八大车企上半年业绩盘点：国内市场盈利承压，海外市场成突围关键

澎湃新闻08-30 20:13

日前，包括比亚迪（01211.HK，002594.SZ）、上汽集团（600104.SH）、吉利汽车（00175.HK）、奇瑞汽车（09973.HK）、长城汽车（02333.HK，601633.SH）、长安汽车（000625.SZ）、赛力斯（09927.HK，601127.SH）、广汽集团（02238.HK，601238.SH）等在内的传统上市车企悉数披露了半年报。数据显示，国内车市已进入存量竞争...

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href=https://finance.sina.com.cn/stock/2026-08-30/doc-iniqazcr8159427.shtml><strong>澎湃新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>日前，包括比亚迪（01211.HK，002594.SZ）、上汽集团（600104.SH）、吉利汽车（00175.HK）、奇瑞汽车（09973.HK）、长城汽车（02333.HK，601633.SH）、长安汽车（000625.SZ）、赛力斯（09927.HK，601127.SH）、广汽集团（02238.HK，601238.SH）等在内的传统上市车企悉数披露了半年报。数据显示，国内车市已进入存量竞争...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/2026-08-30/doc-iniqazcr8159427.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":"LU0871576103.HKD","symbol_name":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) 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breakthrough","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80175":0.6,"81211":0.6,"82333":0.6,"600104":1.86,"601127":1.84,"601238":1.83,"601633":1.85,"002594":1.95,"000625":1.8,"BYDDY":1.95,"GWLLY":1.85,"01211":1.95,"FDRV":0.6,"02333":1.85,"EVS.SI":0.6,"09927":1.84,"GELYY":1.89,"HYDD.SI":0.6,"SMOG":0.6,"09973":1.85,"02238":1.83,"00175":1.89},"content_text":"日前，包括比亚迪（01211.HK，002594.SZ）、上汽集团（600104.SH）、吉利汽车（00175.HK）、奇瑞汽车（09973.HK）、长城汽车（02333.HK，601633.SH）、长安汽车（000625.SZ）、赛力斯（09927.HK，601127.SH）、广汽集团（02238.HK，601238.SH）等在内的传统上市车企悉数披露了半年报。数据显示，国内车市已进入存量竞争阶段，行业整体盈利明显承压。与之反差鲜明的是，海外市场需求持续爆发，成为车企稳增长的核心增量。\n　　从八家车企2026年上半年财报核心数据横向对比来看，行业营收、利润格局分化明显，梯队差异显著。营收维度，比亚迪以3448.15亿元稳居榜单首位，上汽集团以2949.87亿元位列第二；吉利汽车以1736.00亿元位居第三。\n　　盈利维度，比亚迪凭借123.25亿元净利润领跑行业，是唯一净利突破百亿的车企，奇瑞汽车、上汽集团分别以85.67亿元、51.52亿元的净利润位居第二、第三；广汽集团、赛力斯两家企业上半年则处于亏损状态，但净利润同比下滑成为行业常态。\n\n　　国内车市进入存量博弈，车企集体盈利缩水\n　　随着国内汽车市场逐步饱和，增量红利彻底消退，2026年上半年，多数车企即便稳住了销量和营收规模，净利润、毛利率依旧出现明显下滑，量利倒挂成为行业普遍现象。\n　　头部自主车企盈利全线走弱。行业龙头比亚迪虽然盈利体量依旧稳居行业首位，但国内市场竞争激烈，大幅压缩整车盈利空间：2026年上半年归母净利润123.25亿元，同比下降20.5%。\n　　紧随比亚迪之后，上汽集团凭借庞大的集团体量稳居行业营收第二，也是国有车企中盈利韧性最强的企业，但同样难以规避行业利润收缩压力：上汽集团上半年净利润51.52亿元，同比下滑14.38%。\n　　位居营收第三的吉利汽车，上半年利润缩水程度低于行业平均水平：营收同比增长15%，增速领跑头部主流车企；净利润90.91亿元，下滑2%。\n　　奇瑞汽车、长城汽车等均为典型的“增收不增利”。\n　　奇瑞汽车上半年实现营收1432.80亿元，同比增长1.2%；归母净利润85.67亿元，同比下降11.7%。\n　　相比奇瑞的营收微增，长城汽车营收增速表现亮眼，却遭遇了剧烈的利润滑坡：上半年营收1021.01亿元，同比增长10.58%；净利润24.65亿元，同比大幅下降61.11%。\n　　行业竞争持续加剧，本就业绩不佳的车企经营压力进一步放大，长安汽车直接陷入营收、利润双降的被动局面：上半年实现营业收入656.34亿元，同比下降9.71%；归母净利润8.17亿元，同比大幅下滑64.32%。\n　　在多数车企盈利收缩的同时，部分车企直接告别盈利周期。\n　　赛力斯由盈转亏，上半年实现营业收入574.93亿元，同比下降7.87%；净亏损17.17亿元，去年同期净利润为29.41 亿元。\n　　同在亏损阵营的还有广汽集团：上半年营收461.21亿元，同比增长9.38%；净亏损44.67亿元，同比扩大75.98%，成为上半年行业亏损幅度最大的主流上市车企。\n　　海外市场强势爆发，成车企核心增长引擎\n　　在国内市场增长见顶、盈利持续承压的背景下，海外出口成为2026年上半年国内车企最确定的增长亮点。八家主流传统车企出海数据全线走高，出口销量、海外营收大幅攀升，有效对冲了国内市场的业绩压力。\n　　半年报数据显示，比亚迪2026年上半年海外整车销量78.94万辆，同比增长70.65%，海外销量占总销量比重43.80%。依托海外市场的爆发式增长，公司上半年境外营业收入1813亿元，营收占比突破50%，首次实现海外收入反超国内，出海业务正式成为企业业绩核心压舱石。\n　　奇瑞、吉利领跑行业出口增速。\n　　奇瑞汽车上半年海外销量高达94.38万辆，同比增长71.5%，海外销量占总销量比重超七成；海外营收989.68亿元，同比增长51%；收入占比由46.3%提升至69.1%，海外业务撑起企业近七成营收，是国内出海渗透率最高的主流车企。\n　　吉利汽车出海节奏全面提速，上半年海外销量47.42万辆，同比增长158%，半年出口销量已超越2025年全年出海总量，扩张势头迅猛。\n　　此外，上汽、长城、广汽、长安出海业务均稳步提速。长城汽车上半年海外销量创下历史新高，海外销量规模首次反超国内市场；广汽自主品牌出口实现翻倍增长；上汽则凭借成熟的海外生产基地与渠道网络，持续释放稳定出口增量。\n　　目前仅赛力斯聚焦国内市场深耕，海外业务体量较小，暂未形成有效业绩增量。\n　　但值得指出的是，国内车企出海普遍处于“高增长、高投入”的阶段，虽然海外销量、营收大幅攀升，但受跨境关税、海外渠道建设、本地化运营、汇率波动等额外成本影响，出海业务暂未明显同步带动利润增长。\n　　整体而言，2026年上半年主流车企格局分化显著：国内存量市场中行业盈利难度升级，海外市场打开全新增长空间。未来，规模将不再是车企竞争的单一维度。国内精细运营、海外本土化深耕，将成为界定车企长期竞争力的关键。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"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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