<blockquote>
<ul>
<li>随着海外业务快速扩张，人民币汇率波动正显著影响中国车企的利润。</li>
<li>外汇风险管理正成为中国车企必须掌握的一项技能。</li>
</ul>
</blockquote><p><img src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/04/2026043001441892.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/04/2026043001441892.jpg"/></p><p>（2026 年 4 月北京车展上展出的比亚迪海豹 07。图片来源：CnEVPost）</p><p>中国主要车企发布的一季度财报凸显出一个共同的新挑战：随着海外业务快速扩张，人民币汇率波动正显著影响这些公司的账面利润。</p><p>吉利汽车和比亚迪等汽车巨头在一季度均遭受严重汇兑损失，反映出全球化战略在带来销售增长的同时，也引入了新的财务风险。</p><p>吉利一季度归属于上市公司股东的净利润为 41.7 亿元（6.1 亿美元），同比下降 27%。这主要是由于本期净汇兑损失近 5 亿元，而去年同期净收益超过 30 亿元。</p><p>加入我们的 Telegram 或 Google News</p><p>若剔除汇兑损益等非核心项目，吉利的核心盈利实际上增长了 31%。这表明在消除货币干扰后，其核心业务的运营表现保持了强劲势头。</p><p>比亚迪同样受到汇率波动的打击。受汇兑损失驱动，该公司一季度财务费用激增 210%，达到 21 亿元。</p><p>比亚迪一季度净利润暴跌 55%，至 40.9 亿元。除货币因素外，年初的传统销售淡季以及支持政策的退出也对公司造成了打击。</p><p>长安汽车、广汽集团和长城汽车等主要车企的财报也显示出类似趋势。这些公司的海外销量均实现了超过 30% 的同比增长，但汇兑损益均转为负值。</p><p>长安汽车一季度财务费用为 3.14 亿元，同比增长 129.26%，主要受汇兑收益减少的影响。</p><p>长安汽车该季度归属于上市公司股东的净利润为 3.51 亿元，同比下降 74.09%。</p><p>广汽集团一季度扣非净利润同比下降 55%，主要原因是汇率变动导致本期出现汇兑损失，而去年同期则为汇兑收益。</p><p>长城汽车一季度归属于上市公司股东的净利润为 9.45 亿元，同比下降 46.01%，主要原因是去年同期汇率波动带来了汇兑收益。</p><p>今年一季度，在岸人民币对美元升值 1.2%，导致车企在期末重估外币资产时产生账面损失。</p><p><img src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/04/2026043001441167.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/04/2026043001441167.jpg"/></p><p>面对日益复杂的国际环境，外汇风险管理正成为中国车企必须掌握的一项技能。</p><p>据《第一财经》周三报道，乘联会秘书长崔东树表示，短期内，车企应将外汇对冲比例提高至 50% 至 60%，并利用期货和期权工具锁定订单回报。</p><p>崔东树表示，从长远来看，车企应建立汇率风险控制体系，设立汇率预警机制，并剔除汇兑损益的影响。</p><p>事实上，领先的车企已开始采取行动对冲这些财务风险。比亚迪多次利用外汇工具管理风险，并于 2025 年将其外汇衍生品交易额度从 50 亿美元加倍至 100 亿美元。</p><p>吉利也表示，公司正通过对冲等金融工具积极管理其外汇风险敞口。</p><p><img src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/03/2026033006203080-768x432.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/03/2026033006203080-768x432.jpg"/></p><p>据报道，比亚迪目标 2026 年海外销量达到 150 万辆</p><p>比亚迪管理层对实现 2026 年出口 150 万辆汽车的目标充满信心。</p><p>（1 美元 = 6.8383 元人民币）</p>

比亚迪(ADR)

比亚迪股份

吉利汽车(ADR)

比亚迪

GELHY

吉利汽车

<p>随着海外业务扩张，人民币汇率波动正对中国车企的利润造成显著影响。吉利和比亚迪等主流车企在一季度报告了巨额汇兑损失，其中吉利利润下滑 27%，比亚迪净利润暴跌 55%。尽管核心业务表现强劲，但汇率波动的不利影响凸显了有效管理外汇风险的必要性。专家建议提高对冲比例并建立风险控制体系，以缓解这些财务风险</p>

<blockquote>
<ul>
<li>As overseas businesses expand rapidly, fluctuations in the yuan exchange rate are significantly impacting the profits of Chinese automakers.</li>
<li>Foreign exchange risk management is becoming a skill that Chinese automakers must master.</li>
</ul>
</blockquote>
<div class="lb-trans"><blockquote>
<ul>
<li>随着海外业务快速扩张，人民币汇率波动正显著影响中国车企的利润。</li>
<li>外汇风险管理正成为中国车企必须掌握的一项技能。</li>
</ul>
</blockquote></div><p><img src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/04/2026043001441892.jpg" alt="" original-src="https://cnevpost.com/wp-content/uploads/2026/04/2026043001441892.jpg"/></p>
<p>(A BYD Seal 07 on display at the Beijing Auto Show in April 2026. Image credit: CnEVPost)</p>
<div class="lb-trans"><p>（2026 年 4 月北京车展上展出的比亚迪海豹 07。图片来源：CnEVPost）</p></div><p>The first-quarter earnings reports released by major Chinese automakers highlight a common new challenge: as overseas businesses expand rapidly, fluctuations in the yuan exchange rate are significantly impacting these companies' book profits.</p>
<div class="lb-trans"><p>中国主要车企发布的一季度财报凸显出一个共同的新挑战：随着海外业务快速扩张，人民币汇率波动正显著影响这些公司的账面利润。</p></div><p>Auto giants such as Geely Auto and BYD both suffered severe foreign exchange losses in the first quarter, reflecting that while globalization strategies bring sales growth, they also introduce new financial risks.</p>
<div class="lb-trans"><p>吉利汽车和比亚迪等汽车巨头在一季度均遭受严重汇兑损失，反映出全球化战略在带来销售增长的同时，也引入了新的财务风险。</p></div><p>Geely's first-quarter profit attributable to shareholders was 4.17 billion yuan ($610 million), down 27% year-on-year. This was mainly due to a net foreign exchange loss of nearly 500 million yuan during the period, compared with a net gain of over 3 billion yuan in the same period last year.</p>
<div class="lb-trans"><p>吉利一季度归属于上市公司股东的净利润为 41.7 亿元（6.1 亿美元），同比下降 27%。这主要是由于本期净汇兑损失近 5 亿元，而去年同期净收益超过 30 亿元。</p></div><p>Join us on  Telegram  or  Google News</p>
<div class="lb-trans"><p>加入我们的 Telegram 或 Google News</p></div><p>Excluding non-core items such as foreign exchange gains and losses, Geely's core profit actually grew by 31%. This indicates that after eliminating currency interference, the operational performance of its core business maintained strong momentum.</p>
<div class="lb-trans"><p>若剔除汇兑损益等非核心项目，吉利的核心盈利实际上增长了 31%。这表明在消除货币干扰后，其核心业务的运营表现保持了强劲势头。</p></div><p>BYD was similarly hit by currency fluctuations. The company's financial expenses in the first quarter surged 210% to 2.1 billion yuan, driven primarily by foreign exchange losses.</p>
<div class="lb-trans"><p>比亚迪同样受到汇率波动的打击。受汇兑损失驱动，该公司一季度财务费用激增 210%，达到 21 亿元。</p></div><p>BYD's first-quarter net profit plunged 55% to 4.09 billion yuan. In addition to currency factors, the traditional off-season for sales at the beginning of the year and the phase-out of supportive policies also dealt a blow to the company.</p>
<div class="lb-trans"><p>比亚迪一季度净利润暴跌 55%，至 40.9 亿元。除货币因素外，年初的传统销售淡季以及支持政策的退出也对公司造成了打击。</p></div><p>Financial reports from major automakers including Changan Automobile, GAC Group, and GWM showed a similar trend. These companies all achieved year-on-year overseas sales growth of more than 30%, but their foreign exchange gains and losses all turned negative.</p>
<div class="lb-trans"><p>长安汽车、广汽集团和长城汽车等主要车企的财报也显示出类似趋势。这些公司的海外销量均实现了超过 30% 的同比增长，但汇兑损益均转为负值。</p></div><p>Changan reported first-quarter financial expenses of 314 million yuan, an increase of 129.26% year-on-year, mainly due to the impact of reduced foreign exchange gains.</p>
<div class="lb-trans"><p>长安汽车一季度财务费用为 3.14 亿元，同比增长 129.26%，主要受汇兑收益减少的影响。</p></div><p>Changan's net profit attributable to shareholders for the quarter was 351 million yuan, down 74.09% year-on-year.</p>
<div class="lb-trans"><p>长安汽车该季度归属于上市公司股东的净利润为 3.51 亿元，同比下降 74.09%。</p></div><p>GAC's first-quarter net profit excluding non-recurring items fell 55% year-on-year, primarily because exchange rate changes led to foreign exchange losses in the period, compared with foreign exchange gains in the same period last year.</p>
<div class="lb-trans"><p>广汽集团一季度扣非净利润同比下降 55%，主要原因是汇率变动导致本期出现汇兑损失，而去年同期则为汇兑收益。</p></div><p>GWM's first-quarter net profit attributable to shareholders was 945 million yuan, a decrease of 46.01% year-on-year, mainly because exchange rate fluctuations brought foreign exchange gains in the same period last year.</p>
<div class="lb-trans"><p>长城汽车一季度归属于上市公司股东的净利润为 9.45 亿元，同比下降 46.01%，主要原因是去年同期汇率波动带来了汇兑收益。</p></div><p>In the first quarter of this year, the onshore yuan appreciated 1.2% against the US dollar, causing book losses for automakers when their foreign currency assets were revalued at the end of the period.</p>
<div class="lb-trans"><p>今年一季度，在岸人民币对美元升值 1.2%，导致车企在期末重估外币资产时产生账面损失。</p></div><p><img src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/04/2026043001441167.jpg" alt="" original-src="https://cnevpost.com/wp-content/uploads/2026/04/2026043001441167.jpg"/></p>
<p>Facing an increasingly complex international environment, foreign exchange risk management is becoming a skill that Chinese automakers must master.</p>
<div class="lb-trans"><p>面对日益复杂的国际环境，外汇风险管理正成为中国车企必须掌握的一项技能。</p></div><p>In the short term, automakers should increase their foreign exchange hedging ratio to 50% to 60% and use futures and options tools to lock in order returns, Yicai reported on Wednesday, citing Cui Dongshu, secretary-general of the China Passenger Car Association.</p>
<div class="lb-trans"><p>据《第一财经》周三报道，乘联会秘书长崔东树表示，短期内，车企应将外汇对冲比例提高至 50% 至 60%，并利用期货和期权工具锁定订单回报。</p></div><p>In the long run, automakers should build exchange rate risk control systems, establish exchange rate early warning mechanisms, and strip out the impact of foreign exchange gains and losses, Cui said.</p>
<div class="lb-trans"><p>崔东树表示，从长远来看，车企应建立汇率风险控制体系，设立汇率预警机制，并剔除汇兑损益的影响。</p></div><p>In fact, leading automakers have already begun taking action to hedge against these financial risks. BYD has repeatedly used foreign exchange tools to manage risks, having doubled its quota for foreign exchange derivatives trading from $5 billion to $10 billion in 2025.</p>
<div class="lb-trans"><p>事实上，领先的车企已开始采取行动对冲这些财务风险。比亚迪多次利用外汇工具管理风险，并于 2025 年将其外汇衍生品交易额度从 50 亿美元加倍至 100 亿美元。</p></div><p>Geely also said that the company is actively managing its foreign exchange risk exposure through financial tools such as hedging.</p>
<div class="lb-trans"><p>吉利也表示，公司正通过对冲等金融工具积极管理其外汇风险敞口。</p></div><p><img src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/03/2026033006203080-768x432.jpg" alt="" original-src="https://cnevpost.com/wp-content/uploads/2026/03/2026033006203080-768x432.jpg"/></p>
<p>BYD reportedly targets higher 2026 overseas sales of 1.5 million units</p>
<div class="lb-trans"><p>据报道，比亚迪目标 2026 年海外销量达到 150 万辆</p></div><p>BYD management expressed confidence in achieving 1.5 million vehicle exports in 2026.</p>
<div class="lb-trans"><p>比亚迪管理层对实现 2026 年出口 150 万辆汽车的目标充满信心。</p></div><p>($1 = 6.8383 yuan)</p>
<div class="lb-trans"><p>（1 美元 = 6.8383 元人民币）</p></div>

Chinese automakers' Q1 earnings highlight impact of currency fluctuations

- 多家中国汽车制造商因人民币汇率波动面临外汇损失，影响利润。  
- 吉利和比亚迪等企业在第一季度均出现外汇亏损，代表金融风险增加。  
- 专家建议，汽车制造商需提升外汇对冲比例以应对复杂国际环境。

中国车企一季度财报凸显汇率波动影响