《Economic Information Daily 29th exclusive》 Geely Automobile (00175) is currently down 5.6%, trading at HK$15.27; BYD (01211) down 2.3%, at HK$75.9; Li Auto (02015) down 1.4%, at HK$45.08; XPeng Inc. (09868) down 2%, at HK$38.3; NIO (09866) down 4.4%, at HK$27.18; Leapmotor (09863) down 1.7%, at HK$35.04.
Cui Dongshu, Secretary General of the Passenger Car Association, stated that in the first eight months of this year, the electronics industry driven by artificial intelligence saw profits grow 1.1-fold, while upstream raw material industries experienced high profit growth, significantly improving overall industrial profits. The automobile industry, however, faces dual pressures of rising costs and weak demand, resulting in poor profitability.
In August, automobile production reached 2.7 million units, with sales revenue of RMB 928.1 billion, up 4.2%; costs amounted to RMB 831.3 billion, up 5.3%; profits reached RMB 37.1 billion, up 24%, with a sales profit margin of 4%.
For the first eight months, automobile production totaled 20.31 million units, down 3% year-on-year, revenue reached RMB 7 trillion, up 2.9%; costs amounted to RMB 6.24 trillion, up 4%; profits reached RMB 253.4 billion, down 16%, with a sales profit margin of 3.6%.
Cui Dongshu pointed out that various regions have vigorously implemented the 'two new' policies, gradually and effectively releasing domestic demand vitality, but the improvement in the automobile industry's performance clearly lags behind other consumer goods. As the national anti-overcompetition efforts continue, the automobile industry is severely squeezed by upstream sectors, with serious pricing issues, soaring oil prices, and explosive profit growth in non-ferrous metals and semiconductors. Terminal consumers remain hesitant about purchasing vehicles, and pressure on automakers continues to increase, with high-quality development suffering significant upstream impacts.
Currently, the Hang Seng Index stands at 24,562, down 79 points or 0.3%, with main board turnover exceeding HK$42.1 billion. The Hang Seng China Enterprises Index stands at 8,195, down 21 points or 0.3%. The Hang Seng Tech Index stands at 4,257, down 38 points or 0.9%. (vs)
Cui Dongshu, Secretary General of the Passenger Car Association, stated that in the first eight months of this year, the electronics industry driven by artificial intelligence saw profits grow 1.1-fold, while upstream raw material industries experienced high profit growth, significantly improving overall industrial profits. The automobile industry, however, faces dual pressures of rising costs and weak demand, resulting in poor profitability.
In August, automobile production reached 2.7 million units, with sales revenue of RMB 928.1 billion, up 4.2%; costs amounted to RMB 831.3 billion, up 5.3%; profits reached RMB 37.1 billion, up 24%, with a sales profit margin of 4%.
For the first eight months, automobile production totaled 20.31 million units, down 3% year-on-year, revenue reached RMB 7 trillion, up 2.9%; costs amounted to RMB 6.24 trillion, up 4%; profits reached RMB 253.4 billion, down 16%, with a sales profit margin of 3.6%.
Cui Dongshu pointed out that various regions have vigorously implemented the 'two new' policies, gradually and effectively releasing domestic demand vitality, but the improvement in the automobile industry's performance clearly lags behind other consumer goods. As the national anti-overcompetition efforts continue, the automobile industry is severely squeezed by upstream sectors, with serious pricing issues, soaring oil prices, and explosive profit growth in non-ferrous metals and semiconductors. Terminal consumers remain hesitant about purchasing vehicles, and pressure on automakers continues to increase, with high-quality development suffering significant upstream impacts.
Currently, the Hang Seng Index stands at 24,562, down 79 points or 0.3%, with main board turnover exceeding HK$42.1 billion. The Hang Seng China Enterprises Index stands at 8,195, down 21 points or 0.3%. The Hang Seng Tech Index stands at 4,257, down 38 points or 0.9%. (vs)
