靠投资“续命”的盈利：比亚迪财险能否带新能源车险走出泥沼？

Ofweek维科网02-25

2025年成为比亚迪保险业务发展史的一个转折点，这家源自易安财险的公司，在比亚迪全面吸收后获得重生，并顺利呈递其首份完整运营年度报告。最新财务报告指出，该公司的保险收入已经翻倍，高达28.71亿元，并且在净利润方面，公司实现了从2024年亏损1.69亿元到盈利9362.4万元的巨大转变。这一成绩不仅令公司在业内备受关注，还使之成为新能源汽车保险行业走出“亏损泥沼”的一线希望与曙光。就实质而言，这是...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260225164136a71d62f9&s=b><strong>Ofweek维科网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025年成为比亚迪保险业务发展史的一个转折点，这家源自易安财险的公司，在比亚迪全面吸收后获得重生，并顺利呈递其首份完整运营年度报告。最新财务报告指出，该公司的保险收入已经翻倍，高达28.71亿元，并且在净利润方面，公司实现了从2024年亏损1.69亿元到盈利9362.4万元的巨大转变。这一成绩不仅令公司在业内备受关注，还使之成为新能源汽车保险行业走出“亏损泥沼”的一线希望与曙光。就实质而言，这是...</p>\n\n<a 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mire?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81211":0.6,"002594":1.95,"01211":1.95,"BYDDY":1.95,"HYDD.SI":0.6},"content_text":"2025年成为比亚迪保险业务发展史的一个转折点，这家源自易安财险的公司，在比亚迪全面吸收后获得重生，并顺利呈递其首份完整运营年度报告。最新财务报告指出，该公司的保险收入已经翻倍，高达28.71亿元，并且在净利润方面，公司实现了从2024年亏损1.69亿元到盈利9362.4万元的巨大转变。这一成绩不仅令公司在业内备受关注，还使之成为新能源汽车保险行业走出“亏损泥沼”的一线希望与曙光。就实质而言，这是一家快速扩张、发展模式独特且风险敞口持续加大的新兴保险企业，其2025年度经营表现虽有过人之处，但仍面临严峻的考验。盈利逻辑：并非“起死回生”，而是“降维打击”比亚迪财险在短短一年多时间就从亏损转为盈利近千万元，关键就是其将破解传统保险行业利润模式作为工具，在对车险进行成本结构调整，执行与竞争对手不同定价策略的前提下，构建差异化盈利路径。极致的成本管理构成了其利润的核心根基，而传统财产保险公司费用支出大头是向4S门店及代理公司付手续费、佣金等，占据保费总收入的15%-20%，有时比重还会更大，但是从比亚迪提供的财务数据来看，其交易中间成本和佣金所占的份额均为0%。这一优势来自于其采取了百分百直销战略，新浪财经报道，这一战略借助比亚迪庞大规模的4S店面、用户程序和社区资源整合，可以有效地建立起与客户的关联，绕开了传统中间步骤，与新能源汽车保险业内近107%的标准综合成本率相比，“去中介化”运营模式使得其综合成本率下降至102.49%，显著突出成本控制优势。以数据为中心和以维护为关键的技术路线，构成了该公司的另一个核心价值组成部分，比亚迪财险在作为中资保险企业的同时，又能对汽车下层进行核心数据管理，尤其关注三电的数据，该公司运用上述信息可以准确地鉴定风险车辆，并筛选高质量消费者，有助于减少赔付带来的经济负担，也能保证索赔流程顺畅。财报数据显示，其绝大部分理赔都用于关联方比亚迪汽车工业的维护上，“定损”的统一模式可以大幅度减少骗保率及虚假的维修费用。截至2025年，其整体索赔率已从2024年的233.92%下降至97.28%。承保依然亏损，投资收益是“救命稻草”尽管净利润扭亏为盈，但深入分析财报可见，其“盈利”并非稳固，仍带一定脆弱性，尚未形成可持续的盈利模式。承保端“失血”是核心隐忧所在，根据财务报告2025年的数据，其整体成本率仍高达102.49%，保险行业的标准综合成本率须低于100%才能被视为承保盈利，在这种情况下扣除投资回报之后，仅依靠核心保险业务的比亚迪财险依然面临亏损，其核心业务的盈利能力还未完全形成。投资回报的不可预测性进一步增加了企业利润的不稳定性。财报显示，比亚迪2025年的净利润为9362万元，这在很大程度上取决于其投资的成果。而目前银行利率不断下降和市场剧烈动荡等因素又使其投资利润十分不稳定，若投资方面出现浮动亏损，“承保亏损+投资赢利”这一看似合理的均衡状态就有可能遭受破坏，并使企业盈利前景恶化或发生根本改变，从而造成资产损失。偿付能力承压与服务短板业务迅速扩张时，比亚迪财险的经营稳健性也暴露出了较为明显的问题，尤其是偿付能力压力大和服务体验欠缺。偿付能力“大跳水”，资本补充压力逐渐显现。财报显示，2025年其整体偿付能力已从年初的高水平下降至589.95%，尽管这一数字仍然远超监管标准线，暂时不存在合规问题，但这种下滑的趋势还是应该引起其重视，究其根源在于业务的拓展使最小资本需求显著上升，如若今后保费规模继续增长，其可能会面临融资困难，需要实施精细的资本管理来保持偿付能力的稳定性。服务体验方面的“负反馈”体现了其软实力缺乏，在最近的社交媒体和投诉平台上，比亚迪的保险投诉数量有所增加，这些问题主要围绕着“理赔慢”，“定损不合乎理”以及“退保困难”等展开，由此可见，虽然其在数据、成本等方面具有天然优势，但是客户服务能力与头部险企之间存在着明显差距，服务流程的优化和能力提升迫在眉睫。是“破局者”还是“特例”？比亚迪财险在2025年取得了不错的收益，这使得“汽车制造商进行保险销售的模式”又一次成为了业内关注的话题。但这些做法是否有普遍适用性？可否得到广泛仿照？还是要理性分析。比亚迪之所以成功，是因为其有无法复制的专有基因，在盈利模式上对母公司销售规模和垂直整合供应链高度依存，2025年，比亚迪的新能源汽车全球销售总量达到460.2万台，对于财险业务来说，这是一个庞大而稳定的消费者基础，有利于通过规模扩展来降低运营成本；与此同时该公司在核心技术上，检修系统中的融合实力也为保险行业的发展提供了独特支持，对于销量低、资料积累不完善、产业链整合较弱等汽车企业很难仿效这种做法。比亚迪财险实现盈利体现出行业头部效应的同时，也表明新能源车险行业正在加速分化，目前新能源车险行业总体上还面临着高赔付的窘境，新浪财经报道，截至2024年，整个产业承保亏损规模高达57亿元，除了比亚迪财险，仅有中国太保和中国平安等头部险企在新能源车险承保方面取得了利润。大多数中小险企产销协同和数据优势不足，仍难走出高赔付的窘境，今后行业分化会更加突出。从整体上看，到了2025年，比亚迪的财务保险答卷达到了“及格并且有看点”的水平，这表明汽车制造企业可以通过直接销售、数据分析以及产业链之间的协作来优化其车险利润模式，从而为整个产业的复苏提供一条可行的道路。但是，从客观的角度来看，其承保的亏损基本没有变化，服务上的不足仍然存在，盈利方式持续时间的长短依然受到密切关注。对于消费者来说，选择车企系保险可能会得到较低的保费和便捷维修，但也需承受新兴机构业务成熟度不高的风险；对行业来说，比亚迪财险能否在国内保险市场中行稳致远，或许并无明确模式可依。新能源汽车要想彻底摆脱亏损困境，在业内就需要多方企业联合，从数据共享、技术创新、服务整合以及管理指导等多个维度综合施策，而不是仅局限于某一家企业独自完成。未来，伴随着科技进步和行业生态改善，新能源车险或许有望迈入承保盈利这一关键时期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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