Wind data shows that as of now, all 310 listed companies under the Shenyin & Wanguo automotive industry classification have completed disclosure of their 2025 semi-annual reports. In the first half of the year, listed automotive companies collectively achieved operating revenue of RMB 2.05 trillion, an increase of 7.93% year-on-year, and realized net profit attributable to parent companies of RMB 86.063 billion, up 3.02% year-on-year. Driven by "dual new" policies and accelerated implementation of electrification and intelligent technologies, the industry maintained steady growth momentum overall. New energy vehicles became the biggest highlight, with production, sales, and exports all achieving breakthrough growth, while domestic brands further expanded their market share.

Lin Shi, Secretary-General of the Intelligent Connected Vehicle Branch of the China-Europe Economic and Technical Cooperation Association, stated that the depth and breadth of automotive industry transformation will further widen the gap between companies. Leading automotive companies that master core technologies, complete global layouts, and achieve stable profitability will occupy dominant positions in building China into an automotive powerhouse, while companies that fail to keep pace with transformation may face elimination risks.

**Leading Companies Show Clear Advantages**

In the first half of this year, China's automotive industry revenue structure demonstrated characteristics of "concentrated leadership and distinct tiers," while profitability performance showed significant differentiation due to differences in corporate technology investment intensity, new energy transformation progress, and market segment positioning. This differentiation reflects not only scale gaps but also differences in transformation speed and track selection.

From a revenue scale perspective, the "hundred billion yuan camp" continues to expand with solidifying leadership advantages. BYD Company Limited maintained its industry-leading position with revenue of RMB 371.281 billion, up 23.30% year-on-year. SAIC Motor followed closely with revenue of RMB 291.899 billion, up 3.35% year-on-year. Weichai Power joined the "hundred billion yuan club" with revenue of RMB 113.152 billion. Additionally, 30 companies including Great Wall Motor Company Limited, Huayu Automotive, and Chang'an Automobile achieved revenue exceeding RMB 10 billion, forming the industry's "backbone tier."

In terms of revenue growth rates, "new energy transformation pioneers" performed outstandingly. BAIC BluePark New Energy Technology saw revenue surge 153.21% year-on-year in the first half, with the company disclosing in its semi-annual report that doubled sales of new energy vehicle models were the direct cause of revenue growth. Furthermore, companies like Forte Technology and Weidi achieved revenue growth rates exceeding 100%, benefiting from technological breakthroughs in intelligent driving sensors and automotive electronics segments, enabling them to rapidly capture emerging market shares.

Profitability performance highlighted "coexisting transformation challenges and opportunities." BYD Company Limited maintained its position as the "industry profitability champion" with net profit attributable to parent companies of RMB 15.511 billion in the first half, up 18.01% year-on-year. Additionally, Great Wall Motor Company Limited, SAIC Motor, and Weichai Power achieved profitability scales exceeding RMB 5 billion. Notably, while 264 listed automotive companies achieved profitability, established companies like GAC Group, BAIC BluePark, and JAC Motors remained in losses. GAC Group's semi-annual report showed traditional fuel vehicle sales declined 15% year-on-year, while investment in new energy vehicle R&D and capacity construction exceeded RMB 5 billion. The transition period of "shrinking old business, unprofitable new business" resulted in net profit losses. Although BAIC BluePark achieved high revenue growth, higher marketing promotion and battery procurement costs for new energy vehicle models prevented profitability turnaround.

Notably, automotive parts companies became performance "dark horses." Nanfang Seiko achieved net profit attributable to parent companies of RMB 229 million in the first half, compared to a loss of RMB 700,000 in the same period last year. Company financial reports showed technological breakthroughs in new energy vehicle transmission systems and intelligent driving millimeter-wave radar components led to order volume growth exceeding 300% year-on-year. Additionally, multiple automotive parts companies including Aerospace Science & Technology, Ling Dian Electric Control, and Zhengyu Industrial doubled their net profits attributable to parent companies year-on-year, confirming the logic of high growth in the automotive parts sector driven by automotive electrification and intelligentization.

**Capturing Markets Through Technological Breakthroughs**

New energy vehicles have become the "core engine" driving industrial transformation. Data released by the China Association of Automobile Manufacturers shows that in the first half, new energy vehicle production and sales reached 6.968 million and 6.937 million units respectively, up 41.4% and 40.3% year-on-year. New energy vehicle sales accounted for 44.3% of new car sales, an increase of 5.2 percentage points from the same period last year. Data from the China Passenger Car Association shows that the retail penetration rate of new energy passenger vehicles reached 50.2% in the first half, exceeding 50% for four consecutive months.

Technological breakthroughs are the core support for improving new energy vehicle competitiveness. Leading automotive companies accelerate core technology implementation and build differentiated barriers: Great Wall Motor Company Limited disclosed in its semi-annual report that the company has formed the Hi4 hybrid technology family, breaking through urban and off-road scenario boundaries through "ultra-long range + efficient energy management." BYD Company Limited continues to iterate its Blade Battery and DM-i 5.0 hybrid system, with the company's R&D investment exceeding RMB 12 billion in the first half, further consolidating technological advantages. These technological innovations not only enhance product competitiveness but also drive industry transformation from "electrification" to integrated "electrification + intelligentization."

Chinese automotive companies' global expansion has entered a new stage of ecological "going overseas," with new energy vehicles becoming "spearhead products" for overseas breakthroughs. According to China Association of Automobile Manufacturers data, China exported 3.083 million automobiles in the first half, up 10.4% year-on-year, with new energy vehicle exports reaching 1.06 million units, surging 75.2% year-on-year. Leading companies' global expansion is no longer limited to "product exports" but constructs systems of "localized R&D, localized production, localized services": Great Wall Motor Company Limited's semi-annual report shows the company has formed a "10+3+N" global production layout; BYD Company Limited established an R&D center in Munich, Germany, focusing on European market vehicle development; SAIC Motor builds sales networks covering 170 countries and regions through deep cooperation with overseas dealers.

However, the automotive industry still faces challenges in advancing new energy and globalization. Zhang Xiang, visiting professor at Huanghe Science and Technology College, stated that in the second half of the year, new energy vehicle purchase tax exemption policies face phase-out, and some regions have suspended vehicle replacement subsidies, which may suppress new energy vehicle demand. Additionally, industry "price wars" have spread from fuel vehicles to the new energy sector, with some companies adopting "price-for-volume" strategies to capture market share, leading to year-on-year declines in average new energy vehicle selling prices and compressed profit margins.