中国电动汽车制造商正推进海外市场，以逃避国内价格战，却看到人民币升值侵蚀收益。
China’s electric-vehicle makers are pushing into overseas markets to escape a domestic price war, only to see a rallying yuan eat into earnings.
吉利汽车控股有限公司今年前九个月由汇兑收益转为汇兑净损失，将核心层面净利润增长限制在6.7%，而去年同期为41%。中国最大汽车制造商比亚迪公司因汇率波动承受了11.4亿元人民币（1.71亿美元）的现金冲击。
Geely Automobile Holdings Ltd. swung to a net foreign-exchange loss in the first nine months of the year from a gain a year earlier, limiting net profit growth to 6.7% from 41% at the core level. BYD Co., China’s biggest carmaker, took a 1.14 billion yuan ($171 million) hit to cash from exchange-rate movements.
今年以来，在岸人民币对美元升值4.6%，成为亚洲表现第二好的货币。
The onshore yuan has strengthened 4.6% against the dollar this year, making it Asia’s second-best performer.
汇率拖累出现之际，海外销售已成为面临国内需求疲软的中国汽车制造商的关键增长动力。这两家电动汽车巨头第三季度交付量中，约有40%销往海外，使其净利润更易受汇率波动影响。
The currency drag comes as overseas sales become a key growth driver for Chinese carmakers facing weaker domestic demand. Roughly 40% of both EV giants’ third-quarter deliveries went overseas, leaving their bottom lines more exposed to currency swings.
“短期每股收益预测可能会下调，以反映汇兑损失对净利润的冲击，”彭博智库分析师陈某某表示。“随着海外销售占这些公司销售额的比重越来越大，管理汇率风险将变得越来越重要。”压力可能蔓延至两家巨头之外。正在海外拓展的小鹏汽车和浙江零跑科技有限公司计划于11月16日发布业绩，随后蔚来汽车和理想汽车将于本月底前后发布。四家公司出口量均不及比亚迪和吉利，但都在海外拓展，面临汇率风险。
“Near-term EPS estimates are likely to be trimmed to reflect the FX hit on bottom-line profits,” said Bloomberg Intelligence analyst Joanna Chen. “As overseas sales make up a bigger share of what these companies sell, managing currency risk will become increasingly important.”The pressure could spread beyond the two giants. Xpeng Inc. and Zhejiang Leapmotor Technology Co., which are both expanding abroad, are scheduled to report on Nov. 16, followed by Nio Inc. and Li Auto Inc. toward the end of this month. None export as heavily as BYD and Geely, but all four are expanding overseas, leaving them exposed to currency risk.
阅读：中国全球汽车出口主导地位付出2700亿美元代价 目前，投资者大多忽视季度汇率波动，更关注销量、政策发展、原材料成本和价格竞争，这些因素决定长期经营健康状况，陈某某补充道。另一些人认为，如果人民币继续升值，风险会更大。
Read: China’s Global Auto Export Dominance Comes at $270 Billion Cost For now, investors are mostly looking past quarterly currency swings, focusing more on sales volumes, policy developments, raw-material costs, and price competition, which determine long-term operating health, Chen added. Others see more risk if the yuan keeps climbing.
“外币收入与人民币计价成本之间持续存在错配，是真实的投资风险，因为这最终可能影响利润率、定价和竞争力，”CAIA协会大中华分会执行委员会成员黄伟明表示。
“A persistent mismatch between foreign-currency revenue and yuan-denominated costs is a real investment risk because it can eventually affect margins, pricing and competitiveness,” said Stephen Wong, an executive committee member of the CAIA Association Greater China chapter.
投资者应密切评估汽车制造商是否拥有定价权、海外生产以及天然或金融对冲手段，以及外币债务或进口投入品是否抵消了风险敞口，黄伟明表示。“人民币走强更可能起到筛选优质企业的作用，而非引发投资者全面撤出出口导向型公司。”
Investors should closely assess whether automakers have pricing power, overseas production and natural or financial hedges, and whether foreign-currency debt or imported inputs offset the exposure, Wong said. “A stronger yuan is more likely to act as a quality filter than trigger a wholesale retreat from export-oriented companies.”