicle sales volume of 2.053 million units, marking a year-on-year increase of 12.4% [1][14]. - The company's self-owned brands accounted for 63.5% of total sales, with a 21.1% increase in cumulative sales [15]. - SAIC's new energy vehicle sales reached 646,000 units in the first half, reflecting a 40.2% year-on-year growth [15]. Group 3: Technological Advancements - Over the past decade, SAIC has invested nearly 150 billion yuan in core technologies, resulting in over 26,000 effective patents across various platforms [15][17]. - The company has achieved mass production capabilities for L2, L3, and L4 level assisted driving technologies, collaborating with leading suppliers in the industry [15][17]. Group 4: International Expansion - In June, SAIC's overseas sales reached 90,000 units, a year-on-year increase of 11.5%, with a total of 494,000 units sold in the first half [18][19]. - The MG brand has maintained a strong market presence in Europe, achieving over 150,000 deliveries despite high tariffs, and consistently ranking among the top-selling Chinese automotive brands [19].

证券代码：600104 证券简称：上汽集团 公告编号：2025-034 上海汽车集团股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.088元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/30 | － | 2025/7/31 | 2025/7/31 | 差异化分红送转： 是 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 6 月 27 日的2024年年度股东大会 审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记 在册的本公司全体股东。 1 根据公司 2024 年年度股东大会审议通过的利润分配方案，公司本 次仅进行现金 ...

国泰海通证券股份有限公司 关于上海汽车集团股份有限公司差异化分红事项的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"、"独立财务顾 问"）接受委托，担任上海汽车集团股份有限公司（以下简称"上汽集 团"、"上市公司"或"公司"）2021年至2025年股份回购事项独立财务 顾问。根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上海证券交易所股票上市规则》、《上海证券交易所上市公司自律监管 指引第7号——回购股份》等法律、法规及规范性文件的有关规定，独立财 务顾问对上市公司本次差异化分红事项进行了审慎核查，具体情况如下： 一、本次差异化分红的原因及依据 2020年7月3日，上汽集团召开第七届董事会第十二次会议，审议通过 了《关于以集中竞价方式回购公司股份的议案》；2020年7月20日，上汽集 团召开2020年第一次临时股东大会，审议通过了《关于以集中竞价方式回 购公司股份的议案》（以下简称"2020年回购"）。2021年1月19日， "2020年回购"期限届满，上汽集团通过集中竞价交易方式实际回购公司 股份数量合计为108,161,920股。上汽集团于2024年1月11日在中国证券登记 结 ...

智通财经7月23日电，上海汽车集团（北京）有限公司与具身智能创业企业逐际动力，宣布建立长期战 略合作伙伴关系，并成立具身智能联合实验室，在汽车制造应用场景开展人形机器人数据采集训练测 评，携手推动具身智能在汽车产业链的技术创新、研发协同和人才培养。此前，上汽集团旗下私募股权 投资平台尚颀资本曾参投逐际动力。 上汽北京与逐际动力联合成立具身智能实验室 ...