In the first three quarters of 2025, there was a marked divergence in the performance of listed auto companies, with new energy vehicles emerging as the pivotal factor for breakthroughs. The third-quarter financial reports from 20 complete-vehicle listed companies on the Shanghai and Shenzhen Stock Exchanges revealed that the overall performance stayed relatively steady. Out of these, 14 auto companies reported profits, constituting 70% of the total. Among them, 10 companies experienced year-on-year increases in net profit, with the percentage of auto companies that were both profitable and growing reaching 45%. Geely, SAIC, and BYD all achieved sales completion rates surpassing 70%, with BYD, Great Wall, and SAIC securing the top three positions in terms of net profit. The commercial vehicle sector took the lead in year-on-year net profit growth, with King Long and Foton occupying the first and second places, respectively. Meanwhile, JAC, BAIC BluePark, and GAC Motor found themselves at the bottom, reporting losses. The R&D expenditures of these 20 auto companies exceeded 84 billion yuan in the first three quarters, a clear indication that the industry is swiftly transitioning towards technology-driven development. Looking ahead, auto companies will need to strike a more optimal balance between expanding their scale and enhancing their efficiency.