<blockquote>
<ul>
<li>隨着海外業務快速擴張，人民幣匯率波動正顯著影響中國車企的利潤。</li>
<li>外匯風險管理正成為中國車企必須掌握的一項技能。</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 月北京車展上展出的比亞迪海豹 07。圖片來源：CnEVPost）</p><p>中國主要車企發佈的一季度財報凸顯出一個共同的新挑戰：隨着海外業務快速擴張，人民幣匯率波動正顯著影響這些公司的賬面利潤。</p><p>吉利汽車和比亞迪等汽車巨頭在一季度均遭受嚴重匯兑損失，反映出全球化戰略在帶來銷售增長的同時，也引入了新的財務風險。</p><p>吉利一季度歸屬於上市公司股東的淨利潤為 41.7 億元（6.1 億美元），同比下降 27%。這主要是由於本期淨匯兑損失近 5 億元，而去年同期淨收益超過 30 億元。</p><p>加入我們的 Telegram 或 Google News</p><p>若剔除匯兑損益等非核心項目，吉利的核心盈利實際上增長了 31%。這表明在消除貨幣干擾後，其核心業務的運營表現保持了強勁勢頭。</p><p>比亞迪同樣受到匯率波動的打擊。受匯兑損失驅動，該公司一季度財務費用激增 210%，達到 21 億元。</p><p>比亞迪一季度淨利潤暴跌 55%，至 40.9 億元。除貨幣因素外，年初的傳統銷售淡季以及支持政策的退出也對公司造成了打擊。</p><p>長安汽車、廣汽集團和長城汽車等主要車企的財報也顯示出類似趨勢。這些公司的海外銷量均實現了超過 30% 的同比增長，但匯兑損益均轉為負值。</p><p>長安汽車一季度財務費用為 3.14 億元，同比增長 129.26%，主要受匯兑收益減少的影響。</p><p>長安汽車該季度歸屬於上市公司股東的淨利潤為 3.51 億元，同比下降 74.09%。</p><p>廣汽集團一季度扣非淨利潤同比下降 55%，主要原因是匯率變動導致本期出現匯兑損失，而去年同期則為匯兑收益。</p><p>長城汽車一季度歸屬於上市公司股東的淨利潤為 9.45 億元，同比下降 46.01%，主要原因是去年同期匯率波動帶來了匯兑收益。</p><p>今年一季度，在岸人民幣對美元升值 1.2%，導致車企在期末重估外幣資產時產生賬面損失。</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>面對日益複雜的國際環境，外匯風險管理正成為中國車企必須掌握的一項技能。</p><p>據《第一財經》週三報道，乘聯會秘書長崔東樹表示，短期內，車企應將外匯對沖比例提高至 50% 至 60%，並利用期貨和期權工具鎖定訂單回報。</p><p>崔東樹表示，從長遠來看，車企應建立匯率風險控制體系，設立匯率預警機制，並剔除匯兑損益的影響。</p><p>事實上，領先的車企已開始採取行動對沖這些財務風險。比亞迪多次利用外匯工具管理風險，並於 2025 年將其外匯衍生品交易額度從 50 億美元加倍至 100 億美元。</p><p>吉利也表示，公司正通過對沖等金融工具積極管理其外匯風險敞口。</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>據報道，比亞迪目標 2026 年海外銷量達到 150 萬輛</p><p>比亞迪管理層對實現 2026 年出口 150 萬輛汽車的目標充滿信心。</p><p>（1 美元 = 6.8383 元人民幣）</p>

比亞迪(ADR)

比亞迪股份

吉利汽車(ADR)

比亞迪

GELHY

吉利汽車

<p>隨着海外業務擴張，人民幣匯率波動正對中國車企的利潤造成顯著影響。吉利和比亞迪等主流車企在一季度報告了鉅額匯兑損失，其中吉利利潤下滑 27%，比亞迪淨利潤暴跌 55%。儘管核心業務表現強勁，但匯率波動的不利影響凸顯了有效管理外匯風險的必要性。專家建議提高對沖比例並建立風險控制體系，以緩解這些財務風險</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>隨着海外業務快速擴張，人民幣匯率波動正顯著影響中國車企的利潤。</li>
<li>外匯風險管理正成為中國車企必須掌握的一項技能。</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 月北京車展上展出的比亞迪海豹 07。圖片來源：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>中國主要車企發佈的一季度財報凸顯出一個共同的新挑戰：隨着海外業務快速擴張，人民幣匯率波動正顯著影響這些公司的賬面利潤。</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>吉利汽車和比亞迪等汽車巨頭在一季度均遭受嚴重匯兑損失，反映出全球化戰略在帶來銷售增長的同時，也引入了新的財務風險。</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>吉利一季度歸屬於上市公司股東的淨利潤為 41.7 億元（6.1 億美元），同比下降 27%。這主要是由於本期淨匯兑損失近 5 億元，而去年同期淨收益超過 30 億元。</p></div><p>Join us on  Telegram  or  Google News</p>
<div class="lb-trans"><p>加入我們的 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>若剔除匯兑損益等非核心項目，吉利的核心盈利實際上增長了 31%。這表明在消除貨幣干擾後，其核心業務的運營表現保持了強勁勢頭。</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>比亞迪同樣受到匯率波動的打擊。受匯兑損失驅動，該公司一季度財務費用激增 210%，達到 21 億元。</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>比亞迪一季度淨利潤暴跌 55%，至 40.9 億元。除貨幣因素外，年初的傳統銷售淡季以及支持政策的退出也對公司造成了打擊。</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>長安汽車、廣汽集團和長城汽車等主要車企的財報也顯示出類似趨勢。這些公司的海外銷量均實現了超過 30% 的同比增長，但匯兑損益均轉為負值。</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>長安汽車一季度財務費用為 3.14 億元，同比增長 129.26%，主要受匯兑收益減少的影響。</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>長安汽車該季度歸屬於上市公司股東的淨利潤為 3.51 億元，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>廣汽集團一季度扣非淨利潤同比下降 55%，主要原因是匯率變動導致本期出現匯兑損失，而去年同期則為匯兑收益。</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>長城汽車一季度歸屬於上市公司股東的淨利潤為 9.45 億元，同比下降 46.01%，主要原因是去年同期匯率波動帶來了匯兑收益。</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，在岸人民幣對美元升值 1.2%，導致車企在期末重估外幣資產時產生賬面損失。</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>面對日益複雜的國際環境，外匯風險管理正成為中國車企必須掌握的一項技能。</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>據《第一財經》週三報道，乘聯會秘書長崔東樹表示，短期內，車企應將外匯對沖比例提高至 50% 至 60%，並利用期貨和期權工具鎖定訂單回報。</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>崔東樹表示，從長遠來看，車企應建立匯率風險控制體系，設立匯率預警機制，並剔除匯兑損益的影響。</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>事實上，領先的車企已開始採取行動對沖這些財務風險。比亞迪多次利用外匯工具管理風險，並於 2025 年將其外匯衍生品交易額度從 50 億美元加倍至 100 億美元。</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，公司正通過對沖等金融工具積極管理其外匯風險敞口。</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>據報道，比亞迪目標 2026 年海外銷量達到 150 萬輛</p></div><p>BYD management expressed confidence in achieving 1.5 million vehicle exports in 2026.</p>
<div class="lb-trans"><p>比亞迪管理層對實現 2026 年出口 150 萬輛汽車的目標充滿信心。</p></div><p>($1 = 6.8383 yuan)</p>
<div class="lb-trans"><p>（1 美元 = 6.8383 元人民幣）</p></div>

Chinese automakers' Q1 earnings highlight impact of currency fluctuations

- 多家中國汽車製造商因人民幣匯率波動面臨外匯損失，影響利潤。  
- 吉利和比亞迪等企業在第一季度均出現外匯虧損，代表金融風險增加。  
- 專家建議，汽車製造商需提升外匯對沖比例以應對複雜國際環境。

中國車企一季度財報凸顯匯率波動影響