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聯合公告 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， 概不對因本聯合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。 DONGFENG MOTOR CORPORATION* 東風汽車集團有限公司 （一間 於中華 人民 共和 國註冊 成立的 有限 公司） 本 聯 合 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。 本 聯 合 公 告 之 全 部 或 部 分 內 容 不 得 在、向 或 從 任 何 將 構 成 違 反 其 適 用 法 律 或 法 規 之 司 法 權 區 發 佈、刊 發 或 派 發。 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） DONGFENG MOTOR GROUP COMPANY LIMITED* DONGFENG MOTOR GROUP (W ...

Chinese state-owned automaker, Dongfeng Motor Group, and technology giant Huawei Technologies Company, have announced that they plan to strengthen their collaboration in the electric vehicle (EV) segment, following a top-level meeting in Shenzhen this week. Dongfeng Motor chairman, Yang Qing, and Huawei founder and CEO, Ren Zhengfei, met to formalize their enhanced collaboration, covering areas such as in-vehicle software platforms, advanced driver-assist systems (ADAS) and AI-driven applications. The tw ...

Sales Performance - Dongfeng Motor Group sold approximately 823,900 vehicles in the first half of 2025, a year-on-year decrease of 14.7%, with sales revenue reaching 54.533 billion yuan, an increase of 6.6%[6] - Sales of self-owned passenger vehicles increased by 17.5% year-on-year to 221,000 units, with a gross margin of 13.1%, up 4.1 percentage points[7] - New energy vehicle sales reached 204,400 units, a year-on-year increase of 33.0%, with their share of total sales rising by 8.9 percentage points[7] - The high-end new energy brand, Lantu, achieved a remarkable year-on-year sales growth of 84.8%[8] - The group exported 99,000 vehicles in the first half of 2025, marking a year-on-year increase of 5.8%[9] - The company anticipates a total vehicle sales volume of 33.02 million units for the year 2025, representing a year-on-year growth of 5%[24] - New energy vehicle sales are projected to reach 1.615 million units in 2025, reflecting a year-on-year increase of 25.5%[24] - The company reported a significant increase in new energy vehicle penetration rate to 44.3%, up by 3.4 percentage points compared to the end of 2024[22] Financial Performance - The gross profit was 7.599 billion yuan, reflecting a year-on-year growth of 28.0%, and the gross margin improved by 2.3 percentage points to 13.9%[6] - The company achieved a sales volume of approximately 823,900 units, a year-on-year decrease of 14.7%, while sales revenue reached approximately RMB 54.533 billion, an increase of 6.6%[51] - The passenger vehicle segment generated sales revenue of approximately RMB 25.279 billion, up 17.27% from RMB 21.556 billion in the same period last year[55] - The commercial vehicle segment reported sales revenue of approximately RMB 25.910 billion, a slight decrease of 0.98% from RMB 26.166 billion year-on-year[57] - The automotive finance segment reported revenue of approximately RMB 2.856 billion, a slight decrease of 0.31% from RMB 2.865 billion year-on-year[58] - The company's attributable profit for the first half of 2025 was approximately RMB 55 million, a decrease of about RMB 629 million or 92.0% year-on-year, with a net profit margin of 0.1%[75] - The net loss for the period was RMB 101 million, compared to a profit of RMB 40 million in the previous year[94] - Total revenue for the six months ended June 30, 2025, was RMB 54,533 million, an increase from RMB 51,145 million for the same period in 2024, representing a growth of approximately 4.67%[118] Research and Development - R&D investment intensity for self-owned brands continues to grow, with over 20,000 valid patents accumulated, leading the industry in innovation[9] - The launch of the "Tianyuan Intelligent" technology brand aims to enhance the smart driving and smart cabin experience, with new models featuring advanced AI technologies[11] - The establishment of the Dongfeng Yipai Automotive Technology Company aims to integrate core resources across brands, enhancing efficiency in R&D, manufacturing, and sales[11] Market Strategy - Dongfeng Motor Group is committed to high-quality development, focusing on innovation-driven strategies and aiming to become a world-class automotive enterprise[12] - The company is actively pursuing the development of its automotive finance business, which has increasingly supported its vehicle sales operations[17] - Dongfeng Motor Group's strategic initiatives include enhancing its innovation capabilities and expanding its presence in the new energy vehicle market and overseas markets[24] - The company plans to establish overseas subsidiaries in Mexico and the Middle East, as well as a design center in Europe and Japan[32] Corporate Governance - The company is currently undergoing a board restructuring process, with the aim of ensuring continuity in its senior management team[27] - The board of directors consists of 6 members, including 3 independent non-executive directors, complying with the listing rules[29] - Three board meetings were held in the first half of 2025, discussing key matters including the 2024 financial report and profit distribution plan[30][32] - The company did not recommend an interim dividend for the six months ended June 30, 2025, compared to RMB 0.05 per share for the same period in 2024[39] Assets and Liabilities - Total assets as of June 30, 2025, were approximately RMB 317.786 billion, a decrease of about RMB 7.266 billion or 2.2% from the end of the previous year[76] - Total liabilities as of June 30, 2025, were approximately RMB 163.847 billion, a decrease of about RMB 6.408 billion or 3.8% from the end of the previous year[77] - Current liabilities decreased to RMB 133,330 million from RMB 143,007 million at the end of 2024, indicating improved liquidity management[97] - Non-current liabilities increased to RMB 30,517 million as of June 30, 2025, up from RMB 27,248 million at the end of 2024, representing an increase of 8.4%[99] Cash Flow - Cash and cash equivalents net outflow for the first half of 2025 was approximately RMB 13.834 billion, with operating activities contributing a net outflow of RMB 9.440 billion[80] - Cash flow from operating activities showed a significant outflow of RMB 9,440 million for the six months ended June 30, 2025, compared to an inflow of RMB 494 million in the same period of 2024[103] - Total cash and cash equivalents decreased to RMB 33,582 million as of June 30, 2025, down from RMB 60,561 million at the end of 2024, a decline of 44.5%[105] Related Party Transactions - The company purchased automotive parts and raw materials from related parties totaling RMB 7,934 million for the six months ended June 30, 2025, an increase of 14.5% from RMB 6,927 million in the same period of 2024[142] - The company sold vehicles to related parties amounting to RMB 723 million for the six months ended June 30, 2025, up from RMB 339 million in the same period of 2024[144] - The company reported related party service purchases of RMB 1,241 million for the six months ended June 30, 2025, compared to RMB 1,101 million in the same period of 2024[143] Financial Position - The total equity attributable to equity holders of the parent decreased to RMB 148,491 million from RMB 149,290 million, a decrease of 0.5%[100] - The company’s retained earnings increased slightly to RMB 117,242 million from RMB 117,189 million, reflecting a marginal growth of 0.05%[100] - The fair value of financial assets as of June 30, 2025, totaled RMB 27,746 million, compared to RMB 25,769 million as of December 31, 2024, indicating an increase of approximately 7.7%[153]

Core Insights - Lantu Automotive is accelerating its efforts to list on the Hong Kong Stock Exchange, with significant management changes indicating a new strategic direction [1][3][4] Management Changes - On September 22, Lantu Automotive completed a major personnel adjustment, with CEO Lu Fang also taking on the roles of legal representative and chairman, while former chairman You Zheng stepped down [1] - Several board members, including Qin Xuanyuan and Qin Sheng, have exited, while six new directors have been appointed, marking a significant shift in the company's governance structure [2] Strategic Implications - The management restructuring is seen as a precursor to Lantu's upcoming IPO, aligning with Dongfeng Group's transition to an "investment company" role [3] - Dongfeng Group announced it would distribute its 79.67% stake in Lantu to shareholders, facilitating Lantu's introduction to the Hong Kong market and the privatization of Dongfeng Group [3] Financial Performance - Lantu Automotive has shown strong growth, delivering 81,768 vehicles from January to August, a 92% increase year-on-year [8] - The company is nearing profitability, with a significant reduction in net losses, from a tax-adjusted loss of 14.72 billion yuan in 2023 to an expected 1.8 million yuan in 2024 [8]

Core Insights - The automotive industry is experiencing a significant performance divergence among companies in the first half of 2025, with some achieving growth in both revenue and net profit, while others face declines in both metrics [1][4]. Revenue and Profit Performance - Among 16 A/H share listed automotive companies, 11 reported revenue growth, and 9 achieved profitability, with over half of the companies being profitable [1][4]. - BYD leads the industry with revenue of 371.281 billion yuan, a year-on-year increase of 23.3%, and a net profit of 15.511 billion yuan, up 13.79% [3][4]. - Traditional automakers like Geely, Great Wall, and SAIC maintained net profits above 6 billion yuan, but all experienced approximately 10% declines in net profit [1][4][5]. - The overall automotive industry revenue reached 509.17 billion yuan, a year-on-year increase of 8%, while costs rose by 9% to 447.8 billion yuan, resulting in a profit of 24.44 billion yuan, up 3.6% [4]. Company-Specific Insights - Geely's revenue grew by 27% to 150.285 billion yuan, but net profit fell by 13.9% to 9.29 billion yuan, attributed to a previous asset sale in 2024 [4][5]. - Great Wall's revenue was 92.335 billion yuan, a slight increase of 0.99%, with net profit declining by 10.21% to 6.337 billion yuan [5]. - Changan, Dongfeng, and GAC faced performance pressures due to challenges in joint ventures, with Changan's revenue down 5.25% to 72.691 billion yuan and net profit down 19.09% to 2.291 billion yuan [5][6][7]. - GAC reported a revenue decline of 7.95% to 42.166 billion yuan and a net loss of 2.538 billion yuan, a significant drop of 267.39% [7]. New Energy Vehicle Collaborations - Companies collaborating with Huawei on the "Five Realms" brand, particularly Seres, have shown significant performance improvements, with Seres achieving a net profit increase of 81.03% to 2.941 billion yuan [8][9]. - Other companies like BAIC Blue Valley and Jianghuai faced challenges, with Jianghuai's revenue down 9.1% to 19.36 billion yuan and a net loss of 777 million yuan, marking a 356.89% decline [9]. Emerging Players Performance - Among the new energy vehicle startups, Li Auto continues to lead with a revenue of 56.17 billion yuan, down 2%, and a net profit of 1.743 billion yuan, up 2.8% [13][14]. - Xpeng and NIO reported revenues of 34.09 billion yuan and 31.043 billion yuan, respectively, with Xpeng showing a significant growth of 132.51% [13][14]. - Leap Motor achieved its first half-year profit of 33 million yuan, while NIO and Xpeng continue to struggle with profitability [13][14]. Market Trends and Future Outlook - The overall market is seeing a shift towards high-end models, with Seres' high-end models leading sales in their respective price segments [8]. - Companies are focusing on cost control and operational efficiency to improve profitability, with NIO implementing a comprehensive cost reduction plan [14].

Core Insights - The rapid development of Dongyu Xinseng is highlighted by the launch of its supercharging battery project and the production of its 20 millionth battery cell in less than two years [2][3] - The collaboration between XWANDA Power and Dongfeng Motor Group emphasizes a co-creation model that involves deep interaction with end-users to drive product development [2][4] - The integration of smart manufacturing technologies, including 5G, IoT, and AI, has significantly enhanced production quality and efficiency, achieving over 98% improvement compared to traditional automation [3] Company Development - Dongyu Xinseng has achieved a remarkable increase in production capacity, with the sales of the Dongfeng Nissan N7, equipped with its batteries, rising from 665 units in April to over 10,000 units in August [2] - The company has been recognized as a model for new productive forces in the manufacturing sector, being listed in the Ministry of Industry and Information Technology's 5G factory directory [3] Product Innovation - The supercharging battery project aims to provide efficient, safe, and reliable power battery solutions, addressing user concerns regarding charging speed, range, and performance in low temperatures [4] - XWANDA Power has a strong foundation in supercharging technology, having launched the industry's first 4C supercharging battery in September 2022 and the 12C flash charging battery 4.0 in May 2023 [4] Market Strategy - The company emphasizes a diversified market approach, enhancing its resilience against risks and providing new growth momentum through stable mass application of its products [5] - The focus on differentiated positioning, standardized applications, and the integration of new technologies like supercharging and future solid-state batteries is crucial for maintaining competitive advantage [5] Future Outlook - With the new project launch, Dongyu Xinseng's production capacity is set to expand further, aiming for continuous product upgrades and iterations to ensure sustained competitiveness [5] - The partnership model leverages XWANDA's nearly 30 years of lithium battery technology experience and Dongfeng's market insights, fostering collaborative innovation in the Chinese electric vehicle industry [5]

Core Viewpoint - Dongfeng Motor Corporation and Huawei are strengthening their strategic cooperation to address industry challenges and promote innovation in corporate governance and operations [1][3] Group 1: Strategic Cooperation - Dongfeng Motor and Huawei have a history of deepening cooperation over the years, focusing on industry competition and corporate mechanism innovation [3] - Both companies are committed to enhancing strategic collaboration to face industrial transformation and market challenges [3] Group 2: Industry Focus - Dongfeng is actively promoting the transition to new energy and intelligent vehicles, indicating a shift in industry focus [3] - Huawei emphasizes the importance of vehicle safety as a fundamental aspect of the automotive industry [3] Group 3: Management and Talent Development - Discussions included topics on comprehensive strategic cooperation, corporate management, and talent cultivation [3] - Huawei expressed full support for Dongfeng's transformation and development efforts [3]

Core Insights - Dongfeng Motor and Huawei are deepening their strategic cooperation, focusing on product definition, intelligent technology, and marketing, aiming to innovate corporate governance and operational mechanisms [2] - The partnership is expected to pave the way for a new market-oriented operational path for state-owned enterprises, particularly for the newly appointed CEO of Dongfeng's Manly Automotive Technology [2] Group 1: Collaboration Success - The collaboration between "Iron Blood Manly" and "Full Blood Huawei" has shown initial success with the Manly M817, which achieved a pre-sale record of 5,257 units in 30 minutes and 9,713 units in one hour [3] - The M817 has become a "breaker" in the niche market, demonstrating the effectiveness of the collaborative model that combines the rugged off-road capabilities of Manly with Huawei's advanced intelligent technology [3][5] Group 2: Industry Transformation - The partnership represents a significant shift in the Chinese electric vehicle industry from scale competition to quality competition, serving as a reference for industry transformation [6] - The success of the Manly M817 illustrates that a strong alliance between manufacturing and technology leaders can overcome technical bottlenecks and create high-end products with core competitiveness and market appeal [6] Group 3: Future Outlook - The strategic cooperation between Manly and Huawei is closely aligned with industry development trends, with the M817's sales reflecting current market demands and the exploration of new collaboration models indicating future directions [8]

Core Insights - Dongfeng Motor and Huawei are deepening their collaboration, focusing on strategic trust, operational innovation, and product development in the automotive sector [2][5][6] - The appointment of Wan Liangyu as CEO of Warrior Technology marks a significant leadership change, emphasizing the importance of the partnership with Huawei [3][4] - The "New Warrior" project, a joint venture involving Dongfeng, Huawei, and the Xiangyang government, aims to manufacture and sell smart off-road vehicles with a registered capital of 8.47 billion yuan [5] Group 1: Strategic Collaboration - Dongfeng and Huawei are set to collaborate on product definition, smart technology, and marketing, aiming to explore new market-oriented operational paths [2][5] - The partnership is expected to enhance the capabilities of Warrior Technology, leveraging Huawei's advanced management systems and sales strategies [5][6] Group 2: Leadership and Development - Wan Liangyu, a long-time member of the Dongfeng system, has been appointed as the new CEO of Warrior Technology, highlighting the company's commitment to innovation and collaboration with Huawei [3][4] - Wan expressed enthusiasm about the collaboration, indicating that discussions with Huawei have provided clearer insights into the integration of smart and electric technologies [3] Group 3: Product Innovation - The collaboration between Warrior Technology and Huawei began in 2024, leading to the launch of the Warrior M817, which features Huawei's advanced automotive solutions [4] - The M817 is marketed as the most technologically advanced off-road vehicle, showcasing the integration of Huawei's smart driving and communication technologies [4]

Core Insights - Dongfeng Motor and Huawei are deepening their strategic cooperation, focusing on enhancing brand and technology synergy, and exploring new operational models [1][2][5] Group 1: Strategic Cooperation - Dongfeng's Chairman Yang Qing met with Huawei's founder Ren Zhengfei and rotating chairman Xu Zhijun to discuss strengthening strategic trust and cooperation [1][2] - The collaboration aims to address industry competition and innovate corporate mechanisms, with a focus on new energy and intelligent transformation [2][5] - Dongfeng and Huawei plan to integrate Huawei's IPD and IPMS processes into Dongfeng's operations, enhancing product definition and market feedback [5][7] Group 2: New Business Models - The partnership may lead to the development of a new model based on the "Hi" model and "Smart Selection Car" model, enhancing the competitive edge of the Mengshi M817 in the smart off-road market [1][5] - A new joint venture was announced, with a registered capital of 8.47 billion yuan, aimed at developing and selling smart vehicles, indicating preparations for the upgraded collaboration with Huawei [6][7] Group 3: Historical Context and Future Directions - The collaboration between Dongfeng and Huawei dates back to 2018, with significant milestones including the launch of the Mengshi M817 and a comprehensive strategic cooperation agreement signed in May [7][8] - The partnership is evolving from technical empowerment to systemic integration, with both companies committed to creating top-tier smart off-road products [8][9]