<p>（第一财经）4 月 30 日——包括比亚迪和吉利汽车在内的中国汽车制造商在第一季度报告了更大规模的外汇损失，因为海外销售和出口的增加使他们更容易受到人民币升值的影响。</p>
<p>在这一季度，人民币即期汇率对美元上涨了 809 个基点，或超过 1.1%，从 6.9890 升值至 6.9081。它在 2 月 26 日触及 6.8310，为该期间的最强水平。</p>
<p>根据财报，比亚迪在第一季度的外汇损失超过了 20 亿元人民币（2.76 亿美元），而吉利汽车的净外汇损失接近 5 亿元人民币（6900 万美元）。</p>
<p>行业专家告诉第一财经，汽车制造商预计将增加对冲并加快海外本地化，以减少货币波动的影响。</p>
<p><strong>主要汽车制造商的利润影响加大</strong></p>
<p>吉利汽车归属于股东的净利润在第一季度同比下降 27%，降至 42 亿元人民币，主要是由于外汇损失。去年同期，该公司录得超过 30 亿元人民币的净外汇收益。</p>
<p>剔除非核心外汇收益和损失后，吉利汽车归属于股东的核心净利润增长 31%，达到 46 亿元人民币。</p>
<p>吉利汽车告诉第一财经，损失主要是由于欧元和美元在此期间对人民币贬值。该公司的海外单位持有多种货币的货币资产和负债，这导致在期末重估时出现账面估值损失，并补充说，未实现的公允价值变动并未影响实际经营现金流。</p>
<p>比亚迪也遭受了外汇损失。根据其季度报告，其第一季度的财务费用总计 21 亿元人民币，同比增加超过三倍，主要是由于此期间的汇率损失，而去年同期则是汇率收益。</p>
<p>长安汽车的财务费用在第一季度增长了 129%，达到 3.14 亿元人民币，主要是由于外汇收益减少。其归属于股东的净利润下降 74%，降至 3.51 亿元人民币。</p>
<p>广汽集团报告第一季度亏损 6.56 亿元人民币，同比缩窄 10%。长城汽车归属于股东的净利润下降 46%，降至 9.45 亿元人民币。两家公司均表示，汇率变化导致了此期间的外汇损失。</p>
<p><strong>对冲和本地化被视为关键应对措施</strong></p>
<p>吉利汽车表示，它始终使用对冲等工具积极管理外汇风险，减少多种货币汇率波动对利润的影响，并保持整体风险在可控范围内。</p>
<p>中国工业和信息化部信息与通信经济专家委员会成员潘鹤林告诉第一财经，拥有全球业务的跨国公司必然会面临跨境汇率风险。</p>
<p>潘鹤林表示，解决方案是使用金融衍生品来对冲这些风险。例如，如果客户以美元交付，而美元面临贬值风险，则可以使用做空美元的期权来对冲风险。但市场不断变化，因此衍生品无法完全解决问题。他补充说，更理想的情况是全球本地化战略，以便通过不同地区的多元化供应链对冲汇率风险。</p>
<p>中国乘用车协会秘书长崔东树告诉第一财经，汽车制造商应在短期内将外汇对冲比例提高到 50% 至 60%，并使用期货和期权锁定收入。他还表示，应在东南亚和中东推广人民币结算，增加允许根据汇率波动进行价格调整的条款，并缩短付款周期。</p>
<p>崔东树补充说，在中期内，汽车制造商应加快海外工厂建设，并本地化零部件采购，以匹配收入和支出货币。</p>
<p>编辑：Emmi Laine</p>

吉利汽车(ADR)

吉利汽车

GELHY

国泰中证800汽车与零部件ETF

华宝智能电动汽车ETF

<p>中国汽车制造商比亚迪和吉利在第一季度因人民币升值报告了显著的外汇损失，比亚迪损失超过 20 亿元人民币（约合 2.76 亿美元），吉利损失近 5 亿元人民币（约合 6900 万美元）。吉利的净利润下降了 27%，降至 42 亿元人民币，主要是由于这些外汇损失。专家建议增加对冲和本地化策略以减轻货币风险。吉利计划提高其对冲比例，并在东南亚和中东推广人民币结算，同时加快海外工厂建设</p>

<p>(Yicai) April 30 -- Chinese automakers, including BYD and Geely Automobile Holdings, reported much larger foreign exchange losses in the first quarter, as rising overseas sales and exports left them more exposed to a stronger yuan.</p>
<div class="lb-trans"><p>（第一财经）4 月 30 日——包括比亚迪和吉利汽车在内的中国汽车制造商在第一季度报告了更大规模的外汇损失，因为海外销售和出口的增加使他们更容易受到人民币升值的影响。</p>
</div><p>The yuan’s spot exchange rate climbed 809 basis points, or more than 1.1 percent, against the US dollar in the quarter, strengthening to 6.9081 per dollar from 6.9890. It touched 6.8310 on Feb. 26, its strongest level during the period.</p>
<div class="lb-trans"><p>在这一季度，人民币即期汇率对美元上涨了 809 个基点，或超过 1.1%，从 6.9890 升值至 6.9081。它在 2 月 26 日触及 6.8310，为该期间的最强水平。</p>
</div><p>BYD’s exchange losses exceeded CNY2 billion (USD276 million) in the first quarter, while Geely Automobile recorded a nearly CNY500 million (USD69 million) net forex loss, according to their financial reports.</p>
<div class="lb-trans"><p>根据财报，比亚迪在第一季度的外汇损失超过了 20 亿元人民币（2.76 亿美元），而吉利汽车的净外汇损失接近 5 亿元人民币（6900 万美元）。</p>
</div><p>Automakers are expected to increase hedging and accelerate overseas localization to reduce the impact of currency swings, industry experts told Yicai.</p>
<div class="lb-trans"><p>行业专家告诉第一财经，汽车制造商预计将增加对冲并加快海外本地化，以减少货币波动的影响。</p>
</div><p><strong>Profit Impact Widens Across Major Carmakers</strong></p>
<div class="lb-trans"><p><strong>主要汽车制造商的利润影响加大</strong></p>
</div><p>Geely Automobile’s net profit attributable to shareholders fell 27 percent from a year earlier to CNY4.2 billion in the first quarter, mainly because of the forex loss. In the same period last year, the company booked more than CNY3 billion in net foreign exchange gains.</p>
<div class="lb-trans"><p>吉利汽车归属于股东的净利润在第一季度同比下降 27%，降至 42 亿元人民币，主要是由于外汇损失。去年同期，该公司录得超过 30 亿元人民币的净外汇收益。</p>
</div><p>Excluding non-core foreign exchange gains and losses, Geely Automobile’s core net profit attributable to shareholders rose 31 percent to CNY4.6 billion.</p>
<div class="lb-trans"><p>剔除非核心外汇收益和损失后，吉利汽车归属于股东的核心净利润增长 31%，达到 46 亿元人民币。</p>
</div><p>The loss was mainly due to the euro and the US dollar weakening against the yuan during the period, Geely Automobile told Yicai. The company’s overseas units hold monetary assets and liabilities in multiple currencies, which resulted in book valuation losses during period-end revaluation, it said, adding that the unrealized fair-value changes did not affect actual operating cash flow.</p>
<div class="lb-trans"><p>吉利汽车告诉第一财经，损失主要是由于欧元和美元在此期间对人民币贬值。该公司的海外单位持有多种货币的货币资产和负债，这导致在期末重估时出现账面估值损失，并补充说，未实现的公允价值变动并未影响实际经营现金流。</p>
</div><p>BYD also suffered from forex losses. Its financial expenses totaled CNY2.1 billion in the first quarter, up more than threefold from a year earlier, mainly because of exchange losses during the period, compared with exchange gains a year earlier, according to its quarterly report.</p>
<div class="lb-trans"><p>比亚迪也遭受了外汇损失。根据其季度报告，其第一季度的财务费用总计 21 亿元人民币，同比增加超过三倍，主要是由于此期间的汇率损失，而去年同期则是汇率收益。</p>
</div><p>Changan Automobile’s financial expenses rose 129 percent to CNY314 million in the first quarter, mainly due to lower foreign exchange gains. Its net profit attributable to shareholders fell 74 percent to CNY351 million.</p>
<div class="lb-trans"><p>长安汽车的财务费用在第一季度增长了 129%，达到 3.14 亿元人民币，主要是由于外汇收益减少。其归属于股东的净利润下降 74%，降至 3.51 亿元人民币。</p>
</div><p>GAC Group reported a first-quarter loss of CNY656 million, narrowing 10 percent from a year earlier. Great Wall Motor’s net profit attributable to shareholders fell 46 percent to CNY945 million. Both companies said exchange rate changes caused forex losses during the period.</p>
<div class="lb-trans"><p>广汽集团报告第一季度亏损 6.56 亿元人民币，同比缩窄 10%。长城汽车归属于股东的净利润下降 46%，降至 9.45 亿元人民币。两家公司均表示，汇率变化导致了此期间的外汇损失。</p>
</div><p><strong>Hedging and Localization Seen as Key Responses</strong></p>
<div class="lb-trans"><p><strong>对冲和本地化被视为关键应对措施</strong></p>
</div><p>Geely Automobile said it has consistently used tools such as hedging to actively manage foreign exchange exposure, reduce the impact of multi-currency exchange rate fluctuations on profit, and keep overall risk under control.</p>
<div class="lb-trans"><p>吉利汽车表示，它始终使用对冲等工具积极管理外汇风险，减少多种货币汇率波动对利润的影响，并保持整体风险在可控范围内。</p>
</div><p>Pan Helin, a member of the Expert Committee for Information and Communication Economy under China’s industry and information technology ministry, told Yicai that multinationals with global operations will inevitably face cross-border exchange rate risks.</p>
<div class="lb-trans"><p>中国工业和信息化部信息与通信经济专家委员会成员潘鹤林告诉第一财经，拥有全球业务的跨国公司必然会面临跨境汇率风险。</p>
</div><p>The solution is to use financial derivatives to hedge such risks, Pan said. For example, if a customer delivers in the US dollar and the US dollar is at risk of depreciation, then an option to short the US dollar can be used to hedge against the risk. But markets are constantly changing, so derivatives cannot fully solve the problem, he said. A more ideal situation is a global localization strategy, so that exchange rate risks can be hedged against through diversified supply chains in different regions, he added.</p>
<div class="lb-trans"><p>潘鹤林表示，解决方案是使用金融衍生品来对冲这些风险。例如，如果客户以美元交付，而美元面临贬值风险，则可以使用做空美元的期权来对冲风险。但市场不断变化，因此衍生品无法完全解决问题。他补充说，更理想的情况是全球本地化战略，以便通过不同地区的多元化供应链对冲汇率风险。</p>
</div><p>Cui Dongshu, secretary general of the China Passenger Car Association, told Yicai that automakers should raise their foreign exchange hedging ratio to 50 percent to 60 percent in the short term and use futures and options to lock in order revenue. They should also promote yuan settlement in Southeast Asia and the Middle East, add clauses allowing price adjustments based on exchange rate fluctuations, and shorten payment periods, he said.</p>
<div class="lb-trans"><p>中国乘用车协会秘书长崔东树告诉第一财经，汽车制造商应在短期内将外汇对冲比例提高到 50% 至 60%，并使用期货和期权锁定收入。他还表示，应在东南亚和中东推广人民币结算，增加允许根据汇率波动进行价格调整的条款，并缩短付款周期。</p>
</div><p>In the medium term, carmakers should speed up overseas factory construction and localize component sourcing to match revenue and spending currencies, Cui added.</p>
<div class="lb-trans"><p>崔东树补充说，在中期内，汽车制造商应加快海外工厂建设，并本地化零部件采购，以匹配收入和支出货币。</p>
</div><p>Editor: Emmi Laine</p>
<div class="lb-trans"><p>编辑：Emmi Laine</p>
</div>

BYD, Geely Hit by Bigger Forex Losses as Yuan Gains

- 中国汽车制造商如比亚迪和吉利在第一季度遭受大额外汇损失。  
- 外汇损失主要因人民币升值，吉利和比亚迪分别损失 CNY500 万元及 CNY20 亿元。  
- 行业专家建议加大对冲及加速海外本地化以减小汇率波动影响。

随着人民币升值，比亚迪和吉利遭遇更大的外汇损失