在上周2025上半年中国车市的整体情况和表面下的真实逻辑的分析中，虎嗅汽车曾指出：无论是自 主传统车企、新势力，还是合资车企，在倒下之前都只能 "抢" 下去。 但具体到单个车企的业绩之上，情况仍有差异。甚至可能出现 "销量涨了，但是亏损依旧止不住" 的 境遇。以北汽蓝谷为例，其2025年上半年销量同比增长139.73%（6.7万辆），但预亏22～24.5亿 元。 究竟当下一些"掉队"车企发生了什么问题？北汽自身的挑战又在何处？ 本期车圈脉动，我们以北汽为例，尝试理解目前一批车企在整个行业中的发展现状。 出品丨虎嗅汽车组 作者丨李赓 头图丨视觉中国 行业的激烈竞争，正如一场褪去的潮水，裸泳者注定会显现。 【蓝谷靠北汽继续输血，是必然 的结局】 【北汽蓝谷：业绩坏消息连连】 北汽蓝谷对半年度预计亏损给出了三个原因，但最核心的还是第三点： 北汽蓝谷第一季度销量2.8万辆，实现营收37.73亿元，扣非后净利润亏损9.61亿元；第二季度营 收未公布，但推算销量为3.9万辆，扣非后净利润亏损额在12.69亿元至15.19亿元，预估亏损范围 中点13.4亿元的车均扣非亏损，刚好与一季度的水平（车均3.43万元）一致，反映出 ...

行业的激烈竞争，正如一场褪去的潮水，裸泳者注定会显现。 在上周2025上半年中国车市的整体情况和表面下的真实逻辑的分析中，虎嗅汽车曾指出：无论是自主传 统车企、新势力，还是合资车企，在倒下之前都只能 "抢" 下去。 但具体到单个车企的业绩之上，情况仍有差异。甚至可能出现"销量涨了，但是亏损依旧止不住"的境 遇。以北汽蓝谷为例，其2025年上半年销量同比增长139.73%（6.7万辆），但预亏22～24.5亿元。 究竟当下一些"掉队"车企发生了什么问题？北汽自身的挑战又在何处？ 本期车圈脉动，我们以北汽为例，尝试理解目前一批车企在整个行业中的发展现状。 【蓝谷靠北汽继续输血，是必然的结局】 【北汽蓝谷：业绩坏消息连连】 北汽蓝谷对半年度预计亏损给出了三个原因，但最核心的还是第三点： 北汽蓝谷第一季度销量2.8万辆，实现营收37.73亿元，扣非后净利润亏损9.61亿元；第二季度营收 未公布，但推算销量为3.9万辆，扣非后净利润亏损额在12.69亿元至15.19亿元，预估亏损范围中 点13.4亿元的车均扣非亏损，刚好与一季度的水平（车均3.43万元）一致，反映出销量并没有带来 经营业绩的好转。 今年4月公布的202 ...

Core Viewpoint - Beijing Automotive's performance in 2024 shows a significant decline in net profit and revenue, primarily driven by the poor performance of its luxury brand Beijing Benz and the ongoing losses of Beijing Hyundai [2][5][10]. Group 1: Beijing Automotive's Financial Performance - In 2024, Beijing Automotive reported a revenue of 192.5 billion yuan, a decrease of 2.8% year-on-year, with a net profit of 9.56 billion yuan, down 68.5% from the previous year [2]. - The revenue from fuel vehicles increased slightly by 1.2% to 184.97 billion yuan, while revenue from new energy vehicles plummeted by 50.7% to 7.53 billion yuan [2]. - Overall gross profit fell by 19.4% to 30.89 billion yuan, with a significant drop in gross profit from fuel vehicles and continued losses in the new energy sector [2][3]. Group 2: Beijing Benz's Impact - Beijing Benz, a key profit contributor, experienced a revenue decline of 3.36% to 21.75 billion euros, with net profit dropping by 18.5% to 2.44 billion euros, resulting in a loss of over 2 billion yuan in net profit contribution to Beijing Automotive [6][11]. - The sales volume of Beijing Benz fell by 7.3% to 683,600 units, significantly exceeding the global decline of 3% for the Mercedes-Benz brand [7]. - The price war in the market led to substantial discounts on key models, which did not translate into increased sales, damaging the brand's reputation [7][8]. Group 3: Beijing Hyundai's Performance - Beijing Hyundai has faced continuous losses, with a cumulative loss of 13.08 billion yuan over three years, and a significant drop in sales from 300,000 units to just 154,200 units in 2024, a decline of 36.02% [10][13]. - The company has not launched any electric vehicles, contributing to its declining market presence and financial struggles [12][13]. Group 4: Increased Expenditures - Despite declining profits, Beijing Automotive's capital expenditures rose by 9.8% to 53.8 billion yuan, and R&D expenditures increased by 20.2% to 4.29 billion yuan, attributed to investments in new energy vehicle development [14].