【导读】比亚迪上半年盈利增长降速，称"一口价"等行业乱象扰乱商业秩序 8月29日晚间，比亚迪交出的"成绩单"显示，公司2025年上半年的毛利同比增长18.24%，归母净利润同比增长13.79%。 | Revenue | 23.30% | to RMB371,281 million | | --- | --- | --- | | 営業額 | | 至人民幣371,281百萬元 | | Gross profit | 18.24% | to RMB66,866 million | | 毛利 | | 至人民幣66,866百萬元 | | Profit attributable to owners of the parent | 13.79% | to RMB15,511 million | | 母公司擁有人應佔溢利 | | 至人民幣15,511百萬元 | | Earnings per share | 9.62% | to RMB1.71 | | 每股盈利 | | 至人民幣1.71元 | 可见，比亚迪的盈利同比增速持续下滑。 2023年上半年、2024年上半年，比亚迪的毛利分别同比增长134.36%、26.42%，归母净利 ...

【导读】比亚迪上半年盈利增长降速，称 " 一口价 " 等行业乱象扰乱商业秩序 中国基金报记者 闻言 8 月 29 日晚间， 比亚迪 交出的 " 成绩单 " 显示，公司 2025 年上半年的毛利同比增长 18.24% ，归母净利润同比增长 13.79% 。 | Revenue | 23.30% | to RMB371,281 million | | --- | --- | --- | | 營業額 | | 至人民幣371,281百萬元 | | Gross profit | 18.24% | to RMB66,866 million | | 毛利 | | 至人民幣66,866百萬元 | | Profit attributable to owners of the parent | 13.79% | to RMB15,511 million | | 母公司擁有人應佔溢利 | | 至人民幣15,511百萬元 | | Earnings per share | 9.62% | to RMB1.71 | | 每股盈利 | | 至人民幣1.71元 | 可见，比亚迪的盈利同比增速持续下滑。 2023 年上半年、 2024 年上半 ...

| | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增減 | | 营业收入(元) | 371, 280, 948, 000. 00 | 301, 126, 713, 000. 00 | 23. 30% | | 归属于上市公司股东的净利润(元) | 15, 510, 533, 000. 00 | 13, 631, 257, 000. 00 | 13.79% | | 归属于上市公司股东的扣除非经常性损益的 净利润(元) | 13.599.741.000.00 | 12. 315. 414. 000. 00 | 10. 43% | | 经营活动产生的现金流量净额(元) | 31, 833, 471, 000. 00 | 14, 178, 310, 000. 00 | 124.52% | | 基本每股收益(元/股) | 1.71 | 1.56 | 9.62% | | 稀释每股收益(元/股) | 1.71 | 1.56 | 9.62% | | 加权平均净资产收益率 | 7. 43% | 9.67% | -2. 24% | | | 本报告期末 | ...

| | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增减 | | 营业收入(元) | 371.280.948,000.00 | 301, 126, 713, 000. 00 | 23. 30% | | 归属于上市公司股东的净利润(元) | 15,510,533,000.00 | 13, 631, 257, 000. 00 | 13.79% | | 归属于上市公司股东的扣除非经常性损益的 浄利润(元) | 13.599.741.000.00 | 12, 315, 414, 000. 00 | 10. 43% | | 经营活动产生的现金流量净额(元) | 31,833, 471, 000. 00 | 14, 178, 310, 000. 00 | 124. 52% | | 基本每股收益(元/股) | 1.71 | 1.56 | 9.62% | | 稀释每股收益(元/股) | 1.71 | 1.56 | 9.62% | | 加权平均净资产收益率 | 7. 43% | 9.67% | -2. 24% | | | 本报告期末 | 上年度末 | ...

分业务来看，上半年，比亚迪来自汽车、汽车相关产品及其他产品业务的收入约3025.06亿元，同比增 长32.49%；手机部件、组装及其他产品业务的收入约687.44亿元，同比降低5.54%。 上证报中国证券网讯（记者 黎灵希）8月29日晚，比亚迪披露2025年半年报。上半年，公司实现营业收 入3712.81亿元，同比增长23.3%；归母净利润155.1亿元，同比增长13.79%；毛利率18.01%，较2024年 同期下降0.77个百分点。比亚迪在半年报中称，毛利率下降主要受新能源汽车业务影响。 来源：上海证券报·中国证券网 ...

8月29日晚间，比亚迪在港交所公告，2025年上半年，集团实现收入约人民币3712.81亿元，同比增长 23.30%，其中汽车、汽车相关产品及其他产品业务的收入约人民币3025.06亿元，同比增长32.49%；手 机部件、组装及其他产品业务的收入约人民币687.44亿元，同比降低5.54%；占集团总收入的比例分别 为81.48%和18.51%；研发投入约人民币308.80亿元，同比增长53.05%；归属于上市公司股东的净利润约 人民币155.10亿元，同比增长13.79%。 ...

Core Viewpoint - The U.S. government's announcement to significantly increase tariffs on imports from India has escalated tensions in U.S.-India relations, prompting Indian Prime Minister Modi to consider retaliatory measures similar to those previously employed by China against the U.S. [1][6] Group 1: U.S.-India Trade Relations - The U.S. has accused India of "abuse" in trade practices, with President Trump emphasizing that India has the highest tariffs globally and demanding reciprocal tariff adjustments [3][4] - Modi's government initially responded to U.S. pressure by reducing import tariffs on several American products, benefiting companies like Harley, Tesla, and Apple [3] - Despite these concessions, the U.S. continued to criticize India, leaving Modi's administration in a difficult position as it sought to meet U.S. demands without receiving corresponding leniency [4] Group 2: Potential Indian Retaliation - India is contemplating imposing retaliatory tariffs on U.S. imports, particularly targeting agricultural products such as wheat, corn, and fruits, which could significantly impact the U.S. agricultural sector [7] - The Indian government is also considering strengthening diplomatic ties with other nations, including Russia and the EU, to enhance its international standing and reduce reliance on the U.S. [7] - In the military sector, India may slow down its arms purchases from the U.S. and focus on enhancing its domestic military capabilities and collaborations with other military powers [9]

Core Viewpoint - Leading companies in the Shenzhen Stock Exchange (SZSE) are acting as a stabilizing force in the capital market, showcasing strong brand influence, market competitiveness, and industry leadership [1] Group 1: Performance Overview - As of 2024, the 36 leading companies in the SZSE achieved a total operating revenue of 4.56 trillion yuan, representing a year-on-year growth of 7.76%, and accounted for 21.93% of the total operating revenue of all SZSE companies [1] - These companies reported a combined net profit of 485.80 billion yuan, reflecting a year-on-year increase of 18.24%, which constitutes 60.21% of the total net profit of SZSE companies [1] Group 2: Individual Company Performance - Contemporary Amperex Technology Co., Limited (CATL) achieved a net profit of 50.75 billion yuan in 2024, marking a 15.01% increase year-on-year, with a gross margin for its core business of power batteries rising by 5.81 percentage points to 23.94% [2] - BYD Company Limited reported a record high in all core operating indicators, with total revenue reaching 777.10 billion yuan, a year-on-year growth of 29.02% [2] - The revenue from automotive and related products was approximately 617.38 billion yuan, up 27.70%, while revenue from mobile components and assembly reached about 159.61 billion yuan, increasing by 34.60% [2] Group 3: Growth Drivers - The expansion of sales scale and improvement in gross margins are key drivers of performance growth for leading companies in the SZSE [3] - Companies are leveraging brand, technology, and channel advantages to capture market share, while also enhancing product value and profitability through innovation, cost control, and product structure optimization [3] Group 4: Shareholder Returns - Leading companies are sharing development dividends with investors through cash dividends and share buybacks, reinforcing their commitment to shareholder value [4] - ZTE Corporation maintained a cash dividend ratio of 35.0% for 2024, with cumulative cash dividends amounting to 8.1 billion yuan over the past three years [4] - Lens Technology emphasizes stable and high cash dividends to enhance investor value perception [4] Group 5: Capital Structure Optimization - Share buybacks have become a significant strategy for leading companies to optimize capital structure and boost market confidence [5] - These initiatives not only stabilize stock price expectations but also align corporate development with investor interests, fostering a positive capital market ecosystem [5]