2025.09. 02 如果对比全球最赚钱的车企丰田汽车，那么差距更加明显。 丰田汽车今年上半年（2025财年第四财 季+2026财年第一季度）净利润虽然同比大跌超3成，但绝对值仍有1.5万亿日元（约合人民币727亿 元），是统计的16家中国乘用车企上半年净利润的1.9倍。 从全球市场来看，中国车企地位攀升。今年上半年，全球汽车销量前10名中，比亚迪、吉利汽车两 家中国车企排名上升，年中首次超过本田、日产两大日系巨头，跻身全球前10大车企。 作者 | 第一财经 肖逸思 进入9月，各家上市车企几乎都已发布2025年上半年财报。在主要财务指标中，归母净利润是其中最 受市场关注的点。 第一财经记者统计了在A股和港股上市的16家乘用车企（蔚来尚未公布财报）归母净利润数据。总的 来看，今年上半年，这16家车企的累计净利润（含亏损）超392亿元。其中盈利排在前三的是三家头 部民营企业，分别为比亚迪、吉利汽车、长城汽车，三者累计归母净利润为311亿元，占总盈利的近 8成。 | | | 归属母公司股东的净利润 | 归属母公司股东的净利润(同 | | --- | --- | --- | --- | | 证券代码 | 证券简称 ...

2025年上半年，中国乘用车整车上市车企的财报成绩单相继出炉。 纵观已发布2025年上半年财报的整车上市车企财务数据可以发现，在新能源汽车销量持续增长的背景下，行业呈现出一 种独特的现象。 一方面，新能源汽车销量的爆发式增长成为车企财报的亮点，并带动了上游动力电池企业的业绩暴涨； 另一方面，激烈的"价格战"和"内卷"导致车企面临"增量不增收"的困境，利润空间被大幅压缩。 2025半年财报数据显示，随着新能源汽车的发展，自主品牌蚕食了大量合资公司的市场份额。 当合资"利润奶牛"潮水的褪去，大型国有汽车集团的赚钱能力已大幅下降，整个汽车行业的利润正在大幅缩水，头部民 营企业盈利能力显得更为突出。在中国乘用车上市公司中，上半年净利润最高的是比亚迪（002594.SZ）、吉利 （0175.HK）和长城汽车（601633.SH）三家龙头民营企业。 然而，比亚迪（155.1亿元）、吉利汽车（92.9亿元）、长城汽车（63.4亿元）三家"最赚钱"的民营车企上半年利润之和 （合计约311.4亿元），也几乎只是和宁德时代这一家依靠新能源汽车而崛起的电池公司的净利润（304.9亿元）相当。 车企的半年报，普遍反映了价格战和内卷对 ...

Core Viewpoint - The company, Zhengli New Energy, reported significant growth in its first half of 2024, achieving a revenue of 3.172 billion yuan, a year-on-year increase of over 71.9%, and a net profit of 220 million yuan, marking a turnaround from a loss of 130 million yuan in the same period last year [2][3]. Financial Performance - Zhengli New Energy's battery installation volume reached 7.83 GWh in the first half of 2024, with a year-on-year growth of over 99.24%, and passenger vehicle shipments amounted to 7.63 GWh, up 110.77% [3]. - The company's revenue from battery business increased from 1.641 billion yuan to 2.985 billion yuan, a growth of 81.9%, while the gross margin improved from 11.1% to 18.3% [6][10]. Market Position and Strategy - Zhengli New Energy has adopted a differentiated strategy focusing on passenger vehicles, collaborating with major automakers such as FAW Hongqi, Leap Motor, and SAIC [5]. - The company ranks ninth in overall battery installation volume and seventh in the passenger vehicle segment for the first half of 2024 [3]. Product Development and Innovation - The company has developed a diverse range of battery products, including high-energy density lithium iron phosphate batteries and aviation batteries, which have received certifications for safety and performance [7][8]. - Zhengli New Energy is also advancing in solid-state and sodium-ion battery technologies, with plans for a pilot line for solid-state batteries expected to be operational by mid-2026 [9]. Capacity Expansion and Future Outlook - The company plans to expand its production capacity to 25.5 GWh by the end of 2024 and aims for a total capacity of 50.5 GWh by the end of 2026 [11]. - Zhengli New Energy is also exploring international markets, having established partnerships for exporting its products to regions including Hong Kong, India, and Europe [11][12].

Core Viewpoint - Company Fudi Technology (孚能科技) is positioned as a leading player in the soft-pack power battery industry, showing signs of recovery in its financial performance while expanding its product offerings in semi-solid and solid-state batteries. Financial Performance - In the first half of 2025, Fudi Technology achieved operating revenue of 4.353 billion yuan, with a net profit attributable to shareholders of -162 million yuan, reducing losses by approximately 28.4 million yuan compared to the same period last year [1] - The company's net cash flow from operations was 126 million yuan, significantly improving year-on-year [1] Market Position - Fudi Technology ranked first in domestic soft-pack power battery installation volume and third globally in the same category for the first half of 2025 [1] - The company has maintained its position as the top soft-pack power battery installer in China for eight consecutive years [1] Product Development - The company’s SPS large soft-pack product is set to drive significant sales growth in 2025, enhancing collaborations with strategic clients and expanding into new markets and vehicle types [3] - Fudi Technology's second-generation semi-solid battery is scheduled for mass production in the second half of 2025, while the third generation is undergoing vehicle-level certification and is planned for 2026 [2][5] - The company aims to deliver 60Ah solid-state batteries to strategic partners by the end of the year, with plans to scale solid-state battery production to GWh levels by 2026 [2][6] Strategic Partnerships and Expansion - Fudi Technology has secured project designations from major clients such as GAC and Dongfeng for its semi-solid batteries, with some projects already entering mass production [2][4] - The company is focusing on enhancing delivery capabilities for its clients while leveraging the economic advantages of its SPS products to improve scale effects [4] Production Capacity - The company is advancing its production projects, including a 30GWh annual capacity facility in Ganzhou and another 30GWh facility in Guangzhou, with some production lines already operational [4] - Fudi Technology's semi-solid battery production capacity is expected to reach 54GWh by the end of 2025, significantly increasing its profit margins [6] Industry Trends and Regulatory Environment - Recent policies from the Ministry of Industry and Information Technology are expected to promote high-quality development in the new energy vehicle and power battery sectors [7] - The company is positioning itself to become a leader in solid-state batteries, recognizing the market potential for semi-solid batteries due to their balance of safety, performance, and cost [7][8] Government Support - The change in control to Guangzhou Industrial Investment Holding Group is anticipated to enhance Fudi Technology's financing channels and strengthen strategic collaborations with GAC [8] - The integration of state-owned capital is expected to accelerate production capacity release and support breakthroughs in solid-state battery technology [8]

如果对比全球最赚钱的车企丰田汽车，那么差距更加明显。丰田汽车今年上半年（2025财年第四财季 +2026财年第一季度）净利润虽然同比大跌超3成，但绝对值仍有1.5万亿日元（约合人民币727亿元）， 是统计的16家中国乘用车企上半年净利润的1.9倍。 从全球市场来看，中国车企地位攀升。今年上半年，全球汽车销量前10名中，比亚迪、吉利汽车两家中 国车企排名上升，年中首次超过本田、日产两大日系巨头，跻身全球前10大车企。 但在竞争加剧的背景下，我国整体汽车行业盈利能力处于历史低位。据乘联分会秘书长崔东树公众号数 据，2025年7月，我国汽车行业利润293亿元，同比下降17%；汽车行业利润率3.5%，环比6月的6.9%下 降明显，同比去年7月的4.4%也是下降，达到近期低点。今年1~7月，汽车行业利润2737亿元，同比增 0.9%；汽车行业利润率4.6%，较1~6月的4.8%利润率有所下降。这个数据好于2024年的4.3%，但仍处于 历史次低位。 进入9月，各家上市车企几乎都已发布2025年上半年财报。在主要财务指标中，归母净利润是其中最受 市场关注的点。 第一财经记者统计了在A股和港股上市的16家乘用车企（蔚来尚未 ...

Group 1: Strategy Overview - The core strategy is a continuation of the bull market, focusing on core technology assets as A-shares strengthen under the leadership of these assets [2][3] - The market outlook remains positive due to economic recovery expectations, continuous capital inflow, and policy benefits, with a mid-term slow bull logic still intact [3] - Short-term market may face technical adjustment pressure due to crowded trading in some popular sectors, but a new round of valuation-driven market space is expected to open up starting in Q3 [3] Group 2: September Stock Picks - The September stock picks include: Beijing-Shanghai High-Speed Railway (Transportation), Tongkun Co., Ltd. (Chemicals), Yake Technology (Chemicals), CATL (Electricity), Heng Rui Medicine (Pharmaceuticals), Sanyou Medical (Pharmaceuticals), Beijing Renli (Social Services), Feiliwa (Electronics), Zhaoyi Innovation (Electronics), and Pengding Holdings (Electronics) [8][10] Group 3: Industry Insights Transportation Industry: Beijing-Shanghai High-Speed Railway - The company is a landmark project in China's high-speed rail, with expected net profit exceeding 12.7 billion yuan in 2024 [10] - The business model relies on entrusted transportation management, with revenue primarily from passenger transport and network service income [10] - Key factors supporting growth include a favorable pricing mechanism, strong travel demand along the route, network effects from an expanding high-speed rail network, and technological advancements in train efficiency [11] Chemical Industry: Tongkun Co., Ltd. - The company achieved significant sales growth in polyester filament, with a total sales volume of 9.4587 million tons in the first three quarters of 2024, a year-on-year increase of 29.60% [12] - Despite a decline in selling prices due to fluctuating oil prices and weak downstream demand, the company expects profitability to improve with demand recovery [12] Chemical Industry: Yake Technology - The company reported steady growth, with a gross margin of 31.59% in 2024 [14] - The electronic materials segment is expanding, with significant revenue growth in precursor materials and photoresists [15] Electric Industry: CATL - The company achieved a net profit of 50.745 billion yuan in 2024, a year-on-year increase of 15.01% [17] - CATL maintains a leading position in the global battery market, with a 37.9% market share in power batteries and 36.5% in energy storage [18] Pharmaceutical Industry: Heng Rui Medicine - The company reported a 12.53% year-on-year increase in revenue for Q2 2024, with innovative drugs accounting for over 60% of total revenue [20] - Multiple new products were launched in the first half of 2024, contributing to growth [21] Pharmaceutical Industry: Sanyou Medical - The company faced pressure from centralized procurement but is innovating therapies to enhance market share [24] - The acquisition of Waterwood Tianpeng is expected to strengthen the product matrix and enhance competitiveness [25] Social Services Industry: Beijing Renli - The company has a broad service coverage and a strong client base, with growth potential in flexible employment and outsourcing [27] - Digitalization and AI applications are expected to enhance operational efficiency and revenue growth [28] Electronics Industry: Feiliwa - The company reported a revenue of 908 million yuan in H1 2025, with a gross margin of 49.2% [29] - New business lines are beginning to contribute to performance, particularly in semiconductor and aerospace sectors [30] Electronics Industry: Zhaoyi Innovation - The company achieved a revenue of 7.356 billion yuan in 2024, with a significant increase in net profit [32] - The company is actively expanding its market share in various sectors, including storage and MCU products [33] Electronics Industry: Pengding Holdings - The company reported a revenue of 16.375 billion yuan in H1 2025, with a net profit increase of 57.22% [35] - The company is capitalizing on market opportunities across various product lines, including communication and consumer electronics [36]

Group 1 - The core viewpoint of the article highlights the continuous expansion of CATL's business, evidenced by the establishment of multiple new companies focused on various aspects of the battery and energy sector [2][3][4] - CATL has established four new companies between late July and late August, including JinCheng GuoTou ShiDai, JiChai ShiDai, Xiamen ShiDai XinNeng DongLi KeJi, and ShiDai QiJi ZhuHai, each with specific focuses on charging infrastructure, energy storage systems, and battery manufacturing [2][3][4] - The establishment of these companies reflects CATL's strategy to break free from being merely a battery cell supplier and to integrate various segments of the battery industry chain, particularly in charging and battery swapping services [5][6] Group 2 - CATL is actively expanding its charging and battery swapping business, recognizing the growing demand for charging infrastructure as the electric vehicle market expands [5][6] - The company has introduced the "QiaoKeLi" battery swapping model in collaboration with Shenzhou Car Rental and other partners, aiming to enhance the ecosystem around battery swapping services [7][8] - CATL has set a clear goal of establishing 30,000 battery swapping stations nationwide, with over half of the target already achieved [8] Group 3 - The partnership with China National Petroleum Corporation (CNPC) marks a strategic move for CATL into the energy storage sector, focusing on technology collaboration and zero-carbon initiatives [9][10] - The establishment of JiChai ShiDai aims to respond to national strategies for energy transition and to create a complete industrial chain from core technology to market application [10][11] - This collaboration is seen as a key step for CNPC in pursuing its dual carbon strategy and low-carbon transformation [11]

近日，随着岚图汽车旗下2026款梦想家正式开启预售，其搭载的动力电池技术也引发关注。 据悉，该车型将成为首款搭载蜂巢能源二代龙鳞甲电池包的量产车，标志着其以"热-电分离"为核心的安全技术正式投入市场应用。 岚图新款梦想家定位于高端豪华MPV市场，对电池的安全性、充电效率和环境适应性提出了较高要求。 其采用的蜂巢能源二代龙鳞甲电池，旨在解决当前电动车用户普遍关注的安全与补能痛点。 在性能方面，该电池包也为新款梦想家带来了显著提升： 其中， 高效温控系统采用上下双水冷板设计，增大了200%的换热面积，使冷却效率提升70%。 配合上盖的保温棉，电池在快充、高负载或极端天气 下，都能更好地维持在理想工作温度范围，确保性能稳定。 二代龙鳞甲电池包还 支持800V高压平台的5C快充。 以适配的65kWh电池包为例，10分钟内可将电量充至80%，大幅缩短了用户的补能等待时间， 提升了用车便利性。 可以看到，蜂巢能源的二代龙鳞甲电池技术通过在岚图梦想家这样的热门高端车型上实现量产应用，不仅展现了其技术的成熟度，也为整个动力电池行 业树立了更高的安全与性能标杆，有望推动市场对电池安全性的关注达到新的高度。 该电池包的核心亮点在 ...

Core Viewpoint - The report highlights the growth in the new energy vehicle market and the performance of various sectors within the electric power and new energy industries, indicating a positive trend in sales and technological advancements. Industry Summary - From August 1 to 24, the retail sales of new energy vehicles in China reached 727,000 units, representing a year-on-year increase of 6% and a month-on-month increase of 7% [4] - The electric power and new energy sectors saw an overall increase of 3.99% this week, with specific sectors such as industrial automation rising by 4.46% and wind power by 3.35% [3] - The solid-state battery technology is advancing, with SAIC announcing the price of its MG4 model equipped with semi-solid-state batteries, significantly lower than market expectations [2][4] - The central government is addressing "involution" competition in the photovoltaic sector, aiming to improve product quality and phase out outdated production capacity [2][4] Company Summary - Sunshine Power reported a net profit of 7.735 billion yuan for H1 2025, a year-on-year increase of 55.97% [5] - Deye Co., Ltd. achieved a net profit of 1.522 billion yuan for H1 2025, up 23.18% year-on-year [5] - Aotewei's net profit for H1 2025 was 308 million yuan, down 59.54% year-on-year [5] - The net profit of Daikin Heavy Industries for H1 2025 reached 546 million yuan, a significant increase of 214.32% year-on-year [5] - JinkoSolar reported a net loss of 2.909 billion yuan for H1 2025, a decrease of 342.38% year-on-year [5]

Core Viewpoint - The company, Zhongxin Innovation (03931.HK), reported significant growth in its mid-year performance for 2025, highlighting its leading technology in the battery sector and strategic partnerships to enhance global operations [1] Financial Performance - The company achieved a revenue of 16.419 billion yuan, representing a year-on-year increase of 31.68% [1] - The net profit for the period reached 753 million yuan, showing a substantial year-on-year growth of 80.4% [1] Strategic Partnerships - Zhongxin Innovation signed a five-year strategic cooperation agreement with a leading Turkish company, committing to deliver up to 7 GWh of energy storage system products over the next five years [1] - This agreement marks a significant milestone for the company as it expands its direct delivery of systems to Europe, targeting markets in the Middle East, North Africa, and Europe [1] Joint Ventures - The company received unconditional approval from the State Administration for Market Regulation for its joint venture with Leap Motor, which was established on August 25 [1] - The newly formed joint venture, Zhongling New Energy Technology (Zhejiang) Co., Ltd., is part of the company's strategy to enhance its product and technology leadership [1] Global Expansion Strategy - Overall, Zhongxin Innovation is accelerating its global capacity layout, focusing on its strategy of "leading products and technology" [1]