SAIC's net profit rose 3 times in the first half year from its own brand sales year-on-year

Shanghai Automotive Group Co., Ltd. ("Shanghai Automotive" 600104.SH) released its 2010 semi-annual report yesterday. In the first half of 2010, the sales of Shanghai autos totaled 1,775,600 vehicles, an increase of 44.9% year-on-year; the company's total operating income reached 1476.18. Billion yuan, an increase of 139.7%; net profit attributable to shareholders of listed companies reached 5.871 billion yuan, an increase of 306.03% year-on-year.

In the first half of this year, the sales volume of Shanghai auto vehicles reached a record high, among which 10.52 million passenger car products were sold, an increase of 55.8% year-on-year; 724,000 commercial vehicle products were sold, an increase of 31.5% year-on-year.

Among them, Shanghai General Motors sales exceeded 480,000 units, becoming the first-half saloon sales in the first half of the year; Shanghai Volkswagen sales exceeded 450,000, ranking the second-half sales volume in the passenger vehicle market in the first half of the year; SAIC-GM-Wuling sales exceeded 680,000, continuing to maintain sales growth And market share ranks first in the industry.

Shanghai Auto's own brands launched new products, the Roewe 350 and MG6, which doubled sales year-on-year. Since February of this year, the company has included Shanghai GM in the scope of the consolidated statement. Shanghai GM contributed RMB 51.7 billion in operating income for the company during the reporting period, which is also an important reason for the company's rising operating income.

During the reporting period, the company's net profit increased by 306.03% year-on-year, which mainly depends on the following two factors: First, its major joint ventures have significantly improved their profitability through continuous introduction of new products and internal product mix adjustments; The sales volume of self-owned brands increased significantly compared to the same period of last year, making the self-owned brand net profit increase 191.49% year-on-year. In addition, due to the company's provision of RMB 1.182 billion in long-term equity investment impairment charges for Ssangyong in the same period of last year, related matters did not affect the company's performance.