上汽集团（600104.SH）系列点评十五 25Q3 营收同环比增长 自主新品催化密集 2025 年 11 月 02 日 ➢ 事件概述：公司发布 2025 年三季报报告：2025Q1-3 总营收为 4,689.9 亿 元，同比+8.9%；归母净利润 81.0 亿元，同比+17.3%；扣非归母净利润 71.2 亿元，同比+578.6%。2025Q3 总营收为 1,694.0 亿元，同比+16.2%，环比 +6.7%；归母净利润 20.8 亿元，同比+643.9%，环比-30.4%；扣非归母净利润 16.9 亿元，同比+5734.5%，环比-34.4%。 ➢ 2025Q3 营收、ASP 环比小幅提升。收入端，2025Q3 营收同比+16.2%， 环比+6.7%，2025Q3 集团销量 114.1 万辆，同比+38.7%，环比+3.0%，销量 同环比提升驱动营收同环比改善。ASP：2025Q3 单车 ASP 为 10.1 万元，同比 下滑，环比小幅提升，ASP 提升主要受益 2025Q3 反内卷。展望 Q4，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 H5， 上汽奥迪 ...

2025年比亚迪积极推进海外产能和销售网络的布局，也导致费用增长。前三季度销售费用和管理费用为 185.1亿元和152.7亿元，分别同比增长11%和23%。2025年9月，比亚迪全球共销售新能源车39.63万辆， 同比下滑5.5%，19个月首次单月同比转负。 ● 龚梦泽 熊永红 随着2025年三季报披露完毕，上市整车企业的业绩变动无疑成为投资者关注焦点。中国证券报记者据同 花顺iFinD统计，沪深两市共有20家整车上市公司公布了2025年三季报，整体业绩表现相对平稳，其中 14家车企实现盈利，占比达七成。 具体来看，10家车企实现净利润同比上涨，盈利且净利润上涨的车企仅为9家，占到车企总数的45%。 今年前三季度，吉利汽车、上汽集团和比亚迪3家车企销量完成率较高，超过70%。 盈利方面，比亚迪、长城汽车和上汽集团位居净利润榜单前三名，前三季度分别实现233.3亿元、86.3亿 元和81.0亿元净利润，成为最赚钱的前三名车企。从净利润同比增幅来看，商用车板块实现领跑，其 中，金龙汽车凭借224%的增幅位居首位，福田汽车以157%的增幅位居次席。 6家亏损公司中，江淮汽车、北汽蓝谷和广汽集团净利润垫底，前三季度净 ...

● 龚梦泽 熊永红 随着2025年三季报披露完毕，上市整车企业的业绩变动无疑成为投资者关注焦点。中国证券报记者据同 花顺（300033）iFinD统计，沪深两市共有20家整车上市公司公布了2025年三季报，整体业绩表现相对 平稳，其中14家车企实现盈利，占比达七成。 具体来看，10家车企实现净利润同比上涨，盈利且净利润上涨的车企仅为9家，占到车企总数的45%。 今年前三季度，吉利汽车、上汽集团（600104）和比亚迪（002594）3家车企销量完成率较高，超过 70%。 盈利方面，比亚迪、长城汽车（601633）和上汽集团位居净利润榜单前三名，前三季度分别实现233.3 亿元、86.3亿元和81.0亿元净利润，成为最赚钱的前三名车企。从净利润同比增幅来看，商用车板块实 现领跑，其中，金龙汽车（600686）凭借224%的增幅位居首位，福田汽车（600166）以157%的增幅位 居次席。 6家亏损公司中，江淮汽车（600418）、北汽蓝谷（600733）和广汽集团（601238）净利润垫底，前三 季度净利润分别为-14.3亿元、-34.3亿元和-43.1亿元。与此同时，前三季度20家企业研发费用总额突破 840 ...

本报（chinatimes.net.cn）记者温冲 于建平 北京报道 10月30日，上汽集团发布2025年三季报。 财报显示，第三季度，上汽集团实现营业总收入1694亿元，同比增长16.2%；归属于上市公司股东的净 利润20.8亿元，同比增长644.9%。前三季度，上汽集团营业总收入4689.9亿元，同比增长9%；归母净利 润合计81亿元，同比增长17.3%。营收、净利润均实现单季及前三季度累计双增长。 上汽集团董事、总裁贾健旭在10月31日下午举办的2025年第三季度业绩说明会（下称"业绩会"）上回应 业绩大涨的原因："报告期内，公司通过全力开拓市场，销量实现较快增长；同时全面深化改革，着力 提高运营效能，成本费用得到有效控制。" 短期盈利增速亮眼，中长期盈利稳健 在全新运营体制机制下，上汽集团驱动"自主品牌、新能源、海外市场"新三驾马车跑出新时代的加速 度。前三季度，上汽自主品牌累计销量达204.4万辆，同比增长29.2%，占公司销量比重达64%，较去年 同期提升4.3个百分点；上汽乘用车公司销售59.6万辆，同比增长23.8%，国内市场销量实现翻倍增长。 上汽新能源车前三季度累计销售108.3万辆，同比 ...

Core Viewpoint - Shanghai Automotive Group Co., Ltd. (SAIC Motor) reported significant growth in Q3 2025, with vehicle sales and revenue increasing substantially, indicating strong performance in the automotive market [1][2]. Financial Performance - In Q3 2025, SAIC Motor achieved vehicle sales of 1.141 million units, a year-on-year increase of 38.7% - The total revenue reached 169.4 billion yuan, up 16.2% year-on-year, with net profit attributable to shareholders at 2.08 billion yuan, soaring 644.9% [1] - For the first three quarters, total vehicle sales were 3.193 million units, a 20.5% increase, with total revenue of 468.99 billion yuan, up 9.0%, and net profit of 8.1 billion yuan, a 17.3% increase [1] Strategic Initiatives - SAIC Motor is enhancing its integrated management of passenger and commercial vehicles, focusing on three key areas: independent brands, new energy vehicles, and overseas markets [2] - From January to September, sales of SAIC's independent brands reached 2.044 million units, a 29.2% increase, accounting for 64% of total sales [2] - New energy vehicle sales for the same period totaled 1.083 million units, up 44.8%, with a record monthly sales of 190,000 units in September [2] Technological Innovation - SAIC Motor has invested over 150 billion yuan in electric and intelligent technologies, resulting in nearly 26,000 effective patents across various platforms [3] - The company is focusing on vertical integration within the smart electric vehicle industry chain, collaborating with leading tech firms to enhance its competitive edge [3] Product Launches - Recent launches of new electric models, such as the IM LS6 and MG4, have been well-received, with the IM LS6 achieving over 10,000 orders within 27 minutes of its launch [4][5] - The collaboration with Huawei on the IM H5 has generated significant interest, with over 10,000 orders within the first hour of its release [5] Market Positioning - The new models are designed to address consumer pain points, such as range anxiety and charging convenience, contributing to SAIC's strong market performance [4][6] - The Buick Zhijing L7, leveraging General Motors' expertise in range extension technology, has been positioned to meet the specific needs of Chinese consumers [6]

Core Insights - SAIC Motor Corporation reported significant growth in Q3 2025, with vehicle wholesale reaching 1.141 million units, a year-on-year increase of 38.7%, and total revenue of 169.4 billion yuan, up 16.2% [1] - The net profit attributable to shareholders surged to 2.08 billion yuan, marking a remarkable increase of 644.9% [1] Group 1: Sales Performance - In the first three quarters, SAIC sold a total of 3.193 million vehicles, reflecting a year-on-year growth of 20.5% [1] - The company achieved terminal retail sales of 3.378 million vehicles, maintaining its leadership in the domestic market [1] - For the first nine months, SAIC's total revenue reached 468.99 billion yuan, up 9.0%, with net profit attributable to shareholders totaling 8.1 billion yuan, a 17.3% increase [1] Group 2: Strategic Initiatives - SAIC is focusing on three key growth drivers: independent brands, new energy vehicles, and overseas markets, which are collectively referred to as the "new three driving forces" [2] - In the first nine months, sales of SAIC's independent brands reached 2.044 million units, a 29.2% increase, accounting for 64% of total sales, up 4.3 percentage points from the previous year [2] - The sales of SAIC's new energy vehicles reached 1.083 million units, a 44.8% increase, with September sales alone hitting a record high of 190,000 units [2] Group 3: Technological Advancements - SAIC has invested over 150 billion yuan in electric and intelligent innovation technologies, resulting in nearly 26,000 effective patents across various platforms [3] - The company is accelerating the mass production of several industry-leading technologies, including semi-solid batteries and comprehensive intelligent vehicle solutions [3] Group 4: New Product Launches - Recent launches of new intelligent electric models, such as the next-generation IM LS6 and MG4, have become market hits, driving overall sales upward [4] - The IM LS6, equipped with the "Stellar Super Range Extender," quickly garnered over 10,000 orders within 27 minutes of its launch [4] - The Buick Zhijing L7, based on the "Xiaoyao" super fusion architecture, achieved over 12,000 pre-orders within 10 days of its release [4]

Core Insights - SAIC Motor Corporation has regained its dominant position in the market, with significant growth in sales, revenue, and net profit in Q3 2025 [1][3]. Sales Performance - In Q3 2025, SAIC sold 1.141 million vehicles, a year-on-year increase of 38.7% [3]. - For the first three quarters, total vehicle sales reached 3.193 million, up 20.5% year-on-year, while retail sales were 3.378 million [5]. Financial Results - The total revenue for the first three quarters was 468.99 billion yuan, reflecting a 9.0% year-on-year growth [5]. - Net profit attributable to shareholders for the first three quarters was 8.1 billion yuan, a 17.3% increase year-on-year, with a significant rise in net profit excluding non-recurring items to 7.12 billion yuan, up 578.6% [5]. Market Segmentation - The sales of SAIC's self-owned brands reached 2.044 million units in the first nine months, a 29.2% increase, accounting for 64% of total sales [7]. - Sales of SAIC's new energy vehicles (NEVs) totaled 1.083 million units, up 44.8%, with a record monthly sales of 190,000 units in September [7]. Technological Innovation - SAIC has invested over 150 billion yuan in electric and intelligent technologies, resulting in nearly 26,000 effective patents across various platforms [9]. - The company is accelerating the production of industry-leading technologies, including semi-solid batteries and comprehensive intelligent vehicle solutions [10]. New Product Launches - Recent launches include the new generation of models such as the Zhiji LS6 and MG4, which have quickly gained popularity in the market [10]. - The Zhiji LS6 achieved over 10,000 orders within 27 minutes of its launch, addressing key consumer concerns regarding range anxiety and charging convenience [10].

作为上海工业的支柱产业，上汽集团以一份亮眼的产销快报再次成为行业焦点：9月份销售整车44万 辆，同比增长40.4%，环比增长21%，不仅以近5万辆的绝对优势领先第二名，更实现了今年以来连续第 九个月同比正增长。 数据显示，上汽集团1-9月累计批售319.3万辆，同比增长20.5%，终端零售达337.8万辆，继续在国内汽 车行业中保持领跑地位。在这份成绩单背后，不仅是市场的回暖与消费信心的提振，更是上汽自去年下 半年启动全面深化改革以来，战略布局、技术攻坚与体系能力的一次集中爆发。 "深化改革铸就韧性根基，技术标签赋能可持续增长" 10月22日，上海发布前三季度经济数据。根据地区生产总值统一核算结果，前三季度上海市实现地区生 产总值40721.17亿元，按不变价格计算，同比增长5.5%，高于全国水平0.3个百分点。前三季度，上海 市工业增加值同比增长5.2%。上海市规模以上工业总产值同比增长5.7%，增速比上半年提高0.1个百分 点。 上汽集团本轮增长并非依赖单一板块的偶然爆发，而是源于"自主品牌+新能源+海外市场"三驾马车的 协同发力，体现出均衡发展的健康态势。其中，自主品牌的表现尤为抢眼。9月份，上汽自主品 ...

Core Viewpoint - The article emphasizes the resilience and sustainable growth of SAIC Motor Corporation, driven by deep reforms, technological advancements, and a balanced strategy across its core segments: independent brands, new energy vehicles, and international markets [1][3][26]. Economic Performance - In the first three quarters, Shanghai's GDP reached 4,072.117 billion yuan, with a year-on-year growth of 5.5%, surpassing the national average by 0.3 percentage points [1]. - The industrial added value in Shanghai grew by 5.2%, while the total industrial output value increased by 5.7%, indicating a slight improvement over the first half of the year [1]. SAIC Motor's Sales Performance - In September, SAIC sold 440,000 vehicles, marking a year-on-year increase of 40.4% and a month-on-month increase of 21% [1]. - From January to September, SAIC's cumulative wholesale reached 319.3 thousand vehicles, up 20.5% year-on-year, with retail sales hitting 337.8 thousand vehicles [3]. Strategic Growth Drivers - SAIC's growth is attributed to the collaborative efforts of its "three driving forces": independent brands, new energy vehicles, and overseas markets, showcasing a healthy and balanced development [5][26]. - The sales of SAIC's independent brands reached 294,000 units in September, a 50.4% increase year-on-year, with a cumulative total of 2,044,000 units, accounting for 64% of total sales [5]. New Energy Vehicle Growth - In September, SAIC's new energy vehicle sales reached nearly 190,000 units, a historical high with a year-on-year growth of 46.5% [8]. - From January to September, cumulative sales of new energy vehicles reached 1,083,000 units, up 44.8% year-on-year [8]. Technological Advancements - SAIC's growth is characterized by the importance of "technology labels" as core competitive elements, with innovations such as the "Star Super Range Extender" and "Lingxi Digital Chassis" enhancing product competitiveness [11][13]. - The new MG4 model features a globally first mass-produced semi-solid-state battery, addressing cold weather performance issues [14]. Global Market Expansion - In September, SAIC's overseas sales reached 101,000 units, a year-on-year increase of 12.2%, with cumulative sales of 765,000 units from January to September [19]. - The MG brand has shown strong performance in Europe, with significant sales growth in the UK, Spain, Italy, and Germany [19][23]. Financial Performance - SAIC reported a consolidated revenue of 299.59 billion yuan in the first half of the year, a year-on-year increase of 5.2%, with a net profit of 6.02 billion yuan, reflecting a substantial growth of 432.2% [23][24]. - The net cash flow from operating activities increased by 85.9%, indicating improved operational quality [24]. Future Outlook - SAIC aims to continue optimizing retail, accelerating technology application, and advancing international operations, reinforcing its commitment to sustainable growth and customer satisfaction [26].

Core Insights - The eighth China International Import Expo (CIIE) will take place in Shanghai from November 5 to 10, showcasing China's commitment to global openness and cooperation [1] - SAIC Motor Corporation will provide 750 vehicles for dignitaries, highlighting the quality and innovation of "Made in China" products [1] - The lineup of vehicles includes various models such as the Roewe M7 DMH and the new Cadillac CT6, aimed at demonstrating SAIC's technological advancements [1] Group 1 - The event emphasizes China's role in global trade and its willingness to collaborate with the world [1] - SAIC's provision of vehicles is part of its mission to ensure the safety and comfort of foreign and domestic dignitaries during the expo [1] - The vehicles represent a range of advanced technologies, including electric and hybrid models, showcasing SAIC's innovation capabilities [1] Group 2 - A professional team of 500 has been established by SAIC in collaboration with Jinjiang Group and Jiushi Group to ensure comprehensive operational support during the event [3] - The partnership aims to deliver high-quality travel experiences for dignitaries through a combination of premium vehicles and exceptional service [3] - The initiative reflects a commitment to providing a green, intelligent, and comfortable travel experience for attendees of the CIIE [3]