Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [7] Core Insights - The automotive industry is experiencing a gradual recovery in growth, with passenger vehicles continuing to show stable and rapid growth [2] - The report highlights the synergy between technological advancements and anti-involution reforms, driving the industry's development momentum [5] Summary by Sections Weekly Market Review (2025.07.19-07.25) - The automotive sector rose by 1.03% this week, with all related sub-sectors also increasing. The Shanghai and Shenzhen 300 index rose by 1.69% [13] - The commercial vehicle sector saw the highest increase at 4.22%, while individual stocks like Great Wall Motors and BYD also performed well [13][16] Data Tracking (2025.07.19-07.25) - From July 1-20, the national retail sales of passenger vehicles reached 978,000 units, a year-on-year increase of 11%, while wholesale sales were 960,000 units, up 22% year-on-year [21] - In the new energy vehicle segment, retail sales reached 537,000 units, a 23% increase year-on-year, with a penetration rate of 54.9% [21] Industry News (2025.07.19-07.25) - The Ministry of Industry and Information Technology proposed a new policy to ban the transfer of new cars to second-hand status within six months of registration to combat zero-kilometer second-hand cars [34][35] - Guangdong and Anhui provinces are implementing measures to promote fair competition in the automotive industry, including commitments from manufacturers to optimize payment processes for suppliers [42] Investment Recommendations - The report suggests focusing on technology-driven sectors such as artificial intelligence and autonomous driving, as well as opportunities in the anti-involution segment, particularly in dealership-related areas [5]

Core Viewpoint - Ma'anshan is positioning itself as a key city in the Yangtze River Delta, focusing on the development of new quality productive forces and a modern industrial system that integrates traditional industries, emerging industries, future industries, and modern services [1][5][11]. Group 1: Economic Performance - In 2024, Ma'anshan's GDP is projected to reach 278.46 billion yuan, with a growth rate of 6.0% compared to the previous year [5]. - The primary industry added value is 11.4 billion yuan (3.5% growth), the secondary industry 120.93 billion yuan (6.6% growth), and the tertiary industry 146.13 billion yuan (5.7% growth) [5]. - The industrial added value is expected to be 87.92 billion yuan, also growing by 6.0% [5]. Group 2: New Quality Productive Forces Overview - New quality productive forces emphasize innovation as the main driving force, characterized by high technology, efficiency, and quality, aligning with new development concepts [2][3]. - This concept is crucial for promoting high-quality economic development and constructing a modern industrial system [3]. Group 3: Modern Industrial System - Ma'anshan is building a modern industrial system based on "four-dimensional driving and tiered development," focusing on traditional industry upgrades, emerging industry clusters, future industry layouts, and modern service enhancements [1][17]. - The strategy includes transforming traditional industries like steel and machinery through intelligent upgrades and promoting new industries such as intelligent equipment and high-end CNC machine tools [17]. Group 4: Key Industries and Companies - Key industries in Ma'anshan include steel, new materials, new energy vehicles, high-end equipment manufacturing, biomedicine, and digital economy [23]. - Representative companies include Ma'anshan Iron and Steel Co., Ltd., Hanma Technology, and East China Semiconductor, which are leading in their respective fields [23][24]. Group 5: Policy Background and Support - The concept of new quality productive forces was included in the government work report for the first time in 2024, emphasizing innovation and the transition from traditional economic growth models [11]. - Ma'anshan has implemented various policies to support the development of new quality productive forces, including digital empowerment and the cultivation of strategic industry clusters [11][14]. Group 6: Development Trends - The city is advancing traditional industry upgrades alongside the rise of emerging industries, with a focus on technological innovation [26][27]. - Future industries are being actively developed, with a focus on advanced materials, general intelligence, and low-carbon energy [28]. - The innovation ecosystem is being optimized, with a strong emphasis on talent support and collaboration between industry and academia [29].

Core Viewpoint - Hanma Technology (600375) is expected to report a net profit of approximately 30 million yuan for the first half of 2025, marking a turnaround from a loss in the same period last year [2][3][4] Financial Performance Summary - The company anticipates a net profit attributable to shareholders of approximately 30 million yuan for the first half of 2025, compared to a net loss of 152.53 million yuan in the same period last year [2][3] - The expected net profit after deducting non-recurring items is projected to be a loss of about 26 million yuan [2][4] - The improvement in performance is attributed to increased product sales and revenue, along with a rise in gross margin, as well as ongoing efforts to optimize operational efficiency and reduce costs [3] Market Position - As of July 11, 2025, Hanma Technology's stock closed at 6.89 yuan, down 0.58% from the previous week, with a total market capitalization of 11.045 billion yuan [1] - The company ranks 9th out of 13 in the commercial vehicle sector by market capitalization and 1523rd out of 5149 in the A-share market [1]

Group 1 - The core viewpoint of the announcement is that Hanma Technology Group Co., Ltd. expects to achieve a turnaround in net profit for the first half of 2025, projecting a net profit of approximately RMB 30 million [1][2] - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses to be around RMB -26 million [1][2] - The previous year's net profit attributable to shareholders was RMB -152.53 million, indicating a significant improvement in performance [2] Group 2 - The main reasons for the expected profit turnaround include an increase in product sales and operating revenue, along with a rise in gross profit margin [2] - The company has been optimizing operational efficiency and implementing cost-reduction measures, effectively controlling and saving on expenses [2] - The financial data provided is preliminary and subject to change, with the final figures to be disclosed in the official half-year report for 2025 [2]

[Hanma Technology 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Hanma%20Technology%20Group%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast%20Announcement) Hanma Technology anticipates a significant turnaround to profitability in the first half of 2025, driven by core business growth and effective cost management [Current Period Performance Forecast](index=1&type=section&id=Current%20Period%20Performance%20Forecast) The company expects to achieve a profit in the first half of 2025, with net profit attributable to shareholders estimated at approximately 30 million yuan, though non-recurring items still result in a net loss 2025 Semi-Annual Performance Forecast | Financial Metric (2025 Semi-Annual Estimate) | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | Approx. 30.00 Million Yuan | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | Approx. -26.00 Million Yuan | - The company expects to turn losses into profits in the first half of 2025 compared to the same period last year[2](index=2&type=chunk)[3](index=3&type=chunk) - This performance forecast has not been audited by a certified public accountant[3](index=3&type=chunk) [Prior Period Performance Review](index=1&type=section&id=Prior%20Period%20Performance%20Review) In the first half of 2024, the company reported a substantial net loss, both before and after deducting non-recurring items 2024 Semi-Annual Performance Data | Financial Metric (2024 Semi-Annual) | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | -152.53 Million Yuan | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -195.68 Million Yuan | | Basic Earnings Per Share | -0.23 Yuan | [Analysis of Main Reasons for Expected Profit](index=2&type=section&id=Analysis%20of%20Main%20Reasons%20for%20Expected%20Profit) The anticipated profit is primarily due to increased product sales, higher operating revenue, improved gross margin, and effective cost control measures - During the reporting period, both the company's product sales and operating revenue achieved year-over-year growth, with gross margin also showing a year-over-year increase[7](index=7&type=chunk) - The company continuously optimized organizational operational efficiency, implemented cost reduction measures, and effectively controlled and saved on expenses[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=Risk%20Warning) The company confirms that there are no significant uncertainties currently affecting the accuracy of this performance forecast - The company has no significant uncertainties affecting the accuracy of this performance forecast[8](index=8&type=chunk) [Other Explanations](index=2&type=section&id=Other%20Explanations) The company clarifies that the disclosed data are preliminary estimates and advises investors to exercise caution regarding investment risks - The data in this announcement are preliminary estimates, and the final data will be subject to the officially disclosed 2025 semi-annual report[9](index=9&type=chunk) - The company's board of directors kindly reminds investors to be aware of investment risks[9](index=9&type=chunk)

汉马科技集团股份有限公司 证券代码：600375 证券简称：汉马科技 公告编号：临 2025－047 汉马科技集团股份有限公司 2025 年 6 月份产销快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 汉马科技集团股份有限公司 2025 年 6 月份产销数据快报如下： | （单位：辆） | | --- | | 类别 | 产品名称 | | 月度数据 | | | 年度数据 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本月 | 上年 | 同比 | 本年 | 上年同 | 同比 | | | | 数量 | 同期 | 增减 | 累计 | 期累计 | 增减 | | | 货车 （含非完整车辆） | 1,150 | 681 | 68.87% | 6,110 | 3,857 | 58.41% | | 产量 | 其中：电动中重卡 | 1,055 | 441 | 139.23% | 4,494 | 1,983 | 126.63% | | | 底盘总成 | - | ...

Group 1 - The core point of the announcement is that Hanma Technology (600375) reported significant growth in truck sales for June 2025, with a total of 1,160 units sold, representing a year-on-year increase of 57.18% [1] - The sales of electric medium and heavy trucks reached 973 units in June 2025, showing a remarkable year-on-year growth of 135.59% [1] - For the first half of 2025, the cumulative truck sales amounted to 6,225 units, reflecting a year-on-year increase of 55.47%, while electric medium and heavy truck sales totaled 4,434 units, marking a year-on-year growth of 130.46% [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、重整情况概述 2024 年 12 月 11 日，经汉马科技集团股份有限公司（以下简称"本公司" 或"公司"）申请，马鞍山中级人民法院作出（2024）皖 05 破 10 号《民事裁定 书》，裁定批准《汉马科技集团股份有限公司重整计划》（以下简称"重整计划"）， 详见公司于 2024 年 12 月 12 日披露的《汉马科技集团股份有限公司关于公司及 子公司重整计划获得法院裁定批准的公告》（公告编号：临 2024-145）。 根据重整计划，以公司现有总股本 654,314,844 股为基数，按照每 10 股转 增 14.5 股的比例实施资本公积金转增股票，共计转增 948,756,523 股，转增完 成后公司的总股本将加增至 1,603,071,367 股。 汉马科技集团股份有限公司 证券代码：600375 证券简称：汉马科技 编号：临 2025－046 汉马科技集团股份有限公司 关于重整计划涉及的股份划转进展公告 前述转增股票不向原出资人进行分配，其中 515,385,60 ...

富奥股份（000030）公告，为优化资产结构，提高资产运营效率，公司及全资子公司富奥辽宁汽车弹簧 有限公司计划出售所持有的汉马科技（600375）集团股份有限公司全部股票，共计约10.2万股。公司董 事会已授权经管会在12个月内根据市场行情择机处置这些股票。交易不构成关联交易或重大资产重组， 无需提交股东会审议。 ...

Core Insights - The report highlights a significant shift in the automotive brand influence landscape in China, particularly in the passenger vehicle sector, where domestic brands have made historic breakthroughs, with six out of the top ten positions occupied by Chinese brands [1][3][5] Passenger Vehicle Market - BYD leads the passenger vehicle market with verified sales of 623,400 units, surpassing Volkswagen by 180,000 units, indicating a strong market dominance driven by its advancements in new energy technology [3] - Aito (问界) has established a new benchmark in brand reputation with an impressive 89.67% netizen voice share and only 29 complaints, showcasing its quality management as a model for high-end market strategies [3] - New entrants like Li Auto and Xpeng maintain a strong presence in the mid-market segment, while Xiaomi's vehicle has not yet matched its high media presence with corresponding sales figures [3] Commercial Vehicle Market - Jiangling Motors stands out in the light commercial vehicle sector, ranking first with a score of 684.22, despite having only 44% of the second-place competitor's media voice, demonstrating effective conversion of positive sentiment into sales [4] - The pickup truck market continues to see a concentration of market share, with Great Wall Motors dominating 47% of the total sales in the top ten, while Jiangling maintains a strong second position [4] - In the light truck segment, Foton leads with 91,900 units sold, capturing 34% of the market share, while the new energy player, Dongfeng, leads in electric vehicle discussions with a 72.18% netizen voice share [5] Industry Trends - The report indicates a core trend of transformation within the automotive industry, with domestic brands reshaping competitive dynamics in the passenger vehicle sector and local companies establishing dominance in the commercial vehicle market [5] - The upcoming data collection for the second quarter will continue to provide authoritative references for policy-making, corporate strategy, and investment decisions, reflecting the ongoing evolution of the Chinese automotive industry [5]