靠“买菜小车”撑销量，上汽还要苦熬多久

Core Viewpoint - SAIC Motor Corporation is experiencing a mixed performance with a notable increase in sales in April 2025, but concerns remain regarding the reliance on low-profit micro electric vehicles and the decline in core joint venture brand sales [2][3][4] Sales Performance - In April 2025, SAIC's total vehicle sales reached 376,517 units, a year-on-year increase of 4.59% [2] - SAIC-GM-Wuling contributed 38.14% of total sales, indicating a heavy reliance on low-cost models like the Wuling Hongguang MINIEV [2] - Sales of SAIC Volkswagen and SAIC GM declined by 10.31% and 15.29% respectively, highlighting ongoing challenges in core joint venture brands [2] Financial Results - In 2024, SAIC reported total revenue of 627.59 billion yuan, a year-on-year decrease of 15.73%, and a net profit of 1.666 billion yuan, down 88.19% [3] - For Q1 2025, revenue was 140.86 billion yuan, a slight decline of 1.55%, while net profit increased by 11.4% to 3.023 billion yuan [3] Reform and Transformation - SAIC has initiated significant internal reforms since leadership changes in July 2024, aiming to enhance management and operational efficiency [6][7] - The restructuring includes a major overhaul of management across key subsidiaries, focusing on youth and professionalism [7] - The establishment of a "large passenger vehicle segment" consolidates various business units to streamline operations [8] Strategic Partnerships - SAIC has partnered with Huawei to launch the "SAIC Shangjie" brand, targeting the mainstream market with an initial investment of 6 billion yuan [11][12] - This collaboration marks a shift in SAIC's approach to smart driving solutions, with Huawei taking a leading role in design and technology [12] Market Challenges - The decline in joint venture sales has significantly impacted SAIC's overall performance, with major brands like SAIC GM and SAIC Volkswagen experiencing substantial drops in sales [13] - Despite some growth in SAIC's own brand, Zhiji, its sales remain insufficient to offset losses from joint ventures, with only 65,505 units sold in 2024 [14] Future Outlook - SAIC's strategy emphasizes proactive positioning in key areas, such as solid-state battery development and smart vehicle technology, to remain competitive in the evolving automotive landscape [8][9] - The success of the Shangjie brand and other initiatives will be crucial for SAIC to regain market strength and improve profitability [11][15]