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（600104）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。 技术与体系双轮驱动转型 上汽集团2025年关键数据的逆势增长，并非依赖短期市场红利，而是长期坚持研发投入与进行深层体系 变革的必然结果。在汽车产业从传统制造向智能网联转型的关键阶段，上汽集团近十年累计投入超1500 亿元用于电动化、智能化技术研发，累计形成近2.6万项有效专利，构建起覆盖三大整车平台、七大技 术底座的完整技术体系。 技术创新成果在新能源汽车 ...

● 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 ...

岁末年初，产业数据勾勒发展脉络，龙头表现彰显转型力量。1月4日，上汽集团（600104）发布的2025年经营成绩单令人振奋：全年销售整车450.7万 辆，同比增长12.3%，终端零售销量467万辆稳居国内行业领先；自主品牌销量突破292.8万辆，同比劲增21.6%；新能源汽车销量164.3万辆再创新高，同 比增幅达33.1%。 创新驱动 筑牢技术根基 创新是产业转型的核心引擎，更是企业穿越周期的根本底气。2025年的中国汽车市场，从价格内卷转向价值竞争的趋势愈发清晰，谁能掌握核心技术，谁 就能占据发展主动。上汽集团的逆势增长，正是源于对技术创新的执着坚守与持续投入。 生态协同 激活发展动能 这份沉甸甸的成绩单，不仅标志着上汽集团经营实现筑底企稳、回升向好，更折射出中国汽车产业在电动化、智能化、全球化浪潮中，从规模扩张向质量 效益转型的深刻变革，为中国制造高质量发展写下生动注脚。 从行业唯一实现量产装车的全新MG4半固态安芯版交付，到搭载DMH 6.0超级混动系统的荣威M7 DMH实现2050公里综合续航与2L级低能耗的双重突 破，上汽以硬核技术破解了消费者对新能源汽车安全、续航、能耗的核心顾虑。别克"逍遥"超 ...

三大技术标签 构建核心竞争力 改革的核心成效，集中于技术创新的体系化突破。在"技术为王"的竞争新阶段，上汽集团摒弃零散研发模式，打造"智慧脑""健壮身""强劲心"三维技术 标签，在电动化与智能化领域累计投入超1500亿元，沉淀近2.5万项有效专利，全力构筑起一套覆盖纯电、混动、氢能三大技术路径的技术底座体系，并打 造出拥有"智慧脑、健壮身、强劲心"的"科技生命体"。 "智慧脑"聚焦智能驾驶与交互体验升级。作为行业惟一同时拥有乘用车和商用车L4级智能网联商业化示范运营"双牌照"的企业，上汽智己Robotaxi累计 订单达到30万单；"端到端"智驾大模型已实现量产，与OPPO合作的"手车互联"智能座舱实现应用无缝切换，与豆包联合推出的深度思考大模型，重新定义 人车交互体验。"健壮身"主打安全防护与操控优化。行业首创主/被动一体智能安全系统，第二代数字底盘通过对制动、驱动、转向等系统的集中控制，实 现复杂路况下的精准车身姿态调整；半固态电池上车，安全性能较行业最高标准提升20%以上。"强劲心"主攻动力效率与续驶里程突破。DMH混动专用发 动机热效率突破46.3%；"恒星超级增程"实现450km纯电续驶里程，配合80 ...

Core Viewpoint - The article discusses the delivery of the MG4 semi-solid battery version by SAIC MG, marking a significant advancement in the application of semi-solid state batteries in vehicles, highlighting their safety, long-range capabilities, and the ongoing development of solid-state battery technology [3][10]. Group 1: Delivery and Market Impact - The MG4 semi-solid battery version is the world's first mass-produced vehicle equipped with a semi-solid state battery, with a promotional price below 100,000 yuan [3]. - The semi-solid battery technology has been applied in various vehicles, including 18 models that have received approval from the Ministry of Industry and Information Technology, indicating a broad market acceptance [3]. - Over 10,000 vehicles equipped with semi-solid batteries have been delivered, demonstrating good operational status without any significant after-sales issues [6]. Group 2: Technical Advancements - Clear Tao has developed a multi-layer composite technology route for solid-state batteries, enhancing stability under high voltage and long cycle conditions through surface modification and internal composite structures [4]. - The manufacturing process focuses on the precise control of solid-state electrolyte layers, which is crucial for achieving consistency in mass production, with a key parameter consistency index (CPK) reaching ≥ 1.67 [4][5]. - The semi-solid battery is not merely positioned as a high energy density product but emphasizes safety, low-temperature performance, and long-term reliability in its applications [4]. Group 3: Performance and Applications - The semi-solid battery cells have passed various safety tests, including multi-directional puncture tests, maintaining a non-flammable and non-explosive state, and demonstrating high power output in low-temperature environments [6]. - The application of semi-solid batteries extends beyond high-end products, catering to different segments sensitive to safety, durability, and cost [6]. - In passenger vehicles, the Zhiji L6 model features a semi-solid square aluminum shell battery with an energy density exceeding 285 Wh/kg, achieving over 1000 km range and ultra-fast charging capabilities [7]. Group 4: Future Developments - Clear Tao is also advancing in the development of all-solid-state batteries, having created a composite solid electrolyte material and established pilot lines for production, with successful samples manufactured [9]. - The ongoing research aims to optimize performance and manufacturability, indicating a commitment to future advancements in battery technology [9].

Core Viewpoint - SAIC Motor Corporation has established a new growth framework with three main drivers: strong performance from its self-owned brands, rapid growth in new energy vehicles, and expansion in overseas markets, leading to a significant increase in overall sales in 2024 and 2025 [1][2][3] Group 1: Sales Performance - From January to November 2023, SAIC Motor sold 4.108 million vehicles, a year-on-year increase of 16.4%, surpassing the total sales of the previous year [2] - The sales of SAIC's self-owned brands reached 2.666 million units, up 25.7%, accounting for 64.9% of total sales, an increase of 4.8 percentage points compared to the same period last year [5] - New energy vehicle sales totaled 1.499 million units, reflecting a growth of 38.8% [5] - Overseas sales amounted to 969,000 units, with a year-on-year increase of 3.4% [6] Group 2: New Growth Drivers - The "new three drivers" of SAIC's growth include self-owned brands, new energy vehicles, and overseas markets, with self-owned brands showing the most significant growth [3] - The MG brand has become the best-selling Chinese brand in Europe, with 285,000 units delivered, a growth of over 25% [6] - SAIC's new energy vehicle sales have been bolstered by product and technology advancements, including the introduction of the MG4 semi-solid battery version [5] Group 3: Traditional Pillars - The traditional three pillars—SAIC Volkswagen, SAIC General Motors, and SAIC-GM-Wuling—remain stable, contributing over 70% of total sales [7] - SAIC-GM-Wuling sold 1.491 million units, SAIC Volkswagen sold 936,130 units, and SAIC General Motors sold 487,250 units from January to November [7] - SAIC Volkswagen is expected to exceed one million units in annual sales, supported by its transition to new energy products [8] Group 4: Future Potential - SAIC has identified two potential growth areas: Audi and the newly launched brand, Shangjie [10] - The Audi brand is implementing a dual-brand strategy and aims to establish itself as a young, tech-savvy luxury car manufacturer [10] - The Shangjie brand, developed in collaboration with Huawei, has received significant investment, with an initial funding of 6 billion yuan and a dedicated team of over 5,000 people [13][15]

Core Insights - The 2025 Guangzhou International Auto Show showcases 93 new car models and 629 new energy vehicles, highlighting the industry's shift towards electrification and intelligence [1][3] - In October, new energy vehicles accounted for over 50% of total car sales for the first time, indicating a significant market trend [3] - The event emphasizes advancements in L3-level autonomous driving and next-generation battery technologies, which are seen as key areas for technological breakthroughs [4][5] New Energy Vehicles - Out of 1,085 vehicles displayed, 629 are new energy models, making up 58% of the total [3] - Notable new energy models include Xiaopeng's X9 Super Extended Range version priced at 309,800 yuan and Leap Motor's D19 Extended Range version with a 500 km pure electric range [3] - The market is witnessing a diversification in demand, with extended range vehicles addressing range anxiety while pure electric vehicles offer lower operating costs [3] Technological Advancements - Huawei's booth was one of the most popular, showcasing its smart driving solutions, including L3-level autonomous driving tests in seven major cities [4] - GAC Group's flagship model, the A800, has begun L3-level highway testing at speeds of 120 km/h, marking a significant milestone in autonomous vehicle testing [4] Battery Technology - SAIC MG introduced the MG4 model featuring semi-solid-state batteries, set for delivery in December [5] - GAC Group announced the production of a pilot line for solid-state batteries, aiming for small-scale trials by 2026 and mass production by 2027-2030 [5] Market Dynamics - Several luxury brands, including Beijing Hyundai and Lamborghini, were absent from the show, indicating a potential decline in competitiveness in the Chinese market [5] - Joint ventures between foreign brands and Chinese tech companies are emerging, with Volkswagen and Xiaopeng collaborating on a new electric SUV featuring L2-level assisted driving [5][6] Collaborations and Innovations - Audi launched the A5L with Huawei's smart driving technology, while BMW and Mercedes are partnering with Chinese tech firms to enhance their models with localized smart features [6] - These collaborations aim to shorten development cycles and quickly adapt to market changes, reflecting a strategic shift among joint venture brands [6]

Core Insights - The article highlights the recent developments in the electric vehicle (EV) market, focusing on new model launches and significant financial results from key players in the industry. New Car Launches - Lantu Taisan was launched with a price range of 379,900 to 509,900 yuan, featuring advanced technologies such as a three-chamber air suspension and dual 16° rear-wheel steering [5][6][14] - The new Galaxy Starship 7 EM-i was launched at a limited-time price of 95,800 to 123,800 yuan, offering enhanced safety and comfort features [15][16][31] - Dongfeng Xinghai S7 was launched with a price range of 105,900 to 135,900 yuan, featuring a spacious design and competitive electric range [32][40] - The new Xiangjie S9 was launched with a price range of 309,800 to 369,800 yuan, offering a luxurious interior and advanced driving assistance systems [41][56] - Xiaopeng X9 range-extended version was launched at a price of 309,800 to 329,800 yuan, featuring high-performance specifications and advanced AI capabilities [57][66] - Changan Q05 was launched with a price range of 79,900 to 109,900 yuan, featuring a compact SUV design and advanced connectivity options [69][75] - Tesla Model S/X was relaunched with prices of 882,900 and 942,900 yuan respectively, featuring minor updates and improved comfort [76][82] - Lantu Dreamer Mountain River was launched at a price of 709,900 yuan, featuring a luxurious MPV design and advanced technology [88][94] - MG4 semi-solid state version was launched at a limited-time price of 99,800 yuan, featuring innovative battery technology [95][101] - Ford Mustang Mach-E began pre-sales with a price range of 229,800 to 282,800 yuan, featuring a rugged design and advanced technology [102][111] - Deep Blue L06 began pre-sales with a limited-time price range of 132,900 to 154,900 yuan, featuring a sporty design and advanced driving features [114][123] - Leap A10 made its global debut and opened for blind orders, featuring a competitive price and advanced technology [125][133] - Extreme Stone ADAMAS began blind orders at a price of 998,800 yuan, featuring a luxurious SUV design [134][141] - GAC Aopai SSR Cloud Pattern Gold Edition was launched at a price of 1,486,000 yuan, featuring a unique design and high-performance specifications [142][149] - Leado L90 Black Knight Edition was launched at a price of 306,800 yuan, featuring a sporty design and advanced electric capabilities [150][155] - Ora 5 began pre-sales with a price range of 109,800 to 142,800 yuan, featuring a retro design and advanced technology [156][165] - Volkswagen Passat ePro and new Tiguan L plug-in hybrid models were showcased, indicating Volkswagen's commitment to the Chinese market [166][173] Company Dynamics - Geely Auto reported a record revenue of 89.2 billion yuan for Q3, a 27% year-on-year increase, with a net profit of 3.96 billion yuan [3][174][177] - Xiaopeng Motors reported a Q3 revenue of 20.38 billion yuan, a 101.8% year-on-year increase, with a gross margin of 20.1% [3][179][182] - Xiaomi's automotive and AI business achieved profitability for the first time in a single quarter, with revenues of 29 billion yuan [3][184][187] - The launch of the Qiji and Yijing brands marks a significant step in Huawei's automotive strategy, focusing on high-end intelligent mobility solutions [3][188][191]

Core Insights - The 2025 Guangzhou International Auto Show opened on November 21, showcasing 1,085 vehicles, including 93 global and domestic debuts, with 629 being new energy vehicles, highlighting their dominance in the market [1] Group 1: Industry Trends - The scale of this year's auto show has contracted compared to 2024, with the number of exhibition halls reduced from 16 to 14, indicating current industry pressures [1] - The auto show serves as a significant platform for automakers to showcase their annual achievements and forecast market trends for the upcoming year [1] Group 2: Company Achievements - Xiaomi Auto announced the production of its 500,000th vehicle in just 602 days, setting a record for the fastest achievement among global new energy vehicle brands [2] - XPeng Motors celebrated the production of its 1,000,000th vehicle, achieving a 190% year-on-year increase in deliveries from January to October, with significant growth in overseas markets [3] - Seres announced cumulative deliveries of over 900,000 vehicles and introduced its "Seres Magic Cube Technology Platform 2.0" at the show [3] - NIO's small car "Firefly" reached 30,000 deliveries within six months, indicating strong market performance in its segment [3] - Lynk & Co reported 50,000 deliveries of its flagship model Lynk 900 within six months, ranking among the top three in high-end hybrid SUV sales [4] Group 3: Technological Innovations - Automakers are shifting focus from price competition to technological advancements, with several brands unveiling key technology strategies at the auto show [5] - Dongfeng Nissan launched the "Tiida" model equipped with HarmonyOS, marking it as the only fuel vehicle with this feature in the market [5] - GAC Toyota introduced the "Toyota Platinum 7," developed by a local team, integrating multiple high-tech features and a unique warranty policy to alleviate consumer concerns [5] - BMW made advanced driver assistance features standard across its X5 model, enhancing its competitive edge [6] - Leap Motor introduced the A10 model, aiming to provide high-end features at an entry-level price point [6] - MG unveiled the world's first mass-produced semi-solid-state battery vehicle, the MG4, set to start deliveries in December, marking a significant technological milestone [6] Group 4: Market Outlook - The auto show indicates a potential surge in the MPV market in 2026, with several brands launching new MPV models aimed at high-end experiences [7][8] - The upcoming adjustment in the new energy vehicle purchase tax policy, effective January 1, 2026, is expected to impact sales strategies, with many automakers offering cross-year subsidy plans [8] - The China Passenger Car Association forecasts a retail volume of approximately 2.25 million passenger vehicles for November, a year-on-year decrease of 8.7%, while new energy vehicle sales are expected to grow by 6.5% [9]

Group 1 - The core point of the article is the unveiling of the MG4 semi-solid battery version at the 2025 Guangzhou International Auto Show, which is set to begin deliveries in December [1] - MG also launched a new brand IP called MOLI, which will debut in the MG4 semi-solid battery version and will be integrated into the vehicle's interface, voice interaction, and navigation logo [2] - Other versions of the MG models will gradually receive the MOLI branding through OTA updates, with additional features and interactions expected to be available by the second quarter of 2026 [2]