> 数据图表如何了解重汽A：25Q2业绩略不及预期
2025-8-0重汽A：25Q2业绩略不及预期◼ 25Q2业绩略不及预期：收入同比增速低于预期，主因销量增速低于行业且ASP同比下滑。25Q2实现收入132.5亿元，同环比分别+2.2%/+2.7%。◼ 归母净利润增速低于预期，利润率同环比改善，降本控费持续推进。25Q2毛利率为7.94%，同环比分别+0.7/+0.9pct，销售净利率为3.8%，同环比分别+0.2/+0.5pct，毛利率与净利率均同环比提升。实现归母净利润3.58亿元，同环比分别+4.0%/+15.4%。图：中国重汽A 25Q2季报核心财务指标拆分（亿元）毛利率/费用率/净利率同环比单位为pct数据来源：公司公告，东吴证券研究所77营业收入营业成本毛利率销售费用管理费用研发费用财务费用2024Q22024Q1调整后调整后2.2%114.27 129.74105.371.4%120.357.79% 7.24% 8.30% 11.54% 7.05% 7.94% 0.7%6.6%7.4%-5.4%113.42 129.08 132.53122.02100.3391.8684.24119.980.730.731.97(0.48)0.8%0.8%2.1%0.811.002.00(0.56)0.6%0.8%1.5%0.870.931.070.921.892.03(0.58)(0.67)0.7%销售费用率 0.8%0.8%管理费用率 0.8%研发费用率 1.8%1.4%财务费用率 -0.6% -0.4% -0.5% -0.7% -0.5% -0.4%3.583.353.8%1.190.622.00(0.81)1.1%0.5%1.8%2.742.633.2%0.930.771.99(0.60)0.7%0.6%1.5%3.102.923.3%3.443.193.7%3.152.744.4%5.464.705.5%归母净利润扣非后归母净利润销售净利率2024Q3 2024Q4 2025Q1 2025Q2 Q2同比 Q2环比2.7%1.7%0.9%-7.0%39.3%-5.2%--0.1%0.2%-0.1%0.0%15.4%14.8%0.5%-0.03%0.04%-0.1%0.0%4.0%4.9%0.2% 
