中国两大车企比亚迪和吉利汽车报告称，第三季度盈利大幅增长，得益于海外销售激增，它们正加大对欧洲和东南亚成熟国际品牌的竞争压力。
China’s two largest carmakers, BYD and Geely Auto, reported a jump in their third-quarter earnings, propelled by surging overseas sales as they intensified pressure on established international marques in Europe and Southeast Asia.
中国内地最大汽车集团比亚迪在截至9月的三个月里实现净利润100亿元人民币（约合15亿美元），同比增长28%。营收增长13.6%至2115亿元人民币。
BYD, mainland China’s largest automotive group, posted a net profit of 10 billion yuan (US$1.5 billion) in the three months ending September, up 28 per cent from the same period a year earlier. Revenue grew 13.6 per cent to 211.5 billion yuan.
吉利周四表示，其7至9月净利润攀升28%至48亿元人民币，营收增加10%至990亿元人民币。比亚迪和吉利的第三季度业绩均未达到彭博调查预估值。
Geely said on Thursday that its net income between July and September climbed 28 per cent to 4.8 billion yuan, while revenue increased 10 per cent to 99 billion yuan. The third-quarter performances of both BYD and Geely failed to meet Bloomberg survey estimates.
上海忠诚财富管理研究员李伊凡表示：“鉴于国内汽车市场异常疲软，头部企业展现了生产和销售的韧性。中国境外销售为它们提供了缓冲，抵御国内的大幅下滑。”仅生产电动汽车（EV）的比亚迪，1至9月向海外客户交付总计134万辆，同比增长92.7%，而其内地销量暴跌30.2%至179万辆。
“Given the awfully weak domestic auto market, top players showed their resilience in production and sales,” said Ivan Li, a researcher at Loyal Wealth Management in Shanghai. “Sales outside China are offering them a cushion against a big downturn at home.”BYD, which builds only electric vehicles (EVs), delivered a total of 1.34 million units to overseas customers from January to September, up 92.7 per cent year on year, while its sales on the mainland plunged 30.2 per cent to 1.79 million vehicles.
生产燃油车和电动汽车的吉利，2026年前九个月出口激增169%至79.767万辆，但国内交付量下滑23.3%至144万辆。
Geely, an assembler of both petrol cars and EVs, saw its exports soar 169 per cent year on year to 797,670 units in the first nine months of 2026, but its domestic deliveries fell 23.3 per cent to 1.44 million vehicles.
据摩根大通亚太区汽车研究主管赖尼克称，在内地，车企平均单车净利润仅约5000元人民币。但他5月表示，海外市场利润率可能高出四倍，达到2万元人民币，因为中国汽车在国外往往以更高价格出售。
On the mainland, carmakers’ average net profit per vehicle was only about 5,000 yuan, according to Nick Lai, head of auto research for Asia-Pacific at JPMorgan. But the margin in overseas markets could be four times higher at 20,000 yuan, as Chinese cars were often sold at higher prices abroad, he said in May.
根据中国乘用车联席会议（CPCA）9月的一项估计，中国汽车制造商预计2026年海外交付量将达到1200万辆，较去年的830万辆增长44%。
Chinese carmakers were expected to achieve overseas deliveries of 12 million units in 2026, up 44 per cent from last year’s 8.3 million, according to an estimate by the China Passenger Car Association (CPCA) in September.
这一预计数字比中国汽车制造商协会此前估计的1000万辆增长了20%。
The projected figure represents a 20 per cent rise from an earlier estimate of 10 million vehicles by the China Association of Automobile Manufacturers.
CPCA数据显示，中国汽车集团在2026年前九个月国内销售汽车1530万辆，同比下降21.7%。
Chinese automotive groups achieved sales of 15.3 million cars at home during the first nine months of 2026, down 21.7 per cent year on year, CPCA data showed.
分析人士表示，随着整合成为趋势，他们预计中国大陆汽车行业头部企业与其余市场之间的差距将进一步扩大。
Analysts said they expected a widening gap between top industry players and the rest of the market on the mainland as consolidation became a trend.
6月，AlixPartners汽车与工业业务亚太区负责人斯蒂芬·戴尔预测，在30家专注于电动汽车的中国汽车制造商中，到2030年只有七家能够实现盈亏平衡，较小或较弱的参与者可能要么退出市场，要么被竞争对手收购。
In June, Stephen Dyer, Asia-Pacific leader of the automotive and industrial practice at AlixPartners, predicted that only seven of the 30 Chinese carmakers solely focused on EVs would be able to break even by 2030, with small or weaker players likely to either exit the market or be acquired by rivals.