Core Viewpoint - Dongfeng Motor Group Co., Ltd. reported a total revenue of RMB 106.197 billion for 2024, a 6.9% increase from RMB 99.383 billion in 2023, driven by growth in passenger vehicle sales, particularly in self-owned and new energy vehicles [1] Financial Performance - Total revenue for 2024: RMB 106.197 billion, up 6.9% from RMB 99.383 billion in 2023 [1] - Gross profit reached RMB 13.585 billion, a 38.2% increase from the previous year, with gross margin rising from 9.9% in 2023 to 12.8% in 2024 [4] - The company achieved a profit attributable to equity holders of RMB 0.58 billion, recovering from a loss of RMB 38.87 billion in the previous year [4] - The debt-to-asset ratio remained stable at 52.4%, indicating a healthy financial position [4] - Operating cash flow increased by 88.0%, with the operating cash ratio improving by 7.1 percentage points to 16.4% [4] Sales Performance - Total sales volume for 2024 was 1.8959 million units, a decline of 9.2% year-on-year [4] - Joint venture sales fell by 9.2%, with Dongfeng Nissan's sales down 12.7% to 631,200 units and Dongfeng Honda's sales down 29.2% to 428,200 units [4] - Self-owned vehicle sales, however, grew by 26.4% to 438,900 units, with high-end new energy brand Lantu achieving a 59.3% increase in sales to 80,100 units [4] Strategic Initiatives - The company plans to double its investment in new energy research and development, with over 60% of R&D focused on new energy and 80% on passenger vehicles [5] - By 2025, multiple new models and technologies will be launched across various brands, including Lantu's introduction of four or more new or updated models [5] - Dongfeng Nissan is set to launch five new energy models, including the first pure electric vehicle, Nissan N7 [6] - The company aims to achieve a total sales target of 3 million units in 2025, with 500,000 units planned for overseas export [6] Corporate Restructuring - There is no confirmed announcement regarding the restructuring between Dongfeng Motor and Changan Automobile, despite market speculation [7]

Group 1 - Dongfeng Group reported a revenue of 106.197 billion yuan for the fiscal year 2024, an increase of 6.86% year-on-year, with a net profit attributable to shareholders of 58 million yuan, reversing a loss of 3.887 billion yuan from the previous year [1] - The company sold approximately 1.8959 million vehicles during the period, a decrease of 9.2% year-on-year, while sales of self-owned passenger vehicles increased by 26.4% to 438,900 units, with a gross margin improvement of 8.4 percentage points [1] - New energy vehicle sales reached approximately 394,600 units, a year-on-year increase of 13.4%, with the proportion of new energy sales in total sales rising by 4.1 percentage points [1] Group 2 - Dongfeng's new energy vehicle segment is gaining momentum, with the launch of 7 new and 2 updated self-owned passenger car models, and 7 commercial vehicle models throughout the year [2] - The Dongfeng Lantu brand achieved over 10,000 units in sales for four consecutive months, with the Dreamer model becoming the top seller in the new energy MPV market [2] - The company has made significant advancements in smart technology, with a 77% adoption rate of L2+ level autonomous driving in self-owned passenger vehicles and the launch of the industry’s first self-controlled high-performance automotive-grade MCU chip [3]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 106,197 million, an increase of 6% from RMB 99,383 million in 2023[5] - Gross profit for the same period was RMB 13,585 million, up 38% from RMB 9,833 million in 2023[5] - The net loss for the year was RMB 1,222 million, significantly improved from a net loss of RMB 6,703 million in 2023[5] - Basic and diluted loss per share for the year was RMB 0.70, compared to a loss of RMB 45.66 per share in the previous year[5] - Other income for the year was RMB 7,016 million, an increase of 68% from RMB 4,161 million in 2023[5] - The company reported a significant reduction in financial asset impairment losses, down to RMB 631 million from RMB 1,144 million in 2023[5] - The company reported a significant increase in revenue, with total sales reaching 8.6 billion RMB, reflecting a growth of 16% year-over-year[17] - The company achieved a net profit of 1.17 billion currency units, with earnings per share at 5.07 currency units, marking a 14% increase compared to the previous year[13] - The company reported a total vehicle sales of approximately 1.8959 million units, a decrease of 9.2% year-on-year[67] - The company reported a net loss of RMB 7,193 million for the year, with significant contributions from the commercial vehicle and passenger vehicle segments[43] Assets and Liabilities - Total assets decreased to RMB 325,052 million from RMB 336,430 million in 2023[9] - Current liabilities increased to RMB 143,007 million from RMB 137,341 million in 2023[9] - Non-current liabilities decreased to RMB 27,248 million from RMB 38,373 million in 2023[10] - Total equity decreased from 160,716 million to 154,797 million, a decline of approximately 3.7%[11] - Total liabilities and equity decreased from 336,430 million to 325,052 million, reflecting a reduction of about 3.4%[11] - The total issued share capital slightly decreased from 8,302 million to 8,253 million[11] - Retained earnings remained relatively stable, decreasing from 117,762 million to 117,189 million[11] - Total assets for the company amounted to RMB 336,430 million, with liabilities totaling RMB 175,714 million[43] Market and User Growth - User base reached 19.8 million, representing a 99% market penetration among targeted demographics[13] - The company plans to expand its market presence by targeting an additional 5 million users in the next fiscal year[13] - The user base expanded to 3.3 million active users, marking a 14% increase compared to the previous year[16] - The penetration rate of new energy vehicles reached 40.9%, with sales of new energy vehicles increasing by 13.4% year-on-year[66] - The company aims for its self-owned brand passenger vehicles to account for 70% of total sales in the future[84] Strategic Initiatives - The company is investing 250 million currency units in research and development for new technologies[13] - A strategic acquisition is in progress, which is anticipated to enhance the company's market share by 10%[13] - The company plans to launch three new electric vehicle models in the upcoming fiscal year, aiming to capture a larger market share[18] - The company plans to focus on three transitions: new energy, intelligence, and internationalization, to enhance business and employee development[85] - The company is currently analyzing the impact of IFRS 18 on its financial statement presentation and disclosures[29] Financial Reporting Standards - The group has adopted new and revised International Financial Reporting Standards (IFRS) for the current year's financial statements, including IFRS 16 and IAS 1[22] - The group has reassessed its liability terms and conditions as of January 1, 2023, and January 1, 2024, concluding that the classification of liabilities as current or non-current remains unchanged[25] - The amendments to IFRS 7 and IFRS 9 clarify the characteristics of supplier financing arrangements, requiring additional disclosures to help users understand their impact on liabilities and cash flow[24] - The group does not have any supplier financing arrangements, thus the amendments do not affect its financial position or performance[25] - The company is not eligible to adopt IFRS 19 as it is a publicly listed entity, although some subsidiaries are considering its application[31] Corporate Governance - The board of directors emphasizes high standards of corporate governance to enhance shareholder value and confidence, fully complying with applicable governance codes[121] - The company is in the process of completing the board rotation procedure, which was due by September 24, 2023, but has not yet been finalized[122] - The chairman and CEO roles are held by different individuals, with Yang Qing serving as chairman since November 2, 2023, and Zhou Zhiping appointed as CEO on June 21, 2024[123] - The annual general meeting for the fiscal year ending December 31, 2024, is scheduled for June 20, 2025[125] Capital Expenditures and Investments - Capital expenditures for the year totaled RMB 17,765 million, reflecting ongoing investments in property, plant, and equipment[41] - The company is investing 1.2 billion RMB in research and development for new technologies and sustainable practices[17] - The company has completed the acquisition of a local parts supplier, which is expected to enhance supply chain efficiency and reduce costs[18] - The company received government grants and subsidies amounting to RMB 3,266 million in 2024, significantly higher than RMB 1,163 million in 2023[48] Operational Efficiency - The company reported a significant increase in operational efficiency, reducing costs by 5% year-over-year[13] - The gross margin improved to 22%, up from 20% in the previous year, due to better cost management and pricing strategies[17] - The company reported a significant interest income of RMB 1,002 million, primarily from the automotive finance segment[40] - The financial services segment generated revenue of RMB 1,523 million, contributing to the overall income stream[40]

中部地区首座汽车博物馆开馆，第一辆军用越野车怎样造出的？ 我国第一辆军用越野车怎么造出来的？未来飞行汽车什么样？3月26日，中部地区首座汽车博物馆——东风汽车博物馆在湖北十堰开馆。这是依托原第二汽 车制造厂（简称"二汽"）历史厂区改造而成的博物馆，2000余件展品展示独立自主发展中国汽车工业的历程。 "我们的第一个产品——EQ240，是完全自己开发的第一款军用越野车。"东风汽车博物馆讲解员介绍，第一代东风人当时用榔头和台钳，在芦席棚里打造出 来EQ240。东风EQ240/2.5吨军用越野车在1978年还驶上国防建设前沿，被称为"功臣车"。 al gril 0011 东风开发的sharing-Airland飞行汽车。新京报贝壳财经记者 廖爱玲 摄 东风汽车博物馆的东风EQ240是国内第一辆军用越野车。新京报贝壳财经记者 廖爱玲 摄 二汽当年为"打中国汽车工业翻身仗"，作为国家三线建设重点项目1969年在湖北十堰开工建设。在此发展起来的东风汽车集团有限公司是我国独立自主建设 的大型汽车企业集团。东风汽车博物馆历经3年完工，让观众身临其境感受"汽车城"的崛起。 东风汽车董事长、党委书记杨青表示，建设东风汽车博物馆就 ...

Core Viewpoint - The opening of the Dongfeng Automobile Museum and the 2025 China Commercial Vehicle Forum in Shiyan represents a significant moment for the Chinese automotive industry, showcasing its historical achievements and future innovations [1][5][11]. Group 1: Dongfeng Automobile Museum - The Dongfeng Automobile Museum, set to open on March 26, features over 1,800 exhibits that highlight the development of China's automotive industry over the past 56 years [3][5]. - The museum is a collaboration between Dongfeng Motor Group and the Shiyan municipal government, utilizing renovated facilities from the former "Second Automobile Works" [3]. - The exhibits include significant artifacts such as the first military vehicle EQ240 and the first 10,000-ton forging line in China, as well as a digital model showcasing Shiyan's transformation into the "China Truck City" [3][5]. Group 2: 2025 China Commercial Vehicle Forum - The 2025 China Commercial Vehicle Forum, taking place on March 27, aims to gather over a thousand industry leaders to discuss new production capabilities in the commercial vehicle sector [7][9]. - The forum will feature a closed-door summit, an opening ceremony, and six thematic sub-forums focusing on topics such as intelligent networking, new energy, and supply chain systems [7][9]. - Key speakers include Dongfeng Commercial Vehicle's general manager and technical center leaders, who will present innovations and engage in discussions on sustainable strategies and technological advancements [9]. Group 3: Industry Impact - The simultaneous events in Shiyan highlight the city's historical significance in the automotive industry and its ongoing role in shaping the future of China's automotive sector [11]. - The combination of historical reflection and forward-looking discussions at these events aims to foster collaboration and innovation within the industry, addressing the evolving landscape of commercial and passenger vehicles [9][11].

证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 2025 年 03 月 02 日 小米把'马力廉价'具象化，豪华 不只是'贵' 看好 ——2025/2/21-2025/2/28 汽车周报 本期投资提示： 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 汽车 ⚫ 观点：短期市场虽然经历调整，但我们仍然相信智能化/Ai/机器人是今年汽车板块的重 要主线，而需求复苏将成为一条重要的支撑岸线贯穿全年行情。我们相信上半年随着政 策效果快速落地，情绪面依然乐观。而小米 Su7 Ultra 的发布成功，让我们坚信新势力 对传统汽车行业的冲击是巨大且确定的。我们认为后续机会在：1、汽车智能化和机器 人由 0 到 10 的估值弹性，建议关注优势企业小鹏、比亚迪、吉利、小米、理想、拓 普、三 ...

彩 轩然之子 | 成就新汽车人 维 设 计 ූප 与 创 新 le 生 领 行 नार 向 阳 H 推 撰 文 / 牛跟尚 设 计 / 琚 佳 当地时间2月20日，张小帆出现在印度尼西亚雅加达的2025年东风汽车东南亚DONGFENG DAY品 牌活动现场。 经过2024年国内外对标学习，这位东风汽车集团股份有限公司商用车事业部副总经理、东风商用车 有限公司总经理，带领全价值链出海打硬仗。 这一天，东风商用车海外右置车商品线首次发布，DONGFENG GX、DONGFENG KC PRO、 DONGFENG KC PLUS等新车型亮相。 此外，东风轻型发动机有限公司（简称东风轻发）的两款轻型柴油发动机M9T和ZD30亮相。2024 年，东风轻发通过东风股份海外事业部出口整机超5000台，外部客户出口整机超5000台，完成从欧 三至欧六的产品布局。海外市场成为东风轻发销量增长的核心板块。 和张小帆同框的，还有中国东风汽车工业进出口有限公司（简称东风进出口）总经理马磊、副总经 理杨涛。 同时，东风商用车的研发、金融等领导及来自印度尼西亚、泰国、新加坡等东南亚国家、东盟地区 的百余位经销商、合作伙伴和金融界、媒体界 ...

以下文章来源于并购最前线 ，作者刘博 并购最前线 . 投资界-并购最前线获悉，东风股份和长安汽车同日公告称，双方的间接控股股东正在与 其他国资央企集团筹划重组事项。如出一辙的公告内容，还出现在了多家东风系和兵装 系上市公司公告中。 投资界（PEdaily.cn）旗下，专注并购动态 历史性一刻或将诞生。 作者 I 刘博 报道 I 投资界-并购最前线 一笔超级重组呼之欲出。 虽然双方公告中均未指出互为重组对象，但高度重合的发布时间以及公告内容，令业内 普遍认为，两者重组事宜存在着一定的关联性。由此一来，引发了外界对于长安、东风 重组合并大戏的期待。 历史性一刻 全球第五大车企将诞生 据中国兵器装备集团有限公司官网介绍，其是中央直接管理的国有重要骨干企业、国防 科技工业的核心力量、国防工业和国民经济的战略性企业。旗下的长安汽车，在全球拥 有1 2个制造基地、2 2个工厂，产品远销60多个国家或地区，自主品牌销量突破250 0万 辆。 东风汽车集团有限公司则是以汽车制造、销售、服务和技术研发为主业的商业一类央 企，前身是始建于196 9年的第二汽车制造厂（简称二汽）。50多年来，累计产销汽车近 60 00万辆，上缴税 ...

撰 文 / 牛跟尚 设 计 / 赵昊然 这是合资车企独特的"出车育人"。 在本田宣布与日产正式启动合并谈判后，本田1994年起在中国发展的东风本田业务迎来人事调整。 汽车商业评论独家跟踪并获悉，从2024年12月25日到2025年1月12日18天内，堪称东风公司利润奶 牛的东风本田系已悄然发生人事变动。 其中，1964年出生并一直在东风工作近40年的东风本田发动机有限公司（以下简称东风本田发动 机）董事长郑纯楷到龄退休。 东风本田发动机原党委书记、执行副总经理崔志锋接棒，升任公司董事长。此前，崔志锋已经被任 命为东风汽车集团有限公司（以下简称东风公司）制造管理部（安全环保部）副总经理，东风汽车 集团股份有限公司（以下简称东风集团）制造管理部（安全环保部）副总经理。 其中，股东会由东风集团股东代表郑纯楷主持，本田技研工业（中国）投资有限公司股东代表五十 岚雅行、本田技研工业株式会社股东代表鸟屋原登出席会议。股东会对董事会的报告内容进行确认 并通过相应决议。 东风本田汽车有限公司（以下简称东风本田）原副总经理勾天生，最新调任东风本田发动机党委书 记，推荐任董事、执行副总经理。 东风本田执行副总经理助理、新车型中心 ...

Sales Performance - In the first half of 2024, Dongfeng Group sold approximately 966,100 vehicles, representing a year-on-year increase of 2.2%[3] - Sales of self-owned passenger vehicles reached 188,000 units, up 19.9% year-on-year, with a gross margin increase of 4.7 percentage points[3] - New energy vehicle sales amounted to 153,600 units, a year-on-year increase of 28.5%, accounting for 35.2% of total sales, up 3.3 percentage points from the previous year[3] - The overseas export volume reached 93,000 units, marking a year-on-year increase of 14.8%, achieving the best historical level[3] - Dongfeng Motor Group produced approximately 951,000 vehicles and sold about 966,000 vehicles in the first half of 2024, achieving a market share of approximately 6.9% in the domestic market[8] - The commercial vehicle segment produced 178,730 units and sold 191,355 units, with a market share of 9.3%, while the passenger vehicle segment produced 771,927 units and sold 774,782 units, with a market share of 6.5%[9] - The overall automotive industry in China saw a sales increase of 6.1% year-on-year, with total sales reaching 14.047 million vehicles in the first half of 2024[10] - The penetration rate of new energy vehicles reached 35.25%, indicating a significant growth in this segment[10] Financial Performance - The group achieved a revenue of 51.145 billion yuan and a net profit attributable to shareholders of 684 million yuan in the first half of 2024[3] - The company's revenue for the first half of 2024 was approximately RMB 51.145 billion, an increase of about 12.1% compared to RMB 45.640 billion in the same period last year[34][35] - Passenger vehicle sales revenue reached approximately RMB 21.556 billion, a significant increase of about 35.93% from RMB 15.858 billion year-on-year[36] - Commercial vehicle sales revenue was approximately RMB 26.166 billion, reflecting a growth of about 2.87% from RMB 25.436 billion in the previous year[37] - The net profit attributable to shareholders for the first half of 2024 was approximately RMB 0.684 billion, a decrease of about RMB 0.630 billion from RMB 1.314 billion year-on-year, with a net profit margin of 1.3%[55] - The gross profit margin for the first half of 2024 was 11.6%, higher than the same period last year[33] - The total sales cost for the first half of 2024 was approximately RMB 45.209 billion, an increase of about RMB 4.733 billion or 11.7% compared to the same period last year[46] - Gross profit for the first half of 2024 was approximately RMB 5.936 billion, an increase of about RMB 0.772 billion or 15.0% year-on-year, with a gross margin of 11.6%[46] Research and Development - Dongfeng Group is focusing on core technologies, advancing R&D in next-generation platforms, solid-state batteries, and hydrogen fuel cells[4] - The company continues to invest in research and development in strategic areas such as new energy, digitization, and smart technologies, with R&D expenses increasing[51] - Research costs for the six months ended June 30, 2024, amounted to RMB 2,205 million, an increase from RMB 2,001 million in the same period of 2023, reflecting a growth of approximately 10.2%[94] Operational Strategy - The company is actively restructuring its operations to enhance the integration of its passenger vehicle, commercial vehicle, and parts businesses[5] - The company plans to continue optimizing its cost structure and improving profitability while accelerating its transformation and upgrading efforts[5] - Dongfeng Motor Group plans to enhance its marketing capabilities and accelerate the development of new energy vehicles to ensure high-quality growth[10] - The company is focusing on optimizing its layout and structural adjustments to support rapid development in new energy and overseas markets[10] Governance and Compliance - Dongfeng Motor Group's independent non-executive directors ensure compliance with governance standards, enhancing transparency and accountability[14] - The company is in the process of adjusting its board of directors to ensure continuity in senior management and governance effectiveness[12] - The board of directors maintained a 100% attendance rate for all members during the board meetings held in the reporting period[17] - The audit and risk management committee reviewed and discussed the interim results and report for the six months ending June 30, 2024[18] - The internal control system was deemed effective, covering governance, operations, investments, finance, and administration[21] Financial Position - The asset-liability ratio stood at 51.0%, indicating a stable financial structure[3] - Total assets as of June 30, 2024, were approximately RMB 323.370 billion, a decrease of about RMB 13.060 billion or 3.9% from RMB 336.430 billion at the end of the previous year[56] - Total liabilities as of June 30, 2024, were approximately RMB 164.83 billion, a decrease of about RMB 10.88 billion or 6.19% from the end of the previous year[57] - Total equity as of June 30, 2024, was RMB 158.54 billion, down RMB 2.18 billion or 1.36% compared to the end of the previous year[58] Cash Flow and Investments - Net cash outflow from operating activities was RMB 0.49 billion, with a pre-tax profit of approximately RMB 1.21 billion[59] - Net cash outflow from investment activities was RMB 8.25 billion, primarily due to cash payments for property, plant, and equipment amounting to RMB 1.87 billion[60] - Net cash outflow from financing activities was RMB 3.12 billion, with cash inflow from bank loans of RMB 1.80 billion[60] - As of June 30, 2024, cash and cash equivalents amounted to RMB 60.56 billion, a decrease of RMB 11.89 billion from the previous year-end[60] Shareholder Information - The company declared an interim dividend of RMB 0.05 per share for the year 2024, compared to no dividend for the six months ending June 30, 2023[22] - The major shareholders included Dongfeng Motor Group Co., Ltd. holding 69.80% of the total issued share capital[27] - The company repurchased a total of 27,490,000 H-shares by June 30, 2024, with a total cost of approximately HKD 77,881,733[30][31] Related Party Transactions - The total purchases from related parties for automotive parts and raw materials amounted to RMB 6,927 million for the six months ended June 30, 2024, compared to RMB 6,679 million in the same period of 2023, reflecting an increase of approximately 3.7%[112] - The company reported sales of automotive parts and raw materials to related parties totaling RMB 681 million for the six months ended June 30, 2024, down from RMB 1,122 million in the previous year[114] - The company incurred service payments to related parties amounting to RMB 1,101 million for the six months ended June 30, 2024, compared to RMB 658 million in the same period of 2023, indicating a rise of approximately 67.3%[117] Joint Ventures and Associates - For the six months ended June 30, 2024, the revenue from joint ventures and associates increased to RMB 375 million, up from RMB 332 million in the same period of 2023, representing a growth of approximately 12.9%[120] - The revenue from joint ventures alone was RMB 294 million, compared to RMB 279 million in the previous year, indicating a growth of about 5.4%[120] - The total revenue from joint ventures and associates for the six months ended June 30, 2024, was RMB 99 million, up from RMB 93 million in the previous year, showing an increase of approximately 6.5%[122]