Group 1 - Dongfeng Group has appointed Haode Financing Limited as an independent financial advisor to provide advice on mergers and distributions to the independent board committee [1] - The appointment of Haode Financing as the independent financial advisor has been approved by the independent board committee in accordance with the takeover code rule 2.1 [1]

本公告不會在構成違反有關司法權區適用法律或法規的情況下整體或 部 分 於、向 或 自 任 何 司 法 權 區 發 佈、刊 發 或 派 發。 DONGFENG MOTOR GROUP COMPANY LIMITED* 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 東 風 公 司、要 約 人、本 公 司或嵐圖證券之邀請或要約，亦非在任何司法權區招攬任何投票權或批准。 東風汽車集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：489） (1)東 風 汽 車 集 團（武 漢）投 資 有 限 公 司 通 過 吸 收 合 併 的 方 式 將東風汽車集團股份有限公司私有化之附先決條件之建議 (2)東風汽車集團股份有限公司分派嵐圖股份之建議 (3)撤銷東風汽車集團股份有限公司的上市地位之建議 委任獨立財 ...

Core Viewpoint - The meeting organized by the China Association of Automobile Manufacturers (CAAM) focused on the current operational status of the automotive industry, key issues, and policy recommendations, aiming to enhance communication among major industry players and support high-quality development of the sector [1][3]. Group 1: Meeting Overview - The 2025 Q3 automotive industry economic operation exchange meeting was held in Hangzhou, Zhejiang, with participation from 18 key enterprises including Geely, BYD, SAIC, and others [1][3]. - The meeting was chaired by CAAM Deputy Secretary-General Chen Shihua, who emphasized the importance of the meeting as a platform for internal communication and industry feedback [3]. Group 2: Key Discussion Topics - The meeting addressed several hot topics, including the trade-in policy, industry "involution," production and operation of enterprises, supply chain issues, development of new energy vehicles versus traditional fuel vehicles, the "14th Five-Year Plan," and internationalization [3]. - Participants were encouraged to share insights from an industry perspective rather than solely from their individual company viewpoints [3]. Group 3: Future Directions - Chen Shihua expressed gratitude for the participation and indicated that the association would compile the suggestions and feedback from the meeting to relay to relevant government departments [5]. - The association aims to enhance its operational work and communication with enterprises to better fulfill its role as a platform for industry monitoring and problem identification [5].

Group 1 - Dongfeng Group announced the establishment of a joint venture with a registered capital of RMB 8.47 billion to develop and sell smart off-road vehicles [2] - The joint venture will focus on manufacturing and selling smart off-road vehicles, with an operational period of 20 years [2] - Dongfeng Group will contribute RMB 3.55 billion in intangible asset usage rights, while Dongfeng Motor Company will contribute RMB 920 million in physical assets [2] Group 2 - The investment amounts were determined based on an asset valuation report from an independent appraiser, using methods such as income, cost, and market approaches [3] - The establishment of the joint venture is a strategic move for Dongfeng Group in the context of the automotive industry's shift towards intelligence and electrification [3] - The joint venture aims to enhance market competitiveness by integrating technological research and development, manufacturing, and market channels [3]

Core Viewpoint - Dongfeng Group is establishing a joint venture with a registered capital of 8.47 billion yuan, focusing on the development and sales of smart vehicles, particularly smart off-road vehicles, in collaboration with Huawei and local government entities [1][3][5] Group 1: Joint Venture Details - The joint venture will have a registered capital of 8.47 billion yuan, with Dongfeng Group and Dongfeng Motor contributing 3.55 billion yuan and 920 million yuan respectively, accounting for approximately 41.9% and 10.9% of the capital [1] - Xiangyang Holdings and Xiangao Investment will contribute 2.88 billion yuan and 1.12 billion yuan, representing 34% and 13.2% of the joint venture [1] Group 2: Strategic Importance - The establishment of the joint venture reflects Dongfeng's response to the changing landscape of the automotive industry, particularly the shift towards smart electric vehicles [3][5] - Dongfeng aims to break free from its reliance on joint ventures in the fuel vehicle sector and develop its own core competencies in smart vehicle technology [3] Group 3: Collaboration with Huawei - Huawei will provide its integrated product development (IPD) and integrated product marketing and service (IPMS) capabilities to enhance Dongfeng's processes and innovation [4] - The partnership with Huawei is expected to leverage advanced technologies, as seen in the recently launched Mengshi M817 model, which features Huawei's HarmonyOS and advanced driving systems [4] Group 4: Market Challenges and Future Outlook - The new joint venture is seen as a proactive move by Dongfeng to navigate market challenges and transform its business model amid declining traditional joint venture operations [5] - Future uncertainties include the market capacity for smart off-road vehicles and the joint venture's ability to effectively integrate resources and launch competitive products [4][5]

2025.09. 18 本文字数：921，阅读时长大约1.5分钟 作者 | 第一财经 黄琳 第一财经记者了解到，此次，东风集团股份出资的无形资产使用权包括猛士系列的商标权、车型平台及智能驾驶专有技术资产组的许可使用权。上述合 资公司成立后，东风猛士生产基地将包括襄阳工厂、武汉工厂和十堰工厂，三家工厂生产的车型各有侧重。其中，襄阳工厂将侧重轻越野乘用车、武汉 工厂将倾向重越野乘用车。此前，襄阳工厂生产车型主要为东风日产旗下的高端品牌英菲尼迪。 微信编辑 | 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 相关人士告诉记者，随着东风集团股份即将私有化退市和新能源转型加速，东风猛士在上述合资公司中的业务层组织架构、运营模式将接近于新势力品 牌，品牌更为独立、管理更现代化，但暂未有上市规划。目前，合资公司的管理层仍待商榷。 根据规划，合资公司将按照市场化原则组建，建立扁平化、独立的内部治理体系和多元化的企业管理机制，实现资源共享，构建"政府引导、企业主 导、产业协同"的 ...

Group 1 - The new joint venture marks an important step in the deepening cooperation between Dongfeng and Huawei, focusing on the manufacturing and sales of intelligent off-road vehicles under the Mengshi brand with a registered capital of 8.47 billion yuan [1][2] - The joint venture will utilize Dongfeng Group's intangible asset rights, including trademark rights, vehicle platform, and proprietary technology for intelligent driving, with production bases in Xiangyang, Wuhan, and Shiyan, each focusing on different vehicle types [1] - The establishment of the joint venture is expected to modernize the management and operational structure of Dongfeng Mengshi, aligning it more closely with new force brands, although there are currently no plans for an IPO [1] Group 2 - The joint venture will be structured based on market principles, establishing a flat and independent internal governance system, promoting resource sharing, and creating a new development mechanism that emphasizes government guidance, enterprise leadership, and industrial collaboration [2] - The collaboration between Dongfeng Mengshi and Huawei will deepen in areas such as intelligent automotive product development, marketing, and ecological services, entering a new model that is between the "HI" model and the "Smart Choice Car" model [2] - Huawei will open its processes and capabilities, while Dongfeng will integrate Huawei's IPD (Integrated Product Development) and IPMS (Integrated Product Marketing and Services) management methods with its existing processes for collaborative innovation [2]

Core Insights - In August 2025, 20 A and H-share listed automotive manufacturers reported a total vehicle sales of 1.9239 million units, representing a year-on-year increase of 18.59% and a month-on-month increase of 8.81% [1][5] - The total sales of new energy vehicles (NEVs) reached approximately 1.0365 million units, marking a year-on-year increase of 25.74% and achieving a penetration rate of about 55% [1][5] - Companies such as NIO, SAIC Motor, Great Wall Motors, and Qianli Technology saw significant acceleration in sales growth compared to July, while companies like Xpeng Motors, Geely, and Dongfeng Group experienced a slowdown in growth [1][3] Vehicle Sales Overview - The top three companies in terms of total vehicle sales in August were BYD with 373,626 units, SAIC Motor with 363,371 units, and Geely with 250,167 units [4][8] - SAIC Motor's sales increased by 41.04% year-on-year, with its subsidiary brands showing strong growth, particularly SAIC General which exceeded 170% growth for two consecutive months [5][9] - Dongfeng Group reported total vehicle sales of 160,111 units, a year-on-year increase of 29.35%, but a decline in growth rate compared to July [5] New Energy Vehicle Sales - BYD, Geely, and SAIC Motor led the NEV sales in August with 373,626, 147,347, and 129,771 units respectively [7][8] - Xpeng Motors showed a remarkable year-on-year growth of 168.66%, while companies like Ideal Auto and Jianghuai Auto reported a decline in sales [7][8] - The NEV sales growth for companies such as NIO and Qianli Technology increased by over 10 percentage points compared to July, while Xpeng Motors and Foton experienced a decline of over 50 percentage points [7]

Group 1 - Dongfeng Group announced an investment agreement to establish a joint venture with a registered capital of 8.47 billion yuan, focusing on the manufacturing and sales of smart off-road vehicles [2] - The new company will leverage Dongfeng's intangible asset rights, including model platforms and proprietary technology for intelligent driving, as well as the Hummer brand trademark [2] - The light off-road vehicle market is experiencing significant growth, with domestic sales of boxy models exceeding 769,000 units in 2024, growing at more than three times the industry average [4] Group 2 - Dongfeng aims to transition the Hummer brand from a niche market to a more mainstream audience, integrating Huawei's smart capabilities to build a competitive edge in the high-end new energy off-road sector [4] - Dongfeng Group is accelerating internal reforms to enhance resource integration, efficiency, and market expansion, including the establishment of Yipai Technology to consolidate its three major self-owned brands [4] - The company plans to privatize and delist while its subsidiary, Lantu Motors, will pursue a listing in Hong Kong, aiming to broaden financing channels and enhance international presence [5]

（文章来源：新京报） 公告显示，东风集团股份以无形资产使用权的形式出资35.5亿元，包括车辆制备专有技术资产组的许可 使用权，其中包含车型平台及智能驾驶专有技术资产组的许可使用权，以及猛士系列的商标权。东风汽 车有限公司以实物形式出资9.2亿元，包括有形资产（包含东风汽车有限公司用于生产特定车型之各类 模具资产等）及无形资产（包含东风汽车有限公司旗下特定车型之若干项目系统及流程等）。襄阳控股 及襄高投资分别以现金方式出资28.8亿元及11.2亿元。 从新合资公司股权占比来看，东风集团股份和东风汽车有限公司分别占合资公司的注册资本约41.9% 及 10.9%；襄阳控股及襄高投资分别占合资公司的注册资本34%及13.2%。 新京报贝壳财经讯（记者王琳琳）9月17日，东风集团股份发布公告称，东风集团股份与东风汽车有限 公司、襄阳控股及襄高投资订立投资协议，将通过出资方式共同成立合资公司。新合资公司注册资本为 84.7亿元，主要从事智能越野车辆的制造与销售。 ...