上汽集团回暖半年卖车205万辆 自主品牌新能源大涨年度目标可期

Core Viewpoint - SAIC Motor Corporation has shown a recovery in vehicle sales in the first half of 2025, with a total of 2.053 million vehicles sold, representing a year-on-year increase of 12.4% [1][4] Sales Performance - In the first half of 2025, SAIC's total vehicle sales reached 2.053 million units, with a significant increase in sales of its own brands and new energy vehicles, which grew by 21.1% and 40.2% respectively [1][4] - The sales in June 2025 were 365,000 units, marking a year-on-year growth of 21.6%, achieving six consecutive months of year-on-year sales increases [1][4] - The company aims to exceed 4.5 million vehicle sales in 2025, following a target of 4.013 million in 2024, which saw a decline of 20.07% [1][8] Profitability - In the first quarter of 2025, SAIC reported a net profit attributable to shareholders of 3.023 billion yuan, an increase of 11.4% year-on-year, ending a six-quarter streak of declines [3][9] - The company’s revenue for the first quarter of 2025 was 140.86 billion yuan, a slight decrease of 1.55% year-on-year [9] Brand Performance - SAIC's own brand sales accounted for 1.304 million units in the first half of 2025, representing 63.5% of total sales, an increase of 4.6 percentage points from the previous year [4] - The sales of new energy vehicles reached 646,300 units in the first half of 2025, reflecting a year-on-year growth of 40.19% [5] Strategic Initiatives - The company has undergone significant personnel changes in its passenger vehicle division to enhance operational efficiency and has partnered with Huawei to develop a new brand model expected to launch in the second half of 2025 [2][8] - SAIC is collaborating with CATL to develop battery products tailored for its vehicles and is exploring vehicle-battery separation business models [2][8] Export Performance - In the first half of 2025, SAIC's export and overseas sales reached 494,100 units, a year-on-year increase of 1.27% [5] - The MG brand has maintained a leading position in the European market, with over 150,000 units delivered in the first half of 2025, achieving double-digit growth [5]