规模稳步增长：在“价格战”中逆势突围
Steady Scale Growth: Breaking Through the "Price War" Headwinds.
4月10日，长安汽车正式发布2025年年度报告，数据表现极为稳健。On April 10, Changan Automobile officially released its 2025 annual report, showing highly resilient data.
全年实现营业收入1640亿元（同比增长2.7%），扣非归母净利润达到28亿元（同比增长8.03%）。Annual revenue hit 164 billion RMB (up 2.7% YoY), while net profit (deducting non-recurring gains) reached 2.8 billion RMB (up 8.03% YoY).
在激烈的市场博弈中，长安依然守住了增长基本盘，展现了极强的经营抗风险能力。Amidst fierce market competition, Changan secured its growth fundamentals, demonstrating exceptional operational risk resistance.
2. 核心亮点：海外板块毛利惊人，反哺国内市场
Core Highlight: Stunning Overseas Margins Supporting the Domestic Market.
最令行业瞩目的是长安汽车的出海盈利能力。The most striking highlight for the industry is Changan’s profitability in international markets.
财报显示，公司2025年海外板块毛利率高达19.49%，显著高于国内水平。The report shows that Changan’s overseas gross margin reached a remarkable 19.49%, significantly outperforming its domestic margins.
这意味着，随着长安在巴西、东南亚等地的产能布局深化，海外业务已不再只是“规模拼图”，而是成为了公司真正的“利润增长极”。This means that as Changan’s production in Brazil and SE Asia deepens, international business is no longer just a "scale filler" but a genuine "profit pole."
3. 技术为盾：百亿研发投入，构建“海纳百川”底座
Technology as a Shield: 10-Billion R&D Investment Building the "Vast Ocean" Foundation.
2025年，长安汽车研发投入高达126亿元，占营收比例达7.67%，强度居行业前列。In 2025, Changan’s R&D investment reached 12.6 billion RMB, accounting for 7.67% of its revenue—a intensity level among the industry's highest.
这些资金被精准投向了新一代蓝鲸动力、高阶智驾系统以及针对全球市场的本地化技术适配。These funds were precisely allocated to next-gen BlueCore power, high-end smart driving, and localized technical adaptations for global markets.
正是由于这种“技术护城河”的支撑，其综合毛利率在去年逐季向好，最终稳在了15.54%。Thanks to this "tech moat," the overall gross margin improved quarter-by-quarter last year, finally stabilizing at 15.54%.
4. 结语：从“走出去”到“扎下去”，中国制造正溢价全球
Conclusion: From "Going Out" to "Deeply Rooted," Chinese Manufacturing Gains Premium Worldwide.
长安汽车的这份答卷证明了一件事：在内卷时代，唯有技术领先与全球化布局才是王道。Changan’s report proves one thing: in an era of hyper-competition, only technological leadership and global presence lead the way.
当中国品牌在海外不再打“价格战”，而是靠“高毛利”和“高技术”站稳脚跟，属于中国汽车的“黄金十年”才真正开始。When Chinese brands stop fighting "price wars" abroad and instead win with "high margins" and "high tech," the "Golden Decade" of Chinese autos has truly begun.
