日经中文网·2025-09-01 03:18Core Viewpoint - The financial performance of major Chinese automotive companies is deteriorating, with five out of six companies reporting reduced profits or losses in the first half of 2025, while BYD is the only company to achieve profit growth, albeit at a lower rate than the previous year [2][4]. Group 1: Financial Performance - BYD's net profit for the first half of 2025 increased by 14% year-on-year, reaching 15.5 billion yuan, but this growth rate is lower than the 24% increase from the previous year [2]. - BYD's main automotive business saw a slight decrease in pre-tax profit for the first half of 2025, marking the first decline since 2021 [4]. - Geely's net profit fell to 9.2 billion yuan, a 14% decrease, marking the first decline in three years, with the average vehicle price dropping by 10% to 95,000 yuan [5]. Group 2: Market Competition - The Chinese automotive market is experiencing intense price competition, which is negatively impacting profit margins across the industry [2][6]. - The China Automobile Industry Association warns that chaotic "price wars" are a significant factor in the declining industry profitability, with total profits expected to decrease by 8% in 2024 compared to 2023 [6]. Group 3: Supply Chain Impact - The ongoing price competition is affecting the supply chain, particularly small and medium-sized component manufacturers, who are facing challenges with order fulfillment and payment delays [6]. - BYD's procurement debt decreased by 6% to 236.6 billion yuan by the end of June, influenced by shortened payment terms, which may lead to reduced operating cash flow [7]. - The net cash flow for BYD in the first half of 2025 was a deficit of 42.6 billion yuan, indicating worsening cash flow issues compared to the previous year [7].