上海汽车集团股份有限公司2025 年第一季度报告 证券代码：600104 证券简称：上汽集团 上海汽车集团股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一) 主要会计数据和财务指标 (二) 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 | 非经常性损益项目 | 本期金额 | 说明 | | --- | --- | --- | | 非流动性资产处置损益，包括已计提资产减值准备的冲销部分 | -9,156,417.66 | | | 计入当期损益的政府补助，但与公司正常经营业务密切相关、符合 | | | | 国家政策规定、按照确定的标准享有、对公司 ...

关于上海汽车集团股份有限公司 2024 年度控股股东及其他关联方占用资金情况专项报告 the station of 普华永道 关于上海汽车集团股份有限公司 控股股东及其他关联方占用资金情况专项报告 普华永道中天特审字(2025)第0534号 (第一页,共二页) 上海汽车集团股份有限公司董事会: 我们审计了上海汽车集团股份有限公司(以下简称"贵公司")2024年 12 月 31 日的合并及公司资产负债表、2024年度合并及公司利润表、合并及公司股东权 益变动表、合并及公司现金流量表和财务报表附注(以下合称"财务报表"),并 于 2025年 4月 28 日出具了报告号为普华永道中天审字(2025)第 10002 号的无 保留意见审计报告。财务报表的编制和公允列报是贵公司管理层的责任,我们的 责任是在按照中国注册会计师审计准则执行审计工作的基础上对财务报表整体发 表审计意见。 在对上述财务报表执行审计的基础上,我们对后附的截至 2024年 12月 31 日止年度贵公司控股股东及其他关联方非经营性资金占用及其他关联资金往来情 况汇总表(以下简称"情况表")执行了有限保证的鉴证业务。 根据中国证券监督管理委员会《上市公 ...

上海汽车集团股份有限公司 2024 年度财务报表及审计报告 . the state of the station of and and . 上海汽车集团股份有限公司 我们审计了上海汽车集团股份有限公司(以下简称"上汽集团")的财务报表, 包括 2024年 12月 31日的合并及公司资产负债表,2024年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及财务报表附注。 2024 年度财务报表及审计报告 | 内容 | 页码 | | --- | --- | | 审计报告 | 1 - 10 | | 2024 年度财务报表 | | | 合并及公司资产负债表 | 1 - 4 | | 合并及公司利润表 | 5 - 6 | | 合并及公司现金流量表 | 7 - 9 | | 合并股东权益变动表 | 10 - 11 | | 公司股东权益变动表 | 12 - 13 | | 财务报表附注 | 14 - 208 | | 补充资料 | 1 - 2 | 普华永道 审计报告 普华永道中天审字(2025)第 10002 号 (第一页,共十页) 上海汽车集团股份有限公司全体股东: 审计意见 r (一) 我们审计的内容 ( ...

上海汽车集团股份有限公司董事会: 我们审计了上海汽车集团股份有限公司(以下简称"贵公司")2024年 12月 31 日 的合并及公司资产负债表、2024年度合并及公司利润表、合并及公司股东权益变动 表、合并及公司现金流量表和财务报表附注,并于 2025年 4月 28 日出具了报告号 为普华永道中天审字(2025)第 10002 号的无保留意见审计报告。财务报表的编制和 公允列报是贵公司管理层的责任,我们的责任是在按照中国注册会计师审计准则执 行审计工作的基础上对财务报表整体发表审计意见。 关于上海汽车集团股份有限公司 2024 年度涉及上海汽车集团财务有限责任公司关联交易的存、贷款等金融业务情况 的专项报告 DTAPO 普华永道 关于上海汽车集团股份有限公司 2024年度 涉及上海汽车集团财务有限责任公司关联交易的存、贷款等金融业务情况的专项报告 普华永道中天特审字(2025)第0535号 (第一页,共二页) 涉及上海汽车集团财务有限责任公司关联交易的存、贷款等金融业务情况的专项报告(续) 普华永道中天特审字(2025)第0535号 (第二页,共二页) 我们的责任是在执行鉴证工作的基础上对关联金融业务情况汇总 ...

【文/观察者网 潘昱辰 编辑/高莘】4月23日—5月2日举行的2025上海国际车展上，上汽集团在3号馆集 中展示智己、上汽乘用车、上汽大通、上汽大众、上汽通用汽车、上汽通用五菱六家整车企业十个品牌 的上百辆新车。 此次车展期间，上汽集团集中发布品牌焕新、"Glocal全球视野 本土匠心"等重大战略；并有全新智己 L6、荣威明珠概念车、荣威D6、MG Cyberster 2026款、 MG首款方盒子CyberX、上汽大通"新途远 界"、上汽奥迪新品牌AUDI E5 Sportback，上汽大众全尺寸增程式SUV概念车ID.ERA，上汽通用别克 GL8陆尚、凯迪拉克LYRIQ-V、五菱星光2025款、宝骏享境等最新车型亮相。同时，上汽与华为共同打 造的"SAIC尚界"作为华为智选车模式的最新成员，正式亮相车展。 上汽集团亮相上海车展 上汽集团 此次车展上，上汽集团高端新能源品牌智己汽车发布"瞬感天幕智能轿车"全新智己L6。新车配备防晒天 幕和舒适型座椅，并搭载灵蜥数字底盘2.0、IM AD3.0智能辅助驾驶、IMOS4.0 AI生态座舱等智能科 技。 全新智己L6 上汽集团 上汽集团表示，智己汽车是上汽品牌向上的 ...

新华财经上海4月26日电 2025年上海车展，3号展馆几无悬念地成为全场焦点之一。 在这座展馆，上汽集团以"懂车更懂你"为主题，集中展示了智己、上汽乘用车、上汽大通、上汽大众、上汽通用汽车、上汽通用五菱六家整车企业十个品牌 的上百辆新车，总展示面积近2万平方米。 时钟回拨至1985年，中国首个国际汽车工业展览会在上海展览中心举行。彼时，成立不过一年时间的上海大众桑塔纳生产线在安亭启动，同年桑塔纳亮相上 海车展，成为首届上海车展最受关注的中国合资品牌车型。 四十年来，上汽集团的改革创新与上海车展的进化升级保持同频共振，双方携手共赴时代浪潮。 主场担当："懂车更懂你" 从1985年的大众桑塔纳、1995年的大众帕萨特、1997年的别克新世纪，到2005年的雪佛兰爱唯欧、2009年的"大黄蜂"科迈罗量产版，再到2015年的宝骏 560、2019年的荣威MAX、2021年的智己LS7，直至2025年的上汽奥迪A5L Sportback、MG Cyber X及凯迪拉克"LOVE"纯电家族等，上汽集团诸多经典车型 与全新品牌序列，都是在上海车展首发亮相。 上海车展毫无疑问是上汽集团的"主场"。 2025年上海车展，上汽集 ...

Summary of SAIC Motor Corporation Conference Call Company Overview - **Company**: SAIC Motor Corporation - **Date**: Q1 2025 Conference Call Key Points Industry and Sales Performance - In Q1 2025, SAIC Motor's total sales reached 944,000 units, a year-on-year increase of 13%, with new energy vehicle (NEV) sales growing by 30%, indicating a significant improvement in fundamentals [2][4] - In 2024, total sales were over 4 million units, a decline of 20% year-on-year, with fuel vehicle sales dropping nearly 30% and NEV sales only increasing in single digits [3] Management Changes - Significant management restructuring occurred since July 2024, with Jia Jianxu appointed as president, aiming to drive innovation and accelerate NEV product launches [2][5] - The merger of the Roewe and Feifan brands under SAIC Passenger Vehicle was announced in October 2024, with He Minglei as general manager, to strengthen NEV strategic layout [2][8] Strategic Initiatives - SAIC has formed a large passenger vehicle segment to break down departmental barriers and enhance operational efficiency through collaboration in R&D, manufacturing, and marketing [2][9] - A partnership with Huawei led to the launch of the "SAIC Zhiji" brand, targeting the market below 200,000 yuan, with the first model ES39 expected to be released in Q3 2025 [2][10] Financial Performance - SAIC General Motors reported a net loss of approximately 2.3 billion yuan in the first half of 2024 but turned profitable in Q4, while SAIC Volkswagen's single vehicle profit was only 2,000 yuan, indicating pressure on joint venture profitability [2][11][14] - SAIC's price-to-book (PB) ratio stands at 0.61, the lowest in the industry, reflecting low market valuation of its net assets, but potential for valuation recovery exists due to tightening industry capacity [2][15][16] Future Outlook - The management changes and strategic partnerships are expected to enhance the development potential of SAIC's self-owned brands, potentially leading to a rebound in sales and overall valuation [2][12][13] - The tightening of production qualifications and capacity expansion in the industry may favor existing assets, making SAIC's low PB ratio attractive for investors [2][16][17] Additional Insights - The introduction of the "SAIC Zhiji" brand is anticipated to capture a significant market share, as the targeted price range accounts for nearly 50% of the overall market [2][10] - The overall profitability of SAIC remains under pressure, but strategic adjustments and partnerships may lead to gradual improvements in financial performance [2][11][14]

Group 1 - The Shanghai Auto Show commenced on April 23, showcasing SAIC Motor Corporation and its sub-brands including MG, Zhiji Auto, and Roewe, which unveiled the "Glocal Strategy" for overseas expansion [1][7] - MG introduced a new brand proposition "YOUNG FOREVER" and launched its first "boxy" model, Cyber X, along with the design-focused Cyberster Black and the 2026 MG Cyberster [2] - Roewe's A+ class electric sedan D6 was launched with a starting price of 79,800 yuan, offering two range options of 450 km and 520 km, with the executive stating that the pricing is not profitable but aims to increase market share [3] Group 2 - Zhiji Auto presented its new L6 model and announced a strategic plan for its self-developed "steer-by-wire digital chassis technology," which aims to enhance driving performance and safety [4] - SAIC's overseas strategy includes the development of 17 new models over the next three years, featuring a new HEV hybrid power system and plans for solid-state battery technology, with the first solid-state battery expected to launch in 2027 [7]

Core Insights - SAIC Group showcased over a hundred new vehicles from ten brands at the 2025 Shanghai Auto Show, emphasizing a diverse range of offerings to meet consumer needs [1] - The company launched several major strategic initiatives, including brand rejuvenation and the introduction of the new brand "SAIC Shangjie" in collaboration with Huawei [3] - The latest model from Zhiji Auto, the Zhiji L6, features advanced comfort technologies and cutting-edge intelligent systems, positioning it as a leader in high-end smart electric vehicles [5] Group 1: Brand and Product Highlights - Zhiji Auto aims to be a high-end smart electric leader, showcasing the Zhiji L6 with innovative comfort features and industry-leading safety technology [5] - Roewe brand introduced the "Pearl" concept car and launched the Roewe D6, focusing on family-oriented values and advanced battery technology [5] - MG brand is targeting a global market with new models, including the Cyberster 2026 and Cyber X, emphasizing a youthful and innovative approach [7] Group 2: Commercial Vehicles and Collaborations - SAIC Commercial Vehicles is focusing on user-centric products and plans to launch 15 new energy commercial products, including the "New Journey" hybrid light bus [8] - SAIC Volkswagen is showcasing the Audi E5 Sportback and the ID.ERA SUV concept, highlighting technological advancements and local market integration [9] - SAIC General Motors introduced the new high-end electric sub-brand "Zhijing" and showcased the Buick GL8 and Cadillac LYRIQ-V, emphasizing their commitment to the high-end new energy market [11] Group 3: Market Positioning and Future Plans - SAIC General Motors Wuling is targeting the youth market with the Wuling Star 2025, featuring advanced safety and intelligent driving capabilities [13] - The company aims to enhance its brand image and product offerings to cater to the evolving demands of consumers in the smart vehicle segment [14]

Core Viewpoint - SAIC Motor Corporation has launched its overseas strategy 3.0, termed "Glocal Strategy," focusing on a combination of global and local approaches to enhance its international presence and product offerings [1] Group 1: Product Development and Market Strategy - Over the next three years, SAIC plans to develop 17 new overseas models, including SUVs, sedans, MPVs, and pickups, featuring a new HEV hybrid power system to cover mainstream global market segments [1] - The company aims to transition from "scale expansion" to "value creation" and from "product output" to "standard output," leveraging its advantages in intelligent and electric technologies to create personalized and intelligent product solutions for different regions [1][2] Group 2: Regional Focus and Localization - SAIC's President, Jia Jianxu, emphasized the importance of localized strategies for overseas markets, including the establishment of a design center and an engineering center in Europe, and the development of KD factories in Southeast Asia [2] - In Africa, the company plans to use Egypt, Morocco, and South Africa as strategic hubs to achieve regional synergy [2] Group 3: Brand Revitalization - SAIC is committed to revitalizing the MG brand, which it acquired in 2007, aiming to position it as a more influential global automotive brand over the next three years [2][3] - MG has launched over ten models, including the MG4 EV, and has achieved cumulative global sales exceeding 5 million units, ranking among the top ten in over 20 countries [3] - The brand is focusing on appealing to younger consumers with tailored marketing strategies for different markets, such as "Get More" in the UK and "Passion Drives" in Thailand [3]