Core Viewpoint - Dongfeng Motor Group Co., Ltd. plans to transfer its entire 50% stake in Dongfeng Honda Engine Co., Ltd. amid the rapid growth of the electric vehicle market in China, which is approaching a 50% penetration rate for new energy vehicles [1] Group 1: Company Actions - Dongfeng Group intends to optimize and adjust its fuel vehicle asset structure to better support Honda's automotive strategy in China and accelerate its own transition to new energy [1] - The project for the stake transfer has been pre-listed at the Guangdong United Property Rights Exchange [1] Group 2: Financial Performance - In the first half of this year, Dongfeng Honda Engine reported revenue of approximately 3.8 billion yuan, a year-on-year decrease of 60%, but managed to turn a profit with a net income of about 371 million yuan [1] - The company has a workforce of 827 employees [1] Group 3: Market Context - The Japanese automotive industry, particularly fuel vehicles, is facing significant challenges in the Chinese market due to the increasing dominance of new energy vehicles [1] - Dongfeng Group's decision reflects a broader industry trend where both domestic and joint venture companies are adapting to the evolving automotive landscape [1]

当中国新能源汽车月渗透率逼近50%，以燃油车为代表的日系车企在华正面临严峻考验。8月18日，东 风汽车集团股份有限公司（下称"东风集团股份"）拟将持有的东风本田发动机有限公司（以下简称"东 本发动机"）50%股权全部转让，该项目已在广东联合产权交易中心预挂牌。 基于东本发动机的良好合作，东风与本田于2003年共同出资成立东风本田汽车，将合作从发动机等零部 件业务延伸至整车业务，并建立了整车和配套的发动机产线。从业务划分来看，东本发动机与东风本田 汽车相互独立。而关于东本发动机是否会被广汽本田接盘，广汽本田暂未表态。 近年来，本田在华主要的两大合资伙伴东风集团、广汽集团频频加码自主新能源品牌建设。在东本发动 机即将易主前，本田在华两大合资整车公司广汽本田、东风本田已在2024年停产休业两条燃油车生产 线，并在广州、武汉建起全新的电动车工厂。此番调整后，本田在华汽车产能降至144万辆。 彼时，本田公司发言人表示，上述调整是本田响应中国市场变化的一部分，随着中国新能源汽车市场快 速发展，本田正面临来自中国自主品牌的强烈竞争压力。今年上半年，本田在华已陆续推出烨品牌首发 车型：广本P7、东本S7，但两款电动车未能给本 ...

本田在华销量已连跌5年。 东风集团股份相关人士告诉第一财经记者，基于有关部门对汽车央企新能源业务单独考核，东风对新能 源盈利的压力稍缓，将更多资源倾向自主新能源，从体制机制层面大胆创新，同时帮助合资品牌电动化 转型。现阶段，东风集团股份对东本发动机发展的历史任务已经暂告一段落。 东本发动机发展历程，与广州汽车产业和本田在华发展密不可分。1998年，广州轿车项目通过"一个项 目，两家公司，三方合作"的合作模式，开启整车及发动机事业。具体而言，广汽本田负责整车业务， 东本发动机负责发动机总成及其零部件业务。两家公司为合作配套关系，由前者向后者供应发动机及零 部件。 基于东本发动机的良好合作，东风与本田于2003年共同出资成立东风本田汽车，将合作从发动机等零部 件业务延伸至整车业务，并建立了整车和配套的发动机产线。从业务划分来看，东本发动机与东风本田 汽车相互独立。而关于东本发动机是否会被广汽本田接盘，广汽本田暂未表态。 近年来，本田在华主要的两大合资伙伴东风集团、广汽集团频频加码自主新能源品牌建设。在东本发动 机即将易主前，本田在华两大合资整车公司广汽本田、东风本田已在2024年停产休业两条燃油车生产 线，并在广 ...

Core Viewpoint - The article discusses the financial support and subsidy distribution for the electric vehicle (EV) industry in China from 2016 to 2020, highlighting the significant disparities among various automakers and regions in terms of subsidy amounts received and the subsequent adjustments made during the final audit process [2][4]. Summary by Sections Subsidy Distribution - From 2016 to 2020, the Ministry of Industry and Information Technology (MIIT) issued a total of 16.5 billion yuan in subsidies for the promotion of EVs [2]. - Beijing New Energy Vehicle Company received approximately 555.55 million yuan, accounting for over 30% of the total subsidies, while BYD received only 15.74 million yuan, representing less than 1% [2][6]. Regional Analysis - Six regions received over 100 million yuan in subsidies, with Beijing leading at over 700 million yuan, followed by Zhejiang with approximately 303 million yuan [4][11]. - Guizhou province did not receive any subsidies during this period [4]. Subsidy Reduction - The article highlights the significant subsidy reductions faced by several automakers, with Chery Automotive experiencing the highest reduction of approximately 237 million yuan [4][7]. - The main reasons for subsidy reductions included non-compliance with documentation requirements and discrepancies in vehicle registration [4][7]. Comparison Among Automakers - Among the major automakers, Dongfeng Motor Group received 255.9 million yuan, making it the only state-owned enterprise to exceed 100 million yuan in subsidies [6]. - In contrast, Tesla received only 3.59 million yuan, and its subsidies were reduced by 761.45 million yuan during the final audit [9][6]. Future Trends - The article notes that the focus is shifting towards enhancing EV technology, with new requirements for tax exemptions set to take effect in 2024 [14][15]. - The expected growth in EV sales from 2021 to 2024 is projected to be significant, with a compound annual growth rate of 38.2% [15].

相关数据显示，东风本田发动机2025年上半年营业收入为38.07亿元，净利润3.71亿元。 （文章来源：中国经营报） 8月18日，广东联合产权交易中心披露，东风汽车集团股份有限公司（以下简称"东风汽车集团"）拟出售东风本田发动机有限公司（以下简称"东风本田发动 机"）50%股权。 《中国经营报》记者注意到，目前上述项目处于预挂牌阶段，转让底价也待定，挂牌截止日为9月12日。根据公告显示，东风本田发动机有三大股东，分别 是东风汽车集团、本田技研工业株式会社、本田技研工业（中国）投资有限公司，分别持股为50%、40%、10%。 东风相关负责人告诉记者，东风本田发动机成立于1998年，由东风和本田共同出资，主要为广汽本田汽车有限公司供应发动机及零部件。"当前，伴随中国 NEV市场的持续扩大，自主及合资事业都将面临更多的市场挑战，我们希望能优化与调整自身的燃油车资产结构，更好地支持Honda中国的汽车事业战略部 署。此次股权出售也有利于东风加快新能源转型。" ...

Core Insights - Dongfeng Mengshi M817 has been launched with a price range of 319,900 to 349,900 yuan, featuring two models [1][3] - The vehicle is positioned as a mid-to-large plug-in hybrid SUV with a robust design and advanced technology [4][6] Vehicle Specifications - The Mengshi M817 features a non-load-bearing body structure, with dimensions of 5100×1998×1899/1919mm and a wheelbase of 3005mm [4] - Interior design includes a family-style layout with a focus on off-road convenience, offering a trunk capacity of 828L, expandable to 2112L [6][7] Features and Technology - The vehicle is equipped with Nappa leather seats, heated and ventilated front seats, and advanced audio systems, including an 18-speaker setup [7] - It incorporates Huawei ADS 4 for advanced driver assistance, featuring 192-line lidar and 4D millimeter-wave radar for enhanced safety [7][9] Performance Metrics - The M817 is powered by a 145kW 1.5T engine combined with a dual-motor system, achieving 0-100 km/h in 5.2 seconds, with a pure electric range of 140 km and a combined range of 1300 km [9][11] - Off-road capabilities include an approach angle of 31°, departure angle of 31°, and a minimum ground clearance of 237mm [11] Market Reception - The vehicle has shown strong market interest, with 3,700 units reserved within 5 hours of the launch, indicating its potential to break into new market segments [13] - The Xiangjie S9T has also begun pre-sales at a starting price of 328,000 yuan, expanding the product lineup [13] Additional Model Insights - The Xiangjie S9T maintains the design of the S9 while enhancing trunk capacity to 660L, with dimensions of 5160×2005×1492mm [15] - It features similar advanced driver assistance technology and offers both range-extended and pure electric versions, with the latter providing a range of up to 801 km [17][18] Strategic Importance - The introduction of the Xiangjie S9T aims to strengthen the Huawei HarmonyOS ecosystem and fill gaps in the product matrix, reflecting the company's commitment to innovation in the electric vehicle market [20]

Core Viewpoint - The launch of the Mengshi M817, a luxury smart off-road SUV developed by Dongfeng Motor Group's Mengshi Automotive Technology Company in collaboration with Huawei, aims to redefine the standards of intelligent off-road vehicles in China, focusing on user needs and integrating advanced technology [1][5]. Group 1: Product Features - The Mengshi M817 is designed with a "five full" capability, providing a comprehensive travel solution that adapts to urban and off-road environments, thus setting a new benchmark for intelligent off-road value [5]. - It features Huawei's QianKun Intelligent Driving ADS 4, which supports P2P 2.0 functionality for parking, and NCA navigation assistance to handle various urban driving scenarios [5]. - The vehicle is equipped with VMC intelligent chassis control technology, enhancing comfort and precision in driving, along with CDC continuous damping variable shock absorbers that adjust damping 500 times per second to filter bumps effectively [5]. - The Mengshi M817 offers nine driving modes for different terrains, including rock, sand, and mud, ensuring versatility across various conditions [5]. - It includes over 20 customization interfaces for modifications in appearance, lighting, loading, towing, all-terrain capability, rescue, and entertainment [5]. Group 2: Testing and Certifications - The Mengshi M817 has undergone over 10 million kilometers of rigorous testing, exceeding the off-road vehicle testing standards by 1.5 times, covering extreme conditions such as high temperatures, cold climates, and high altitudes [5]. - It has received multiple safety certifications, including the "TOP Safety" certification from the China Automotive Center and the "Super Crash" certification from China Automotive Research [6]. - The off-road engine has been awarded the "Highland Power Star" certification, and the hybrid system has achieved "S-level reliability" certification for new energy vehicle hybrid systems [6]. - The vehicle's battery safety has been validated through the NESTA six-dimensional electric safety certification, recognized as the most comprehensive and stringent testing standard in the industry [6].

Macro Dynamics - The Chinese Foreign Ministry expressed support for efforts that contribute to a peaceful resolution of the crisis, welcoming continued contact between Russia and the United States to improve relations and promote a political solution to the Ukraine crisis [2] Trade and Regulatory Updates - The Ministry of Commerce announced an extension of the anti-subsidy investigation period for imported dairy products originating from the EU until February 21, 2026, due to the complexity of the case [3] - The Shanghai Stock Exchange reported that 64 companies have been listed this year, with a total fundraising amount of 648.21 billion yuan, including 342.33 billion yuan from 15 IPOs on the main board [4] Market Data - A-shares saw a collective increase, with the Shanghai Composite Index rising by 0.85%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 2.84%. The total trading volume reached approximately 27,641.63 billion yuan, an increase of about 5,195.51 billion yuan from the previous trading day [12] - The Hong Kong stock market closed with the Hang Seng Index down 0.14% while the Hang Seng Tech Index rose by 0.82% [13] Company Dynamics - Chen Rui resigned as the legal representative of two Bilibili-related companies, with Huang Shengsheng taking over [14] - Dongfeng Group plans to sell a 50% stake in Dongfeng Honda Engine Company, currently in the pre-listing stage, with the listing deadline set for September 12 [15] - China Shipbuilding Industry Corporation announced that the Shanghai Stock Exchange has accepted its application for voluntary termination of stock listing [16] - The total box office for the 2025 summer movie season has surpassed 10 billion yuan, with "Nanjing Photo Studio," "Wang Wang Mountain Little Monster," and "Lychee of Chang'an" leading the box office rankings [17]

Group 1 - Dongfeng Motor Group Co., Ltd. is selling its 50% stake in Dongfeng Honda Engine Co., Ltd. to accelerate the company's transition to new energy vehicles [1][3] - Dongfeng Honda Engine Co., Ltd. was established in 1998 and is jointly owned by Dongfeng Motor Group (50%), Honda Motor Co., Ltd. (40%), and Honda Motor (China) Investment Co., Ltd. (10%) [3] - In 2024, Dongfeng Honda Engine is projected to generate revenue of 9.566 billion yuan, with a net loss of 228 million yuan, while in the first half of the year, it achieved a revenue of 3.807 billion yuan and a net profit of 371 million yuan, marking a turnaround [3][5] Group 2 - Honda's sales in China for 2024 are expected to be 850,000 units, a decrease of one-third compared to the previous year, marking the first time in nine years that sales have fallen below 1 million units [3][5] - Honda is facing challenges in the Chinese market, prompting a restructuring and a shift towards electric vehicles, with plans for 70% of new models in 2024 to be electric [5][6] - Dongfeng Honda Engine's production capacity for fuel vehicle engines has been halved, representing 30% of its fuel engine production in China [5]

格隆汇8月18日｜据蓝鲸新闻，就东风汽车集团股份有限公司将出售东风本田发动机有限公司50%股权 一事，东风集团方面今日回应称，"当前，伴随中国NEV（新能源汽车）市场的持续扩大，自主及合资 事业都将面临更多的市场挑战，我们希望能优化与调整自身的燃油车资产结构，更好地支持Honda中国 的汽车事业战略部署。同时，此次股权出售也有利于DFG（东风）加快新能源转型。"其并称，东本发 动机成立于1998年，由东风和本田共同出资，主要为广汽本田汽车有限公司供应发动机及零部件。 ...