七大车企业绩拆解：销量不再决定利润出海与高端化成“新引擎”_老虎社区_美港股上老虎

七大车企业绩拆解：销量不再决定利润出海与高端化成“新引擎”

澎湃新闻04-05

汽车产业在规模扩张与转型中呈现分化态势。　　2025年中国汽车产销量突破3400万辆，新能源汽车渗透率稳步攀升至50%以上。但与此同时，行业“内卷”加剧引发的价格战、产业链利润分配失衡等问题日益突出，行业利润率仅4.1%创历史新低，成为压在主流车企身上的沉重负担。　　作为行业头部玩家，比亚迪（002594.SZ；01211.HK）、赛力斯（601127.SH；09927.HK）、奇瑞汽车（...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2625648646?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-04-05 11:06","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2625648646","market":"sh","top_or_hot":-1,"title":"七大车企业绩拆解：销量不再决定利润 出海与高端化成“新引擎”","media":"澎湃新闻","content":"<div>\n<p>汽车产业在规模扩张与转型中呈现分化态势。　　2025年中国汽车产销量突破3400万辆，新能源汽车渗透率稳步攀升至50%以上。但与此同时，行业“内卷”加剧引发的价格战、产业链利润分配失衡等问题日益突出，行业利润率仅4.1%创历史新低，成为压在主流车企身上的沉重负担。　　作为行业头部玩家，比亚迪（002594.SZ；01211.HK）、赛力斯（601127.SH；09927.HK）、奇瑞汽车（...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202604053695663490.html\">网页链接</a>\n\n</div>\n","source":"stock_eastmoney","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>七大车企业绩拆解：销量不再决定利润 出海与高端化成“新引擎”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n七大车企业绩拆解：销量不再决定利润 出海与高端化成“新引擎”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-05 11:06 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.eastmoney.com/a/202604053695663490.html><strong>澎湃新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>汽车产业在规模扩张与转型中呈现分化态势。　　2025年中国汽车产销量突破3400万辆，新能源汽车渗透率稳步攀升至50%以上。但与此同时，行业“内卷”加剧引发的价格战、产业链利润分配失衡等问题日益突出，行业利润率仅4.1%创历史新低，成为压在主流车企身上的沉重负担。　　作为行业头部玩家，比亚迪（002594.SZ；01211.HK）、赛力斯（601127.SH；09927.HK）、奇瑞汽车（...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202604053695663490.html\">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":"LU0054450605.USD","symbol_name":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","start_time":0,"source_url":"http://finance.eastmoney.com/a/202604053695663490.html","article_id":"2625648646","we_media_id":null,"thumbnails":[],"rights":{"source":"stock_eastmoney","url":"http://finance.eastmoney.com/a/202604053695663490.html","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2625648646","pubTimestamp":1775358360,"columns":[],"sourceInfo":{"source_id":"stock_eastmoney","name":"东方财富"},"weMediaInfo":null,"summary":"汽车产业在规模扩张与转型中呈现分化态势。2025年中国汽车产销量突破3400万辆，新能源汽车渗透率稳步攀升至50%以上。但与此同时，行业“内卷”加剧引发的价格战、产业链利润分配失衡等问题日益突出，行业利润率仅4.1%创历史新低，成为压在主流车企身上的沉重负担。","collect":0,"end_time":0,"defaultTopTitle":"eastmoney.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"80175":"吉利汽车-R","81211":"比亚迪股份-R","82333":"长城汽车-R","600104":"上汽集团","601127":"赛力斯","601238":"广汽集团","601633":"长城汽车","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK1539":"汽车股","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","BK0188":"融资融券","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","BK1119":"汽车制造商","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","09973":"奇瑞汽车","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","BK0015":"沪股通50","BK0187":"一线龙头","LU0594300419.USD":"富达中国消费基金A","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU0823414478.USD":"法巴经典能源转换基金","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","BK1607":"新IT概念","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","BK0014":"新能源汽车","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","BK0196":"行业龙头","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","02333":"长城汽车","BK1522":"燃料电池","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU1861219969.SGD":"Blackrock Future of Transport A2 SGD-H","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK1521":"挪威政府全球养老基金持仓","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","BK0264":"汽车制造","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","BK0172":"雄安新区","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","BK0072":"苹果","BK0012":"证金概念","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","BK1509":"特斯拉概念股","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","BK1610":"ETF&股票定投概念","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","BK0070":"员工持股","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0359201612.USD":"贝莱德中国基金A2","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","02238":"广汽集团","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU2580892862.HKD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (HKD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","HYDD.SI":"BYD HK SDR 10to1","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU1997245177.USD":"安联神洲A股基金","01211":"比亚迪股份","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU2360107325.USD":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","BK1504":"苹果概念","00175":"吉利汽车","BK1540":"电池","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1146622755.USD":"安本中国A股股票基金A Acc","09927":"赛力斯","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","BK0201":"可转债","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","BK0175":"白马股","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","GWLLY":"长城汽车ADR","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU1861214812.USD":"Blackrock Future of Transport A2 USD","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU2153592121.USD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc USD","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","BK1515":"抗疫概念","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","BK1594":"碳中和概念股","BK1582":"深圳本地概念股","LU1508157978.USD":"BSF BLACKROCK SYSTEMATIC ASIA PACIFIC EQUITY ABSOLUTE RETURN \"A\" (USD) ACC","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0505663152.USD":"abrdn SICAV I - FUTURE MINERALS \"A\" (USD) ACC","002594":"比亚迪","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","BK1580":"烟草概念","BK0185":"二线龙头","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","GELYY":"吉利汽车ADR","LU0823426308.USD":"法巴中国股票基金","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","LU2580892789.USD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (USD) ACC","LU0274383008.USD":"MANULIFE GF ASIAN SMALL CAP EQUITY \"AA\" (USD) INC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","BK1589":"北水核心资产","BK0183":"MSCI概念","LU2348774022.SGD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc SGD-H","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","BYDDY":"比亚迪ADR","BK0028":"国家队","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","BK0155":"锂电池","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0084288322.USD":"Natixis Asia Equity RD USD","SG9999015978.USD":"利安颠覆性创新基金A","BK1149":"通信设备","LU2663582299.SGD":"BSF BLACKROCK SYSTEMATIC ASIA PACIFIC EQUITY ABSOL \"A2\" (SGDHDG) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","BK0169":"共享汽车"},"translate_title":"Performance Dismantling of Seven Major Car Enterprises: Sales Volume No Longer Determines Profit Going to Sea and High-end into a \"New Engine\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80175":0.6,"81211":0.6,"82333":0.6,"600104":1.87,"601127":1.91,"601238":1.86,"601633":1.87,"HYDD.SI":0.6,"09927":1.91,"EVS.SI":0.6,"002594":1.96,"GELYY":1.88,"09973":1.89,"02238":1.86,"GWLLY":1.87,"02333":1.87,"BYDDY":1.96,"01211":1.96,"00175":1.88},"content_text":"汽车产业在规模扩张与转型中呈现分化态势。　　2025年中国汽车产销量突破3400万辆，新能源汽车渗透率稳步攀升至50%以上。但与此同时，行业“内卷”加剧引发的价格战、产业链利润分配失衡等问题日益突出，行业利润率仅4.1%创历史新低，成为压在主流车企身上的沉重负担。　　作为行业头部玩家，比亚迪（002594.SZ；01211.HK）、赛力斯（601127.SH；09927.HK）、奇瑞汽车（09973.HK）、吉利汽车（00175.HK）、长城汽车（601633.SH、02333.HK）广汽集团（601238.SH、02238.HK）、上汽集团（600104）七家主流上市乘用车企业2025年财报相继披露，多家车企销量、营收规模再创新高；其中六家车企实现盈利、一家亏损，多家净利润下滑，直观呈现出行业分化。　　需要指出的是，2025年，比亚迪、奇瑞、上汽等企业通过积极拓展海外市场，获取了更高的毛利率，海外市场已成为车企对冲国内盈利压力的重要“避风港”。赛力斯、比亚迪等通过高端化战略打造产品差异化优势，获取更优的产品溢价，也印证了这一提升毛利率的有效路径。 　　营收与利润：龙头领跑，盈利承压　　从核心财务数据看，比亚迪以绝对规模领跑全行业，但呈现“增收不增利”特征；上汽集团业绩大幅反弹，成为传统车企复苏标杆；其余车企则在盈利与增长间呈现不同程度的分化。　　具体来看，比亚迪全年营收8039.65亿元，同比增长3.46%，归母净利润326.19亿元，同比下降18.97%，营收规模断层领先，但受国内价格战与手机业务拖累，利润同比下滑。　　上汽集团实现业绩全面回升：全年实现合并营业总收入6562.4亿元，同比增长4.6%；归属于上市公司股东的净利润101.1亿元，同比增长506.5%，实现经营筑底企稳。　　吉利汽车营收3452.32亿元，同比增长25%，归母净利润168.52亿元，同比增0.24%，规模创历史新高，盈利仅实现微增。　　与吉利汽车营收、销量相近的奇瑞汽车，则实现了更为亮眼的盈利表现。　　财报显示，奇瑞汽车营收为3002.87亿元，同比增长11.3%，归母净利润190.19亿元，同比增长34.6%，盈利增速领跑行业。　　长城汽车营收2228.24亿元，同比增长10.2%，营收创历史新高，归母净利润98.65亿元，同比下降22.07%，呈现典型的“增收不增利”态势。　　在激烈的市场竞争下，赛力斯虽然实现连续两年盈利但增速近乎停滞，2025年实现营收1650.54亿元，同比增长13.69%，归母净利润59.57亿元，同比增长0.18%。　　还处于转型过程中的广汽集团实现营收956.62亿元，同比下降10.43%，归母净利润为-87.84亿元，由盈转亏，成为七家企业中唯一的亏损主体。　　广汽集团表示，报告期内，受汽车行业竞争激烈、产业生态快速重构等因素影响，公司全年汽车销量未达预期，同时为应对市场急剧变化，公司调整加大了销售投入。　　新能源与海外市场成车企业绩“定海神针” 　　销量层面，比亚迪、上汽、吉利形成第一梯队，新能源与海外市场成为决定增长质量的核心变量。　　具体来看，比亚迪全年销量460.24万辆，同比增长7.73%，全部为新能源车型，四年蝉联全球新能源销冠。其海外销量104.96万辆，同比增长1.4倍，占总销量比重达已经超过两成。　　销量带动营收增长。在国内市场承压的背景下，凭借全产业链布局与全球化战略，比亚迪海外业务营收达3107.41亿元，同比增长40.05%，成为企业核心增长引擎。　　上汽集团实现总销量450.7万辆，同比增长12.3%，新能源销量164.3万辆，同比增长多达33.1%，自主品牌销量占比提升至65%。公司市场占有率13.1%，同比上升0.3个百分点。　　海外市场也是上汽集团的业务核心。2025年，上汽集团推动从“产品出海”向“价值链出海”升级，2025年全年出口及海外市场销售107.1万辆，同比增长3.1%，海外累计销量突破600万辆。　　吉利汽车年度销量首次突破300万辆大关。2025年，吉利汽车总销量302.46万辆，同比增长39%，新能源销量168.8万辆，同比增长90%，新能源车型占比超56%，银河系列成为新能源业务的核心支柱。　　此外，奇瑞汽车也展现出了成为行业龙头的巨大潜力，在销量方面逼近吉利汽车。2025年，奇瑞汽车总销量280.6万辆，同比增长7.8%，新能源销量90.38万辆，同比增长54.9%，出口量134.4万辆，同比增长17.4%，海外市场占比接近一半。　　长城、赛力斯、广汽三家车企销量均未突破200万辆。　　其中广汽集团表现最为低迷，总销量172.15万辆，同比下降14.06%，新能源销量43.36万辆，同比下降4.64%，成为七家企业中唯一销量同比下滑的主体。　　毛利率分化：赛力斯靠高端、比亚迪靠海外　　毛利率的差异也直接反映出企业战略的分化：高端化、全球化布局的企业更具盈利韧性。　　最为明显的是赛力斯，其背靠华为，聚焦高端新能源领域，新能源毛利率高达28.8%，处于行业顶尖水平，且大幅领先行业，这也是其能够持续盈利的核心支撑。　　尤为值得关注的是，面对国内市场的激烈竞争，龙头比亚迪也选择在海外市场打开新的盈利空间，其海外业务毛利率已经高达19.46%，比国内市场高出约3个百分点。　　长城汽车、吉利汽车等保持行业正常水平，而广汽集团的综合毛利率与汽车毛利率均已跌为负数。　　2025年，国内汽车行业价格战白热化，行业整体毛利率下滑，整车企业利润被大幅挤压。与此同时，产业链利润分配失衡问题日益突出，动力电池等核心零部件企业盈利丰厚，进一步压缩了整车企业的利润空间。　　“新能源汽车产业竞争已经白热化，正在经历残酷的‘淘汰赛’。行业大变革期，新旧动能加速转换，技术一定唱主角。”比亚迪集团董事长兼总裁王传福在财报中表示。　　尽管行业整体承压，从七家车企的表现来看，全球化布局、高端化转型、规模效应释放与产品结构优化，是企业穿越行业周期的有效途径。　　2026年，随着国家市场监督管理总局《汽车行业价格行为合规指南》的正式实施，监管层出手整治行业价格战乱象，中国车企有望依托技术创新、品牌升级与全球化布局，迈入高质量发展新阶段。（文章来源：澎湃新闻）","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":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}