上汽集团（600104.SH）系列点评十三 扣非利润改善明显 尚界 H5 催化可期 2025 年 08 月 29 日 ➢ 事件概述：公司发布 2025 年半年度报告：2025H1 总营收为 2,995.9 亿 元，同比+5.2%；归母净利润 60.2 亿元，同比-9.2%；扣非归母净利润 54.3 亿 元，同比+431.9%。2025Q2总营收为 1,587.3 亿元，同比+12.1%，环比+12.7%； 归母净利润 29.9 亿元，同比-23.5%，环比+1.0%；扣非归母净利润 25.8 亿元， 同比+334.6%，环比+9.4%。 ➢ 2025Q2 营收、ASP 环比改善明显。收入端，2025Q2 营收同比+12.1%， 环比+12.7%，2025Q2 集团销量 110.8 万辆，同比+11.6%，环比+17.2%，销 量同环比提升驱动营收同环比改善。ASP：2025Q2 单车 ASP 为 9.7 万元，同比 分别+0.4%，环比-3.9%，ASP 下降主要受 2025Q2 整体终端折扣下滑所致。展 望下半年，上汽乘用车荣威 M7 DMH、全新 MG4，智己全新一代 LS6、LS9 增 程新车，尚界 H ...

Core Insights - SAIC Motor Corporation reported a significant increase in vehicle sales, with July sales reaching 338,000 units, a year-on-year growth of 34.2%, marking the seventh consecutive month of growth in 2023 [1] - Cumulative vehicle sales from January to July reached 2.39 million units, a 15% increase year-on-year, with retail deliveries hitting 2.567 million units, indicating an improving production and sales structure [1] Group 1: Sales Performance - In July, SAIC's self-owned brand sales reached 214,000 units, up 39.4% year-on-year, while new energy vehicle (NEV) sales were 117,000 units, reflecting a 64.9% increase [3] - Overseas market sales totaled 82,000 units, demonstrating steady growth despite various challenges [3] - SAIC's joint venture brands also saw a rebound, with sales increasing by 26.1% year-on-year, supported by the launch of new models such as the SAIC Audi A5L Sportback and Buick's high-end sub-brand "Zhijing" [3] Group 2: Product and Market Development - From January to July, cumulative sales of SAIC's self-owned brands reached 1.518 million units, a 23.3% increase, accounting for 63.5% of total sales, up 4.3 percentage points from the previous year [3] - Upcoming new models, including the Roewe M7 DMH and the new MG4, are expected to further boost sales for SAIC's self-owned brands [4] - In the NEV segment, cumulative sales reached 764,000 units from January to July, a 43.5% increase, outpacing the overall NEV market growth [4] Group 3: International Market Performance - SAIC's products are sold in over 170 countries and regions, with significant market presence in Europe, where it has achieved a cumulative sales volume exceeding 6 million units [4] - In the European market, SAIC's MG brand delivered nearly 180,000 units from January to July, achieving double-digit growth, particularly with HEV models outperforming many overseas competitors [4]