新华财经雅加达11月5日电 五菱汽车5日在印尼丹格朗县首发五菱Darion。这是印尼首款纯电动／插电式 混合动力MPV。 Darion在位于西爪哇芝卡朗的五菱汽车工厂生产。该车型是印尼首款提供双动力的MPV：纯电动汽车 （BEV）和插电式混合动力汽车（PHEV）。 "自2017年成立以来，已有超过8万辆五菱MPV成为印尼家庭的出行伙伴。今天，五菱正式推出为印尼 家庭用户打造的MPV产品：Darion。它诠释了五菱致力于为印尼消费者提供舒适、时尚、环保的，印尼 本地制造的汽车产品。"五菱印尼副总经理阿里夫·普拉马达纳表示。 印尼MPV市场正随着消费者生活方式的不断变化而持续发展。如今，消费者对汽车的需求不再局限于 功能性，而是更加注重舒适性、效率和附加值。面对不断上涨的汽车价格和运营成本，五菱看到了推出 Darion这款更先进、更高效的MPV的契机。这款7座MPV拥有宽敞的座舱、同级别极具竞争力的价格、 得益于电气化技术而降低的运营成本，以及为家庭用户打造的完善舒适性配置。 （文章来源：新华财经） ...

FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00305 | 說明 | 五菱汽車 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 25,380,350,000 | HKD | | 0.004 HKD | | 101,521,400 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 25,380,350,000 | HKD | | 0.004 HKD | | 101,521,400 | 本月底法定/註冊股本總額： HKD 101,521,400 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香 ...

Core Insights - The article highlights the rapid growth and increasing market acceptance of high-end MPVs in China, driven by their comfort, spaciousness, and suitability for various travel needs [2][14] - The domestic MPV market has shown significant growth, with a total of 878,597 units sold in the first three quarters of 2025, representing a year-on-year increase of 26.3% [3][14] Market Overview - In the first three quarters of 2025, the cumulative sales of domestic MPVs reached 879,000 units, with a year-on-year growth of 26.3%, and exports accounted for 57,000 units, up 16.7% [2][3] - The top 15 MPV models accounted for 78.5% of the market share, indicating a trend towards market concentration [3][4] Top Models Performance - The top-selling model, SAIC-GM Wuling Hongguang, achieved sales of 98,820 units, a staggering increase of 163.6% year-on-year [4][5] - Buick GL8 ranked second with sales of 88,239 units, reflecting a growth of 104.4% [4][6] - BYD's Tengshi D9, ranked third, sold 81,760 units, marking a modest increase of 2.9% [4][7] - The newly launched BYD Xia, positioned below Tengshi D9, sold 61,834 units, showcasing strong market entry [4][8] Emerging Trends - The article notes a shift towards hybrid and electric models, with the Buick GL8's PHEV sales surpassing those of traditional fuel vehicles, indicating a successful transition to new energy vehicles [6][7] - The increasing popularity of high-end MPVs is attributed to changing consumer preferences, particularly among younger families seeking comfort and versatility [14] Competitive Landscape - The competitive landscape is characterized by a mix of established brands and new entrants, with companies like GAC Toyota and Lantu Automotive also making significant strides in the MPV segment [9][10][11] - BYD is expanding its product lineup with models like the M9, aimed at international markets, further enhancing its competitive position [12] Future Outlook - The article concludes that the high-end MPV market is poised for rapid growth, driven by consumer demand for quality travel experiences and the increasing availability of new energy models [14]

Core Viewpoint - The integration of artificial intelligence (AI) into manufacturing is revitalizing the industrial landscape in Liuzhou, Guangxi, with significant advancements in various sectors, including robotics and smart vehicles [1][4]. Group 1: AI Integration in Manufacturing - Liuzhou's manufacturing sector is experiencing a transformation through AI, with the first industrial humanoid robot and low-speed autonomous vehicles being tested [1][2]. - The production value of AI products in Liuzhou reached 8.87 billion yuan from January to July, with a 23.7% year-on-year increase in smart terminals and robots [3]. - Companies like Guangxi Liugong Machinery and Zhituo Technology are leveraging AI for precision tasks, enhancing efficiency in production and maintenance processes [2][3]. Group 2: Traditional Industries Transformation - Traditional industries in Liuzhou, such as automotive and steel, are undergoing digital transformation, with 435 small and medium-sized enterprises adopting AI technologies [4][7]. - The Guangxi Liugong Group's smart factory can produce an excavator in just 13 minutes, showcasing the efficiency brought by AI [7]. - The local steel industry is implementing AI platforms to optimize production costs and energy consumption [7]. Group 3: Government Support and Policy Framework - The local government has established a dedicated task force to promote AI development, implementing various policies to support the growth of AI and manufacturing sectors [8][10]. - Liuzhou aims to achieve a breakthrough of 50 billion yuan in AI-related industries by 2027, with a focus on integrating AI into manufacturing processes [8][10]. - The city has created over 100 demonstration application scenarios for emerging industries, facilitating market access for new products [10]. Group 4: Collaborative Efforts and Future Prospects - Liuzhou is fostering collaboration with national institutions and enterprises to enhance technological advancements in AI [9]. - The partnership between SAIC-GM-Wuling and Huawei aims to develop smart vehicles, indicating a shift towards intelligent and connected automotive solutions [5][6]. - The establishment of a comprehensive AI ecosystem encompassing various sectors is underway, with a focus on smart manufacturing and supply chain optimization [6].

Core Insights - The report indicates a significant shift in the automotive brand landscape, highlighting intense evolution in the passenger car market and stable consolidation in the commercial vehicle market [1][5] Passenger Car Market - Domestic brands occupy seven out of the top ten positions in brand influence, with BYD leading at 784.54 points, followed by Tesla at 780.22 points, showcasing strong local brand performance [2][5] - The new player, AITO, made a remarkable entry into the top five with a score of 767.19, reflecting explosive growth in online presence [2] - Traditional joint venture brands are facing challenges as they maintain sales but experience high complaint volumes, indicating a decline in user satisfaction compared to local brands [2][5] Commercial Vehicle Market - The commercial vehicle sector shows a clearer competitive landscape, with China FAW leading the heavy truck market at 728.99 points, followed closely by China National Heavy Duty Truck and Dongfeng [3] - In the pickup segment, Great Wall maintains a strong lead with 699.74 points, while Changan and SAIC Maxus follow [3] - The light truck market is highly competitive, with Changan leading at 718.38 points, and JAC and Beiqi Foton closely trailing [3] Brand Influence and User Engagement - The report emphasizes the importance of synergy between media presence and user reputation in enhancing brand influence, particularly in the passenger car sector [4] - AITO's rise exemplifies the effective combination of technology, ecosystem, and user satisfaction, supported by a low complaint volume [4] - In the commercial vehicle sector, brand influence is built on reliability and long-term professional credibility, with China FAW showcasing a unique advantage in policy-driven markets [4] Industry Evolution - The third-quarter index indicates a transition in the Chinese automotive industry from scale competition to lifecycle value competition, driven by electrification and intelligence [5] - The focus on brand building has shifted from mere volume growth to a comprehensive competitive strength that includes communication breadth, user reputation, technical capability, and market performance [5]

Core Insights - Liuzhou Wuling New Energy Vehicle Co., Ltd. has officially launched its new passenger car brand, Aishang Automobile, marking its entry into the new energy passenger vehicle market [1][7] - The first mass-produced model, A100C, is priced between 39,800 to 52,800 yuan, positioned as an A00-class micro pure electric vehicle with a range of 220 kilometers under CLTC conditions [1][4] Company Overview - Wuling New Energy was established in June 2021 as a subsidiary of Guangxi Automobile Group, aiming to consolidate resources and focus on the new energy vehicle sector [5] - The company transitioned to a foreign-invested enterprise in November 2022, with Guangxi Automobile, Wuling Motors, and Wuling Industry holding approximately 70%, 13.37%, and 13.13% of shares, respectively [6] Strategic Development - Wuling New Energy has outlined a "dual development" strategy focusing on both commercial and passenger vehicles, with plans to introduce passenger models between 2025 and 2027 [6][12] - The launch of Aishang Automobile signifies the company's formal entry into the passenger vehicle market, which has been a planned move for some time [7] Product Development - Aishang Automobile plans to leverage three major independent technology platforms (A, B, and C) to launch a variety of vehicle types, including sedans, SUVs, and MPVs over the next three years [4] - The A100C model is developed in collaboration with Henan Senyuan Electric Vehicle Co., which holds the production qualifications for new energy passenger vehicles [8][10] Financial and Investment Plans - Wuling New Energy aims to raise 360 million yuan through strategic investments to support its entry into the new energy passenger vehicle market [10] - The company has plans for an independent listing following three rounds of financing, with a focus on expanding its commercial vehicle market before shifting towards passenger vehicles by 2028-2030 [12]

Core Insights - Wuling New Energy has officially entered the passenger car market with the launch of its new brand, Aishang Automobile, and its first mass-produced model, the A100C, priced between 39,800 to 52,800 yuan [1][6] - The A100C is positioned as an A00-class micro pure electric vehicle with a range of 220 kilometers under CLTC conditions [1] - Aishang Automobile plans to leverage three self-developed technology platforms to introduce a variety of vehicle types, including sedans, SUVs, and MPVs over the next three years [2] Company Background - Wuling New Energy was established in June 2021 as a subsidiary of Guangxi Automobile Group, aiming to consolidate resources and focus on the new energy vehicle sector [3] - The company transitioned to a foreign-invested enterprise in November 2022, with Guangxi Automobile, Wuling Motors, and Wuling Industry holding approximately 70%, 13.37%, and 13.13% of shares, respectively [5] - In June 2023, Wuling New Energy launched a new brand, "Ling Shi," focusing on the new energy commercial vehicle market [5] Market Strategy - Wuling New Energy has a dual development strategy of commercial and passenger vehicles, with plans to introduce passenger models between 2025 and 2027 [5][12] - The launch of the Aishang brand signifies the company's formal entry into the passenger car market [6] - The A100C model is developed in collaboration with Henan Senyuan Electric Vehicle Co., as Wuling New Energy currently lacks the production qualifications for new energy passenger vehicles [7][9] Financial and Investment Plans - Wuling New Energy plans to raise funds through strategic investments, having already secured 360 million yuan from various investors, including those connected to Senyuan Electric Vehicle [9][12] - The company aims to establish a joint venture, Henan Lingdong Automobile Sales Service Co., with a 75% stake, focusing on new energy vehicle sales [12]

Core Insights - The 138th Canton Fair has successfully concluded, showcasing the vitality of Guangxi's trade delegation and highlighting the region's strong performance in foreign trade, particularly in sectors like new energy, high-end equipment, and specialized manufacturing [1][2] Group 1: Company Highlights - Guangxi Yuchai Machinery Co., Ltd. and Dongfeng Liuzhou Motor Co., Ltd. showcased their core products, receiving significant interest from international buyers, particularly from Southeast Asia and the Middle East [1] - Guangxi Yuchai secured 3 million yuan in signed orders and locked in 15 million yuan in intended orders on the first day of the fair [1] - Dongfeng Liuzhou focused on the new energy sector, presenting its self-developed Forthing brand models, attracting over 3,000 visitors and achieving 13 intended orders [1] Group 2: Emerging Companies - New participants from Guangxi also made notable achievements, with Xixili Elevator Co., Ltd. securing an intended order for 200 elevators worth approximately 9 million USD from Ethiopia on the first day [1] - Liuzhou Wuling Automobile Industry Co., Ltd. developed right-hand drive custom models to cater to Southeast Asian markets, achieving around 60 intended orders during the fair [2] - Guilin Mingfu Metal Co., Ltd. attracted attention from Brazilian buyers with its innovative portable multifunctional robots [2]

机构：天风证券 分部业务表现：核心业务稳固，动力系统扭亏，商用车创新驱动。 研究员：吴立/孙潇雅 截至2025 年6 月30 日止中报，公司实现营业收入40.3 亿元，同比+2.0%；盈利能力显著增强，净利润达 到8580.9 万元，同比+306.2%；归母净利润为3941.6 万元，同比+2385.2%。我们认为，公司整体业绩表 现亮眼，盈利能力的提升主要得益于产品结构优化、成本管控成效以及研发投入的增加，未来伴随产品 结构的继续优化，公司有望实现业绩的进一步提升。 盈利能力与费用控制：毛利率提升，费用结构优化。 2025 年上半年，公司毛利率提升至12.0%，同比增加1.2 个百分点，显示出产品附加值和成本控制能力 的增强。销售及管理费用率同比下降1.3 个百分点至5.4%，体现了公司运营效率的提升。研发费用率同 比上升1.3 个百分点至4.6%。我们认为，公司持续加大在技术升级和新产品开发上的投入，为长期发展 注入动力。 新能源与智能化：联营公司快速成长，母公司战略清晰。 联营公司"菱势汽车"品牌表现出色，2025 上半年销量同比增长9%，并与货拉拉、顺丰等头部企业达成 合作，市场认可度不断提升。 母公 ...

Core Viewpoint - Tianfeng Securities predicts that Wuling Motors (00305) will continue to grow in performance due to its research capabilities in the new energy sector and ongoing investments in building a complete autonomous industrial chain [1][2] Financial Performance - For the first half of 2025, the company reported revenue of 4.03 billion yuan, a year-on-year increase of 2.0%; net profit reached 85.81 million yuan, up 306.2%; and attributable net profit was 39.42 million yuan, a significant increase of 2385.2% [2] - The forecast for total revenue from 2025 to 2027 is expected to reach 8.866 billion yuan, 9.724 billion yuan, and 10.672 billion yuan, representing year-on-year growth of 12%, 10%, and 10% respectively [1] Business Segments Performance - The core business of automotive parts and other industrial services generated revenue of 2.84 billion yuan, a year-on-year increase of 5.2%, with 46 customers and 125 projects secured [3] - The automotive power system business turned a profit with an adjusted EBIT of 6.61 million yuan, attributed to improved product structure and rapid growth in high-value-added products [3] - The commercial vehicle business saw an adjusted EBIT increase of 6.2% to 27.97 million yuan, with successful developments in niche markets such as fire trucks and vending vehicles [3] Profitability and Cost Control - The company's gross margin improved to 12.0%, an increase of 1.2 percentage points year-on-year, indicating enhanced product value and cost control [4] - The sales and management expense ratio decreased by 1.3 percentage points to 5.4%, reflecting improved operational efficiency [4] - R&D expense ratio increased by 1.3 percentage points to 4.6%, showing the company's commitment to technology upgrades and new product development [4] New Energy and Intelligentization - The joint venture "Ling Shi Automobile" saw a 9% year-on-year increase in sales in the first half of 2025 and established partnerships with leading companies like Huolala and SF Express [5] - The parent company, Guangxi Automobile Group, has launched the "Ling Shi Project" strategy to develop the "Ling Shi" vehicle brand and aims to excel in hybrid systems, drive axles, and chassis [5] - The strategic partnership with Huawei has been upgraded to enhance collaboration in areas such as assisted driving, intelligent cockpits, and smart manufacturing, supporting the company's long-term competitiveness [5]