证券代码：600104 证券简称：上汽集团 公告编号：临 2025－047 上海汽车集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 24 日（星期五）至 10 月 30 日（星期 四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 saicmotor@saic.com.cn 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 上海汽车集团股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 10 月 31 日（星期五）14:00-15:00 举行 2025 年第三季度业 绩说明会，就投资者关心的问题进行交流。 （三） ...

Core Insights - The passenger car sector experienced a slight increase of 0.39% on October 23, with Great Wall Motors leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% to 13025.45 [1] Passenger Car Sector Performance - Great Wall Motors (601633) closed at 23.21, up 1.62% with a trading volume of 127,400 shares and a turnover of 293 million yuan [1] - GAC Group (601238) saw a closing price of 7.84, increasing by 1.29% with a trading volume of 372,700 shares and a turnover of 289 million yuan [1] - Seres (601127) closed at 158.47, up 0.85% with a trading volume of 218,500 shares and a turnover of 3.454 billion yuan [1] - SAIC Motor (600104) closed at 16.53, up 0.43% with a trading volume of 259,900 shares and a turnover of 427 million yuan [1] - BYD (002594) closed at 103.69, down 0.09% with a trading volume of 378,600 shares and a turnover of 3.890 billion yuan [1] - Changan Automobile (000625) closed at 12.38, down 0.16% with a trading volume of 708,400 shares and a turnover of 873 million yuan [1] - BAIC Blue Valley (600733) closed at 7.86, down 0.88% with a trading volume of 665,700 shares and a turnover of 519 million yuan [1] - Haima Automobile (000572) saw a significant decline of 5.63%, closing at 5.70 with a trading volume of 1.8812 million shares and a turnover of 1.083 billion yuan [1] Fund Flow Analysis - The passenger car sector experienced a net outflow of 776 million yuan from institutional investors, while retail investors saw a net inflow of 607 million yuan [1] - Notable fund flows include: - Seres (601127) had a net inflow of 67.44 million yuan from institutional investors, but a net outflow of 63.23 million yuan from retail investors [2] - GAC Group (601238) saw a net inflow of 5.95 million yuan from institutional investors, with retail investors contributing a net inflow of 6.76 million yuan [2] - Great Wall Motors (601633) had a slight net outflow of 29,000 yuan from institutional investors, but retail investors contributed a net inflow of 611,670 yuan [2] - BYD (002594) experienced a significant net outflow of 563 million yuan from institutional investors, while retail investors contributed a net inflow of 419 million yuan [2]

Core Viewpoint - The establishment of SAIC Forward Automotive Technology (Shanghai) Co., Ltd. indicates SAIC Group's strategic expansion into the automotive technology sector, particularly focusing on new energy vehicles and related services [1] Company Summary - SAIC Forward Automotive Technology (Shanghai) Co., Ltd. has been recently established with a registered capital of 20 million RMB [1] - The legal representative of the company is Yang Wei [1] - The company is wholly owned by SAIC Group (600104) [1] Business Scope - The business scope includes automotive sales, new energy vehicle sales, software development, second-hand car brokerage, import and export of goods, technology import and export, sales of new energy vehicle electrical accessories, and sales of intelligent power distribution and control equipment [1]

Core Viewpoint - Recently, SAIC Forward Automotive Technology (Shanghai) Co., Ltd. was established with a registered capital of 20 million yuan, indicating SAIC Group's continued investment in automotive technology and related sectors [1] Company Summary - The newly established company is wholly owned by SAIC Group (600104) [1] - The business scope includes research and development of automotive components, sales of smart power distribution and control equipment, sales of charging piles, and wholesale of computer software and hardware [1]

Core Viewpoint - Shanghai's economy shows resilience with a GDP growth of 5.5% in the first three quarters, surpassing the national average by 0.3 percentage points, driven by industrial growth and strong performance from SAIC Motor Corporation [1][3]. Economic Performance - Shanghai's GDP reached 40,721.17 billion yuan, with industrial value-added increasing by 5.2% year-on-year [1]. - The total industrial output value for large-scale industries in Shanghai grew by 5.7%, indicating a slight acceleration compared to the first half of the year [1]. SAIC Motor Corporation's Performance - In the first nine months, SAIC sold 3.193 million vehicles, a year-on-year increase of 20.5%, maintaining its leading position in the domestic automotive industry [3]. - The company's net profit attributable to shareholders, excluding non-recurring items, surged by 432.2%, reflecting significant operational improvements [3][4]. Growth Drivers - SAIC's growth is attributed to the synergistic efforts of its three main pillars: independent brands, new energy vehicles (NEVs), and overseas markets [5]. - Sales of SAIC's independent brands reached 294,000 units in September, a 50.4% increase year-on-year, with a cumulative total of 2.044 million units sold in the first nine months [5]. New Energy Vehicles - In September, SAIC sold nearly 190,000 NEVs, marking a historical high with a year-on-year growth of 46.5% [8]. - Cumulative NEV sales for the first nine months reached 1.083 million units, up 44.8% year-on-year [8][9]. Technological Advancements - SAIC's growth is characterized by a focus on "technology labels," which enhance product competitiveness [10]. - The introduction of innovative technologies, such as the "Star Super Range" and "Lingxi Digital Chassis," has established a competitive edge in the market [12][14]. Global Expansion - SAIC's overseas sales reached 101,000 units in September, a 12.2% increase year-on-year, with the MG brand performing particularly well in Europe [15]. - The company has adapted its products to meet local market demands, enhancing its competitiveness against local brands [18]. Financial Health - SAIC reported a total revenue of 299.59 billion yuan in the first half of the year, a 5.2% increase, with a net profit of 6.02 billion yuan [18]. - The operating cash flow increased by 85.9%, indicating improved financial management and operational efficiency [18]. Product Strategy - SAIC has a clear product strategy with a series of new launches planned for 2025, ensuring coverage across various price segments [19]. - The company emphasizes a balanced product portfolio, catering to both passenger and commercial vehicle markets [19]. Conclusion - SAIC's consistent growth is a result of strategic focus on independent brands, NEVs, and global markets, supported by technological innovation and user-centric approaches [21]. - The company aims to continue optimizing retail, accelerating technology application, and expanding international operations, positioning itself for sustainable growth in the automotive industry [21].

Core Viewpoint - The article emphasizes the resilience and sustainable growth of SAIC Motor Corporation, driven by deep reforms, technological advancements, and a balanced strategy across its core segments: independent brands, new energy vehicles, and international markets [1][3][26]. Economic Performance - In the first three quarters, Shanghai's GDP reached 4,072.117 billion yuan, with a year-on-year growth of 5.5%, surpassing the national average by 0.3 percentage points [1]. - The industrial added value in Shanghai grew by 5.2%, while the total industrial output value increased by 5.7%, indicating a slight improvement over the first half of the year [1]. SAIC Motor's Sales Performance - In September, SAIC sold 440,000 vehicles, marking a year-on-year increase of 40.4% and a month-on-month increase of 21% [1]. - From January to September, SAIC's cumulative wholesale reached 319.3 thousand vehicles, up 20.5% year-on-year, with retail sales hitting 337.8 thousand vehicles [3]. Strategic Growth Drivers - SAIC's growth is attributed to the collaborative efforts of its "three driving forces": independent brands, new energy vehicles, and overseas markets, showcasing a healthy and balanced development [5][26]. - The sales of SAIC's independent brands reached 294,000 units in September, a 50.4% increase year-on-year, with a cumulative total of 2,044,000 units, accounting for 64% of total sales [5]. New Energy Vehicle Growth - In September, SAIC's new energy vehicle sales reached nearly 190,000 units, a historical high with a year-on-year growth of 46.5% [8]. - From January to September, cumulative sales of new energy vehicles reached 1,083,000 units, up 44.8% year-on-year [8]. Technological Advancements - SAIC's growth is characterized by the importance of "technology labels" as core competitive elements, with innovations such as the "Star Super Range Extender" and "Lingxi Digital Chassis" enhancing product competitiveness [11][13]. - The new MG4 model features a globally first mass-produced semi-solid-state battery, addressing cold weather performance issues [14]. Global Market Expansion - In September, SAIC's overseas sales reached 101,000 units, a year-on-year increase of 12.2%, with cumulative sales of 765,000 units from January to September [19]. - The MG brand has shown strong performance in Europe, with significant sales growth in the UK, Spain, Italy, and Germany [19][23]. Financial Performance - SAIC reported a consolidated revenue of 299.59 billion yuan in the first half of the year, a year-on-year increase of 5.2%, with a net profit of 6.02 billion yuan, reflecting a substantial growth of 432.2% [23][24]. - The net cash flow from operating activities increased by 85.9%, indicating improved operational quality [24]. Future Outlook - SAIC aims to continue optimizing retail, accelerating technology application, and advancing international operations, reinforcing its commitment to sustainable growth and customer satisfaction [26].

上汽集团10月22日大宗交易平台出现一笔成交，成交量24.23万股，成交金额422.33万元，大宗交易成交 价为17.43元，相对今日收盘价溢价5.89%。该笔交易的买方营业部为粤开证券股份有限公司苏州分公 司，卖方营业部为财通证券股份有限公司上海漕溪路证券营业部。 进一步统计，近3个月内该股累计发生13笔大宗交易，合计成交金额为9.50亿元。 证券时报·数据宝统计显示，上汽集团今日收盘价为16.46元，下跌0.30%，日换手率为0.19%，成交额为 3.57亿元，全天主力资金净流出483.71万元，近5日该股累计下跌2.14%，近5日资金合计净流出2239.44 万元。 两融数据显示，该股最新融资余额为28.16亿元，近5日减少4781.48万元，降幅为1.67%。 据天眼查APP显示，上海汽车集团股份有限公司成立于1984年04月16日，注册资本1149527.7504万人民 币。（数据宝） 10月22日上汽集团大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股 ...

10月22日，上汽集团大宗交易成交24.23万股，成交额422.33万元，占当日总成交额的1.17%，成交价 17.43元，较市场收盘价16.46元溢价5.89%。 | Ph 212"s with a dollar 11 list 1 high | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券商标 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 奥出营业部 是否为专场 | | 025-10-22 | 上汽集团 | 600104 | 17.43 24.23 | 422.33 | 费哥蒂索劈毁有限 | 型面面积累用 190 | ...

Group 1: Economic Growth and Consumer Trends - Shanghai's retail sales increased by 4.3% year-on-year in the first three quarters, with significant growth in July to September at 7.8%, 13%, and 9.2% respectively, contributing to a 2.6 percentage point increase in growth rate compared to the first half of the year [1] - The city's GDP grew by 5.5% year-on-year in the third quarter, outperforming the national average, driven by effective growth-stabilizing policies and a transition from traditional to modern economic drivers [1] - The "trade-in" subsidy policy significantly boosted retail sales in categories such as sports and entertainment, furniture, and home appliances, with increases of 27.7%, 22.1%, and 28.2% respectively [1] Group 2: Innovation in Consumption - Shanghai is recognized as the largest consumer city in China, with a strong demand-side resilience and rapid innovation in consumption driven by platforms like Xiaohongshu and Pinduoduo [2] - The "Shanghai International Animation Month" and the transformation of Rebirth Island into a "pain island" exemplify the innovative consumption landscape, supported by a cultural consumption boom [2] - The "content attracts users, commercial feedback to content" cycle is a core growth path for Xiaohongshu, further reinforced by the "Hujiao Policy" released in July [2] Group 3: Automotive and Tourism Sector Performance - SAIC Motor Corporation achieved a 20.5% year-on-year increase in cumulative sales from January to September, with September sales reaching 440,000 units, a 40.4% increase [3] - The tourism sector in Shanghai saw a significant increase in inbound visitors, with 6.366 million tourists in the first three quarters, a 37% year-on-year growth [3] Group 4: Airport and Travel Statistics - As of October 11, the number of inbound foreign travelers at Shanghai ports exceeded the total for the previous year, with over 50% entering through visa-free policies [4] - Shanghai Airport's passenger throughput surpassed 100 million in the first nine months, with a daily average of 406,000 passengers during the National Day and Mid-Autumn Festival holidays, marking a 9.3% year-on-year increase [4] Group 5: Future Economic Outlook - The economic outlook for Shanghai remains positive, with expectations of sustained growth contingent on maintaining a competitive edge in global technology and further activating domestic consumption potential [4]

Core Viewpoint - The eighth China International Import Expo will be held in Shanghai from November 5 to 10, 2025, showcasing SAIC Motor Corporation's commitment to quality and innovation in "Chinese manufacturing" through the provision of 750 reception vehicles [1] Group 1: Event Details - The reception vehicles for the expo will include various models such as Roewe M7DMH, Roewe iMAX8EV, the new IM L7, Maxus G10, Maxus V90, Audi A7L, Cadillac CT6, and Buick GL8 [1] - The event aims to allow global guests to fully experience the latest achievements in SAIC's technological innovation [1] Group 2: Collaboration and Service - SAIC has formed a professional team of 500 members in collaboration with Jinjiang Group and Jiushi Group to develop operational service plans and establish an emergency support network [1] - The collaboration focuses on providing "round-the-clock response, all-time service, and comprehensive support" to enhance the quality of travel experiences during the expo [1]