Core Viewpoint - Baojun is attempting to reposition itself in the automotive market by emphasizing "intelligence" and targeting higher price segments, aiming to differentiate from its parent brand Wuling and reduce internal competition [1][3]. Group 1: Product Strategy - In 2023-2024, Baojun launched two new models, Yun Duo and Yun Hai, priced up to 133,800 yuan, introducing advanced driver assistance features to compete in the 150,000 yuan market [3]. - Despite the introduction of these models, Baojun has struggled to achieve significant market traction, with Yun Duo being discontinued and Yun Hai selling only 13,661 units over a year [3][5]. - The company unveiled a new model, Xiang Jing, at the Shanghai Auto Show, which features more advanced driver assistance systems and plans to introduce a new model with Huawei's ADS priced between 150,000 and 250,000 yuan [5]. Group 2: Market Reception - Sales personnel have expressed skepticism about Baojun's ability to penetrate the 150,000 yuan market, with the more affordable Yue Ye Plus being a more popular choice among customers [7]. - There is a noted mismatch between Baojun's brand positioning and its sales strategy, leading to a lack of confidence among sales staff regarding the success of higher-priced models [7][9]. - The previous models, Yun Duo and Yun Hai, had unique advantages in their class but failed to capitalize on market opportunities, indicating a need for a more robust sales framework to support higher-end offerings [9].

Core Viewpoint - Wuling Motors has been recognized for its outstanding performance in ESG (Environmental, Social, and Governance) practices, being selected for the S&P Global Sustainable Development Yearbook (China Edition) 2025, highlighting its commitment to sustainable development and corporate social responsibility [1][3]. Group 1: ESG Performance and Recognition - Wuling Motors was selected from over 1,600 domestic companies, with approximately 160 companies making it into the yearbook, showcasing its strong ESG practices [1]. - The S&P Global Corporate Sustainability Assessment (CSA) is a significant annual evaluation of corporate sustainability practices, reflecting the company's management level in governance, economy, society, and environment [1]. Group 2: Commitment to Sustainable Development - Since 2018, Wuling Motors has continuously disclosed ESG reports, increasing from a few pages to nearly 200 pages in 2024, indicating a growing emphasis on ESG efforts [2]. - The company actively responds to the United Nations Sustainable Development Goals, integrating sustainability into its corporate strategy and daily operations [2]. Group 3: Business Transformation and Innovation - Wuling Motors is transitioning from traditional automotive sectors to new energy vehicles, aiming for over 50% of its business to come from new energy vehicles in the future [2]. - The company is advancing its production facilities towards green transformation by utilizing clean energy and implementing sustainable factory designs [2]. Group 4: Collaboration and Future Goals - Wuling Motors has partnered with universities for research and development in new energy technology and smart manufacturing, contributing to innovation and green development in the automotive industry [3]. - The recognition from S&P Global serves as encouragement for Wuling Motors to enhance its investments in environmental protection, social responsibility, and corporate governance [3].

Financial Performance - For the year ended December 31, 2024, the Group recorded an annual revenue of RMB 7,949,439,000, representing a decrease of 24.2% compared to the previous year[14]. - The Group achieved a net profit of RMB 111,245,000 for the full year of 2024, an increase of 60.2% compared to the previous year[17]. - Profit attributable to owners of the Company increased to RMB 50,621,000, representing an increase of 115.6% compared to the previous year[17]. - The gross profit for the year was RMB 860,097,000, reflecting a decrease of 17.1% year-on-year, with a gross profit margin improvement to 10.8% from 9.9%[181]. - Other income, including bank interest and government grants, totaled RMB 284,624,000, an increase of 32.7% year-over-year[187]. - Selling and distribution costs decreased by 42.1% to RMB 80,873,000, attributed to lower business volume and changes in warranty expense accounting[193]. - General and administrative expenses were RMB 429,816,000, down 13.7% from the previous year, reflecting ongoing cost control measures[198]. - Research and development expenses amounted to RMB 282,187,000, a modest decrease of 7.9% year-over-year, aligned with the Group's business level[199]. - Finance costs for the year were RMB 115,997,000, slightly down 3.7% due to reduced bank borrowing costs[200]. - The Group reported a net loss from associates of RMB 63,140,000, primarily due to losses from Wuling New Energy and FL Seating, despite some profitable results from other associates[191]. Revenue Breakdown - The total revenue of the vehicles' power supply systems division for the year ended December 31, 2024, was RMB 1,737,084,000, representing a decrease of 30% compared to the previous year[73]. - The total revenue of the automotive components and other industrial services division for the year ended December 31, 2024, was RMB 5,460,853,000, representing a decrease of approximately 10.9% compared to the previous year[105]. - The commercial vehicles assembly division recorded a revenue of RMB 718,758,000 in 2024, representing a decrease of 60.9% compared to the previous year[42]. - Wuling New Energy achieved total revenue of RMB 1,016,937,000 for the year, representing an increase of approximately 29.5% compared to the previous year[157]. - The Group's revenue from the new energy vehicle business reached RMB 1,020 million, a 29.5% year-on-year growth, despite ongoing operational losses[48]. Market and Business Strategy - The decrease in revenue was primarily due to reduced business volume in the vehicles' power supply systems division and the commercial vehicles assembly segment[14]. - The Group focused on maintaining relationships with key customers while expanding its customer base in external markets[21]. - The Group is actively seeking new cooperation opportunities to address challenges posed by intensified market competition[21]. - The Group aims to establish a stable foundation for emerging business areas to mitigate cyclical downturns in the market[14]. - The Group's repositioning strategy on refitted vehicles since the second half of 2023 impacted the commercial vehicles assembly segment[14]. - The Group intends to develop high value-added segments in the refitted vehicles business, focusing on customized markets such as cold chain and medical services[62]. - The Group will continue to deepen the management of loss-making enterprises, implementing targeted measures to address their shortcomings[65]. - The Group aims to enhance product quality and expand both domestic and international markets under the guidance of the "LINXYS Project"[68]. Product Development and Innovation - The automotive components division achieved a revenue of approximately RMB 729 million in 2024, more than doubling compared to the previous year[24]. - The production and sales of new-energy rear axles exceeded 1.5 million units cumulatively since product launch[24]. - The company successfully developed a new generation of new energy electric rear axles and three-in-one motor electric control systems, which are now applied in projects for major manufacturers[24]. - The M20B high thermal efficiency engine was successfully launched in 2023 and has become a mainstream product for the division, contributing positively to business performance[90]. - The successful completion of the new generation of H-series ultra-high-efficiency engines and other multi-fuel engines has enhanced the company's competitive edge in the industry[88]. - The division has laid out a comprehensive plan for power integration products covering HEV, PHEV, REEV, and BEV technical routes, aimed at meeting the needs of automobile manufacturers[91]. - The company is committed to implementing cost control measures to alleviate losses in a tough operating environment[76]. Customer and Sales Performance - The company secured supply orders from new customers, effectively offsetting negative impacts from declining demand from existing major customers[32]. - Sales volume of refrigerated trucks reached 769 units in 2024, marking a 6% year-on-year increase and a cumulative market share of approximately 11%[40]. - The fire truck business secured sales orders totaling approximately RMB 150 million, including around 97 units of various fire vehicles, capitalizing on state support for emergency projects[40]. - The off-road vehicle business achieved annual sales of 3,097 units in 2024, actively expanding into overseas markets[40]. - The new energy vehicle business saw total sales of 14,166 units, reflecting a 41.3% year-on-year increase, with domestic sales reaching 12,060 units, a 16% increase[46]. - Wuling New Energy launched several new products, including the long-range version of the Golden Small Truck, contributing to a 57.8% year-on-year increase in exports to Japan and Korea, totaling 803 units[46]. Operational Efficiency and Cost Control - The Group aims to enhance operational efficiency through a differentiated performance appraisal and remuneration allocation system, encouraging business units to challenge high goals[53]. - The Group is focused on increasing revenue and reducing expenditures, implementing the "Four Increases, One Stabilisation and Four Enhancements" strategy to improve asset efficiency[57]. - The Group will strengthen internal management and budgetary control to achieve operational targets while promoting the "Three Reductions" initiative to minimize capital occupation and operating costs[64]. - Despite the decline in business volume, the division managed to maintain profitability with an operating profit of RMB 75,919,000 for the year[132]. Challenges and Market Conditions - The decline in refitted vehicle sales was primarily due to the Group's repositioning strategy and weak market demand resulting from an unfavorable economic environment[135]. - The Group completed the restructuring of its new energy vehicle business in late 2022, transferring assembly operations to Wuling New Energy, which has affected the business volume of refitted vehicles[133]. - The Group's overseas production plants in Indonesia experienced lower business volume due to delays in customer orders, but there is optimism for future growth in the Indonesian automobile industry[123]. - The Indian production plant maintained profitability in 2024, targeting the automotive component business of a renowned PRC car manufacturer[124].

五菱工业公司是由广西汽车集团整合原有汽车零部件、发动机、专用车业务，与香港上市公司五菱汽车 集团控股有限公司（HK.00305）共同设立的大型中外合资企业。公司业务涵盖整车、零部件及动力系 统的研发与制造，具有完善的从设计到工程实现的管控能力。 4月23日是本届上海车展首个媒体日。证券时报记者在五菱工业展台看到，现场人流如织，上汽通用五 菱、上汽大通、奇瑞商用车、长城精工等多家主机厂客户来到展台了解参观。 近年来，五菱工业积极推动转型。公司已成功从专业微车零部件转型到高价值乘用车零部件领域，同时 积极推动从传统能源向新能源领域的转型。 本届展会上，五菱工业展示了在动力系统、底盘模块、车身等领域的诸多技术成果。以动力系统为例， 据了解，五菱工业动力系统终端客户数量已突破1000万。公司旗下多年持续迭代的479发动机自2013年 以来，终端客户数量已超过100万台。 4月23日，第21届上海国际汽车工业展览会正式开幕，来自26个国家和地区的近1000家中外知名企业参 展。五菱工业今年第三次亮相上海车展，公司展示了在动力系统、底盘、车身等核心领域更成熟且多元 化的解决方案。 在车身方面，五菱工业持续深耕车身轻量化领 ...

首先在底盘模块方面，五菱工业构建了乘用车电驱动系统与微、轻、中型车电动桥四大产品平台，具备偏轴、同轴、完全同轴多种减速器结构类型的自 主研发能力。此次车展重点展示的T型电驱桥、高度集成电控系统及新一代电驱桥产品三大核心技术，彰显其在该领域的全产业链布局与硬核实力。其中， 第二代同轴式电驱桥历经5年精心研发而来。作为代表未来整体式电动桥发展方向的产品，其相较分体式电驱桥，实现重量减重 10% 以上、体积缩小 30%、 噪音降低 5 分贝，显著提升乘坐舒适性，五菱工业也成为国内首家实现同轴式电驱桥商业化落地的企业，引领行业技术潮流；专为新能源轻型商用车定制开 发的T 型电驱桥，采用行星排+螺旋伞齿轮两级减速设计，兼具动力、空间、轻量化优势，有效破解轻卡电动化转型中的续航与载重痛点；四合一电控系统 则以高集成度与严苛安全标准重新定义商用车电控技术，支持OTA升级与智能能量管理，赋能智能驾驶。 in A WULING INDUS 声污虫 18,2 un 0 r � 6 13 4 r 4 e = t Gol 服务 e ● A ● s 汽车 PD SP a w 6 ▲ D 99 C No 0 ( f 0 0 1699 I ...

Summary of Conference Call Company and Industry Overview - The conference call pertains to Guangxi International's subsidiary, Guangxi Automobile Group Co., Ltd., which is listed in Hong Kong. The company primarily operates in the automotive industry, focusing on the manufacturing and sales of complete vehicles, commercial vehicles, auto parts, and power systems. The main production bases are located in various cities in China and overseas in India and Indonesia [1][2]. Key Points and Arguments Financial Performance - For 2024, the company reported a significant improvement in operating losses compared to 2023, indicating a positive trend in financial health [3]. - The overall revenue from the parts division is expected to decline slightly, but high-margin product sales and government subsidies are projected to increase, with a revenue target of 1.5 billion, a year-on-year growth of 68% [4]. - The company achieved a gross profit margin improvement of 0.9 percentage points, with a net profit of 110 million, representing a year-on-year increase of over 60% [9]. Business Segments - The commercial vehicle segment includes products such as packaging vehicles and golf carts, with a focus on specialized vehicles for various applications, including refrigeration and firefighting. The company has seen a 21% growth in this segment despite a 61% decline in the modified vehicle business due to changes in the business model [2]. - The mechanical parts division has seen a 25% increase in the production of components for new energy vehicles, with over 50% of production now dedicated to this segment [3]. - The power systems division has maintained a diverse customer base, with 60% of revenue coming from non-automotive clients, and a 25% increase in sales of engine components [6]. Innovation and Development - The company has launched new products, including a micro-integrated electric drive axle, which has sold over 1.5 million units since its introduction in 2022 [4]. - There is a strong focus on research and development, with successful production of high-strength components for mid-to-high-end vehicles [5]. Market Strategy - The company is actively expanding its customer base beyond its traditional reliance on SAIC-GM-Wuling, with new partnerships established with major players like Dongfeng, Chery, and BYD [5][24]. - The company is also focusing on international markets, particularly in Southeast Asia, Africa, and the Americas, for its products [7]. Future Outlook - The management expressed confidence in the macroeconomic environment and government policies that support economic growth, which will benefit the automotive sector [11]. - The company is implementing a strategic initiative called "Temporary Engineering" to enhance its operational efficiency and product offerings, particularly in the new energy vehicle sector [12][18]. - There is a commitment to ESG principles, with efforts to improve environmental performance and sustainability [9]. Additional Important Content - The company is exploring opportunities in smart vehicle technology and artificial intelligence, aiming to integrate these advancements into its product lines [20][21]. - The management acknowledged the competitive landscape and emphasized the importance of cost control and quality in maintaining market competitiveness [14][32]. - The company is also considering the implications of emerging technologies like robotics and low-altitude economy on its future operations [22][25]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic direction, and market positioning within the automotive industry.

以下文章来源于三联生活实验室 ，作者苏北老铁 三联生活实验室 . Never Bored 城市Cool Guy生活样本 宝宝巴士火了。 图源：悲伤西红柿 包括五菱宏光MINI、比亚迪海鸥、吉利小熊猫等在内的剁椒鱼头车，在价格上主打一个 便宜。 "大多数车型经过国补后，三四万块就能到手。前阵子上热搜的奔腾小马，就是有人用了 各种补贴后，4900块就全款拿下了。" 作者 | 苏北老铁 来源 | 三联生活实验室 （ID：LIFELAB2020） 在县城资产鄙视链里，一向有"平层不如别墅，电车不如油车"的传说。但当消费降级的 风潮也吹到了县城，这条看似岿然不动的鄙视链也出现了松动。 先是别墅在县城里不香了，"一家四口住别墅，虽然每个人的活动面积大了，但维护成本 也更高，打扫一遍把自己累得够呛，人们即使买得起别墅，也住不起别墅了。" 再是电车开始俘获了县城中年女人的心。买车不再是为了标榜自己的财力，这群县城女 人 们 开 始 爱 上 几 万 块 的 小 型 电 车 —— 这 种 车 因 为 体 型 极 小 ， 一 直 被 调 侃 为 是 " 剁 椒 鱼 头"，但谁能想到，剁椒鱼头车正在成为县城中年女人的刚需。 几万块的 ...

Core Insights - Wuling Motors reported a revenue of 7.949 billion yuan for 2024, a year-on-year decrease of 24.18%, while net profit attributable to shareholders reached 50.621 million yuan, a significant increase of 115.6% [1][3] Business Segments - The automotive parts and other industrial services segment remains the core pillar, contributing 5.461 billion yuan, accounting for 69% of total revenue. Despite a year-on-year revenue decline of 10.9%, the increase in high-margin product sales and government subsidies led to an operating profit growth of 68.3% to 154 million yuan [2] - The power system business generated 1.737 billion yuan in revenue, down 30% year-on-year, primarily due to weak demand in the traditional fuel vehicle market. However, inventory management optimization and expansion into new energy clients resulted in a 25% increase in casting sales [2] - The commercial vehicle business reported revenue of 719 million yuan, a decline of 60.9% year-on-year, but maintained profitability of 75.92 million yuan through cost control measures [2] New Energy Transition - The new energy transition is a significant highlight for Wuling Motors in 2024, with its joint venture, Wuling New Energy, achieving sales of over 14,000 units, a year-on-year increase of 41%, and revenue of 1.02 billion yuan. The company successfully expanded into overseas markets such as Japan and South Korea, with export volume increasing by 58% [2] - The self-developed new energy electric drive bridge and three-in-one motor control products have been supplied to automakers like Great Wall and Jianghuai, with cumulative production and sales of new energy rear axles exceeding 1.5 million units. The new production base in Jingmen, Hubei, contributed to a year-on-year revenue growth of over 100% to 730 million yuan [2] Future Outlook - Wuling Motors has achieved profit growth despite revenue pressure, attributed to high-margin product adjustments, government subsidies, and reduced losses from joint ventures. The future growth potential may expand with the advancement of the "Ling Shi Project" and the expansion of the new energy supply market, although the success of traditional business transformation under competitive market pressure remains to be observed [3]

Core Viewpoint - Wuling Motors reported a significant growth in its main business for the fiscal year 2024, with total revenue reaching 7.95 billion RMB, driven by strong performance in automotive parts and industrial services [2] Financial Performance - Total revenue for 2024 was 7.95 billion RMB, with automotive parts and other industrial services contributing 69%, automotive power systems 22%, and commercial vehicles 9% [2] - Net profit for 2024 was approximately 110 million RMB, a year-on-year increase of 60.2%, while profit attributable to shareholders surged by 115.6% to 50.62 million RMB [2] Strategic Initiatives - The company is focusing on the "Ling Shi Project" to enhance its core business areas, particularly in new energy power, drive axles, and chassis [2][3] - Wuling Motors aims to achieve over 15 billion RMB in revenue from new energy vehicles and over 5 billion RMB from each component sector within the next three years [4] Market Outlook - The company anticipates a favorable macroeconomic environment with potential supportive policies from the Chinese government in 2025 [2] - Wuling Motors is committed to expanding its international market presence and enhancing product quality and value [3] Technological Advancements - The company is actively pursuing smart technology applications in both components and vehicles, including intelligent driving features and AI integration [5][10] - Research is ongoing in low-altitude economy sectors, including flying cars and aerial logistics [6] Customer Diversification - Wuling Motors is working to reduce its dependency on SAIC-GM-Wuling by broadening its customer base and exploring new market opportunities [7] Competitive Landscape - The company recognizes the competitive pressures in the automotive industry and is focusing on core components to maintain its market position [11]

Core Viewpoint - Wuling Motors reported a total loss of RMB 63.14 million for 2024, primarily impacted by losses from joint ventures and a significant decrease in revenue due to adverse economic conditions and strategic repositioning in the modified vehicle segment [1][2][3] Financial Performance - Total revenue for 2024 was RMB 7,949,439,000, a decrease of 24.2% compared to the previous year, attributed to reduced customer orders and a decline in the automotive power system segment [2] - Gross profit for the year was RMB 860,097,000, down 17.1%, but the gross margin improved from 9.9% to 10.8% [3] - Net profit attributable to the company’s owners was RMB 50,621,000, an increase of 115.6% year-on-year, while overall net profit rose by 60.2% to RMB 111,245,000 [3] Segment Performance - The automotive power system segment reported total revenue of RMB 1,737,084,000, a decrease of 30%, mainly due to a downturn in the traditional fuel light commercial vehicle market [3][4] - Sales of engines (including those for hybrid systems) dropped significantly by 38.6% to approximately 153,000 units [4] - Revenue from automotive parts and other industrial services was RMB 5,460,853,000, down 10.9%, while commercial vehicle revenue plummeted by 60.9% to RMB 718,758,000 [5] Joint Venture Performance - Wuling New Energy achieved total revenue of RMB 1,016,937,000, a 29.5% increase from the previous year, although it still incurred an operating net loss [6]