SAIC MOTOR(SH:600104) Jing Ji Guan Cha Wang·2025-07-04 01:36Core Insights - SAIC Motor Corporation has reported strong performance in the first half of 2025, with a significant rise in sales across its three main segments: domestic brands, new energy vehicles, and overseas markets [1][4][5] Group 1: Sales Performance - In the first half of 2025, SAIC's total vehicle sales reached 2.053 million units, marking a year-on-year increase of 12.4% [4] - Sales of SAIC's own brands reached 1.304 million units, a year-on-year increase of 21.1%, accounting for 63.5% of total sales, up 4.6 percentage points from the previous year [4] - The sales figures for individual brands include 368,000 units for SAIC Passenger Cars (up 9.8%), 107,000 units for SAIC Maxus (up 11.2%), and 753,000 units for SAIC-GM-Wuling (up 32.2%) [4] Group 2: New Energy Vehicles - SAIC's new energy vehicle sales reached 646,000 units in the first half of 2025, a substantial year-on-year increase of 40.2% [5] - In June alone, new energy vehicle sales hit 121,000 units, reflecting a year-on-year growth of 29.2% [5] - Notable performances include 6,000 units delivered by Zhiji Auto in June and 16,000 units sold by SAIC Passenger Cars, which represents a 44.1% increase [5] Group 3: Overseas Market - Despite challenges such as anti-subsidy tariffs, SAIC's overseas sales reached 494,000 units in the first half of 2025, a slight increase of 1.3% [5] - The European market has been a key growth area, with the MG brand achieving over 150,000 units in deliveries, marking double-digit growth [5] Group 4: Strategic Reforms - Since the second half of 2024, SAIC has initiated comprehensive reforms to adapt to industry changes and market pressures, focusing on resource integration and collaborative marketing [6] - The company aims to implement its "Comprehensive Reform Work Plan (2024-2027)" to achieve high-quality development [6] Group 5: Dual-Driven Model - The combination of strong domestic brand growth and the transformation of joint ventures is central to SAIC's high-quality development strategy [7] - Technological advancements, such as solid-state batteries and integrated vehicle control platforms, are enhancing market competitiveness [7][8] Group 6: "Shangjie" Project - The "Shangjie" project, developed in partnership with Huawei, aims to disrupt the market by offering high-level intelligent driving features at a competitive price point of around 200,000 yuan [9][10] - This initiative is expected to redefine the smart vehicle market in the 200,000 yuan segment, addressing consumer demand for advanced features without excessive costs [9][11] Group 7: Vertical Integration - The "Shangjie" project benefits from SAIC's comprehensive supply chain and manufacturing capabilities, allowing for competitive pricing in the high-end smart vehicle market [11] - The collaboration with Huawei involves deep integration of technology and manufacturing expertise, enhancing product offerings [10][11]