拆解车企财务“成绩单”：涨跌中暗藏玄机

Group 1 - The global automotive industry is showing varied financial results as major companies release their 2024 annual reports and Q1 2025 reports, with some leading domestic companies achieving both revenue and profit growth, indicating strong resilience in development [1] - The asset-liability ratio has become a focal point of concern in the automotive industry, especially given the high debt levels among major global automakers, with many reporting ratios above 60% [2][3] - The automotive industry, characterized by heavy assets and long cycles, typically has high asset-liability ratios due to significant upfront investments and slow returns, which is a common trait shared with the semiconductor industry [2] Group 2 - A declining asset-liability ratio can indicate healthy operations for automotive companies, as seen with BYD, which reduced its ratio from 77% in Q3 2024 to 70% in Q1 2025, suggesting a potential drop to the 60% range within the year [3] - Total liabilities are not the sole measure of a company's debt burden; the distinction between interest-bearing and non-interest-bearing liabilities is crucial, with the latter being operational debts that do not incur interest [4] - Major international automakers like General Motors and Mercedes-Benz have significant interest-bearing liabilities, while domestic companies like BYD show lower reliance on such debts, with only 5% of its total liabilities being interest-bearing [4]