详见公司于上海证券交易所网站发布的《关于计提资产减值准备 的公告》（临 2025－049）。 （同意 8 票，反对 0 票，弃权 0 票） 证券代码：600104 证券简称：上汽集团 公告编号：临 2025－048 上海汽车集团股份有限公司 九届四次董事会会议决议公告 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。 上海汽车集团股份有限公司第九届董事会第四次会议通知于 2025 年 10 月 17 日通过传真、电子邮件等形式送达。本次董事会会 议于 2025 年 10 月 29 日采用通讯方式召开。会议的召集、召开符合 《公司法》及《公司章程》的有关规定。本次会议应到董事 8 人，实 际出席会议董事 8 人。 经与会董事逐项审议,表决通过了如下决议： 1、关于计提资产减值准备的议案 公司本次计提资产减值准备符合《企业会计准则》、相关会计政 策规定及公司实际情况，计提减值准备的依据充分，能客观、公允地 反映公司资产状况和经营成果，同意公司本次计提资产减值准备。 本议案事先已经公司董事会审计委员会审议通过。 2、2025 年第三季 ...

Financial Performance - Total operating revenue for the third quarter reached ¥169.40 billion, an increase of 16.19% year-over-year[4] - Net profit attributable to shareholders was ¥2.08 billion, reflecting a significant increase of 644.88% compared to the same period last year[4] - The total profit for the quarter was ¥5.80 billion, representing a 161.76% increase year-over-year[4] - The basic earnings per share for the quarter was ¥0.181, an increase of 624.00% compared to the same period last year[4] - The total profit for the year-to-date period reached ¥16.31 billion, an increase of 48.29% compared to the same period last year[4] - Net profit for the first three quarters of 2025 was ¥12.00 billion, up 42.5% from ¥8.43 billion in the first three quarters of 2024[21] - Operating profit increased to ¥16.10 billion, a rise of 48.5% from ¥10.81 billion year-on-year[21] - Basic earnings per share rose to ¥0.706, compared to ¥0.602 in the previous year, marking an increase of 17.2%[21] Cash Flow - The net cash flow from operating activities was ¥10.90 billion, up 47.83% year-over-year[4] - The cash inflow from operating activities for the first three quarters of 2025 was CNY 437.02 billion, an increase of 4.0% compared to CNY 417.70 billion in the same period of 2024[24] - The net cash flow from operating activities increased significantly to CNY 31.94 billion, up 70.9% from CNY 18.69 billion year-on-year[24] - The cash outflow for purchasing goods and services was CNY 315.64 billion, a decrease of 8.9% from CNY 346.61 billion in the previous year[24] - The total cash and cash equivalents at the end of the period stood at CNY 181.78 billion, a decrease from CNY 157.04 billion year-on-year[25] - The company reported a significant increase in cash received from sales of goods and services, totaling CNY 424.94 billion, compared to CNY 392.18 billion in the previous year[24] - The cash received from investment income rose to CNY 10.70 billion, up from CNY 7.08 billion in the same period last year[25] - The company experienced a cash outflow of CNY 90.47 billion for debt repayment, which increased from CNY 68.98 billion in the previous year[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥942.45 billion, a decrease of 1.54% from the previous year[5] - The company's current assets totaled RMB 592.01 billion, down from RMB 602.14 billion at the end of 2024, indicating a decrease of about 1.9%[15] - Total liabilities stood at RMB 506.44 billion, slightly down from RMB 511.93 billion, reflecting a decrease of about 1.1%[16] - Total liabilities decreased to ¥587.14 billion from ¥610.41 billion, reflecting a reduction of approximately 3.9%[17] - The company's short-term borrowings decreased significantly to RMB 36.66 billion from RMB 53.69 billion, a reduction of approximately 31.7%[16] - The company’s long-term borrowings decreased to RMB 16.23 billion from RMB 36.14 billion, a significant drop of approximately 55.1%[16] - The total inventory was reported at RMB 75.09 billion, down from RMB 77.28 billion, indicating a decrease of about 2.8%[15] - The company’s equity investments decreased to RMB 56.31 billion from RMB 60.36 billion, a decline of approximately 6.9%[15] - Total equity increased to ¥355.31 billion, up from ¥346.73 billion, representing a growth of about 2.3%[17] Research and Development - Research and development expenses for the first three quarters of 2025 amounted to ¥12.61 billion, an increase of 9.4% compared to ¥11.53 billion in the same period of 2024[20] Other Income - The company reported a decrease in interest income to ¥7.42 billion from ¥10.36 billion, a decline of 28.5%[20] - Investment income for the first three quarters of 2025 was ¥7.46 billion, down from ¥10.27 billion, indicating a decrease of 27.3%[20] - Other comprehensive income after tax for the first three quarters of 2025 was ¥771.25 million, down from ¥5.11 billion, reflecting a significant decrease of 84.9%[21] Profit Growth Factors - The company attributed the profit growth to market expansion and improved operational efficiency[8] - The company reported a significant increase in net profit excluding non-recurring gains and losses, which was ¥1.69 billion for the quarter, up 5,699.86% year-over-year[4]

Market Overview - The passenger car sector experienced a decline of 0.46% on October 30, with Haima Automobile leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Beiqi Blue Valley (600733) closed at 8.35, down 0.97% with a trading volume of 1.33 million shares and a turnover of 1.1 billion [1] - SAIC Motor (600104) saw a slight increase of 0.36%, closing at 16.75 with a trading volume of 416,200 shares [1] - GAC Group (601238) closed at 7.76, down 0.26% with a trading volume of 298,000 shares [1] - Great Wall Motors (601633) closed at 22.71, down 0.26% with a trading volume of 163,100 shares [1] - XD Seres (601127) closed at 162.94, down 0.45% with a trading volume of 272,200 shares [1] - BYD (002594) closed at 103.61, down 0.87% with a trading volume of 359,000 shares [1] - Changan Automobile (000625) closed at 12.38, down 0.88% with a trading volume of 845,400 shares [1] - Chery Automobile (000572) closed at 6.00, down 1.80% with a trading volume of 1.26 million shares [1] Capital Flow Analysis - The passenger car sector saw a net outflow of 713 million yuan from main funds, while retail funds experienced a net inflow of 517 million yuan [1] - The following stocks had notable capital flows: - Beiqi Blue Valley: Main funds net inflow of 82.19 million yuan, retail net inflow of 6.06 million yuan [2] - SAIC Motor: Main funds net inflow of 48.37 million yuan, retail net outflow of 37.73 million yuan [2] - GAC Group: Main funds net inflow of 3.47 million yuan, retail net inflow of 1.92 million yuan [2] - Great Wall Motors: Main funds net outflow of 4.58 million yuan, retail net outflow of 1.58 million yuan [2] - Chery Automobile: Main funds net outflow of 71.47 million yuan, retail net inflow of 64.56 million yuan [2] - Changan Automobile: Main funds net outflow of 128 million yuan, retail net inflow of 1.33 million yuan [2] - XD Seres: Main funds net outflow of 230 million yuan, retail net inflow of 91.61 million yuan [2] - BYD: Main funds net outflow of 413 million yuan, retail net inflow of 26 million yuan [2]

Core Viewpoint - The company, Xiangdao Mobility, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for autonomous driving research, Robotaxi operations, and expanding its user and driver base [2][3]. Group 1: Company Overview - Xiangdao Mobility, originally established as Shanghai Saike Mobility Technology Service Co., Ltd. in April 2018, was restructured into a joint-stock company in September 2023 [3]. - The company has achieved significant growth, with over 20 million registered users and a 97% user satisfaction rate within two years of operation [4]. - As of June 2023, Xiangdao Mobility has expanded its services to 85 cities in China, with approximately 1.062 million registered drivers [8]. Group 2: Financial Performance - In the first half of 2023, the company reported revenues exceeding 3 billion RMB, with a net loss narrowing to 115 million RMB [11]. - The revenue breakdown for 2022-2024 shows that income from ride-hailing services was approximately 33.61 billion RMB in 2022, 42.09 billion RMB in 2023, and projected at 49.91 billion RMB in 2024 [9][10]. - The company has raised a total of 2.63 billion RMB through three rounds of financing, with the latest C round raising 1.3 billion RMB [6][8]. Group 3: Market Position and Strategy - Xiangdao Mobility ranks fifth among domestic ride-hailing platforms by Gross Transaction Value (GTV) and second in Shanghai by completed orders [8]. - The company has established a comprehensive service model that includes ride-hailing, vehicle rental, and Robotaxi services, aiming to provide a one-stop travel solution [8][9]. - The company is also focusing on the development of its Robotaxi service, having received the first demonstration operation license for unmanned driving in Shanghai [10].

Group 1 - The core viewpoint of the article highlights SAIC Motor Corporation's significant growth in vehicle sales and profits for the third quarter of 2025, indicating strong operational performance [2] - In Q3 2025, the company achieved vehicle sales of 1.141 million units, representing a year-on-year increase of 38.7% [2] - The total revenue for Q3 2025 reached 169.4 billion yuan, with a net profit attributable to shareholders of 2.08 billion yuan, marking a remarkable year-on-year growth of 644.9% [2] Group 2 - For the first three quarters of 2025, SAIC Motor sold approximately 3.193 million vehicles, reflecting a year-on-year growth of 20.5% [2] - The total revenue for the first three quarters was 468.99 billion yuan, which is a 9.0% increase compared to the same period last year [2] - The net profit attributable to shareholders for the first three quarters amounted to 8.1 billion yuan, showing a year-on-year increase of 17.3% [2] - The net profit excluding non-recurring gains and losses was 7.12 billion yuan, with a substantial year-on-year growth of 578.6% [2] - The net cash flow from operating activities reached 31.94 billion yuan, representing a year-on-year increase of 70.9% [2]

Core Viewpoint - SAIC Motor Corporation reported significant growth in its Q3 2025 financial results, driven by the expansion of its self-owned brands and new energy vehicle (NEV) business [1] Financial Performance - In Q3, the company achieved total revenue of 169.4 billion yuan, representing a year-on-year increase of 16.2% [1] - The net profit attributable to shareholders reached 2.08 billion yuan, a substantial increase of 644.9% year-on-year [1] - For the first three quarters, total revenue amounted to 468.99 billion yuan, up 9.0% year-on-year, while net profit attributable to shareholders was 8.1 billion yuan, reflecting a 17.3% increase [1] - The net cash flow from operating activities was 31.94 billion yuan, showing a significant growth of 70.9% year-on-year [1] Sales Performance - From January to September, the sales volume of self-owned brands reached 2.044 million units, marking a year-on-year growth of 29.2% [1] - Sales of new energy vehicles totaled 1.083 million units, which is a year-on-year increase of 44.8% [1] - Cumulative sales in overseas markets reached 765,000 units, with new energy vehicle exports accounting for 215,000 units, a remarkable growth of 69.7% year-on-year [1] Future Outlook - The company plans to continue increasing investments in intelligence and electrification, focusing on accelerating the mass production of core technologies such as semi-solid batteries and "Star Super Range Extender" [1]

Investment Rating - The report assigns an "Outperform the Market" rating for the company [4][6]. Core Views - The company has a clear structure with four major business segments: stamping parts, molds, assembly processing, and precision electroplating, which are supported by high-quality customer resources [1][14]. - The stamping and assembly processing businesses are benefiting from the recovery and growth of core customers, particularly SAIC Motor, and the expansion into new energy vehicle clients such as Tesla, Li Auto, and Xiaomi [2][20]. - The precision electroplating business is seen as a new growth driver, with significant margins and a recent entry into the power semiconductor sector [3][25]. Summary by Sections Business Overview - The company has been deeply involved in the automotive parts industry for over 30 years, establishing a diversified product matrix that includes stamping parts, assembly processing, precision electroplating, and mold design and manufacturing [14][17]. - The company completed the acquisition of Wuxi Kaixiang in 2022, marking its entry into the precision electroplating business, which is expected to drive future growth [14][25]. Financial Performance - The company forecasts revenues of CNY 25.31 billion for 2024 and CNY 31.02 billion for 2025, with a projected net profit of CNY 5.01 billion for 2025, reflecting a year-on-year growth rate of 32.5% [4][5]. - The gross margin is expected to improve, reaching 29.04% in the first half of 2025, driven by product mix optimization and cost control [4][42]. Customer Base and Market Position - The company has a solid customer base, with major clients including SAIC Group, Tesla, Li Auto, and Xiaomi, which collectively contribute significantly to its revenue [54][30]. - The company’s stamping business has over 3,500 products, with a focus on both traditional fuel vehicles and new energy vehicles, ensuring a stable order flow [20][31]. Growth Drivers - The precision electroplating segment is projected to grow significantly, with sales of precision electroplated parts expected to increase from 71.66 million units in 2021 to 122.21 million units by 2024, achieving a gross margin of 80% [3][49]. - The company is also investing in power semiconductor components, which are anticipated to provide new growth opportunities [3][25]. Market Trends - The automotive stamping parts market in China is expected to maintain a scale of around CNY 250 billion from 2025 to 2027, driven by the increasing demand for lightweight and high-safety vehicles [59][60]. - The report highlights a trend towards outsourcing assembly processing as automotive manufacturers seek to enhance operational efficiency [57].

Core Insights - The commercial vehicle market is facing intense competition, frequent promotional policies, and a rapid transition to new energy, making traditional approaches insufficient to meet challenges [1] - SAIC Commercial Vehicles has reported strong performance with retail sales of approximately 187,000 units in the first nine months, and a year-on-year increase of 63.1% in new energy vehicle sales [1][4] Market Position and Performance - SAIC Commercial Vehicles has established a strong market presence across multiple segments, with a market share of 18.9% in the light commercial vehicle sector, leading the industry [2] - The sales of SAIC Maxus, a key brand, reached 68,434 units from January to September, marking a 22% year-on-year increase [2] - The "Dana" series of light commercial vehicles saw a remarkable 129% year-on-year growth, while the "New Journey" series maintained a steady 9% growth [2] - In the light truck segment, sales of the Leap Truck increased by 241% year-on-year in September, with a cumulative sales growth of 101.6% for the first nine months [2] New Energy Transition - The transition to new energy has become a significant growth driver for SAIC Commercial Vehicles, with new energy sales increasing by 63.1% and a penetration rate exceeding 30.6%, up 13.3 percentage points from the previous year [3] - The sales of new energy narrow-body light commercial vehicles have been consistently high, with monthly sales surpassing 3,000 units [3] - The Leap Truck's new energy sales accounted for 62.6% in September, while Nanjing Iveco's new energy vehicle sales grew by 84.8% year-on-year [3] Global Expansion - SAIC Commercial Vehicles has expanded its global footprint, exporting approximately 75,000 units in the first nine months, ranking second in the light commercial vehicle export sector [3] Strategic Development - The establishment of the SAIC Commercial Vehicle division has led to a more coordinated approach, with a clear five-year sales target of doubling sales to 500,000 units [6] - The company's growth strategy is characterized by a comprehensive system revolution, integrating strategy, organization, product, channel, and ecosystem [7] - The recent achievements, including five consecutive months of sales growth and a new energy vehicle penetration rate exceeding 30%, are seen as milestones in the ongoing system reform [7]

Core Insights - The passenger car sector experienced a 1.0% increase on October 29, with Sairus leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Passenger Car Sector Performance - Sairus (601127) closed at 163.99, with a rise of 3.14% and a trading volume of 274,500 shares, totaling a transaction value of 4.454 billion [1] - Other notable performers include: - Byd (002594) at 104.52, up 0.77%, with a transaction value of 4.129 billion [1] - SAIC Motor (600104) at 16.69, up 0.79%, with a transaction value of 497 million [1] - The sector saw a net inflow of 520 million from institutional investors, while retail investors experienced a net outflow of approximately 88.93 million [1] Fund Flow Analysis - Sairus had a net inflow of 5.38 billion from institutional investors, while retail investors saw a net outflow of 2.95 billion [2] - Byd recorded a net inflow of 87.52 million from institutional investors, with retail investors contributing a net inflow of 13.29 million [2] - SAIC Motor had a net inflow of 22.24 million from institutional investors, while retail investors experienced a net outflow of 4.78 million [2]

Core Insights - The Chinese automotive industry is undergoing significant transformation, with traditional automakers like GAC Group and SAIC Group actively shifting towards self-owned brands to navigate the challenges posed by the industry's evolution towards electrification and intelligence [1][2]. Traditional Automakers: Steady Growth in Self-Owned Brands - GAC Group reported a revenue of 66.272 billion yuan for the first three quarters of 2025, a year-on-year decline of 10.49%, with a net loss of 4.312 billion yuan, marking a staggering year-on-year decline of 3691.33% [2]. - In Q3 2025, GAC Group's revenue was 24.106 billion yuan, down 14.63% year-on-year, with a net loss of 1.774 billion yuan, an increase in loss of 27.02% year-on-year [2]. - Despite these challenges, GAC Group's Q3 performance showed signs of recovery, with a quarter-on-quarter sales increase of 11.49% and revenue growth of 7% [2]. - SAIC Group has also seen a turnaround, achieving a cumulative vehicle sales of 3.193 million units in the first three quarters of 2025, a year-on-year increase of 20.5% [3]. New Energy Vehicle Industry: Performance Growth - The new energy vehicle sector has experienced robust growth, positively impacting upstream companies. CATL reported a revenue of 283.072 billion yuan for the first three quarters of 2025, a year-on-year increase of 9.28%, with a net profit of 49.034 billion yuan, up 36.2% [4]. - CATL's battery installation volume reached 210.67 GWh in the first three quarters, capturing a 42.75% market share in China [4]. - Guoxuan High-Tech achieved a revenue of 10.114 billion yuan in Q3, a year-on-year increase of 20.68%, with a battery installation volume of 26.27 GWh, reflecting an 84.7% year-on-year growth [4][5]. - Xiamen Tungsten's revenue for Q3 was 5.477 billion yuan, a year-on-year increase of 50.45%, with a net profit of 217 million yuan, up 61.82% [5][6].