比亚迪“增收不增利”，王传福身家缩水200亿

市场资讯03-31

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！　　来源：雷达Finance 　　雷达财经出品文|周慧编|孟帅　　3月27日，市值超9500亿的新能源龙头车企比亚迪，交出了2025年的业绩答卷。　　财报显示，2025年，比亚迪实现营收8039.65亿元，同比增长3.46%；全年销售新能源汽车460.24万辆，同比增长7.73%，连续四年稳居全球新能源汽车销量榜首...

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编|孟帅\n　　3月27日，市值超9500亿的新能源龙头车企比亚迪，交出了2025年的业绩答卷。\n　　财报显示，2025年，比亚迪实现营收8039.65亿元，同比增长3.46%；全年销售新能源汽车460.24万辆，同比增长7.73%，连续四年稳居全球新能源汽车销量榜首...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/s/2026-03-31/doc-inhswttw2069715.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":"BK0072","symbol_name":"苹果","start_time":0,"source_url":"https://finance.sina.com.cn/stock/s/2026-03-31/doc-inhswttw2069715.shtml","article_id":"2623589129","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2623589129","pubTimestamp":1774958760,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"　　3月27日，市值超9500亿的新能源龙头车企比亚迪，交出了2025年的业绩答卷。去年，比亚迪录得归母净利润326.19亿元，同比下降18.97%。　　这是继2021年之后，比亚迪再次陷入“增收不增利”的尴尬局面。　　天眼查显示，比亚迪的实际控制人为王传福。在3月发布的《2026胡润全球富豪榜》上，王传福的身家为1600亿元。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"81211":"比亚迪股份-R","BK0072":"苹果","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0214875030.USD":"HSBC 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编|孟帅\n　　3月27日，市值超9500亿的新能源龙头车企比亚迪，交出了2025年的业绩答卷。\n　　财报显示，2025年，比亚迪实现营收8039.65亿元，同比增长3.46%；全年销售新能源汽车460.24万辆，同比增长7.73%，连续四年稳居全球新能源汽车销量榜首。\n　　不过，在营收和汽车销量双双创下新高的光鲜背后，比亚迪也面临着诸多挑战。去年，比亚迪录得归母净利润326.19亿元，同比下降18.97%。\n　　这是继2021年之后，比亚迪再次陷入“增收不增利”的尴尬局面。不仅如此，比亚迪还面临毛利率下滑、国内市场增长动力不足等困境。\n　　在行业竞争愈发白热化的背景下，比亚迪选择深耕“技术鱼池”，夯实技术创新根本。3月5日，比亚迪发布第二代刀片电池和闪充技术，宣告新能源电动化上半场“完美收官”。\n　　不过，以蔚来换电技术为代表的其他新能源技术，正对比亚迪的超快充技术发起冲击。\n　　值得一提的是，比亚迪2025年拟现金分红约32.64亿元，这一分红规模较2024年的120.77亿元缩水超过70%。\n　　天眼查显示，比亚迪的实际控制人为王传福。在3月发布的《2026胡润全球富豪榜》上，王传福的身家为1600亿元。\n　　然而，与去年10月登上《2025胡润百富榜》时的财富相比，王传福的身家在不到半年的时间里缩水200亿元。\n\n　　营收突破8000亿大关，海外市场成新增长引擎\n　　3月27日晚，比亚迪发布2025年年度报告，公司全年营收突破8000亿大关，达到8039.65亿元，同比增长3.46%，再度创下历史新高。\n　　其中，作为公司营收主力的汽车、汽车相关产品及其他产品业务，去年为公司贡献收入6486.46亿元，较上年增长5.06%。\n　　不过，由于受宏观经济环境不稳与消费信心疲弱的双重影响，公司手机部件、组装及其他产品业务的收入有所下滑，同比减少2.74%至1552.37亿元。\n　　销量方面，比亚迪继续保持全球领跑态势，全年销售新能源汽车460.24万辆，同比增长7.73%。\n　　在年报致辞中，比亚迪董事长王传福也难掩喜悦之情：“2025年，比亚迪继续保持稳健增长，连续四年稳居全球新能源汽车销量榜首，连续三年全球汽车集团销量前十，并跻身全球汽车集团销量第五，较上一年度再提升一个名次”。\n　　值得关注的是，2025年，比亚迪汽车在海外市场的表现颇为亮眼。报告期内，比亚迪汽车海外出口量首次突破百万大关，同比增长1.4倍至约105万辆，出口量位居全国首位。\n　　其中，在亚太及拉丁美洲市场，比亚迪成功登顶泰国、新加坡、巴西等多国新能源汽车销量榜首。\n　　而在欧洲市场上，根据欧洲汽车制造商协会统计数据，比亚迪去年的新车注册量也显著领跑该地区的新能源汽车市场增速，同比大幅增长268.6%。\n　　为实现海外业务的长期可持续健康发展，比亚迪持续构建海外市场“研发+制造+运输+销售”的全链条运营生态。\n　　去年7月，巴西乘用车工厂仅历时15个月便实现从破土动工到首车下线；同月，泰国工厂迎来投产一周年，并顺利交付当地第9万辆新能源汽车。\n　　得益于持续的全球化布局，比亚迪的海外收入迅速提升。2025年全年，比亚迪境外业务贡献收入3107.41亿元，营收占比提升至38.65%，同比增速高达40.05%，远超公司整体营收增速。\n　　对此，比亚迪在财报中明确指出，公司海外业务以“高举高打”的定价策略，实现优异盈利表现，正加速成为集团的全新核心增长引擎。\n　　而得益于公司营收的增长，比亚迪资产也大幅增加。截至2025年末，公司总资产约8837.3亿元，同比增长12.81%，其中现金储备高达1678亿元。同期，公司的资产负债率为70.74%，同比减少3.9个百分点。\n\n　　盈利骤降近两成，分红缩水超70%\n　　与营收、汽车销量稳步增长形成鲜明对比的是，比亚迪的盈利能力显著承压。\n　　财报显示，2025年，比亚迪录得归母净利润326.19亿元，同比下降18.97%，这也是公司自2021年后时隔多年再次出现“增收不增利”的局面。\n　　从季度表现来看，比亚迪盈利承压态势逐季度加剧：2025年第一季度，公司归母净利润尚同比增长100.38%至91.55亿元，但此后情况便急转而下。\n　　去年第二季度，比亚迪录得归母净利润63.56亿元，同比下降29.87%；第三季度归母净利润同比下降32.6%至78.23亿元；第四季度归母净利润为92.86亿元，同比降幅进一步扩大至38.16%。\n　　比亚迪盈利能力下滑的背后，是公司毛利率的持续下滑。受新能源汽车行业价格战影响，为维持住市场份额，比亚迪不得不采取“以价换量”策略。\n　　据东吴证券测算，2025年，比亚迪单车价格为15.9万元（含税），同比下降2%；单车毛利2.9万元，单车净利0.66万元，同比下降25%。\n　　同花顺iFinD数据显示，2025年全年，比亚迪的销量毛利率同比下滑1.7个百分点至17.74%，净利率则跌破5%。\n　　其中，汽车、汽车相关产品及其他产品业务毛利率为20.49%，同比下滑1.82个百分点；手机部件、组装及相关业务毛利率为6.29%，同比下滑2.06个百分点。\n　　此外，国内市场的增长乏力，也在一程度上影响了的公司的盈利水平。\n　　2025年，比亚迪国内（含港澳台）市场实现营收4932.24亿元，较上年下滑11.17%，毛利率亦同比减少3.52个百分点至16.66%。\n　　尽管境外业务在去年实现爆发式增长，但截至目前，国内市场仍为比亚迪的营收主力，海外业务的增长难以完全填补国内收入的萎缩。\n　　值得注意的是，比亚迪的现金流压力也在同步加大。财报显示，2025年，公司经营活动产生的现金流量净额为591.36亿元，同比大幅减少55.69%。\n　　对此，比亚迪在财报中解释称，主要系购买商品、接受劳务支付的现金增加所致。\n　　基于公司经营现金流的实际情况及未来发展需要，比亚迪董事会建议派发2025年末期股息每10股人民币3.58元（含税），现金分红总额约32.64亿元。\n　　值得一提的是，这一分红规模较2024年的120.77亿元大幅缩水，缩水幅度超过70%。\n　　与此同时，比亚迪2025年的股利支付率也由此前连续两年的30%降至10.01%，为近五年最低水平。\n\n　　行业“淘汰赛”加速，比亚迪深耕“技术鱼池”\n　　据乘联分会3月25日发布的数据，3月1日至22日，全国乘用车市场新能源零售渗透率提升至53.9%，但零售量却同比下降17%至49.5万辆，今年以来累计零售155.6万辆，同比减少23%。\n　　这意味着行业已从“拓荒争夺”的增量市场竞争，转向了“深耕细作”的存量市场竞争。\n　　比亚迪董事长王传福也在年报致辞中直言，新能源汽车产业竞争已经白热化，正在经历残酷的“淘汰赛”。\n　　随着行业洗牌逐渐加速，部分车企已然遭遇生存危机。作为昔日的明星企业，哪咤汽车、威马汽车和高合汽车褪去了曾经的高光时刻，携手步入破产重整队列。\n　　在行业的大变革下，比亚迪选择以技术破局，深耕“技术鱼池”，夯实技术创新根本。财报显示，2025年，比亚迪研发投入约634亿元，同比上升17%，累计研发投入超过2400亿元。\n　　巨额的技术投入，为比亚迪换来丰厚的成果。3月5日，比亚迪发布第二代刀片电池和闪充技术，可实现“常温充电，从10%到70%仅需5分钟，从10%到97%仅需9分钟”。\n　　这不仅创下全球量产最快充电速度新纪录，也攻克了电动化上半场“充电慢”和“低温充电难”的全球难题。\n　　同时，比亚迪还发布“闪充中国”战略，计划年底前建成2万座闪充站。截至3月25日，比亚迪已累计建成4990座闪充站，覆盖全国292座城市。\n　　随着第二代刀片电池和闪充技术的问世，王传福表示，电动化上半场至此完美收官。不过，比亚迪的闪充技术也面临着来自蔚来换电技术的正面挑战。\n　　3月初，在做客央视财经频道《对话·创新中国行》时，蔚来创始人李想表示，换电与超快充各有各的优势，双方并不矛盾，但其同时强调，超快充再快也难以超越换电速度。\n　　据李斌透露，2025年，蔚来服务和社区业务全年收入超过100亿元，已成功实现盈利。\n　　李斌预计，2026年，蔚来的服务与社区业务盈利能力还会持续提升，即使在增加一千座换电站投入的前提下，该目标依然可以实现。\n　　深耕“技术鱼池”的比亚迪，后续能否维持住自身的龙头地位，并走出“增收不增利”的困境？雷达财经将持续关注。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：杨红卜","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":"dataReport","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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