本报（chinatimes.net.cn）记者温冲 于建平 北京报道 10月21日，江铃汽车(000550.SZ)发布2025年第三季度报告。 财报显示，第三季度，江铃汽车实现营业收入91.96亿元，同比下降6.26%；归母净利润1640.6万元，同 比下降93.94%。前三季度，江铃汽车营业收入272.89亿元，同比下降1.59%；归母净利润7.49亿元，同 比下降35.76%。 江铃汽车2025年第三季度及前三季度业绩整体呈下滑趋势，其中营收微降，净利润大幅收缩。这一变化 主要受子公司业务调整、成本及现金流等多重因素影响。 第三季度净利润骤降93.94% 《华夏时报》记者翻阅江铃汽车2022年—2024年的业绩情况发现，过去三年江铃汽车的业绩表现整体不 错。除2022年营业收入出现短暂下滑，其他时间营收均保持同比两位数增长，净利润则连续三年实现不 同程度的增长。 与累计销量增长相反的是，江铃汽车前三季度营业收入、净利润等出现下滑。 财报显示，江铃汽车前三季度实现营业收入272.89亿元，同比下降1.59%；归母净利润7.49亿元，同比 下降35.76%；归属股东净利润4.67亿元，同比下滑56.95%。此 ...

Core Viewpoint - The company reported revenue growth in the first half of 2025 but experienced a decline in profit, indicating potential challenges in maintaining profitability despite increasing sales [1][3]. Financial Performance - The company achieved an operating revenue of 163 million yuan, representing a year-on-year increase of 18.32% [1]. - The net profit attributable to shareholders was 41 million yuan, reflecting a year-on-year decrease of 5.31% [1]. - The net profit margin decreased from 31.52% in the first half of 2024 to 25.23% in 2025, a decline of 6.30 percentage points [3]. - The gross profit margin fell from 54.98% to 49.24%, a decrease of 5.74 percentage points [3]. - The return on equity was 2.28%, down by 0.20 percentage points compared to the previous year [3]. Operational Efficiency - The company faced cash flow contraction, with net cash flow from operating activities amounting to 28 million yuan, down from 50 million yuan in the same period last year, a decline of 22 million yuan [5]. - Inventory turnover days improved to 98.42 days, a decrease of 8.48% compared to the first half of 2024, indicating better inventory management [5]. - The asset-liability ratio increased to 7.84%, up by 3.37 percentage points year-on-year [5]. Institutional Holdings - The number of institutional investors holding the company's stock decreased to 3, down from 43 in the same period last year, indicating a loss of confidence among institutional investors [7]. - The company's market capitalization reached a peak of 8.511 billion yuan on August 17, 2020, and currently stands at 5.312 billion yuan, requiring a 60.22% increase in stock price to reach its historical high [7]. - The stock price has increased by 41.47% year-to-date, suggesting some recovery [7].