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Recently, domestic automobile listed companies have released half-yearly results for 2022. In the "Automotive Industry concern" statistics, but in the semi-annual reports of 17 A / H-share listed vehicle companies, only BYD, GAC GROUP, Great Wall Automobile and Lifan Motor achieved double growth in revenue and net profit in the first half of the year, while SAIC, Dongfeng Group, Jianghuai Automobile and other models declined significantly. And Cyrus, Haima Automobile, BAIC Blue Valley loss range further expanded.

Judging from the results of the first half of the year, the performance of the major car companies has been mixed. As the largest car company in China by market capitalization, BYD's performance is also the brightest, with net profit exceeding that of 2021 in the first half of the year. According to the financial report, BYD's operating income in the first half of the year was 150.607 billion yuan, an increase of 65.71% over the same period last year, and its net profit was 3.595 billion yuan, an increase of 206.35% over the same period last year.

The soaring sales of new energy vehicles is the main reason why BYD's performance reached a record high in half a year. Data show that BYD sold 646300 cars in the first half of the year, up 162.03 percent from the same period last year, of which 638200 new energy passenger vehicles were sold, up 324.84 percent from the same period last year. Since BYD announced the suspension of fuel vehicles on April 3, its sales of new energy vehicles have soared, surpassing Tesla to become the top seller of new energy vehicles in the world.

GAC GROUP also achieved a double increase in profits, with an operating income of 48.689 billion yuan in the first half, an increase of 40.83% over the same period last year, and a net profit of 5.751 billion yuan, an increase of 32.61% over the same period last year. As we all know, GAC GROUP has joint venture brands Guangzhou Auto Honda, Guangzhou Automobile Toyota, Guangzhou Automobile Mitsubishi, independent brand GAC MOTOR, Guangzhou Automobile Eian. The group sold 1.1499 million vehicles in the first half of the year, an increase of 120200 vehicles over the same period last year. Most of the sales came from Japanese "Liangda". Among them, Guangzhou Auto Honda fell 3.8% to 357400 vehicles, and Guangzhou Auto Toyota increased 19.89% to 500200 vehicles.

Although sales have declined, Great Wall Motor has also achieved a double increase in profits. The financial report shows that in the first half of the year, the operating income of Great Wall Motor was 62.134 billion yuan, up 0.33% from the same period last year, and the net profit was 5.601 billion yuan, up 58.72% from the same period last year. During the reporting period, the cumulative sales of Great Wall Motor fell 16.12% year-on-year to 518500 vehicles, of which the Harvard brand fell 26.21% to 288900, making it the biggest decline in Great Wall brands. Great Wall said the increase in net profit was due to the company's improved product mix, an increase in gross margin due to higher bicycle prices, and an increase in foreign exchange earnings. According to the Wanlian Securities report, the average selling price of Great Wall bikes in the first half of the year was 108400 yuan, an increase of 20.65 percent over the same period last year, and the proportion of sales of models with a price of more than 200000 yuan rose to 14 percent.

Affected by the epidemic, the half-year performance of SAIC, which is located in the Yangtze River Delta region, looks a bit ugly. According to the financial report, the operating income of SAIC in the first half of 2022 was 315.993 billion yuan, down 13.69% from the same period last year; net profit was 6.91 billion yuan, down 48.10% from the same period last year; as for the decrease in net profit and deduction of non-net profit from the same period last year, SAIC said that the main reason was that the rebound in the epidemic had a serious impact on the supply chain of the automobile industry chain, resulting in a decrease in the company's sales revenue. At the same time, the tight supply of chips and the sharp rise in the price of raw materials such as power batteries have a negative impact on the gross profit margin of products.

After entering 2022, the automobile industry is facing a more severe and complex external environment and the tremendous impact of a new round of epidemic, especially the epidemic in Shanghai. Many factories under SAIC have stopped production for more than half a month. Data show that SAIC's cumulative sales fell 2.74 per cent to 2.2343 million vehicles in the first half from a year earlier, of which SAIC-Volkswagen sales rose 7.94 per cent to 574700 vehicles, making it the only joint venture brand in SAIC to achieve growth, while SAIC GM fell 12.91 per cent to 506700 vehicles.

Beijing Auto also has a double drop in profits, with most of the profits coming from Beijing Mercedes-Benz! According to the financial report, Beijing Automobile's revenue in the first half of the year was 83.679 billion yuan, down 7.41% from the same period last year, and the profit attributable to shareholders was 2.178 billion yuan, down 21.75% from the same period last year. Beijing Automobile and Beijing Mercedes-Benz, the independent brands of Beijing Automobile, for example, in the first half of the year, the income of Beijing brands from external customers was 2.205 billion yuan, while that of Beijing Mercedes-Benz was 81.474 billion yuan, accounting for 2.64% and 97.36% of the company's total revenue, respectively. there is a huge income gap between the two divisions. In addition, in terms of gross profit contribution, Beijing brand posted a gross loss of 2.653 billion yuan in the first half of the year, while Beijing Mercedes-Benz contributed 21.213 billion yuan in gross profit. Judging from the financial results, Beijing Automobile basically derives its income from Beijing Mercedes-Benz, but if Beijing Mercedes-Benz is excluded, Beijing Automobile is in a state of loss, which shows the importance of Beijing Mercedes-Benz to Beijing Automobile.

Changan Automobile's performance is relatively eye-catching, although revenue has declined, but net profit has soared. According to the financial report, the operating income of Changan Automobile in the first half of 2022 was 56.574 billion yuan, down 0.37 percent from the same period last year, while the net profit was 5.858 billion yuan, an increase of 238.74 percent over the same period last year. Changan Automobile said that the substantial increase in net profit was mainly due to the continuous improvement of the company's brand, the continuous optimization of product structure and the continuous improvement of the profitability of its own brand. Data show that Changan car sales in the first half of the year were 1.1258 million, down 6.25% from the same period last year, of which Changan autonomous passenger car sales were 629200, down 4.61% from the same period last year. As for the joint venture brands Changan Ford and Changan Mazda, sales of the former fell 6.90 per cent to 112600 vehicles in the first half from a year earlier, while the latter rose 5.51 per cent to 63700 vehicles.

As the "top seller" of pure electric vehicles in China for seven consecutive years, BAIC New Energy "got up early in the morning and caught up with an evening set", and its loss expanded again this year. According to the financial report, BAIC Blue Valley's operating income in the first half of the year was 3.479 billion yuan, an increase of 42.76% over the same period last year, with a net loss of 2.181 billion yuan and a net loss of 1.813 billion yuan in the same period. In recent years, BAIC Blue Valley performance is poor, has been two consecutive years of losses, 2020-2021 net losses of 6.476 billion yuan, 5.244 billion yuan respectively. Data show that BAIC Blue Valley sold a total of 17010 vehicles in the first half of the year, an increase of 144.43% over the same period last year. Although sales have achieved year-on-year growth, it is still not optimistic, with an annual sales target of only 17% for 100000 vehicles.

As for Cyrus, it changed its name from well-off shares and also accelerated losses after building cars in partnership with Huawei. The financial report shows that in the first half of the year, Selis's operating income was 12.416 billion yuan, an increase of 68.14% over the same period last year; the net loss was 1.717 billion yuan, while the net loss in the same period was 481 million yuan; data show that the cumulative sales volume of Selis in the first half of the year was 21600, an increase of 884.98% over the same period last year, but behind it was a year-on-year increase in sales expenses of 247.09%. Selis said that the sharp increase in sales costs is mainly due to the increase in publicity fees and sales service fees for high-end new energy vehicles.

Looking at the industry as a whole in the first half of this year, Chen Shihua, deputy secretary general of the China Automobile Association, used the analogy of "upstream enterprises' profits soar, but downstream enterprises' can't even get soup'." However, the China Automobile Association pointed out that with the continuous recovery of the industrial chain supply chain and vehicle purchase tax reduction and other favorable factors, the automobile industry profits rebounded faster. According to the data, the profit of the automobile manufacturing industry from January to July in 2022 was 273.94 billion yuan, down 14.4% from the same period last year, 11.1% lower than in the first half of the year, and accounting for 5.6% of the total profits of industrial enterprises above scale.

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