"五强"格局稳固 2025年，中国汽车"自主五强"的销量格局保持稳固，而增长动能的来源——新能源与海外市场， 成为衡量企业发展速度与质量的关键标尺。 比亚迪继续锁定全球新能源汽车销量"冠军"宝座，全年销量达460.24万辆，同比增长7.73%持续 领跑中国市场。不过，比亚迪的增长结构发生了历史性转变：纯电动汽车全球销量达到约225.7万 辆，不仅实现了27.9%的同比增长，更在规模上超越了特斯拉。插混车型销量则减少了约20万 辆。 海外市场成为比亚迪最强劲的增长极，其产品已覆盖全球六大洲超过110个国家和地区，乘用车和 皮卡海外销售104.96万辆，同比增长145%，稳居中国整车出口前列。比亚迪的规模效应和品牌 影响力正在全球市场持续放大。 单个品牌方面，比亚迪品牌（王朝网+海洋网）销量约为410万辆，同比去年的427.21万辆有所下 滑。方程豹2025年销售23.46万辆，同比增长345.5%，正式进入规模化运营阶段。腾势汽车也 表现不俗，2025年累计销量15.71万辆，同比增长24.7%。 从吉利汽车喊出"一个吉利"的回归号角，到奇瑞集团为国内业 务动起整合手术；从比亚迪的船队扬帆远航至全球，到长安汽 ...

Core Viewpoint - Recent rumors about Changan Automobile canceling year-end bonuses due to unmet sales targets have been addressed by the company, which confirmed the information is false and that an incentive plan based on 2025 performance has been established and is being implemented [1][4]. Group 1: Company Response - Changan issued a formal statement on January 7, clarifying that the rumors regarding the cancellation of year-end bonuses are untrue and that the company has developed an incentive plan based on its operational performance for 2025 [1][4]. - The company emphasized that the dissemination of false information has negatively impacted its brand reputation and normal business operations, and it will take legal action against those who spread such rumors [4]. Group 2: Employee Incentives - An internal source claimed that the employee year-end incentive structure consists of 4.3 times the monthly salary plus a fixed amount of 3,000 yuan, with payments expected to be completed by February 10 [7]. - An internal notice that circulated in early January suggested that due to unmet sales and profit targets for 2025, there would be no year-end incentive; however, the company is considering a corresponding incentive to be announced later [7]. Group 3: Performance Metrics - In 2025, Changan achieved a total sales volume of 2.913 million vehicles, a year-on-year increase of 8.5%, reaching 97% of its target [9]. - The company reported that its electric vehicle sales reached 1.109 million units, up 51% year-on-year, and overseas sales were 637,000 units, an 18.9% increase [9]. - Changan's total revenue for 2025 was approximately 286 billion yuan, achieving 95.33% of its 300 billion yuan target, marking historical highs for both sales and revenue despite not fully meeting all targets [9].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company is expected to achieve significant sales growth driven by brand enhancement and overseas expansion, with a target of 3.3 million units sold in 2026, representing a year-on-year increase of 13.3% [5] - The company aims to sell 1.4 million new energy vehicles in 2026, a year-on-year increase of 26.2%, and 750,000 units in overseas markets, a year-on-year increase of 17.7% [5] - The company plans to invest over 60 billion yuan in new energy and digital platforms, as well as global R&D capabilities, to accelerate its strategic transformation [5] Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to be 151,298 in 2023, increasing to 203,333 by 2027, with a compound annual growth rate (CAGR) of 11.9% [3] - Net profit attributable to the parent company (in million yuan) is forecasted to decline from 11,327 in 2023 to 4,662 in 2025, before recovering to 8,669 in 2027 [3] - Earnings per share (in yuan) are expected to decrease from 1.14 in 2023 to 0.47 in 2025, then rise to 0.87 in 2027 [3] - The gross profit margin is projected to fluctuate from 18.4% in 2023 to 15.3% in 2027 [3] - Return on equity (ROE) is expected to decline from 15.8% in 2023 to 5.7% in 2025, then recover to 8.9% in 2027 [3] Market Data - The closing price of the stock is 11.85 yuan, with a one-year high of 14.18 yuan and a low of 11.32 yuan [4] - The price-to-earnings (P/E) ratio is projected to be 10.6 in 2023, increasing to 25.6 in 2025, and then decreasing to 13.8 by 2027 [3] - The market capitalization of circulating A shares is approximately 97,983 million yuan [4]

进入2026年之后，汽车圈第一个引起围观的话题，竟然是"年终奖"。近期，网传某目标完成率达97%的车企取消 年终奖的消息，引起车圈热议。结合销量完成数据，网友猜测传闻涉及车企是去年新晋升央企的长安汽车。 今日，长安汽车公开发文辟谣。长安汽车不实信息举报中心发布声明称，2025年长安汽车整体经营态势稳健，公 司已根据年度经营实绩，按照激励标准制定并推进相应激励计划，切实保障员工权益，助力企业可持续发展。 对于颇受关注的长安汽车年终奖一事，该公司公关部某负责人回应，以公告为准，至于其它细节信息并未透露。 不过有知情人士称，该公司没有"年终奖"一说，而是按照激励标准制定并推进相应激励计划。 一名长安汽车子品牌的一线技术人员向南都·湾财社记者透露，虽然2025年具体要求发放标准及计算方法尚未公 布，但据他了解，无论是长安品牌还是他所在的子品牌，今年的年终奖都没有取消。"今年只是没有在1月1日发 放，有人就传取消了吧。"该人士表示。 据悉，长安汽车2024年年终奖金额因岗位、绩效、工作年限等因素存在差异，大致年终奖平均约为4.8个月工资。 下限为3个月工资，上限为6个月工资。部分核心岗位处于较高水平，例如前端、软件开发 ...

1月6日，南都N视频记者从国家计算机病毒应急处理中心获悉，经检测，71款移动应用存在违法违规收 集使用个人信息情况，真爱网、中公网校、易捷加油、长隆旅游、乐道汽车、深蓝汽车、剪影多多等移 动应用被通报。 此外，真爱网、知识课堂、圆桌星球、墨趣书法、指尖画画等13款移动App涉未向个人告知接收方的名 称或者姓名、联系方式、处理目的、处理方式和个人信息的种类，并取得个人的单独同意的违规情况。 通报指出，依据《网络安全法》《个人信息保护法》等法律法规，按照《中央网信办、工业和信息化 部、公安部、市场监管总局关于开展2025年个人信息保护系列专项行动的公告》要求，经国家计算机病 毒应急处理中心检测，71款移动应用存在违法违规收集使用个人信息情况。南都记者留意到，文中所列 移动应用检测时间为2025年11月21日至2025年12月25日。 乐道汽车、深蓝汽车等27款移动应用因未采取相应的加密、去标识化等安全技术措施被通报；爱居找 房、长隆旅游、跟团游、房产超市网、青岛青年国际旅行社5款移动应用因无隐私政策被通报。 南都记者梳理发现，通报列举了有App首次运行时未通过弹窗等明显方式提示用户阅读隐私政策等收集 使用规则，未 ...

| | | | | | 代码、如件〕收集使用个人信息的目的、万式、德国等。 | | --- | --- | --- | --- | --- | --- | | | | | | | 3. 未采取相应的加密、去标识化等安全技术措施。 | | | | | | | 1. 在App 首次运行时未通过弹窗等明显方式提示用户圆读隐私政 | | | | | | | 窗帘收集使用规则。 | | | | | | | 2. 未在征得用户同意后才开始收集个人信息或打开可收集个人 | | | | | | | 信息的权限。 | | 57 | 房见 | 1 | 微信小程序 | 上海象俊信息科技有限公司 | 3. 未向用户提供搬回同意收集个人信息的途径,方式。 | | | | | | | 4. 通过自动化决策方式向个人进行信息推送、商业营销,未同 | | | | | | | 时要供不计划具个人特征的选项,或者未向个人垫供便捷的拒 | | | | | | | 进力式。 | | | | | | | 6. 未采取相应的加密、去标识化等安全技术措施 | | 58 | 形状与颜色 | 5.6.9 | 科大讯飞AI学习机应 | 乐李网络科技(上海)有限 ...

Core Insights - Changan Automobile reported a total vehicle sales of 2.913 million units in 2025, marking an 8.54% year-on-year increase and achieving the highest sales in nearly nine years, with six consecutive years of positive growth [1] - The company's new energy vehicle (NEV) sales surpassed 1 million units for the first time, with a total of 1.109 million units sold in 2025, reflecting a 51% year-on-year growth [4] - The overseas market also showed strong performance, with sales reaching 637,000 units, an 18.9% increase year-on-year, contributing significantly to overall growth [4] Group 1: Sales Performance - In December 2025, Changan sold 254,800 vehicles, a 1.66% increase year-on-year [1] - The NEV segment achieved record sales with contributions from three brands: Changan Qiyuan (411,000 units), Deep Blue Auto (333,000 units), and Avita (120,000 units) [4] - The company has established a solid foundation for steady sales growth through a comprehensive brand matrix covering mainstream markets [3][4] Group 2: Strategic Initiatives - The establishment of the new central enterprise on July 29, 2025, has empowered Changan to accelerate its strategic initiatives in new energy, intelligence, and globalization [3] - Changan's technological innovations, including the "Golden Bell" battery and the SDA platform architecture, have enhanced product competitiveness and driven sales growth [4] - The "Haina Baichuan" plan has facilitated significant global expansion, with the completion of nine overseas factories and plans for 20 more in countries like Brazil and Indonesia [5] Group 3: Future Outlook - Changan aims to strengthen its core technological innovation and deepen the development of its five-brand matrix, targeting a production and sales goal of 5 million units by 2030 [5] - The company is committed to contributing to China's transition from a major automotive nation to a strong automotive nation through high-quality development [5]

《每日经济新闻》记者综合已公布2025年销量情况的车企数据发现，头部自主车企凭借产品矩阵与技术 优势稳步领跑，部分企业超额完成年度目标；多数车企面临目标缺口压力，新势力阵营更是上演"冰火 两重天"，仅有少数品牌顺利达标。 比亚迪、吉利表现优异 从目前各车企公布的销量情况来看，比亚迪2025年销售460.24万辆，海外年销量首次突破100万辆，乘 用车及皮卡海外全年销售104.96万辆，同比增长145%，蝉联中国汽车市场品牌销量和全球新能源车市 场销量冠军。据此前报道，比亚迪将2025年度销量目标更新为460万辆，按此计算，比亚迪全年目标成 功达成。 值得一提的是，比亚迪2025年纯电动汽车新车销量为225.67万辆，同比增长近28%，一举超越特斯拉全 年163.6万辆的成绩，登顶全球年度电动汽车销量榜，这也是特斯拉有史以来首次在全年电动汽车销量 上被比亚迪超越。 吉利汽车也超额完成年销量目标。2025年，吉利汽车累计销量达302.46万辆，同比增长39%，超额完成 全年300万辆销量目标，创历史新高。 新能源车方面，吉利汽车2025年累计销量达168.78万辆，同比增长90%，创历史新高。其中，吉利银河 品牌 ...

本次政策以"新国补 选央企"为主题，具体权益涵盖：可享至高20000元的"新春有国补"红包、至高 10000元的"马上领红包"开年红包、至高8000元的"超级大置换"补贴，以及"金融添鸿运"提供的至高5年 0息等多种优惠方案，用户在2026年1月1日至2月28日期间下订可享。深蓝汽车始终以用户为中心，本次 政策的推出，旨在切实降低用户购车门槛，提升消费体验。 为响应国家2026年"两新"政策，促进汽车消费与产业升级，深蓝汽车于2025年12月31日发布2026年 新春购车政策，推出一系列与政策导向高度契合的购车权益，以实际行动助力行业高质量发展。此次深 蓝汽车推出的购车政策包括国补红包、开年红包、置换补贴及金融优惠在内等多重福利，以诚意回馈用 户，彰显央企责任担当。 ...

设计 | 甄 尤 美 撰文 | 杜 咏 芳 编辑 | 黄 大 路 如果要给2025年的中国汽车产业找一个关键词，你脱口而出的关键词会是什么？ 过去的这一年，一方面国家反内卷有了一定起色，一方面企业又在转型阵痛里磕磕绊绊。存量市场里拼杀血腥气没有一丝一毫的减少，出海寻找 出来面临全球格局变数，焦虑感是行业通病。 面对焦虑，轩辕矩阵CEO贾可说："出发了，就不必再焦虑"（ 贾可2026元旦献词 | 出发了，就不必再焦虑 ）。细读国内各大车企掌舵人2026新年 献词，倾听他们的回顾与展望，我们体会到了反焦虑的一种力量顽强浮现出来——那便是"进"。 不是那种顺风顺水的"进"，而是不服输、不躺平，咬着牙在泥泞里硬蹚出来的"进"。 新年伊始，《汽车商业评论》打捞中国汽车产业2026年新年献词，看2025年，中国汽车究竟"进"在何处？我们又将如何走向未来？ 共探新营销，共创新可能 2025年，"进"在何处？ 2025年，"进"在不再只看销量数字，而是看"含金量"。 北汽集团宣布自主品牌销量6年之后重回百万辆。他们强调这是一个"里程碑式的新'百万'"，其背后，是新能源占比的显著提升，是乘商协同发 力。 长安汽车则告诉大家，它 ...