文｜金融街老李

10 月 29 日，吉利汽車發布咗 2026 年三季報，財報發布後，資本市場嘅關注度好高，產業內嘅討論都好多，特別係收入同利潤喺今年嘅行業環境入面表現亮眼。

相比財報，大家更值得探討嘅係，環境不好嘅時候，企業到底該點樣做。今日老李就同大家傾下吉利三季報嘅表現，傾下三季報背後嘅經營運作以及吉利未來嘅發展趨勢。

亮眼嘅三季報

眾所周知，今年係中國汽車市場大轉型嘅一年，無論過去幾困難，但係今年，國內市場銷量係實打實地喺調整，海外銷量持續上升。老李前段時間參加一個行業研討會，有機構提到，今年行業入面有相當一部分車企處於增量唔增收嘅狀態，銷量睇住仲算幾好，利潤卻俾人壓得好薄，少數企業嘅部分車型甚至係賣一輛虧一輛。

從行業角度看，價格戰打到而家，大家嘅平均利潤率已經降到好低嘅水平，年中以來關於反內捲、治理低價無序競爭嘅討論明顯多咗。喺一個轉折嘅時候，汽車行業或者說汽車企業更加應該回歸商業嘅本質，睇一家企業嘅財務健康度，睇企業是否經營得穩。

從呢個層面睇，大家認為吉利三季報表現係唔錯嘅，如果對比同行業車企，吉利嘅表現應該更加突出，我哋而先來看看財務數字：

前三季度，總銷量 223.5 萬輛，同比增長 3%；總收入 2726 億元，同比增長 13%；核心歸屬母公司股東淨利潤 149 億元，同比增長 41%，銷量增速最低，收入增速居中，利潤增速最高。

如果拆解看趨勢，第三季度單季收入約 990 億元，同比增長 10%，環比增長 11%，創下同期新高，同期核心歸屬母公司股東淨利潤 52.1 億元，同比增長 32%，同樣係歷史新高。

為咩吉利嘅利潤增速咁快，我哋仲要去看嗰兩個最關鍵嘅指標，一個係車單價格，一個係車單利潤。

我哋而先睇車單價格，前三季度車單平均銷售收入 11.2 萬元，同比增長 12%，主要係品牌向上同海外喺發力。從高端化嚟睇，極氪銷量佔比 12.9%，收入佔比卻達到 31.3%，高價值車型把整體售價拉咗上去；二係出海，出口車型單價同毛利都高於國內，海外業務拉動明顯。

從車單利潤嚟睇，前三季度車單核心歸屬母公司股東淨利潤約 6,664 元，同比增長 37%，呢個增速遠高於車單價格嘅 12%，主要係車單成本同公司運營成本控制得好，呢個離唔開一個吉利嘅整合。雖然吉利嘅絕對數值也不高，但要知道乘聯會發布嘅前三季度行業平均車單利潤係 1145 元。

喺二級市場，呢兩個指標大家都最看重，因為車單價格同車單利潤考驗係企業嘅定價權、產品結構同成本管控，喺當前嘅市場環境入面，比任何增量都重要。

更加重要係，利潤趨勢係可持續，有機構提示，大家後續需重點關注幾個核心數據，包括四季度銷量及全年銷量、目標完成度、稅率波動對海外業務盈利嘅影響等。其實通過三季報我哋可以判斷，吉利嘅經營質量已經喺行業內部拉開咗差距，但呢種經營表現唔代表市值嘅直接提升，畢竟目前嘅資本市場大環境擺喺度。

財報背後嘅經營

對任何一家上市公司嚟講，財報只係結果，本質嘅原因或者核心推動力仲要從經營層面搵。有機構提到，行業從增量轉入存量之後，多品牌並行、各自為戰嘅打法成本太高，整合係必然選擇。

其實今年以來，汽車行業已經開始整合，壓縮層級、合併品牌、重排供應鏈，新勢力同傳統集團都在收縮戰線。呢個階段，決定一家車企能走幾遠係研發、供應鏈、製造同銷售體系嘅內力以及組織效率有冇跟得上市場變化。

應該說，吉利嘅調整係好迅速嘅，從 2024 年發布《台州宣言》開始，先後完成極氪與領克合併、吉利汽車與極氪合併，同時喺研發、供應鏈、製造、銷售等環節做減法，關停並轉、消除冗餘。

今年 8 月仲組裝咗銷售總公司，把各品牌嘅營銷資源收攏到一齊。調整嘅效果喺隨後幾個月就顯現出來，8 月到 10 月，領克銷量企穩，銀河銷量往上走，極氪持續放量，中國星亦喺穩步提升，喺無傳統金九銀十嘅情況下，係嚟自體系優化嘅結果。

品牌佈局亦喺調整，正如安聰慧之前提到，吉利有基盤產品亦都係有高端產品，但腰部產品相對弱啲。有朋友可能會話，多品牌同聚焦係衝突，大家都喺收縮，點解仲要多品牌，其實呢個係市場環境導致嘅，現在嘅用戶分層必須要求大家分品牌，車嘅研產供必須整合，但係銷服一定要有好差異化，所以好多車企都在推出新品牌或者新品系。

現階段，銀河負責拓品類同守基盤，星艦 7 喺 9 月突破 2.2 萬輛，銀河 TT 上市 30 天交付破萬，戰艦 700 上市 12 分鐘大定破萬，腰部產品線補齊唔少。極氪主打豪華，前三季度交付 28.8 萬輛，全年 30 萬輛目標已完成 96%，呢個係超預期嘅表現。領克走向寬嘅路子，堅持潮流、運動、個性嘅調性，中國星則喺燃油車大盤下滑嘅背景下逆勢增長。

其實，整合唔係目的，優化經營先係目的，整合省下嘅錢最終要體現喺報表上。前三季度，喺海外業務快速擴張嘅同時，吉利行政費用率降到 1.6%，同比下降 0.1 個百分點；銷售費用率降到 5.6%，下降 0.1 個百分點。研發投入比降到 5.5%，下降 0.7 個百分點，需要說明嘅係，研發費用率下降嘅同時，研發總投入同比基本持平，說明企業運作效率喺提高。

老李認為，吉利今年嘅盈利改善，嚟自組織整合、品牌分工、成本控制，通過體系能力變咗成利潤，利潤再投回研發同技術，呢個循環轉起嚟，增長嘅持續性先有保證。老李仲有少少同大家分享，其實對於任何企業，調整係常態，唔調整先係病態，所以大家要充分認識調整嘅意義。

未來趨勢喺邊度

今年後半年，行業嘅活動明顯變少咗，因為行業存在嘅問題大家都好清楚，關鍵係邊個能改變並且尋找到新嘅增量。喺國內存量市場情況下，增長嘅下一站係海外，邊個有第二增長曲線，邊個就有估值溢價，但無論係國內定係海外，長期發展嘅核心競爭力依舊係技術。

吉利嘅出海速度係超出大家想像嘅，前三季度出口 79.8 萬輛，同比增長 169%，遠高於行業 71% 嘅平均水平，增速喺主流車企入面排第一。其中新能源出口 48.4 萬輛，同比增長 531%。第三季度單季出口 32.3 萬輛，同比增長 189%，環比增長 19%，9 月已經係連續第四個月月銷超過 10 萬輛，全年好可能超過 100 萬輛。

其實從出海就能看出嚟，吉利嘅資本全球化佈局已經開展轉為產業全球化佈局，呢個係吉利嘅優勢，老李記得多年前，李書福提到吉利嘅全球化係資本嘅全球化，今日，資本嘅全球化已經完全可以為產業全球化賦能。

具體嚟睇，吉利喺歐洲同福特、沃爾沃合作，圍繞 GEA、SEA 架構做產能佈局；喺東南亞依托馬來西亞寶騰工廠做產業樞紐，各國採取唔同嘅 KD 組裝方式；喺拉美綁定雷諾資源，雷諾吉利巴西公司首個本地化成果 Geely EX5 EM-i 已經落咗線；沃爾沃則成為領克喺歐洲嘅獨家經銷商。截至三季度，吉利已投產 13 座海外工廠，海外產能超過 84 萬輛，同時佈局咗全球五大設計中心同五大工程研發中心。

關稅同貿易壁壘抬高嘅環境入面，呢種共建產能、共享渠道嘅做法，比單純把車運出去賣更加抗壓，亦都更容易被當地市場接受。實際上，歐洲對中國電動車嘅政策呢幾年一直在調整，邊個能把研發、產能同渠道落咗到當地，邊個嘅壓力就細好多。

技術層面，老李唔做過多闡述，其實吉利一直喺投入，構建咗以 "1+2+N" 為核心嘅全域 AI 技術體系，基於 WAM 世界行為模型打通智駕、座艙同底盤域，三季度落地兆瓦級智充、高壓平台等技術。但需要留意嘅係，技術對吉利嘅價值更多體現喺產品力支撐與出海准入上。

整體看，吉利三季報反映出一条與行業主流唔同嘅路線，用高端化同出海換單價同利潤，而唔係用降價換銷量。但歸結到底，吉利呢份財報體現係體系能力同調整能力，尤其係調整能力。

行業環境劇烈變化時，公司喺數月內完成組織換屆同銷售體系重組，並快速轉化為各品牌嘅銷量回暖，呢種自我調整嘅能力構成咗企業最底層嘅基礎。產品同技術會隨週期更替，但持續糾偏、持續提效嘅機制唔會，正係商業最本質嘅部分。

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Toyota Fortuner 同 Kia Sportage 嚟做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就從多個方面嚟做一個詳細比較，幫你節省做功課嘅時間。

價錢同型號

Toyota Fortuner 喺馬來西亞嘅 OTR 售價係 RM 195,880 - 241,880，總共有 3 個型號，包括 2024 2.8T VRZ Diesel（RM 241,880）、2024 2.7L SRZ Petrol（RM 202,880）、2024 2.4L Standard Diesel（RM 195,880） 等。

Kia Sportage 喺馬來西亞嘅 OTR 售價係 RM 129,639 - 179,320，總共有 4 個型號，包括 2025 1.6T DCT 4WD High（RM 179,320）、2025 1.6T DCT 2WD High（RM 159,320）、2025 2.0L AT 2WD High（RM 139,639） 等。

由價錢睇落去，Kia Sportage 嘅起步價比 Toyota Fortuner 平咗 RM 66,241。老實講，喺呢個價位段，幾千塊嘅差距其實唔算大，關鍵仲係睇整體嘅性價比同長期使用成本。

動力同油耗

Toyota Fortuner 配備 2.5L Diesel，馬力 187 hp。官方油耗 8.5 L/100km。

Kia Sportage 配備 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。

動力方面，Toyota Fortuner 嘅 2.5L Diesel 比 Kia Sportage 嘅 1.5L Turbo 多咗 47 匹馬力，中段加速更有信心，尤其係跑高速公路超車嗰陣。不過 Kia Sportage 嘅油耗可能更抵，日常市區通勤差別唔會太大。

安全配備

Toyota Fortuner 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括。

Kia Sportage 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 Drive Wise。

兩款車嘅安全評級一樣，喺呢個級數入面安全配備都算好齊全。而家嘅新車安全性都唔差，唔使太擔心呢一點。

保養同維修

Toyota Fortuner 保養 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。

Kia Sportage 保養 5 年/300,000km，保養間隔 每 10,000km 或 6 個月。

適合咩人

Toyota Fortuner 同 Kia Sportage 都係馬來西亞市場嘅主流選擇，適合家庭用、日常通勤。如果你更睇重品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更在意性價比同配備，那就揀配置更豐富嗰款。最後始終建議兩款都去試車，親身體驗先係最重要。

總結

總括嚟講，Toyota Fortuner 同 Kia Sportage 都係馬來西亞市場幾唔錯嘅車款。揀邊一部，關鍵始終睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行之報價，再去試車做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。

August 26, 2026, the global quality pure electric SUV Fengyun T7 was officially launched. The new car launches in three versions: 600km Enjoyment Edition, 600km Comfort Edition, and 600km Smart Edition, with a Launch Guide Price of 97,900 Yuan—118,900 Yuan and a Pre-Trade-in Price of 94,900 Yuan—115,900 Yuan. Based on global quality, Fengyun T7 relies on the four core values of "Super Performance, Global Aesthetics, Safer, Smarter", as well as the six major redundancy product strengths of Collision Safety, Battery Safety, Range Equity, Full-Range Energy Efficiency, Handling Performance, and Vehicle Verification, bringing a reliable and worry-free pure electric travel choice for global users.

At the launch event, famous musician Ken Wu appeared as the "Happiness Experience Officer", chatting with Chery Automobile Executive Vice President Li Xueyong on the topic of "Steady Happiness". Both sides discussed from driving experience to understanding of happiness, jointly interpreting the steady happiness brought by Fengyun T7. Both agreed with the concept of "Slow Craft Makes Good Cars", and jointly launched the Fengyun T7 "Happiness Co-creation Plan" on site, calling on everyone to discover happiness moments in life.

From presale leadership, global standards, global verification, global adaptation to on-time delivery, Fengyun T7, with sincere pricing and global strength, released the strong product momentum of "Global Quality Pure Electric SUV".

Sincere Pricing + 8 Premium Gifts, Lowering the Threshold for High-Quality Pure Electric Travel

Fengyun T7 pricing this time targets the 100,000 Yuan class home pure electric market. Among the three models, 600km Enjoyment Edition Launch Guide Price 97,900 Yuan, Pre-Trade-in Price 94,900 Yuan; 600km Comfort Edition Guide Price 108,900 Yuan, Pre-Trade-in Price 105,900 Yuan; 600km Smart Edition Guide Price 118,900 Yuan, Pre-Trade-in Price 115,900 Yuan.

Ordering from now until September 30, enjoy 8 premium gift benefits: Limited-time free selection of Crimson Orange and Mountain Smoke Purple personalized colors worth 6,000 Yuan; Providing financial plans: 2 years for 60,000 at 0 interest, or 5 years for 100,000 with 3 years interest-free; Brand-independent 3,000 Yuan/unit trade-in subsidy available; First non-commercial owner enjoys lifetime vehicle warranty (including the three-electric components); Additionally, it includes two hardcore safeguard benefits: power battery safety bottom-line and assisted driving accident compensation—If the vehicle suffers thermal runaway damage due to power battery issues, Chery will compensate with a new car of the same model; If an accident occurs within one year of purchase due to intelligent driving system issues, compensation up to 5 million Yuan will be provided.

Full Range 600km + 20-Minute Fast Charging, Say Goodbye to Range Anxiety

In terms of range, Fengyun T7 breaks the industry convention of range differentiation between high and low trims, the whole series is equipped with 65.05kWh Rhinoceros Lithium Iron Phosphate batteries as standard, CLTC pure electric range is all 600km. Official actual range can exceed 667km, achieving "Reverse False Labeling". 30%-80% SOC fast charging takes only 20 minutes. All series equipped with dual-source wide-temperature range heat pump AC + High-voltage PTC, operating stably within a super-wide temperature range of -30℃ to 55℃. Whether for city commuting or rushing to mountains on weekends, Fengyun T7 allows users to have less anxiety and more peace of mind—Steady Happiness is "No Anxiety or Mental Drain".

Fortress Body + 9 Airbags + 6D Battery Protection, Hardcore Guardians for Every Journey

Safety is the core foundation of Fengyun T7. The whole vehicle is developed according to the 2026 E-NCAP 5-star safety standard. The body uses a 9 horizontal and 5 vertical cage structure, high-strength steel ratio up to 80%, with hot-formed steel accounting for 18.84%. 9 airbags are standard across the series, including 48L dual-chamber far-end airbags and rear side airbags. Batteries feature Rhinoceros 6D Chainmail Armor 31-layer protection structure, waterproof rating reaches IP68, 96 times the national standard, side anti-compression performance is 2 times the national standard. Fengyun T7 invested 81 exclusive durability cars for simultaneous road testing, accumulated test mileage of the whole vehicle exceeds 6 million kilometers, covering over 100 extreme road environment scenarios globally. Guarding the travel safety of ordinary days with hardcore hardware and durability quality—Steady Happiness is "Full of Safety".

84% Interior Efficiency + Flat Bed + 38 Storage Spots, Storing Your Family's Leisure Time

In terms of space, Fengyun T7 body dimensions are 4570mm×1852mm×1694mm, wheelbase 2700mm. Interior efficiency rate reaches 84%, rear legroom reaches 911mm, matched with a pure flat floor. Trunk volume is 450L normally, can fit 3-4 28-inch suitcases, expandable to 1550L when folded, forming a 1955mm×1310mm pure flat bed space. The whole car is equipped with 38 storage spaces. 9-layer Cloud-feel Comfort Seats equipped with heating and ventilation functions. When camping outdoors on weekends, family can lie flat and rest comfortably in the car; During daily commuting, spacious space brings relaxation and comfort—Steady Happiness is "Seeing Family Sleeping Peacefully".

SA8775 Chip + Falcon 500 Intelligent Driving, Making Travel Easier and Worry-Free

In terms of intelligence, Fengyun T7 is equipped with 4nm process Qualcomm SA8775 Cockpit-Driving Integrated Chip, equipped with 15.6-inch 2.5K Floating Central Control Screen, built-in Lingxi Smart Cockpit 2.0 and Doubao Large Model Voice Interaction. High-spec models equipped with Falcon 500 Driving Assistance System, 22 high-precision sensors throughout the car. Supports Highway NOA Navigation Assistance, effectively alleviating driving fatigue on long-distance highways; Supports 300+ Full-Scenario Automatic Parking, Dead-end parking, Cross-floor memory parking, Trail reversal all supported—Steady Happiness is "Having Worry-free Comfort".

Fengyun T7 is not simply a facelift of a domestic model for export, but a "Native Global Car" designed from the source to adapt to vehicle usage needs in 210 countries/regions globally. After 3 years of R&D cycle, gathering over 100 designers from 10 global design centers, and deeply co-created with over 5,000 users. The homologous model Lepas L6 has already launched in South Africa and Thailand markets, later will sequentially enter overseas areas such as Indonesia, EU, Australia-New Zealand, etc.

100,000 Yuan Class, Global Quality. Fengyun T7, with a long-termist approach to car making, integrates reliable, comfortable, and trustworthy travel experiences into every ordinary day, guarding every bit of Steady Happiness.