According to Gasgoo.com's earnings report of Shanghai-Shenzhen-listed vehicle companies, the operating income of 21 Chinese listed companies in the first quarter of 2011 totaled 177.515 billion yuan (RMB, the same below), an increase of 32.0% over the same period of last year; Total profit was 7.829 billion yuan, a year-on-year increase of 14.2%. The growth of net profit rate is lower than operating income. The net margin fell from 5.10% in the first quarter of last year to 4.41%.

Judging from the 21 listed car companies, the highest net profit rate in the first quarter of 2011 was Jiangling Motors, which represented 11.59%, slightly lower than the level of the same period last year (13.87%), but still higher than its 2010 average. 10.86%), higher than its 2009 and 2008 levels.

Chang'an Automobile's net interest rate has increased significantly in recent years. In 2008-2010, its net interest rates were 0.18%, 4.28%, and 6.13%, respectively, and reached 8.85% in the first quarter of this year (second only to Jiangling Motors), slightly higher than the first quarter of last year (8.69%).

The highest net interest rate in the first quarter of last year was the ST Gold Cup, which reached 15.15% at the time, but fell to 1.68% in the first quarter of this year. The profitability of the ST Gold Cup is not stable. After a continuous net loss in 2008 and 2009, it achieved a net interest rate of 6.02% in 2010. The net interest rate of 1.68% in the first quarter of this year seems to indicate that its profitability situation is not optimistic this year.

The ST Gold Cup is the biggest drop in net profit margin for the 21 listed companies in the first quarter of this year. In addition to it, the net interest rates of the other 12 companies also fell compared to the first quarter of last year. They are: FAW Xiali, FAW Car, Haima, GAC Changfeng, Lifan, Foton Motor, Dongfeng Automobile, Jinlong Automobile, Jiangling Motors, Yaxing Bus, CNAC Panthers, China National Heavy Duty Truck. Among them, the net interest rate of FAW Xiali, GAC Changfeng and FAW Car also has a larger decline.

FAW Xiali dropped to 1.69% from 7.87% in the first quarter of last year, and FAW Car fell from 8.32% to 4.08%. The Guangzhou Automobile Changfeng fell from 3.93% to a negative 1.38%, which is the only one of the 21 vehicle companies that suffered a net loss in the first quarter of this year.

Companies with improved net margins in the first quarter of this year compared to the same period last year have seen little increase. Xingma Motors is the largest increase - from 1.52% in the first quarter of last year, an increase of 1.42% to 6.94%. Other companies (Shuguang, Shanghai Automotive, Jianghuai Automobile, Changan Automobile, Ankai Bus, Yutong Bus, Zhongtong Bus) have only increased by less than 1%.

Note:

1. "Net profit" in this article means "net profit attributable to shareholders of a listed company", "net profit attributable to owners of the parent company", "net profit attributable to shareholders of the parent company" or "attributable to ordinary shareholders of the company The net profit."

2. Hong Kong-listed Great Wall Motors, BYD, Geely Automobile, and Guangzhou Automobile Group did not announce their official first-quarter 2011 financial results.

3. "ST Changhe" has been renamed "AVIC Electronics" at the end of 2009 and has reorganized its assets to change its main business to aviation instrumentation and flight control. Therefore, this article is no longer classified as a major vehicle listed company.