Core Viewpoint - Dongfeng Motor and Huawei are deepening their strategic cooperation to enhance innovation in enterprise governance and operations, focusing on the automotive industry's transformation towards electrification and intelligence [1][4]. Group 1: Strategic Cooperation - On September 22, Dongfeng Motor's Chairman Yang Qing met with Huawei's founder Ren Zhengfei and Executive Director Xu Zhijun to discuss strengthening strategic trust and cooperation [1]. - The two companies aim to explore new paths for industrial upgrading and will collaborate in product definition, intelligent technology, and marketing [1][4]. Group 2: Agreement Details - A comprehensive strategic cooperation agreement was signed on May 23, marking a significant upgrade in the collaboration between Dongfeng Motor and Huawei [4]. - The partnership will leverage Dongfeng's extensive automotive manufacturing and supply chain experience alongside Huawei's expertise in cloud computing, AI, and big data [5]. Group 3: Company Performance - Dongfeng Motor has produced and sold over 62 million vehicles since its establishment in 1969, contributing approximately 700 billion in taxes [5]. - By the end of 2024, Dongfeng Motor's total assets are projected to reach 470.39 billion, with a workforce of 117,000 [5]. - In 2024, Dongfeng Motor aims to sell 2.48 million vehicles, including 860,000 electric vehicles, reflecting a year-on-year growth of 64.4% [5].

Group 1 - Dongfeng Motor Group Co., Ltd. announced the establishment of a joint venture focused on the manufacturing and sales of smart off-road vehicles, in collaboration with Dongfeng Motor Co., Xiangyang Holdings, and Xiangao Investment [1][4] - The registered capital of the new joint venture amounts to 8.47 billion yuan, with Dongfeng Group contributing 3.55 billion yuan in the form of intangible asset usage rights, including proprietary technology for vehicle preparation and trademarks [4] - The shareholding structure of the joint venture includes Dongfeng Group holding 41.9%, Dongfeng Motor Co. at 10.9%, Xiangyang Holdings at 34%, and Xiangao Investment at 13.2% [4] Group 2 - The establishment of the new joint venture represents a significant move for Dongfeng in the smart off-road sector and is part of its deepening collaboration with Huawei [4] - The new company will engage in extensive cooperation with Huawei in areas such as smart vehicle product development, marketing, and ecosystem services, leveraging Huawei's integrated product development and marketing methodologies [4][5] - This collaboration is expected to enhance Dongfeng's capabilities in automotive intelligence and create differentiated competitiveness in the high-end new energy off-road market [5]

Group 1 - The core point of the article is the appointment of Zhang Zutong as the new board member and deputy secretary of the Party Committee at China First Heavy Industries Group Co., Ltd. (China First Heavy) [2] - Zhang Zutong has a rich background in Dongfeng Motor Group, having held various significant positions, including Vice General Manager and Party Committee Member [2] - China First Heavy, established in 1954, is a key state-owned enterprise in China, known for its achievements in nuclear island equipment supply and hydrogenation reactor supply for refining [2] Group 2 - Following the personnel adjustment, there are still seven members in the leadership team of Dongfeng Motor Group, with the general manager position remaining vacant for over seven months [3] - Zhang Zutong's transfer marks a new turning point in his career and introduces new variables for the development of both Dongfeng Motor Group and China First Heavy [3] - The future developments of both companies will be closely monitored by GPLP Rhino Finance [3]

杨青表示，东风汽车正积极推动新能源、智能化跃迁，将与华为持续深化战略协同，共同面对产业变革与市场挑战。任正非表示，汽车行业的根本是要把车 造好，车的最高级别就是安全。徐直军表示，华为将全力支持东风汽车转型发展。 每经记者｜孙桐桐 每经编辑｜余婷婷 据东风汽车官方消息，9月22日，东风汽车董事长、党委书记杨青赴深圳，与华为公司创始人任正非及华为公司徐直军会谈，双方围绕强化战略互信、深化 战略合作、推进企业治理与运营机制创新等议题进行了深入交流。 据了解，在"Hi"模式下，华为主要提供智能汽车解决方案，车企在产品定义和销售渠道上有较大自主权，双方在一些环节的协同深度有限；"智选车"模式 中，华为深度参与产品定义、设计以及销售渠道建设，车企的主导权在一定程度上受到影响。 东风汽车与华为探索的新模式，将在开发端进一步强化合作。华为将全面开放自身流程与体系能力，东风汽车将积极引入华为的先进管理方法，促进与现有 流程体系的协同与创新，双方将从项目初始阶段就展开紧密协作。 东风猛士方面认为，无论后续合作模式如何创新，可以肯定的是，在集团的整体部署下，东风猛士与华为将以更开放的姿态开展合作，向产品定义、营销以 及生态服务等方 ...

Core Insights - Dongfeng Motor and Huawei are deepening their strategic cooperation to enhance product definition, smart technology, and marketing efforts, aiming to explore new paths for state-owned enterprises in market-oriented operations [1][5][12] - The recent visit to Huawei by Dongfeng's chairman marks a significant step for the newly appointed CEO of Dongfeng Warrior Technology, indicating a focus on strengthening smart off-road capabilities [3][5] Strategic Cooperation - The partnership between Dongfeng and Huawei began in 2018 with a strategic agreement to develop next-generation smart connected electric vehicle technologies, which has evolved into a comprehensive cooperation agreement signed in May 2025 [5][12] - The collaboration aims to cover areas such as automotive intelligence, digital transformation, and ecosystem building, positioning Dongfeng Warrior as a leader in the smart off-road segment [5][12] Product Development - The first product resulting from this collaboration, the Warrior M817, was launched with significant market success, achieving a pre-sale record of 9,713 units in just one hour [7][9] - The M817 is recognized as a "black horse" in the market, combining Dongfeng's rugged off-road capabilities with Huawei's advanced smart technology [9][14] Innovation in Cooperation Models - The partnership is evolving towards a new cooperation model that integrates technology empowerment and system fusion, with both companies aiming to create a top-tier smart off-road product [10][12] - The M817 exemplifies this innovative collaboration, merging Dongfeng's robust off-road heritage with Huawei's cutting-edge intelligence, thus expanding the boundaries of both brands [10][14] Market Positioning - The M817 is positioned as the "smart off-road first vehicle," designed to meet diverse user needs for urban commuting, weekend adventures, and extreme long-distance travel [14][16] - Dongfeng Warrior aims to enhance its dual capabilities in smart and rugged performance, continuously developing high-quality smart off-road products to meet varied market demands [16]

Core Insights - The collaboration between Dongfeng Motor Group and Huawei is accelerating following the signing of a comprehensive strategic cooperation agreement on May 23, 2023, aimed at enhancing strategic trust and deepening cooperation [1] Group 1: Strategic Collaboration - Dongfeng and Huawei's partnership began in 2018, focusing on electric and connected vehicle technologies [1] - Significant breakthroughs in their collaboration are expected in 2024, with multiple agreements signed for deep technical cooperation, including the HI model [1] - The HI model is seen as having the greatest potential due to its non-involvement in the car company's leadership and clear channel advantages [1] Group 2: Product Development and Market Impact - The new Lantu Dreamer MPV, developed through this partnership, has received over 50,000 orders within 110 days of its launch, capturing the high-end MPV market priced above 350,000 yuan [2] - The M817 model, a luxury electric off-road vehicle, is the first to feature Huawei's advanced driving system and a centralized electronic architecture developed jointly by Dongfeng and Huawei [2] - The collaboration has also extended to Dongfeng's other brands, including a strategic agreement with Dongfeng Nissan to integrate Huawei's HarmonyOS cockpit [2] Group 3: New Joint Ventures and Future Prospects - A new joint venture was announced on September 17, 2023, focusing on the manufacturing and sales of smart off-road vehicles, with a registered capital of 8.47 billion yuan [2] - The joint venture aims to enhance the MANS brand and will operate alongside existing operations at Dongfeng Warrior Technology [2] - The successful launch of the M817 has validated the commercial value of combining Huawei's technology with Dongfeng's manufacturing capabilities, with over 3,700 pre-orders within five hours of launch [3] Group 4: Industry Transformation - The collaboration is expected to reshape the automotive industry's value logic, with Huawei's role extending beyond technology supply to deep ecosystem integration [3] - The introduction of Huawei's advanced product development and marketing systems is set to digitize the entire process from product definition to market delivery [3] - This model retains the brand's autonomy while integrating Huawei's core capabilities in smart driving and electric systems, providing a replicable paradigm for traditional automotive companies [3]

Group 1 - The State Intellectual Property Office of China has granted Dongfeng Motor Corporation a patent for a "RFID-based seat tray stacking and return system," with the authorization announcement number CN 118877410 B, and the application date is July 2024 [1] - Dongfeng Motor Corporation, established in 2001 and located in Wuhan, primarily engages in the automotive manufacturing industry [1] - The registered capital of Dongfeng Motor Corporation is 858,937,000 RMB [1] Group 2 - According to Tianyancha data analysis, Dongfeng Motor Corporation has made investments in 44 companies and has participated in 5,000 bidding projects [1] - The company holds 5,000 pieces of patent information and has 155 administrative licenses [1]

Core Insights - Dongfeng Motor Group has established Dongfeng Motor Group Yuechuang Technology Co., Ltd. to integrate R&D, manufacturing, and talent resources for high-tech and high-value components to support the electrification and intelligent transformation of vehicles [1] - Yuechuang Technology will serve as the main body and management entity for Dongfeng's component business, consolidating various subsidiaries and promoting integrated development [1][2] - The establishment of Yuechuang Technology follows the launch of the "Yuechuang Project" in July 2023, marking a significant step in the restructuring of Dongfeng's component business [1] Component Business Restructuring - The new company will manage existing functions of Dongfeng's component division and other related enterprises, aiming for resource pooling and strong collaboration [1] - Industry experts view this move as revitalizing the component division under Dongfeng Hongtai, creating a new strategic coordination platform [1][2] Battery Sector Expansion - On September 18, Dongfeng made significant advancements in the power battery sector with the groundbreaking of the supercharging battery project by Hubei Dongyu Xinshi New Energy Co., Ltd. in Yichang [1] - The project, a collaboration between Dongfeng and Xinwanda, has a total investment of approximately 12 billion yuan, focusing on R&D and manufacturing of power batteries for new energy vehicles [1] - The battery products will cover a range from 131Ah to 212Ah, catering to various vehicle types from A00-class small cars to medium and large SUVs, positioning Dongfeng as a core battery supplier for its new energy vehicles [1]

Investment Rating - The report maintains a positive outlook on the automotive industry, highlighting key investment opportunities in domestic leading manufacturers and component suppliers [3][5]. Core Insights - The automotive industry experienced a significant sales increase in Q2 2025, with total sales reaching 8.18 million units, a year-on-year growth of 11.6%. Passenger vehicle sales were 7.11 million units, up 13.0% year-on-year, while commercial vehicle sales were 1.07 million units, up 3.4% year-on-year [4][21]. - The report emphasizes the performance divergence among companies, particularly in the passenger vehicle sector, where companies like BYD faced margin pressures, while others like Great Wall and Seres showed strong performance [4][28]. - The report identifies key investment themes, including technology, mid-to-high-end market focus, and state-owned enterprise reforms, recommending companies such as NIO, Xiaomi, and Xpeng for investment [5][6]. Summary by Sections 1. Industry Overview - The automotive industry showed resilience with a total sales increase, driven by government policies and export growth, alleviating previous concerns about demand [21][4]. 2. Passenger Vehicles - Passenger vehicle sales reached 7.11 million units in Q2 2025, with exports contributing significantly to growth. The sector's revenue was 724.4 billion yuan, up 13.3% year-on-year, but net profit fell by 36.0% [26][28]. - The report notes that the performance of individual companies varied, with BYD experiencing profit pressure while others like Seres and Great Wall performed well [28][32]. 3. Components Sector - The components sector reported revenue of 374.4 billion yuan, a year-on-year increase of 6.8%, with net profit rising by 5.9%. The sector's resilience is attributed to global market expansion and increased efficiency [46][47]. - The report highlights the "Matthew Effect" in the components sector, where leading companies are better positioned to withstand market pressures due to diversified customer bases and global operations [47][46]. 4. New Energy Vehicles - New energy vehicle sales reached 3.86 million units in Q2 2025, marking a 37.0% year-on-year increase, with a penetration rate of 47.2%. The sector's revenue was 331.7 billion yuan, up 18.7% year-on-year [4][25]. 5. Commercial Vehicles - The commercial vehicle sector showed signs of recovery, with bus sales increasing by 5.3% year-on-year and truck sales slightly rebounding, although profitability remains under pressure [4][25].

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。 DONGFENG MOTOR CORPORATION* 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。 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。 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） DONGFENG MOTOR GROUP (WUHAN) INVESTMENT COMPANY LIMITED* 東 風 汽 車 集 團（武 漢） 投資有限公司 東風汽車集團股份有限公司 （於中華人民共和國註冊成立 ...