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at the chengdu auto show that just ended, if the entire exhibition was mediocre, then the various quotes of yu jingmin, a senior executive of saic passenger vehicle, could indeed become a topic of conversation after dinner. in particular, in front of many media, he directly criticized xiaomi auto for plagiarism, which caught saic passenger vehicle design director shao jingfeng off guard...

if we only look at yu jingmin's fearless statement, many people may think that saic is at its peak and has the right to "point the way forward" in the industry...

on august 29, saic group announced its first-half performance and financial data. from january to june this year, saic group's new car wholesale sales volume was 1.827 million units, down 11.8% from the same period last year; revenue in the first half of the year was 284.69 billion yuan, down 12.8%; net profit was 6.63 billion yuan, down 6.5% year-on-year.

if we only look at the net profit and the extent of the decline, it feels that saic group's operating conditions in the first half of the year are still very "healthy". after all, as strong as byd is, its net profit attributable to shareholders of the parent company in the first half of the year was "only" 13.631 billion yuan.

however, there is one detail: of the 6.63 billion yuan net profit of saic motor in the first half of the year, 5.13 billion yuan came from the sale of mg india's shares. the financial department calls this kind of profit non-recurring gains and losses. simply put, this form of profit belongs to "incidental income" because a listed company cannot make profits every month, every quarter, and every year by selling shares and fixed assets.

after excluding non-recurring gains and losses of 5.13 billion yuan, saic group's net profit in the first quarter was 2.13 billion yuan, and 1.02 billion yuan in the second quarter. in other words, saic group's recurring profit in the second quarter was a loss of 1.1 billion yuan.

in fact, after we are used to seeing new car manufacturers lose billions or tens of billions of dollars in a quarter, we may think that saic's loss of only 1.1 billion yuan in a quarter is just a drizzle. but the fact is that saic, as one of the largest automobile groups in china, has been profitable for many years. the loss in the second quarter may be unexpected to many people.

of course, the sales data of several core brands under saic group can also reveal clues. as shown in the performance data for the first half of the year, the wholesale volume of new cars of saic group in the first half of the year was 18.27 billion yuan, a year-on-year decline of 11.8%. if the wholesale prices of these new cars have not changed compared with last year, it means that the sales volume has decreased by 11.8%, and the profit level will also decrease positively, which is certain.

but the situation is that as the domestic automobile market has fallen into a price war this year, the wholesale price of saic group's products may not be able to maintain the same level as last year, because many of its brands and models have announced official price cuts and subsidies, including many products of saic volkswagen, saic general motors, and saic passenger cars, which have shown a trend of price reduction at the manufacturer level, which means that profits will continue to be diluted.

an important change is that saic-gm, which used to be one of the two "profit cows" of saic group together with saic volkswagen, also performed a "falling backwards" performance in the first half of the year. in the first half of the year, saic-gm's cumulative sales were 225,600 vehicles, a year-on-year decline of 49.98%, and its sales were basically halved. in terms of revenue and profit, saic-gm's revenue in the first half of the year was 32.963 billion yuan, and its net profit attributable to the parent company was a loss of 2.275 billion yuan. saic-gm's turnaround from profit to loss should have played a very important role.

of course, the continued decline in sales of saic group as a whole will inevitably lead to an increase in costs at other levels. this is easy to understand. the entire industry is quite sluggish, and saic group's sales have declined. then the various brands under saic group may have to boost sales by increasing publicity and promotion investment, increasing terminal sales rebates, etc., and these situations are also further diluting profits.

in fact, saic motor suffered a real loss in the second quarter, which may be due to the decline in competitiveness. the reason is simple. saic motor does not have a particularly strong brand or model in the field of new energy vehicles. although many new energy models have good sales, they are mainly in exchange for a large price cut, such as volkswagen id.3. if it cannot make progress in the field of new energy vehicles, its competitiveness will be greatly reduced. after all, the current fuel vehicles are too obviously inferior to new energy vehicles.

the tide of new energy vehicles has arrived. saic motor, a representative of the "old-brand" auto companies, is facing the pain of "turning around like an elephant", and whether it can "turn around" successfully is still a question! the loss of 1.1 billion in the second quarter is just a small landmark event.