Financial Performance - Total revenue for Q1 2025 was CNY 140.86 billion, a decrease of 1.55% compared to CNY 143.07 billion in the same period last year[4] - Net profit attributable to shareholders increased by 11.40% to CNY 3.02 billion, up from CNY 2.71 billion year-on-year[4] - The net profit for Q1 2025 reached CNY 4,005,411,123.74, a significant increase from CNY 2,853,374,180.23 in Q1 2024, representing a growth of approximately 40.1%[17] - The company reported a total profit of CNY 4,952,421,158.06 for Q1 2025, compared to CNY 3,390,584,262.01 in Q1 2024, which is an increase of approximately 46.1%[17] - The total comprehensive income for Q1 2025 was CNY 5,197,260,693.57, up from CNY 3,179,839,088.57 in Q1 2024, reflecting an increase of approximately 63.2%[18] Cash Flow and Operating Activities - The net cash flow from operating activities improved significantly, reaching CNY 4.00 billion, a 187.98% increase from a negative cash flow of CNY 4.55 billion in the previous year[4] - The net cash flow from operating activities improved to CNY 3,999,810,506.51 in Q1 2025, contrasting with a negative cash flow of CNY -4,546,142,477.94 in Q1 2024[21] - The company experienced a decrease in cash inflow from sales of goods and services, which was CNY 138,793,769,763.87 in Q1 2025, down from CNY 157,956,226,963.11 in Q1 2024, a decline of about 12.1%[20] Earnings and Shareholder Returns - The basic earnings per share rose to CNY 0.264, reflecting an increase of 11.86% compared to CNY 0.236 in the same period last year[4] - Basic earnings per share for Q1 2025 were CNY 0.264, compared to CNY 0.236 in Q1 2024, marking an increase of about 11.9%[18] - The weighted average return on equity improved to 1.04%, an increase of 0.10 percentage points from 0.94%[4] Assets and Liabilities - Total assets decreased by 3.12% to CNY 927.30 billion from CNY 957.14 billion at the end of the previous year[5] - Total assets as of March 31, 2025, were CNY 927.30 billion, down from CNY 957.14 billion as of December 31, 2024, a decrease of 3.1%[14] - Total liabilities as of March 31, 2025, were CNY 572.93 billion, compared to CNY 610.41 billion as of December 31, 2024, a decrease of 6.1%[13] - Shareholders' equity increased to CNY 354.37 billion as of March 31, 2025, from CNY 346.73 billion as of December 31, 2024, an increase of 2.2%[14] Revenue and Costs - Operating income for Q1 2025 was CNY 137.68 billion, down from CNY 138.98 billion in Q1 2024, reflecting a decline of 0.9%[16] - Total operating costs for Q1 2025 were CNY 140.34 billion, down 2% from CNY 143.32 billion in Q1 2024[16] - Interest income decreased to CNY 2.68 billion in Q1 2025 from CNY 3.92 billion in Q1 2024, a drop of 31.6%[16] - Research and development expenses for Q1 2025 were CNY 3.88 billion, slightly lower than CNY 3.95 billion in Q1 2024, a decrease of 1.7%[16] Vehicle Sales - The company sold 94.5 thousand vehicles in Q1 2025, representing a year-on-year increase of 13.3%[6] Government Subsidies - The company received government subsidies amounting to CNY 232.63 million, which positively impacted the financial results[6] Accounting Standards - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of that year[22]

关于上海汽车集团股份有限公司 2024 年度控股股东及其他关联方占用资金情况专项报告 the station of 普华永道 关于上海汽车集团股份有限公司 控股股东及其他关联方占用资金情况专项报告 普华永道中天特审字(2025)第0534号 (第一页,共二页) 上海汽车集团股份有限公司董事会: 我们审计了上海汽车集团股份有限公司(以下简称"贵公司")2024年 12 月 31 日的合并及公司资产负债表、2024年度合并及公司利润表、合并及公司股东权 益变动表、合并及公司现金流量表和财务报表附注(以下合称"财务报表"),并 于 2025年 4月 28 日出具了报告号为普华永道中天审字(2025)第 10002 号的无 保留意见审计报告。财务报表的编制和公允列报是贵公司管理层的责任,我们的 责任是在按照中国注册会计师审计准则执行审计工作的基础上对财务报表整体发 表审计意见。 在对上述财务报表执行审计的基础上,我们对后附的截至 2024年 12月 31 日止年度贵公司控股股东及其他关联方非经营性资金占用及其他关联资金往来情 况汇总表(以下简称"情况表")执行了有限保证的鉴证业务。 根据中国证券监督管理委员会《上市公 ...

上海汽车集团股份有限公司 2024 年度财务报表及审计报告 . the state of the station of and and . 上海汽车集团股份有限公司 我们审计了上海汽车集团股份有限公司(以下简称"上汽集团")的财务报表, 包括 2024年 12月 31日的合并及公司资产负债表,2024年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及财务报表附注。 2024 年度财务报表及审计报告 | 内容 | 页码 | | --- | --- | | 审计报告 | 1 - 10 | | 2024 年度财务报表 | | | 合并及公司资产负债表 | 1 - 4 | | 合并及公司利润表 | 5 - 6 | | 合并及公司现金流量表 | 7 - 9 | | 合并股东权益变动表 | 10 - 11 | | 公司股东权益变动表 | 12 - 13 | | 财务报表附注 | 14 - 208 | | 补充资料 | 1 - 2 | 普华永道 审计报告 普华永道中天审字(2025)第 10002 号 (第一页,共十页) 上海汽车集团股份有限公司全体股东: 审计意见 r (一) 我们审计的内容 ( ...

上海汽车集团股份有限公司董事会: 我们审计了上海汽车集团股份有限公司(以下简称"贵公司")2024年 12月 31 日 的合并及公司资产负债表、2024年度合并及公司利润表、合并及公司股东权益变动 表、合并及公司现金流量表和财务报表附注,并于 2025年 4月 28 日出具了报告号 为普华永道中天审字(2025)第 10002 号的无保留意见审计报告。财务报表的编制和 公允列报是贵公司管理层的责任,我们的责任是在按照中国注册会计师审计准则执 行审计工作的基础上对财务报表整体发表审计意见。 关于上海汽车集团股份有限公司 2024 年度涉及上海汽车集团财务有限责任公司关联交易的存、贷款等金融业务情况 的专项报告 DTAPO 普华永道 关于上海汽车集团股份有限公司 2024年度 涉及上海汽车集团财务有限责任公司关联交易的存、贷款等金融业务情况的专项报告 普华永道中天特审字(2025)第0535号 (第一页,共二页) 涉及上海汽车集团财务有限责任公司关联交易的存、贷款等金融业务情况的专项报告(续) 普华永道中天特审字(2025)第0535号 (第二页,共二页) 我们的责任是在执行鉴证工作的基础上对关联金融业务情况汇总 ...

日前，上汽集团正式发布2024年年度报告和2025年第一季度报告。2024全年上汽集团实现营业总收入 6275.9亿元，归属于上市公司股东的净利润16.7亿元；并且实现整车批售401.3万辆，终端零售463.9万 辆；其中，新能源车终端交付达136.8万辆，海外市场整车交付108.2万辆，连续第三年实现新能源汽车 和海外市场年销"双百万辆"的佳绩。在这一轮行业变革中，上汽集团以稳健发展表现出非凡的韧性。 值得一提的是，上汽与华为共同打造的全新品牌"SAIC尚界"也在近期作为华为智选车模式的最新成员 正式亮相，吸引了更多的市场关注。同时，将于5月份上市全新智己L6搭载灵蜥数字底盘2.0、IM AD3.0智能辅助驾驶、IMOS4.0 AI生态座舱等上汽最新技术成果，在开启预售48小时，订单突破9000 台，有望成为上半年上汽增长的重要爆款。 海外战略再升级 国内外联合发力 众所周知，上汽的全球布局战略并非仅仅是单纯的产品出海，而是有系统、有规划、成建制地推进国际 经营。目前，上汽在海外拥有超过100个海外零部件生产基地、超过20个销售服务中心、超过3000个海 外经销商网络，打造伦敦等3大研发创新中心，和泰国、印 ...

【文/观察者网 潘昱辰 编辑/高莘】4月23日—5月2日举行的2025上海国际车展上，上汽集团在3号馆集 中展示智己、上汽乘用车、上汽大通、上汽大众、上汽通用汽车、上汽通用五菱六家整车企业十个品牌 的上百辆新车。 此次车展期间，上汽集团集中发布品牌焕新、"Glocal全球视野 本土匠心"等重大战略；并有全新智己 L6、荣威明珠概念车、荣威D6、MG Cyberster 2026款、 MG首款方盒子CyberX、上汽大通"新途远 界"、上汽奥迪新品牌AUDI E5 Sportback，上汽大众全尺寸增程式SUV概念车ID.ERA，上汽通用别克 GL8陆尚、凯迪拉克LYRIQ-V、五菱星光2025款、宝骏享境等最新车型亮相。同时，上汽与华为共同打 造的"SAIC尚界"作为华为智选车模式的最新成员，正式亮相车展。 上汽集团亮相上海车展 上汽集团 此次车展上，上汽集团高端新能源品牌智己汽车发布"瞬感天幕智能轿车"全新智己L6。新车配备防晒天 幕和舒适型座椅，并搭载灵蜥数字底盘2.0、IM AD3.0智能辅助驾驶、IMOS4.0 AI生态座舱等智能科 技。 全新智己L6 上汽集团 上汽集团表示，智己汽车是上汽品牌向上的 ...

【文/观察者网 潘昱辰 编辑/高莘】4月23日，上汽集团在2025上海国际车展上正式发布海外战略3.0 ——"Glocal战略"，即"全球+本土"的组合战略，打造本地化体系生态和全球汽车品牌。未来3年，上汽 将打造包括SUV、轿车、MPV、皮卡在内的17款全新海外车型，搭载全新HEV混合动力系统的车型将 覆盖全球主流细分市场，固态电池等颠覆性技术也将实现落地应用。 具体来看，上汽集团将打造本地化体系生态，实现从"规模扩张"转向"价值创造"，从"产品输出"转 向"标准输出"，助力中国智造构建全球版图。上汽将全球市场划分为N个区域，利用智能化、电动化技 术先发优势，形成各区域个性化、智慧化产品方案，做到"全球化思维，本地化行动"。 上汽宣布海外战略3.0 上汽集团 在设计方面，上汽集团由创新研究开发总院设计中心全球设计副总裁约瑟夫·卡班领衔，打造全新全球 MG设计语言，推出MG Cyberster特别版——MG首款方盒子CyberX；与OPPO合作，MG品牌将推出全 新一代MG4 EV。 自2001年上汽第一次实现乘用车产品出口以来，上汽集团海外战略可分为三个阶段：1.0为启动产品出 口；2.0为开启本地化运营， ...

新华财经上海4月26日电 2025年上海车展，3号展馆几无悬念地成为全场焦点之一。 在这座展馆，上汽集团以"懂车更懂你"为主题，集中展示了智己、上汽乘用车、上汽大通、上汽大众、上汽通用汽车、上汽通用五菱六家整车企业十个品牌 的上百辆新车，总展示面积近2万平方米。 时钟回拨至1985年，中国首个国际汽车工业展览会在上海展览中心举行。彼时，成立不过一年时间的上海大众桑塔纳生产线在安亭启动，同年桑塔纳亮相上 海车展，成为首届上海车展最受关注的中国合资品牌车型。 四十年来，上汽集团的改革创新与上海车展的进化升级保持同频共振，双方携手共赴时代浪潮。 主场担当："懂车更懂你" 从1985年的大众桑塔纳、1995年的大众帕萨特、1997年的别克新世纪，到2005年的雪佛兰爱唯欧、2009年的"大黄蜂"科迈罗量产版，再到2015年的宝骏 560、2019年的荣威MAX、2021年的智己LS7，直至2025年的上汽奥迪A5L Sportback、MG Cyber X及凯迪拉克"LOVE"纯电家族等，上汽集团诸多经典车型 与全新品牌序列，都是在上海车展首发亮相。 上海车展毫无疑问是上汽集团的"主场"。 2025年上海车展，上汽集 ...

Summary of SAIC Motor Corporation Conference Call Company Overview - **Company**: SAIC Motor Corporation - **Date**: Q1 2025 Conference Call Key Points Industry and Sales Performance - In Q1 2025, SAIC Motor's total sales reached 944,000 units, a year-on-year increase of 13%, with new energy vehicle (NEV) sales growing by 30%, indicating a significant improvement in fundamentals [2][4] - In 2024, total sales were over 4 million units, a decline of 20% year-on-year, with fuel vehicle sales dropping nearly 30% and NEV sales only increasing in single digits [3] Management Changes - Significant management restructuring occurred since July 2024, with Jia Jianxu appointed as president, aiming to drive innovation and accelerate NEV product launches [2][5] - The merger of the Roewe and Feifan brands under SAIC Passenger Vehicle was announced in October 2024, with He Minglei as general manager, to strengthen NEV strategic layout [2][8] Strategic Initiatives - SAIC has formed a large passenger vehicle segment to break down departmental barriers and enhance operational efficiency through collaboration in R&D, manufacturing, and marketing [2][9] - A partnership with Huawei led to the launch of the "SAIC Zhiji" brand, targeting the market below 200,000 yuan, with the first model ES39 expected to be released in Q3 2025 [2][10] Financial Performance - SAIC General Motors reported a net loss of approximately 2.3 billion yuan in the first half of 2024 but turned profitable in Q4, while SAIC Volkswagen's single vehicle profit was only 2,000 yuan, indicating pressure on joint venture profitability [2][11][14] - SAIC's price-to-book (PB) ratio stands at 0.61, the lowest in the industry, reflecting low market valuation of its net assets, but potential for valuation recovery exists due to tightening industry capacity [2][15][16] Future Outlook - The management changes and strategic partnerships are expected to enhance the development potential of SAIC's self-owned brands, potentially leading to a rebound in sales and overall valuation [2][12][13] - The tightening of production qualifications and capacity expansion in the industry may favor existing assets, making SAIC's low PB ratio attractive for investors [2][16][17] Additional Insights - The introduction of the "SAIC Zhiji" brand is anticipated to capture a significant market share, as the targeted price range accounts for nearly 50% of the overall market [2][10] - The overall profitability of SAIC remains under pressure, but strategic adjustments and partnerships may lead to gradual improvements in financial performance [2][11][14]

Group 1 - The Shanghai Auto Show commenced on April 23, showcasing SAIC Motor Corporation and its sub-brands including MG, Zhiji Auto, and Roewe, which unveiled the "Glocal Strategy" for overseas expansion [1][7] - MG introduced a new brand proposition "YOUNG FOREVER" and launched its first "boxy" model, Cyber X, along with the design-focused Cyberster Black and the 2026 MG Cyberster [2] - Roewe's A+ class electric sedan D6 was launched with a starting price of 79,800 yuan, offering two range options of 450 km and 520 km, with the executive stating that the pricing is not profitable but aims to increase market share [3] Group 2 - Zhiji Auto presented its new L6 model and announced a strategic plan for its self-developed "steer-by-wire digital chassis technology," which aims to enhance driving performance and safety [4] - SAIC's overseas strategy includes the development of 17 new models over the next three years, featuring a new HEV hybrid power system and plans for solid-state battery technology, with the first solid-state battery expected to launch in 2027 [7]