吉利汽车2025增收不增利：低端放量高端滞涨、出口增0.4%垫底高管“智驾年内超特斯拉FSD”言论受质疑

新浪证券03-20

热点栏目自选股数据中心行情中心资金流向模拟交易客户端　　炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　出品：新浪财经上市公司研究院　　作者：昊　　3月18日，吉利汽车发布2025年年报，公司全年实现营收3452.32亿，同比增长43.73%，净利润168.52亿，同比增长1.32%，增收不增利现象凸显。　　面对激烈的市场竞争，吉利产品结构...

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href=https://finance.sina.com.cn/stock/observe/2026-03-20/doc-inhrrrew0793829.shtml><strong>新浪证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>热点栏目\n\n自选股\n数据中心\n行情中心\n资金流向\n模拟交易\n\n客户端\n\n\n　　炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　出品：新浪财经上市公司研究院\n　　作者：昊\n　　3月18日，吉利汽车发布2025年年报，公司全年实现营收3452.32亿，同比增长43.73%，净利润168.52亿，同比增长1.32%，增收不增利现象凸显。\n　　面对激烈的市场竞争，吉利产品结构...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/observe/2026-03-20/doc-inhrrrew0793829.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2357305700.SGD","symbol_name":"Allianz Global Artificial Intelligence ET 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Questioned","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80175":0.6,"CRSH":0.6,"TSLI":0.6,"00175":1.98,"TSLO":0.6,"TSL":0.6,"TSII":0.6,"TSLQ":0.6,"TSLY":0.6,"TSLR":0.6,"TSLP":0.6,"TSLS":0.6,"TESL":0.6,"TEST":0.6,"TSDD":0.6,"TSLZ":0.6,"EVS.SI":0.6,"TLA":0.6,"GELYY":1.98,"TSLG":0.6,"07766":0.6,"TSLW":0.6,"TSLT":0.6,"TSYY":0.6},"content_text":"热点栏目\n\n自选股\n数据中心\n行情中心\n资金流向\n模拟交易\n\n客户端\n\n\n　　炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　出品：新浪财经上市公司研究院\n　　作者：昊\n　　3月18日，吉利汽车发布2025年年报，公司全年实现营收3452.32亿，同比增长43.73%，净利润168.52亿，同比增长1.32%，增收不增利现象凸显。\n　　面对激烈的市场竞争，吉利产品结构整体恶化，低价的吉利银河全年销量同比大增150%，而高价的极氪则增长停滞，导致单车净利下滑严重并被奇瑞反超。去年下半年，吉利推出的极氪9X和银河M9等高端车型，销量冲高后均快速回落，热度难以持续。\n　　国内价格战日趋白热化，车企纷纷加快了出海步伐，然而吉利全年出口同比仅增长0.4%，垫底头部车企，掉队明显。尽管去年吉利大幅提高了研发投入，但年报交流会上，吉利控股执行董事、行政总裁兼CEO桂生悦提出的“今年智驾超过特斯拉FSD”的言论，仍引发了市场的普遍质疑。\n　　今年，吉利将销售目标定在345万台，相较2025年的销量增加约14%，不过前两个月的实际增速仅1%，全年或将面临量价双重压力。\n　　低端放量高端滞涨 单车净利被奇瑞反超\n　　3月18日午间，吉利汽车发布2025年年报，公司实现营收3452.32亿，同比增长43.73%，净利润168.52亿，同比增长1.32%，全年销量302.46万台，同比增长39%，销量和营收增长，但净利几乎持平。\n　　就在同一天，奇瑞汽车也发布了年报，2025年奇瑞实现营收3002.87亿，同比增长11.26%，净利润190.19亿，同比增长34.55%，全年销量263.14万，同比增长14.6%。\n　　很明显，相较于奇瑞，吉利汽车销量和营收增速更快，但净利增速远远落后，导致单车净利下滑严重并被奇瑞反超。\n\n　　2025年，售价较低的吉利银河全年销售123.58万台，同比增长150%，而高价的极氪全年销售22.41万台，同比仅增长1%，增长几乎停滞。面对激烈的市场竞争，吉利高售价、高毛利车型份额明显缩水，整体产品结构趋于恶化。\n　　更令人担忧的是，去年下半年，吉利先后推出了银河M9和极氪9X等各自品牌中的高端车型，然而银河M9和极氪9X月销量短暂冲高后均快速回落，热度难以持续，即将上市的极氪8X表现尚有待观察，吉利破局高端市场依旧艰难。\n\n　　全年出口增速仅0.4%垫底头部车企 高管“智驾年内超特斯拉FSD”言论受质疑\n　　国内乘用车市场日趋饱和，一方面迫于行业内卷和持续不断的价格战倒逼，另一方面也可以对冲国内利润挤压，在海外建立高端形象，反哺国内品牌价值，在这一大背景下，有能力的车企纷纷选择加快出海步伐。\n　　2025年是中国乘用车出海的爆发年，全年乘用车出口603.8万辆，同比增长21.1%，出口金额约1424.6亿美元，同比增长21.4%，呈量价齐升之势。其中，新能源乘用车出口253.2万辆，同比大增104.3%，占乘用车出口42%，出口量、新能源占比均创历史新高。\n　　头部车企中，奇瑞汽车、上汽集团和比亚迪出口均超百万辆，位列前三，而吉利汽车全年出口42万辆，同比仅增长0.4%，增速垫底，出现明显掉队。\n\n　　2025年，吉利汽车大幅强化了研发方面的投入，全年研发支出176.24亿，同比增加69%，增速远超奇瑞、比亚迪等同行。吉利对于大手笔研发投入似乎也雄心勃勃和信心满满。\n　　3月19日举办的年报交流会上，吉利控股执行董事、行政总裁兼CEO桂生悦表示，“在我们和千里科技的共同努力下，吉利汽车的智能驾驶水平有望在今年内达到特斯拉FSD的水平”。然而，此言论一出，立刻引发了市场的普遍质疑。\n　　有分析指出，自动驾驶的核心壁垒是真实路测数据量和数据闭环效率，这是算法迭代的唯一“燃料”，数据规模决定算法上限。\n　　目前，特斯拉FSD保有约100亿公里的数据，而吉利即便2026年全力投入，1年最多积累10-20亿公里，仍不到FSD当前的1/5。\n　　此外，数据闭环需要车端-云端-仿真-标注-训练-OTA全链路打通。2025年，吉利刚刚完成千里科技整合和团队搭建，2026年刚启动G‑ASD4.0落地，年内难以建成与FSD对等的闭环体系。\n　　值得一提的是，年报交流会上，吉利将全年销售目标定在345万台，高于2025年销量约14%。然而，今年前两个月，吉利实际销售同比增速仅1%，年内或将面临量价双重考验。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：公司观察","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":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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吉利汽车2025增收不增利：低端放量高端滞涨、出口增0.4%垫底 高管“智驾年内超特斯拉FSD”言论受质疑

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吉利汽车2025增收不增利：低端放量高端滞涨、出口增0.4%垫底高管“智驾年内超特斯拉FSD”言论受质疑