SAIC MOTOR(SH:600104) Zhong Guo Zheng Quan Bao·2026-01-08 22:01Core Viewpoint - In 2025, SAIC Motor Corporation achieved robust growth amidst a challenging automotive market, demonstrating a successful structural transformation towards smart and autonomous vehicles, serving as a reference for traditional automakers' upgrades [1][4]. Group 1: Sales Performance - In 2025, SAIC Motor's total vehicle sales reached 4.507 million units, a year-on-year increase of 12.3%, with retail sales exceeding wholesale, indicating a healthy market supply-demand structure [1]. - The company's revenue for the first three quarters was 468.99 billion yuan, with a net profit attributable to shareholders of 8.101 billion yuan, reflecting year-on-year growth of 9% and 17.3% respectively [1]. - The sales of SAIC's self-owned brands reached 2.928 million units, a 21.6% increase, with their share of total sales rising from 60% in 2024 to 65% in 2025 [2]. Group 2: Brand and Product Development - The growth of self-owned brands was driven by a collaborative effort across the brand matrix, with SAIC's Roewe and MG brands seeing domestic sales increase by 245.3% [2]. - MG brand's sales in Europe reached 300,000 units, a nearly 30% increase, maintaining its position as the top-selling Chinese automotive brand in Europe for 11 consecutive years [2]. - The high-end brand, Zhiji Auto, achieved sales of 81,000 units, a 23.68% increase, with its LS6 model quickly gaining popularity [2]. Group 3: Joint Venture Transformation - SAIC Volkswagen's terminal sales reached 1.06 million units, with a month-on-month increase of 10.9% in December 2025, and electric models accounting for 15% of total sales [3]. - Despite a 16.5% decline in annual sales for SAIC General Motors, the company maintained profitability for five consecutive quarters through product structure optimization [3]. Group 4: International Expansion - SAIC's overseas sales reached 1.071 million units, a 3.1% increase, with self-owned brands accounting for 75% of this figure, highlighting the strategic value of localized operations [3]. - The company’s factories in Thailand and Indonesia are steadily releasing a combined capacity of 500,000 units per year, while the Mexican factory is strategically entering the North American market [3]. Group 5: Technological Innovation - SAIC's growth is attributed to long-term investments in R&D, with over 150 billion yuan invested in electric and intelligent technology, resulting in nearly 26,000 effective patents [4]. - The MG4 semi-solid battery version achieved over 75,000 orders, while the Zhiji LS9 set a new record for range with 1,508 kilometers [4]. - The company has established a complete technical system covering three vehicle platforms and seven technology bases, enhancing its competitive edge [4]. Group 6: Systemic Transformation - SAIC has restructured its passenger vehicle segment to break down barriers between various business units, improving market responsiveness [5]. - The company is focusing on strengthening its self-owned brand base, expanding globally, and building core technological barriers [5]. - Future prospects include the mass production of solid-state batteries and advanced autonomous driving technologies, which are expected to enhance SAIC's global industry influence [5].