|
截至 3 個月 |
2026年3月31日 |
|
2025年12月31日 |
|
2025年9月30日 |
|
2025年6月30日 |
|
2025年3月31日 |
|
2024年12月31日 |
|
2024年9月30日 |
|
2024年6月30日 |
|
2024年3月31日 |
|
2023年12月31日 |
|
2023年9月30日 |
|
2023年6月30日 |
|
2023年3月31日 |
|
2022年12月31日 |
|
2022年9月30日 |
|
2022年6月30日 |
|
2022年3月31日 |
|
2021年12月31日 |
|
2021年9月30日 |
|
2021年6月30日 |
|
2021年3月31日 |
|
|
|
汽車銷售 |
69.12% | |
67.27% | |
72.46% | |
70.18% | |
66.85% | |
72.58% | |
74.78% | |
72.67% | |
77.27% | |
81.97% | |
79.58% | |
81.92% | |
80.92% | |
83.23% | |
82.90% | |
80.73% | |
82.71% | |
84.80% | |
82.82% | |
79.61% | |
78.80% | |
|
|
汽車監管信用 |
1.70% | |
2.18% | |
1.48% | |
1.95% | |
3.08% | |
2.69% | |
2.93% | |
3.49% | |
2.08% | |
1.72% | |
2.37% | |
1.13% | |
2.23% | |
1.92% | |
1.33% | |
2.03% | |
3.62% | |
1.77% | |
2.03% | |
2.96% | |
4.99% | |
|
|
汽車租賃 |
1.70% | |
1.61% | |
1.53% | |
1.93% | |
2.31% | |
1.74% | |
1.77% | |
1.80% | |
2.23% | |
1.99% | |
2.09% | |
2.27% | |
2.42% | |
2.46% | |
2.89% | |
3.47% | |
3.56% | |
3.54% | |
2.80% | |
2.78% | |
2.86% | |
|
|
汽車業務收入 |
72.52% |
|
71.05% |
|
75.48% |
|
74.06% |
|
72.24% |
|
77.01% |
|
79.49% |
|
77.95% |
|
81.58% |
|
85.68% |
|
84.05% |
|
85.32% |
|
85.57% |
|
87.62% |
|
87.13% |
|
86.23% |
|
89.90% |
|
90.11% |
|
87.64% |
|
85.35% |
|
86.65% |
|
|
|
能源生產和儲存 |
10.76% | |
15.41% | |
12.16% | |
12.40% | |
14.12% | |
11.91% | |
9.44% | |
11.82% | |
7.68% | |
5.71% | |
6.68% | |
6.05% | |
6.55% | |
5.39% | |
5.21% | |
5.11% | |
3.28% | |
3.88% | |
5.86% | |
6.70% | |
4.76% | |
|
|
服務及其他 |
16.73% | |
13.54% | |
12.37% | |
13.54% | |
13.64% | |
11.08% | |
11.08% | |
10.23% | |
10.74% | |
8.61% | |
9.28% | |
8.63% | |
7.87% | |
6.99% | |
7.67% | |
8.66% | |
6.82% | |
6.00% | |
6.50% | |
7.95% | |
8.60% | |
|
|
收入 |
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
|
|
汽車銷售 |
-56.35% | |
-55.72% | |
-61.81% | |
-60.31% | |
-59.28% | |
-63.28% | |
-62.52% | |
-62.60% | |
-65.24% | |
-68.35% | |
-67.05% | |
-67.56% | |
-66.11% | |
-63.46% | |
-61.06% | |
-59.96% | |
-58.19% | |
-60.33% | |
-59.24% | |
-59.53% | |
-62.15% | |
|
|
汽車租賃 |
-0.88% | |
-0.83% | |
-0.80% | |
-1.01% | |
-1.24% | |
-0.94% | |
-0.98% | |
-0.96% | |
-1.26% | |
-1.18% | |
-1.29% | |
-1.36% | |
-1.43% | |
-1.45% | |
-1.78% | |
-2.17% | |
-2.18% | |
-2.23% | |
-1.70% | |
-1.57% | |
-1.54% | |
|
|
汽車收入成本 |
-57.23% |
|
-56.54% |
|
-62.61% |
|
-61.32% |
|
-60.51% |
|
-64.22% |
|
-63.50% |
|
-63.56% |
|
-66.50% |
|
-69.53% |
|
-68.34% |
|
-68.92% |
|
-67.53% |
|
-64.91% |
|
-62.83% |
|
-62.13% |
|
-60.36% |
|
-62.56% |
|
-60.94% |
|
-61.11% |
|
-63.69% |
|
|
|
能源生產和儲存 |
-6.50% | |
-11.00% | |
-8.34% | |
-8.64% | |
-10.06% | |
-8.90% | |
-6.56% | |
-8.92% | |
-5.78% | |
-4.47% | |
-5.04% | |
-4.94% | |
-5.83% | |
-4.73% | |
-4.72% | |
-4.54% | |
-3.67% | |
-4.17% | |
-5.84% | |
-6.53% | |
-5.73% | |
|
|
服務及其他 |
-15.18% | |
-12.34% | |
-11.07% | |
-12.80% | |
-13.12% | |
-10.62% | |
-10.10% | |
-9.57% | |
-10.36% | |
-8.37% | |
-8.72% | |
-7.96% | |
-7.30% | |
-6.60% | |
-7.36% | |
-8.33% | |
-6.86% | |
-5.91% | |
-6.61% | |
-8.25% | |
-9.26% | |
|
|
收入成本 |
-78.92% |
|
-79.88% |
|
-82.01% |
|
-82.76% |
|
-83.69% |
|
-83.74% |
|
-80.16% |
|
-82.05% |
|
-82.65% |
|
-82.37% |
|
-82.11% |
|
-81.81% |
|
-80.66% |
|
-76.24% |
|
-74.91% |
|
-75.00% |
|
-70.89% |
|
-72.65% |
|
-73.40% |
|
-75.88% |
|
-78.68% |
|
|
|
毛利 |
21.08% |
|
20.12% |
|
17.99% |
|
17.24% |
|
16.31% |
|
16.26% |
|
19.84% |
|
17.95% |
|
17.35% |
|
17.63% |
|
17.89% |
|
18.19% |
|
19.34% |
|
23.76% |
|
25.09% |
|
25.00% |
|
29.11% |
|
27.35% |
|
26.60% |
|
24.12% |
|
21.32% |
|
|
|
研究與開發 |
-8.69% | |
-7.16% | |
-5.80% | |
-7.06% | |
-7.29% | |
-4.96% | |
-4.13% | |
-4.21% | |
-5.40% | |
-4.35% | |
-4.97% | |
-3.78% | |
-3.30% | |
-3.33% | |
-3.42% | |
-3.94% | |
-4.61% | |
-4.18% | |
-4.44% | |
-4.82% | |
-6.41% | |
|
|
銷售、一般和管理 |
-8.19% | |
-6.65% | |
-5.56% | |
-6.07% | |
-6.47% | |
-5.11% | |
-4.71% | |
-5.01% | |
-6.45% | |
-5.09% | |
-5.37% | |
-4.78% | |
-4.61% | |
-4.24% | |
-4.48% | |
-5.67% | |
-5.29% | |
-8.43% | |
-7.23% | |
-8.14% | |
-10.16% | |
|
|
重組及其他 |
0.00% | |
-0.65% | |
-0.85% | |
0.00% | |
-0.49% | |
-0.03% | |
-0.22% | |
-2.44% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
-0.14% | |
0.00% | |
-0.84% | |
0.00% | |
0.00% | |
-0.37% | |
-0.19% | |
0.97% | |
|
|
運營費用 |
-16.88% |
|
-14.46% |
|
-12.21% |
|
-13.14% |
|
-14.24% |
|
-10.10% |
|
-9.05% |
|
-11.66% |
|
-11.85% |
|
-9.43% |
|
-10.34% |
|
-8.56% |
|
-7.92% |
|
-7.71% |
|
-7.90% |
|
-10.45% |
|
-9.90% |
|
-12.61% |
|
-12.04% |
|
-13.15% |
|
-15.60% |
|
|
|
經營收入 |
4.20% |
|
5.66% |
|
5.78% |
|
4.10% |
|
2.06% |
|
6.16% |
|
10.79% |
|
6.29% |
|
5.50% |
|
8.20% |
|
7.55% |
|
9.62% |
|
11.42% |
|
16.04% |
|
17.19% |
|
14.55% |
|
19.21% |
|
14.75% |
|
14.57% |
|
10.97% |
|
5.72% |
|
|
|
利息收入 |
1.94% | |
1.80% | |
1.56% | |
1.74% | |
2.07% | |
1.72% | |
1.70% | |
1.36% | |
1.64% | |
1.32% | |
1.21% | |
0.95% | |
0.91% | |
0.65% | |
0.40% | |
0.15% | |
0.15% | |
0.14% | |
0.07% | |
0.09% | |
0.10% | |
|
|
利息支出 |
-0.41% | |
-0.34% | |
-0.27% | |
-0.38% | |
-0.47% | |
-0.37% | |
-0.37% | |
-0.34% | |
-0.36% | |
-0.24% | |
-0.16% | |
-0.11% | |
-0.12% | |
-0.14% | |
-0.25% | |
-0.26% | |
-0.33% | |
-0.40% | |
-0.92% | |
-0.63% | |
-0.95% | |
|
|
其他收入（支出），淨額 |
-2.39% | |
-2.38% | |
-0.10% | |
1.42% | |
-0.62% | |
2.31% | |
-1.04% | |
-0.31% | |
2.08% | |
-0.58% | |
0.16% | |
1.32% | |
-0.21% | |
-0.17% | |
-0.40% | |
0.17% | |
0.30% | |
0.38% | |
-0.04% | |
0.38% | |
0.27% | |
|
|
所得稅前利潤 |
3.34% |
|
4.74% |
|
6.97% |
|
6.89% |
|
3.05% |
|
9.82% |
|
11.08% |
|
7.01% |
|
8.86% |
|
8.71% |
|
8.76% |
|
11.78% |
|
12.00% |
|
16.38% |
|
16.95% |
|
14.61% |
|
19.33% |
|
14.87% |
|
13.68% |
|
10.81% |
|
5.13% |
|
|
|
（準備）從所得稅中獲益 |
-1.15% | |
-1.31% | |
-2.03% | |
-1.60% | |
-0.87% | |
-1.48% | |
-2.39% | |
-1.45% | |
-2.27% | |
22.86% | |
-0.72% | |
-1.30% | |
-1.12% | |
-1.13% | |
-1.42% | |
-1.21% | |
-1.84% | |
-1.65% | |
-1.62% | |
-0.96% | |
-0.66% | |
|
|
淨收入 |
2.19% |
|
3.44% |
|
4.94% |
|
5.29% |
|
2.17% |
|
8.34% |
|
8.69% |
|
5.55% |
|
6.60% |
|
31.56% |
|
8.04% |
|
10.49% |
|
10.88% |
|
15.24% |
|
15.53% |
|
13.40% |
|
17.49% |
|
13.22% |
|
12.06% |
|
9.85% |
|
4.47% |
|
|
|
子公司非控制性權益和可贖回非控制性權益應佔凈（收入）虧損 |
-0.06% | |
-0.06% | |
-0.06% | |
-0.08% | |
-0.06% | |
-0.06% | |
-0.06% | |
-0.06% | |
-0.07% | |
-0.06% | |
-0.11% | |
0.36% | |
-0.11% | |
-0.08% | |
-0.18% | |
-0.06% | |
0.20% | |
-0.12% | |
-0.30% | |
-0.30% | |
-0.25% | |
|
|
歸屬於普通股股東的凈利潤 |
2.13% |
|
3.37% |
|
4.89% |
|
5.21% |
|
2.12% |
|
8.28% |
|
8.63% |
|
5.49% |
|
6.53% |
|
31.50% |
|
7.94% |
|
10.84% |
|
10.77% |
|
15.16% |
|
15.34% |
|
13.34% |
|
17.69% |
|
13.10% |
|
11.76% |
|
9.55% |
|
4.22% |
|
根據報告：
10-Q (報告日期： 2026-03-31), 10-K (報告日期： 2025-12-31), 10-Q (報告日期： 2025-09-30), 10-Q (報告日期： 2025-06-30), 10-Q (報告日期： 2025-03-31), 10-K (報告日期： 2024-12-31), 10-Q (報告日期： 2024-09-30), 10-Q (報告日期： 2024-06-30), 10-Q (報告日期： 2024-03-31), 10-K (報告日期： 2023-12-31), 10-Q (報告日期： 2023-09-30), 10-Q (報告日期： 2023-06-30), 10-Q (報告日期： 2023-03-31), 10-K (報告日期： 2022-12-31), 10-Q (報告日期： 2022-09-30), 10-Q (報告日期： 2022-06-30), 10-Q (報告日期： 2022-03-31), 10-K (報告日期： 2021-12-31), 10-Q (報告日期： 2021-09-30), 10-Q (報告日期： 2021-06-30), 10-Q (報告日期： 2021-03-31).
本分析旨在探討該公司在 2021 年第一季至 2026 年第一季期間的財務趨勢與結構變化。
- 收入結構轉型
- 收入來源呈現明顯的多元化趨勢。汽車銷售佔總收入的比重持續下降，從 2021 年初的 78.8% 逐步降低至 2026 年第一季的 69.12%。與此同時，非汽車業務的佔比顯著提升，其中能源生產和儲存從 4.76% 增長至 2025 年第三季的峰值 15.41%，服務及其他項目則從 8.6% 持續攀升至 2026 年第一季的 16.73%。這顯示收入重心正從單一的車輛銷售向能源解決方案與後續服務轉移。
- 成本與毛利分析
- 毛利率在 2022 年第一季達到 29.11% 的最高點，隨後進入明顯的下滑週期，在 2023 年至 2025 年間大多維持在 16% 至 20% 的區間，直到 2026 年第一季回升至 21.08%。成本端方面，總收入成本佔比在 2023 年達到高峰（最高約 82.37%），且服務及其他項目的成本佔比隨收入增加而同步上升，從 2021 年的約 6% 至 9% 增加到 2026 年第一季的 15.18%，對整體毛利產生壓力。
- 經營費用趨勢
- 研究與開發（R&D）費用佔收入的比重呈長期上升趨勢，從 2021 年的 4% 至 6% 水平，增加至 2026 年第一季的 8.69%，顯示技術投資強度增加。銷售、一般和管理費用則在 4% 至 10% 之間波動。總運營費用佔比在 2022 年第三季曾降至 7.9% 的低點，但隨後回升，至 2026 年第一季達到 16.88% 的高位。
- 獲利能力與淨利表現
- 經營收入佔比在 2022 年第一季達到 19.21% 的峰值，隨後顯著回落，在 2024 年至 2026 年間維持在 4% 至 11% 的較低水平。淨收入佔比在 2023 年第四季出現 31.56% 的異常峰值，經分析該增長主要由所得稅獲益（佔收入 22.86%）驅動，而非來自核心經營活動。排除該單次項目後，歸屬於普通股股東的淨利潤佔比呈下降趨勢，從 2022 年初的高點回落至 2026 年第一季的 2.13%。
