Core Viewpoint - The commercial vehicle industry is undergoing significant transformation, with 2025 identified as a pivotal year. SAIC Commercial Vehicles has demonstrated resilience and achieved remarkable growth in market scale, new energy transition, and global expansion, establishing itself as a leading player in the industry [1][21]. Key Data Highlights - In 2025, SAIC Commercial Vehicles sold 245,000 units, a year-on-year increase of over 18%. Retail sales exceeded 250,000 units, marking eight consecutive months of year-on-year growth [3][21]. - In the domestic market, SAIC's light commercial vehicles maintained the highest insurance volume, while its global expansion saw it rank first in light commercial vehicle exports among Chinese automakers [3][4]. - The company sold over 58,000 new energy vehicles domestically, with monthly sales of new energy models surpassing 50%, leading the traditional commercial vehicle sector [3][4]. Business Segment Performance - The light commercial vehicle segment, led by brands like Maxus and Iveco, maintained the top market share in China. The pickup truck segment ranked second in exports among Chinese brands, while the Yuedong light truck saw a 222% increase in new energy vehicle sales, accounting for nearly 57% of total sales [4][10]. - The bus and heavy truck segments showcased SAIC's commitment to green transformation, with Shenzhou buses achieving 100% new energy penetration and SAIC Hongyan focusing on the green transition in heavy commercial vehicles [12][21]. Technological and Brand Innovations - SAIC Commercial Vehicles is leveraging technological innovation as a key driver for growth, with a focus on core technology platforms and strategic partnerships. The "Technology Maxus" system supports product enhancements, while collaborations with industry leaders like CATL and Huawei are advancing green and intelligent vehicle solutions [14][18][20]. - The brand revitalization efforts, including the launch of new models across various segments, respond to evolving market demands and enhance the company's competitive edge [16][20]. Market Strategy and User Engagement - The company is innovating its channel and user operations, opening over 100 new stores and enhancing online engagement through new media channels. This strategy aims to transition from a traditional manufacturer to a comprehensive solution provider [20][21]. - The establishment of a user ecosystem, integrating vehicles, logistics, and data, positions SAIC Commercial Vehicles as a partner offering full-cycle value and solutions [20].

2025年，上汽商用车持续推进资源整合，技术升级与绿色转型，不断开拓海外市场，持续突破：全年销售24.5万辆，同比大增超 18%，新能源销量同比增长85%。全年零售实现同比"八连增"，零售突破25万辆。更在新能源转型与海外增量市场两大关键领域斩 获佳绩：国内新能源热销超5.8万辆，新能源渗透率单月突破50%，领先传统商用车企。全年海外出口10.3万辆、同比增长超25%， 轻商出口量升至中国车企第二，市场版图延伸至全球100多个国家和地区。轻客国内上险市占率与出口量双登行业第一，皮卡海外出 口在中国品牌中稳居第二，跃进轻卡增长强劲，全年热销超4万辆，同比激增近128%，成为新能源轻卡行业的"黑马"。 新能源转型成果显著，全场景矩阵引领行业跃迁。2025年，上汽商用车新能源转型进入全面突破阶段，不仅国内新能源车型实现渗透 率单月突破50%、全年销量同比增长近117%，更在传统商用车企中新能源销量占比持续领先。以"鸿图""星栈"等自研架构为核心技 术支撑，并与宁德时代达成深度战略合作，上汽商用车构建起覆盖轻客、皮卡、轻卡、MPV、客车、重卡的全场景新能源产品矩阵， 正以系统性的绿色解决方案引领全球商用车行业价值跃升 ...