SAIC MOTOR(SH:600104) Chang Jiang Shang Bao·2025-11-04 23:28Core Viewpoint - SAIC Motor Corporation has successfully returned to industry leadership, demonstrating significant growth in revenue and profit in the third quarter of 2025, with a strong focus on market expansion and operational efficiency [1][2][3]. Financial Performance - For the first three quarters of 2025, SAIC reported total revenue of 468.99 billion yuan, an increase of 8.95% year-on-year [1][3]. - The net profit attributable to shareholders reached 8.101 billion yuan, up 17.28% year-on-year, while the net profit excluding non-recurring items surged by 578.58% to 7.122 billion yuan [1][3]. - In Q3 2025, revenue was 169.403 billion yuan, reflecting a 16.19% increase year-on-year, with net profit soaring by 644.88% to 2.083 billion yuan [1][3]. Sales Performance - As of October 2025, SAIC's cumulative sales reached 3.6472 million units, marking a 19.53% increase year-on-year, positioning the company close to surpassing BYD's sales of 3.7019 million units [1][5][10]. - The company aims to exceed 4.5 million units in total sales for 2025, with a revenue target of over 674 billion yuan [9][10]. Cost Management - In the first three quarters of 2025, SAIC managed to reduce sales expenses by 5.6% to 14.11 billion yuan, while maintaining management expenses at 14.9 billion yuan, indicating effective cost control measures [10]. Product Development - The launch of the Hongmeng Intelligent Driving family model, the Shangjie H5, has seen significant pre-sale interest, although initial sales figures were lower than expected [12][13]. - The company is focusing on expanding its product lineup and enhancing brand positioning in the competitive market, particularly in the 150,000 to 200,000 yuan segment [13][14].