Group 1 - The company has been awarded the bid for the GS6 Phase IV renovation project - engine assembly line by Shanghai Automotive Group Co., Ltd. [1][4] - The bid amount is 20.3 million yuan (including tax) [4] - The project is expected to have a positive impact on the company's operating performance upon the signing and successful implementation of the formal contract [2] Group 2 - The bidding agency for the project is Shanghai Mechanical and Electrical Equipment Tendering Co., Ltd. [1] - The company confirms that there are no other related relationships with the bidding party [2] - The company has the necessary resources, including funds, technology, and personnel, to ensure the smooth execution of the project [2]

Core Points - Tianyong Intelligent has received a bid notification from Shanghai Mechanical and Electrical Equipment Tendering Co., Ltd. for the GS6 Phase IV renovation project of the engine assembly line for SAIC Motor Corporation Limited [2] Group 1 - The company has been confirmed as the winning bidder for the engine assembly line project [2]

中国汽车行业传来喜报。9月11日，中国汽车工业协会（简称"中汽协"）召开沟通会披露数据显示，2025年1至8月份，中国汽车产销量分别完成2105.1万 辆和2112.8万辆，同比分别增长12.7%和12.6%。这也是中国汽车产销量首次在1至8月期间内双超2000万辆。 中汽协有关负责人在沟通会表示，8月，我国宏观经济景气水平总体继续保持扩张，当月汽车产销同比保持10%以上增长。"两新"政策持续发力，个人消 费贷款财政贴息等政策及时出台，企业新车型投放热情较高，行业综合整治"内卷"工作继续显效，汽车行业总体运行平稳。 中汽协数据显示，2025年8月，中国汽车产销分别完成281.5万辆和285.7万辆，环比分别增长8.7%和10.1%，同比分别增长13.0%和16.4%。1-8月，汽车产 销累计完成2105.1万辆和2112.8万辆，同比分别增长12.7%和12.6%，对比1-7月增速，产量保持持平，销量扩大了0.6个百分点。 从不同车型大类来看，8月，中国乘用车产销分别完成250万辆和254万辆，环比分别增长9.0%和11.1%，同比分别增长12.5%和16.5%。1-8月，乘用车产销 累计完成1833.8万辆 ...

Core Viewpoint - The automotive industry is experiencing a trend of "anti-involution," with 17 companies committing to reduce supplier payment terms to within 60 days, aimed at alleviating financial pressure on parts manufacturers [1] Group 1: Financial Performance of Automotive Companies - As of the first half of the year, 18 listed automotive companies reported a total accounts payable and notes payable of 1,020.903 billion yuan, a decrease of 62.934 billion yuan compared to the end of last year [2] - The average turnover days for accounts payable increased to 192.46 days, up by 6.17 days from the end of last year, indicating a divergence between total reduction and extended payment terms [2] - BYD, SAIC Motor, and Geely Automobile had the highest accounts payable, with amounts reaching 236.686 billion yuan, 230.553 billion yuan, and 105.061 billion yuan respectively [3] Group 2: Changes in Accounts Payable - 14 automotive companies saw a reduction in accounts payable compared to the end of last year, with Changan Automobile, SAIC Motor, and Geely Automobile showing the largest decreases of 24.085 billion yuan, 10.591 billion yuan, and 8.124 billion yuan respectively [4] - Conversely, NIO, XPeng Motors, and Leap Motor reported increases in accounts payable, with XPeng Motors rising by 7.607 billion yuan, a 32.96% increase [7] Group 3: Turnover Days Analysis - Only 6 companies improved their accounts payable turnover days compared to the end of last year, with XPeng Motors achieving the most significant reduction of approximately 63 days, bringing it down to 170 days [9] - In contrast, companies like Seres and BYD experienced increases in turnover days, with Seres rising to 266.3 days, an increase of over 100 days [11] Group 4: Cash Flow and Payment Terms - The overall trend shows a reduction in accounts payable but an increase in turnover days, suggesting that companies are accelerating cash collection and proactively making payments [12] - Some companies, like Ideal Automotive, have adjusted their payment terms to comply with the 60-day requirement, with cash flow expected to improve in the fourth quarter [15][16] - However, challenges remain in managing cash flow and ensuring timely payments to suppliers, as highlighted by industry analysts [17][18] Group 5: Cash Reserves and Coverage of Payables - Among the 18 companies, only Jiangling Motors and Haima Automobile have cash reserves sufficient to cover their accounts payable [19] - Companies like BYD, Geely, and NIO have cash reserves that fall short of their accounts payable, indicating pressure on short-term liquidity [20]

Core Viewpoint - The new generation of Zhiji LS6 has been officially launched, marking a significant price reduction for SAIC's high-end new energy brand, with a price range now starting below 200,000 yuan [1][12]. Group 1: Product Features - The Zhiji LS6 features the newly released Stellar Super Range technology, developed in collaboration with CATL, achieving a CLTC pure electric range of over 450 km [3]. - It is equipped with an in-house developed Zephyr 1.5T range extender engine, with a combined fuel and electric consumption of 2.07L per 100 km and a fuel consumption of 0.06L per 100 km [5]. - The vehicle incorporates advanced technologies such as the new generation Lingxi digital chassis and various active safety features, including a smart four-wheel steering system [5][10]. Group 2: Intelligent and Comfort Features - The LS6 includes a 27.1-inch 5K cockpit display with MiniLED technology, enhancing visibility in adverse weather conditions [8]. - The vehicle's seating features a "super right rear" design with multiple comfort modes and is complemented by a high-end audio system and a mini fridge [10]. Group 3: Market Position and Competition - Zhiji Auto, established in late 2020, has shifted its pricing strategy to compete in the 200,000 to 300,000 yuan range, resulting in a 71.2% year-on-year sales increase in 2024 [12]. - The company faces intensified competition from various brands, including Tesla and emerging domestic players, particularly in the plug-in hybrid segment [12][13]. - The introduction of the LS6 at a lower price point is a strategic move to maintain market presence amid increasing competition [13].

Group 1 - The football concept sector experienced a decline of 0.10%, ranking among the top declines in concept sectors, with notable declines in Tianfu Culture Tourism, Kangli Source, and Zhongti Industry [1] - Among the 14 stocks that rose, Mengcao Ecology, Xiangyuan New Materials, and Zhoubing Technology had the highest increases of 4.91%, 3.98%, and 2.48% respectively [1] - The football concept sector saw a net outflow of 545 million yuan from main funds, with 24 stocks experiencing net outflows, and five stocks seeing outflows exceeding 30 million yuan [2] Group 2 - The top net outflow stock was Yue Media, with a net outflow of 304 million yuan, followed by SAIC Motor, Tianfu Culture Tourism, and Zhongti Industry with net outflows of 83.21 million yuan, 73.89 million yuan, and 73.03 million yuan respectively [2] - The stocks with the highest net inflow included Hikvision, Mengcao Ecology, and Tainluo with net inflows of 103 million yuan, 48.83 million yuan, and 10.51 million yuan respectively [2] - The football concept sector's outflow list included stocks like Yue Media, SAIC Motor, and Tianfu Culture Tourism, with respective declines of 0.52%, 0.64%, and 2.75% [3]

Group 1 - The company, Tianyong Intelligent (603895.SH), has received a bid notification from Shanghai Mechanical and Electrical Equipment Bidding Co., Ltd. for the engine assembly line of the Shanghai Automotive Group GS6 Phase IV renovation project [1] - The company has been confirmed as the winning bidder for the project, with a bid amount of 20.3 million yuan (including tax) [1] - The formal contract signing and successful implementation of the project are expected to have a positive impact on the company's operating performance in the future, although it will not affect the company's operational independence [1]

Group 1 - The company, Tianyong Intelligent (603895.SH), has received a bid notification from Shanghai Mechanical and Electrical Equipment Tendering Co., Ltd. for the engine assembly line of the GS6 Phase IV renovation project of SAIC Motor Corporation Limited [1] - The bid amount for the project is 20.3 million yuan (including tax) [1] - The formal contract signing and successful implementation of the project are expected to have a positive impact on the company's operating performance, although it will not affect the company's operational independence [1]

Group 1 - The company Tianyong Intelligent (603895.SH) has recently received a bid notification from Shanghai Mechanical and Electrical Equipment Tendering Co., Ltd. regarding the GS6 Phase IV renovation project for the engine assembly line of SAIC Motor Corporation Limited [1] - The company has been confirmed as the winning bidder for the project, with a bid amount of 20.3 million yuan (including tax) [1]

Group 1 - The company, Tianyong Intelligent Equipment Co., Ltd., has received a bid notification from Shanghai Electromechanical Equipment Bidding Co., Ltd. for the GS6 Phase IV renovation project of Shanghai Automotive Group Co., Ltd. [1] - The company has been confirmed as the winning bidder for the engine assembly line project with a bid amount of 20.3 million yuan (including tax) [1]