● 本报记者 龚梦泽 2025年中国汽车市场进入存量博弈下的竞争深化阶段，部分车企面临销量同比下滑的挑战。在此背景 下，上汽集团通过结构性调整实现逆势增长，交出了稳健的经营业绩，其转型路径为传统车企智能化升 级提供了参考。 最新数据显示，2025年，上汽集团全年整车销量达450.7万辆，同比增长12.3%，终端零售量高于批发 量，市场供需结构保持健康；前三季度营收达4689.9亿元，归母净利润达81.01亿元，分别同比增长9% 和17.3%，盈利水平稳步提升。从业务结构看，自主品牌销量占比首次超过65%，新能源汽车销量突破 164.3万辆，海外市场销量达107.1万辆，三大核心业务板块均实现显著突破，反映出其从依赖合资品牌 向自主品牌与全球化并行的结构转型成效。 自主品牌业务引领增长 2025年中国汽车产业经历了深刻的市场格局重构，上汽集团自主品牌的规模跃升成为这一变革的重要体 现。2025年销售数据显示，上汽集团全年自主品牌销量达292.8万辆，同比增长21.6%，在集团总销量中 的占比从2024年的60%提升至65%的历史高位。这一结构性变化，不仅标志着上汽集团对合资品牌业务 依赖度的显著降低，也折射出中 ...

2025年，上汽集团以全面深化改革为抓手，重点聚焦自主品牌建设和智电技术突破，不断加快创新转型 步伐，全年销售整车450.7万辆，同比增长12.3%，终端零售销量达到467万辆，继续保持国内行业领 先，经营实现筑底企稳，回升提速态势渐显，改革攻坚取得阶段性成效。 整车板块"向好向新" 通过自主品牌乘用车、商用车业务实施一体化管理，上汽积极构建更灵活高效的运营体制机制，打通产 品定义、研发、生产和营销全链路，更贴近用户需求、更敏捷响应市场。2025年，上汽自主品牌（荣 威、MG、智己、大通、五菱、宝骏等）销量达到292.8万辆，同比增长21.6%，在集团整体销量中的占 比达到65%，较2024年提高了5个百分点，在竞逐智电新赛道的关键阶段，自主品牌成为上汽创新发展 的"主力军"和"急先锋"。 在自主品牌勇挑大梁的同时，合资品牌也在积极焕新转型。2025年4月份，上汽通用汽车别克品牌推出 全新高端新能源子品牌——"至境"，并发布全新别克"逍遥"超级融合架构。新架构具备超强拓展能力， 可实现MPV/SUV/轿车3种全车身形式，纯电/插混/增程3种全新能源技术，以及前驱/后驱/四驱3种全驱 动方式研发生产，满足未来全 ...

1月4日，上汽集团正式公布2025年全年销量。这一年，上汽集团以全面深化改革为抓手，重点聚焦自主品牌建设和智电技术突破，不断加快创新转型步 伐，全年销售整车450.7万辆，同比增长12.3%，终端零售销量达到467万辆，继续保持国内行业领先，经营实现筑底企稳，回升提速态势渐显，改革攻坚 取得阶段性成效。 整车板块"向好向新" 通过自主品牌乘用车、商用车业务实施一体化管理，上汽积极构建更灵活高效的运营体制机制，打通产品定义、研发、生产和营销全链路，更贴近用户需 求、更敏捷响应市场。2025年，上汽自主品牌（荣威、MG、智己、大通、五菱、宝骏等）销量达到292.8万辆，同比增长21.6%，在集团整体销量中的占 比达到65%，较2024年提高了5个百分点，在竞逐智电新赛道的关键阶段，自主品牌成为上汽创新发展的"主力军"和"急先锋"。 在自主品牌勇挑大梁的同时，合资品牌也在积极焕新转型。2025年4月份，上汽通用汽车别克品牌推出全新高端新能源子品牌——"至境"，并发布全新别 克"逍遥"超级融合架构。新架构具备超强拓展能力，可实现MPV/SUV/轿车3种全车身形式，纯电/插混/增程3种全新能源技术，以及前驱/后驱/四驱 ...

其中，自主品牌成为主要增长来源。荣威、MG、智己、大通、五菱、宝骏等自主品牌合计销量292.8万 辆，同比增长21.6%，占集团总销量比重提升至65%。新能源汽车全年销量164.3万辆，同比增长 33.1%，规模位居行业前列。 海外市场方面，上汽2025年海外销量107.1万辆，同比增长3.1%。MG品牌在欧洲销量超过30万辆，继续 保持中国品牌在当地的主流市场存在度。上汽表示，未来将推进"全球+本土"的海外战略升级，推动从 产品出海向价值链出海转型。 经济观察网1月4日，上汽集团（600104）披露，2025年全年整车销量450.7万辆，同比增长12.3%；终端 零售销量达467万辆，经营层面呈现企稳回升态势。 ...

限时优惠叠加，购车福利叠满。2026上汽新春欢乐购，各个品牌都拿出"诚意王炸"：荣威、MG品牌，购车最高可享3.7万元现金优惠，并叠加到店礼、金融 礼、置换礼、推荐礼等多重权益。智己汽车，重磅推出价值超10万元的多重购车好礼限时尊享活动，更有品牌购置税补贴政策，现在下订还可抢先锁定限量 春节前提车名额。尚界品牌，推出"马上出发，马尚發"活动。上汽大通和上汽通用五菱，提供购置税补贴政策，购车成本立减。上汽大众提供新春限时红 包、全系动力总成终身质保等专属权益；上汽奥迪推出购车红包、选装基金等专属礼遇。上汽通用别克品牌在"一口价"基础上，叠加定金膨胀、购置税补贴 等限时优惠，凯迪拉克品牌推出至高15000元定金膨胀政策。 懂车更懂你、马上焕新驾。此次"新春欢乐购"活动，上汽集团以更具温度的购车体验、更切实的优惠举措，让创新产品与暖心价格直达用户，在这个新年， 为消费市场注入焕新活力。（邓侃） 编辑：林郑宏 转自：新华财经 2025年岁末，商务部等8部门发布《2026年汽车以旧换新补贴实施细则》，将继续实施汽车报废更新和汽车置换更新，全国统一按照新车销售价格的固定比 例给予补贴。2026新年伊始，上汽集团带着满满诚 ...

智通财经12月31日讯（记者 刘阳）与数年前自主品牌大量推出子品牌、打造子公司以应对市场竞争不同，面对行业转 型带来的巨大挑战和未来不断融合的产业趋势，握指成拳集中力量、减少内耗提高效率，成为在车市淘汰赛中活下去 的关键。 在激烈的竞争下，整合、精简品牌的动作不止发生在吉利。12月18日，广汽集团对外宣布，依据"番禺行动"改革计 划，集团正式启动自主品牌BU（Business Unit）改革，昊铂埃安BU率先完成组建，两大品牌纳入同一事业部统筹运 营。同时，传祺BU也已进入筹备落地阶段。叠加已独立运营的启境品牌，广汽自主板块"三驾马车"新格局浮出水面。 "传祺BU正在推进中，包括传祺品牌和'向往'车系。"有广汽集团内部人士透露。 据智通财经记者初步统计，2025年，上汽集团、东风集团、广汽集团及奇瑞、吉利等国内多家主流车企不约而同地选 择了"刀口向内"做减法的内部整合，为占领未来市场制高点积蓄力量。 | | 主要汽车整车企业战略整合方案一览 | | --- | --- | | 时间 | 内 BA | | | 上汽集团召开2025年干部大会,集团党委副书记、总裁贾健旭表示,上汽大乘用车板块重组已迈出改革突 | ...

格隆汇12月16日｜爱建证券研报指出，上汽集团拥有完整的汽车产业链和丰富的品牌矩阵，整车业务包 括上汽乘用车（荣威、飞凡、智己等）、上汽大众、上汽通用、上汽五菱、大通等，零部件业务为集团 内各品牌提供支持。公司重组大乘用车板块，整合荣威和飞凡品牌，提升运营效率和资源协同；同时， 与华为深度合作推出全新品牌"尚界"，切入15-20万主流智能电动车市场，借鉴消费电子企业经验，提 升产品力与用户体验；此外，公司加速推进固态电池等前沿技术产业化。预计公司改革成效将逐步显 现，经营表现有望逐步回升。尚界、智己等自主品牌核心车型上市后月销快速攀升稳定过万；合资品牌 上汽大众及上汽通用月销同比增速稳定回正；出口及海外基地销量持续稳定正增长。公司估值低于可比 公司均值，考虑公司自上而下积极推动电动智能化转型，并加强对外合作，首次覆盖，给予"买入"评 级。 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company is undergoing a significant transformation towards electric and intelligent vehicles, supported by a strategic partnership with Huawei, which is expected to enhance its product offerings and user experience [6]. - The company has a complete automotive industry chain and a diverse brand matrix, which positions it well in the competitive landscape of the automotive industry [6]. - Financial forecasts indicate a strong rebound in net profit from 2025 onwards, with expected profits of 10.75 billion, 13.34 billion, and 16.15 billion yuan for 2025, 2026, and 2027 respectively [6]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 744.71 billion yuan - 2024: 627.59 billion yuan (down 15.7% YoY) - 2025E: 668.57 billion yuan (up 6.5% YoY) - 2026E: 697.79 billion yuan (up 4.4% YoY) - 2027E: 746.77 billion yuan (up 7.0% YoY) [5][17] - Net profit forecasts are: - 2023: 14.11 billion yuan - 2024: 1.67 billion yuan (down 88.2% YoY) - 2025E: 10.75 billion yuan (up 545.2% YoY) - 2026E: 13.34 billion yuan (up 24.1% YoY) - 2027E: 16.15 billion yuan (up 21.1% YoY) [5][17] - The company's gross margin is expected to improve from 1.7% in 2023 to 11.1% by 2027 [5][17]. Market Position and Competitive Landscape - The company ranks second in cumulative automobile sales in China for the first ten months of 2025, with a market share of 12.8% [7]. - The automotive industry is experiencing intensified competition, particularly as domestic brands rise and joint ventures face pressure [6]. Strategic Initiatives - The company is restructuring its passenger vehicle segment to enhance operational efficiency and resource synergy [6]. - The collaboration with Huawei aims to penetrate the mainstream intelligent electric vehicle market, leveraging Huawei's technological expertise [6].

Core Viewpoint - A significant outflow of automotive talent from Shanghai has been observed since 2023, marking a shift from the city's historical role as a hub for the automotive industry in China [11][12]. Group 1: Historical Context - Shanghai has been the cradle of China's automotive industry, with major joint ventures like Shanghai Volkswagen and Shanghai General Motors attracting talent for over four decades [3][6]. - At its peak, Shanghai was home to approximately 50,000 high-end automotive R&D and marketing professionals [10][13]. Group 2: Recent Developments - The decline of new car manufacturers in Shanghai, starting with the shutdown of WM Motor in December 2022, has led to a significant reduction in job opportunities [11][12]. - Traditional automakers like SAIC Volkswagen and SAIC General Motors have seen their sales drop to about 60% of their peak levels, resulting in multiple rounds of layoffs [12][20]. Group 3: Talent Migration - The automotive job market in Shanghai has shifted from a surplus of opportunities to a situation where job seekers outnumber available positions, leading to a talent migration to other regions [15][17]. - Many former employees have relocated to cities like Wuhu, Hangzhou, and Ningbo, while some have even moved abroad to work for Chinese brands [18][19]. Group 4: Competitive Landscape - While Shanghai's automotive industry contracts, companies from other provinces, such as BYD, Geely, and Chery, are experiencing rapid growth, with sales increasing by 30% to 50% [15][16]. - These companies, previously offering lower salaries, are now able to match or exceed the compensation packages of Shanghai's new car manufacturers due to improved sales and profitability [16]. Group 5: Future Outlook - Despite current challenges, the long-term outlook for the automotive industry remains positive, with significant growth potential in developing countries where car ownership rates are still low [25][26].

Core Viewpoint - The automotive industry is facing increasing challenges from online misinformation, malicious defamation, and commercial slander, prompting a coordinated response from various stakeholders to protect the industry's integrity and promote high-quality development [1][3]. Group 1: Government and Industry Response - In September, the Ministry of Industry and Information Technology and five other departments issued a notice to launch a three-month campaign to address online chaos in the automotive sector, focusing on illegal accounts spreading false information [1][3]. - The industry is witnessing a collaborative effort among multiple domestic car manufacturers to combat online rumors and "black public relations," establishing a firewall against these issues [3][4]. - The government has emphasized the importance of a healthy public opinion environment as a crucial part of the business ecosystem, launching various initiatives to tackle malicious attacks on companies [6][7]. Group 2: Company Actions - SAIC Motor Corporation has actively responded to online rumors, reporting malicious accounts to law enforcement and successfully addressing over 10,000 instances of false information in the first ten months of the year [2][5]. - The company has publicly announced a reward of up to 5 million RMB for information related to malicious rumors and defamation against its brands, encouraging public participation in maintaining a clean online environment [4][5]. - SAIC Motor is committed to using legal means to protect its rights and has called for collaboration among enterprises, media, and the public to create a new governance model for online management [7].