Investment Rating - The report gives a "Buy" rating for the company [11][13]. Core Views - The company is a well-established domestic automaker leveraging state-owned assets for diversified development. The dual-track resilience of commercial and passenger vehicles solidifies growth foundations, while the collaboration with Huawei enables entry into the ultra-luxury intelligent vehicle segment [5][10]. Summary by Sections Company Overview - Jianghuai Automobile, established in 1964, is a comprehensive automotive enterprise integrating research, production, sales, and service across commercial and passenger vehicles. The company is controlled by the Anhui Provincial State-owned Assets Supervision and Administration Commission, with Volkswagen also holding shares through a joint venture [8][23][25]. Financial Performance - In 2024, the company reported revenue of 42.116 billion yuan, a year-on-year decline of 6.28%. The commercial vehicle segment accounted for over 50% of total revenue. The net profit attributable to shareholders was -2.741 billion yuan, a 60% decrease year-on-year, primarily due to losses from the Volkswagen Anhui joint venture and asset impairments [8][29][31]. Commercial Vehicle Segment - The commercial vehicle sector has a diversified layout centered around the Jianghuai 1 card, with light trucks maintaining a leading position in exports. In 2024, the export volume reached 36,000 units, marking 14 consecutive years at the top of the industry. The passenger vehicle segment has undergone brand integration and model simplification, focusing on three main brands: Jianghuai, Ruifeng, and Yi [9][42]. Ultra-Luxury Intelligent Vehicle Segment - The ultra-luxury vehicle market, priced above 600,000 yuan, is stable, with 464,000 units sold in 2024. The report highlights the significant growth of domestic brands, with a compound annual growth rate of approximately 187% from 2020 to 2024. The collaboration with Huawei has led to the launch of the Zun Jie S800, a high-end intelligent luxury sedan, which has shown strong market potential [10][11][75]. Future Profit Projections - The company is expected to achieve net profits attributable to shareholders of 3.97 billion yuan, 3.807 billion yuan, and 7.479 billion yuan for the years 2025, 2026, and 2027, respectively. The current market valuation corresponds to price-to-earnings ratios of 288.07, 30.01, and 15.28 times for the same years [5][11].

据悉，前述项目将聚焦RISC-V车规级MCU芯片面临的技术生态割裂、功能安全验证体系缺失、高功能 安全IP核研发滞后等"卡脖子"问题，构建自主可控、具有市场竞争力的RISC-V车规级MCU芯片产业链 及供应链，推动我国汽车芯片产业的高质量发展。 9月20日，2025世界制造业大会新能源汽车产业集群建设对接会在合肥召开。会上，多家创新企业开展 路演，多个新能源汽车研发及产业化项目签约落地。 记者了解到，本次签约项目之一——"面向下一代自主可控新能源汽车平台研发与产业化项目"，由安徽 省汽车创新中心牵头，清华大学、同济大学、湖南大学、合肥工业大学以及江淮汽车（600418）共同打 造，面向全球开展下一代新能源汽车平台的技术攻关及产业化。 该项目以新功能、新架构、新能源、新材料、新结构、新工艺、新装备和新模式等"八新理念"，旨在构 建完整自主可控新能源汽车平台技术架构体系，推动新能源汽车研发效率提升、供应链成本优化及车型 迭代加速，实现核心技术自主可控与规模效益双突破。 另一个签约项目为"基于RISC-V指令集架构的车规级芯片研发与产业化项目"，由奥易克斯牵头，联合 安徽省汽车创新中心、芯车无限及江淮汽车共同打造。 ...

Core Viewpoint - The 2025 World Manufacturing Conference in Hefei, Anhui, showcased China's manufacturing achievements, with Jianghuai Automobile prominently participating by presenting its luxury electric vehicle, the Zun Jie S800, and the hybrid MPV, Rui Feng RF8, highlighting advancements in smart manufacturing, green travel, and industry chain collaboration [1][12] Group 1: Jianghuai Automobile's Innovations - The Zun Jie S800, developed in collaboration with Huawei, is produced at the Zun Jie Super Factory, which is the first 5G full-link automotive manufacturing base in Anhui, utilizing over 1800 intelligent robots for fully automated and digital production [3][4] - The factory has been recognized as a national-level intelligent manufacturing benchmark enterprise, establishing a new standard for high-end automotive smart manufacturing in China [4] - The Zun Jie S800 features advanced technologies such as the HUAWEI ADS 4.0 driver assistance system and an 800V high-voltage architecture, redefining luxury standards in safety, comfort, and performance [4][6] Group 2: Market Performance and Industry Collaboration - Since its launch, the Zun Jie S800 has garnered significant attention, achieving over 14,000 pre-orders within 109 days, marking a breakthrough for Chinese brands in the ultra-luxury smart electric vehicle sector [6] - Jianghuai Automobile has formed a "Quality Alliance" with 235 top global supply chain partners, with 93 located in Anhui, enhancing the development of smart connectivity and precision manufacturing [6][10] - The company aims to empower the entire industry chain through product innovation, contributing to high-quality regional economic development and the transformation of the automotive industry [6][12] Group 3: Rui Feng RF8 and Service Excellence - The Rui Feng RF8, a plug-in hybrid MPV, was showcased as the official vehicle for the conference, emphasizing its spacious design and advanced features, including a 1.5TGDI + 3DHT hybrid system with a total range of 1250 km [8][10] - Jianghuai Automobile has provided over 300 vehicles for the World Manufacturing Conference since its inception in 2018, achieving a goal of "zero accidents, zero errors" in service quality [10] - The company continues to be recognized for its product and service capabilities, reinforcing its role as a trusted partner in the global manufacturing service sector [10][12]

证券代码：600418 证券简称：江淮汽车 公告编号：2025-040 安徽江淮汽车集团股份有限公司 八届二十九次董事会决议公告 （一）审议通过《关于制定〈安徽江淮汽车集团股份有限公司高级管理人 员聘任和管理制度〉的议案》 表决结果：11 票同意，0 票反对，0 票弃权。 （二）审议通过《关于修改部分董事会专门委员会工作细则的议案》 表决结果：11 票同意，0 票反对，0 票弃权。 特此公告。 安徽江淮汽车集团股份有限公司 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法律责任。 一、董事会会议召开情况 安徽江淮汽车集团股份有限公司（以下简称"公司"或"江淮汽车"）八届 二十九次董事会会议于 2025 年 9 月 22 日以通讯方式召开。会议的召开符合《公 司法》和《公司章程》的规定。本次会议应出席董事 11 人，实际出席会议董事 11 人。 二、董事会会议审议情况 与会董事以记名投票的方式审议以下议案并形成决议如下： 董事会 2025 年 9 月 23 日 ...

2024年1至12月份，江淮汽车的营业收入构成为：加工制造业占比91.82%，其他业务占比8.18%。 每经AI快讯，江淮汽车（SH 600418，收盘价：52.31元）9月22日晚间发布公告称，公司八届二十九次 董事会会议于2025年9月22日以通讯方式召开。会议审议了《关于修改部分董事会专门委员会工作细则 的议案》等文件。 （记者 王晓波） 每经头条（nbdtoutiao）——始祖鸟深陷"炸山"风波，母公司大中华区新总裁上任才两个多月，被赞"专 业能力深厚"！安踏体育最新回应→ 截至发稿，江淮汽车市值为1142亿元。 ...

Market Overview - The commercial vehicle sector experienced a decline of 0.63% on September 22, with Jianghuai Automobile leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Hanma Technology saw a significant increase of 9.97%, closing at 8.05, with a trading volume of 1.6394 million shares and a turnover of 1.279 billion yuan [1] - Yutong Bus increased by 2.38%, closing at 69.69, with a trading volume of 174,700 shares and a turnover of 516 million yuan [1] - Jiangling Motors closed at 20.89, up 0.63%, with a trading volume of 49,400 shares and a turnover of 10.4 million yuan [1] - Other companies like Dongfeng Motor, King Long Automobile, and FAW Jiefang experienced slight declines [1] Capital Flow - The commercial vehicle sector saw a net outflow of 1.249 billion yuan from institutional investors, while retail investors contributed a net inflow of 710 million yuan [2][3] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2][3] Individual Stock Capital Flow - Yutong Bus had a net inflow of 38.84 million yuan from institutional investors, while retail investors had a net outflow of 76.79 million yuan [3] - Jianghuai Automobile experienced a net outflow of 9.2068 million yuan from institutional investors, but a net inflow of 17.0034 million yuan from retail investors [3] - Other companies like Foton Motor and China National Heavy Duty Truck also showed varying capital flows, with some experiencing significant outflows from institutional investors [3]

Core Viewpoint - In August 2025, domestic tractor truck terminal sales experienced a significant year-on-year increase of 83%, marking a "five consecutive months of growth" trend. Cumulatively, tractor truck sales from January to August 2025 increased by nearly 30% compared to the same period last year, with a net increase of over 56,000 units [1][30]. Group 1: Sales Performance - In August 2025, the actual sales of domestic tractor trucks reached 39,600 units, representing a month-on-month increase of 13% and a year-on-year increase of 83%. This growth rate is significantly higher than the overall heavy truck market's growth of 66% [3][6]. - The market share of tractor trucks in the overall heavy truck market reached approximately 59.30% in August, up from 54.41% in July and 53.10% for the entire year of 2024 [5][12]. - The cumulative sales of tractor trucks from January to August 2025 reached 266,700 units, with a year-on-year growth of 27%, an increase of 7 percentage points compared to the growth rate after July [18][22]. Group 2: Brand Performance - In August 2025, the top-selling brand, Jiefang, sold 9,174 units, achieving a year-on-year growth of 72%. Other brands such as China National Heavy Duty Truck and Foton also saw significant increases, with sales of 7,222 units (88% growth) and 5,866 units (90% growth) respectively [9][12][14]. - The top 12 companies in the tractor truck market all achieved sales growth in August, with companies like Xugong, Sany, and United Heavy Truck experiencing more than double growth rates of 156%, 212%, and 216% respectively [14][19]. - The top ten companies accounted for 95.99% of the market share in August, with the top five companies each holding over 10% market share. Jiefang led with a market share of 23.17% [17][22]. Group 3: Market Trends - The market for tractor trucks is experiencing a shift in fuel types, with the share of gas-powered trucks declining by over 20 percentage points compared to the previous year, while the share of pure electric trucks increased by 20.74 percentage points [24][26]. - From January to August 2025, the share of new energy vehicles in tractor truck sales reached 31.93%, significantly higher than the 17.43% share in 2024 [26][28]. - The competition in the tractor truck market remains intense, with the performance of new energy vehicles continuing to be a key factor influencing market dynamics [30].

9月20日，以"智造世界·创造美好"为主题的2025世界制造业大会在安徽合肥拉开帷幕，大会汇聚全球制造精英与前沿科技，成为展示中国制造 新成就的重要平台。 本届盛会，江淮汽车以多元身份深度参与，不仅展出旗下超豪华智能电动旗舰车型尊界S800与混动MPV标杆产品瑞风RF8，还全面呈现了企业在智能制 造、绿色出行和产业链协同等方面的创新成果，充分彰显了中国汽车工业在高端化、智能化与绿色化转型中的领先实力与创新活力。 尊界S800闪耀世界制造业大会，重塑超豪华价值标杆 作为江淮汽车与华为携手打造的新时代智能电动旗舰，尊界S800诞生于合肥肥西的尊界超级工厂，该工厂作为安徽省首个5G全链路汽车制造基地，依 托1800+智能机器人，实现冲焊涂总全面自动化与数字化，同时支持智能柔性定制能力，将尊界的极致工艺要求完美落地。 近日，凭借全链路数字化生产线、工业互联网平台等创新成果，该工厂成功入选国家级智能制造标杆企业，树立了中国高端汽车智能制造的新标杆。 这一领先的智能制造体系，为尊界S800的卓越品质与前瞻科技提供了坚实基础。设计上，该车融合"天地人和"的哲学理念与"纵横星瀚"的美学语言，技 术上，更首发HUAWEI AD ...

Group 1: Event Overview - The "2025 World Manufacturing Conference" is being held in Hefei, showcasing smart cars and robots as the main attractions [1][2] - The event features a robot band performing live, creating an engaging atmosphere for attendees [1][3] Group 2: Automotive Industry Highlights - Jianghuai Automobile (江淮汽车) unveiled the luxury model S800, developed in collaboration with Huawei, marking a significant entry into the high-end electric vehicle market [2][8] - The automotive production in Anhui reached 1.4995 million units in the first half of the year, ranking first in the country, with new energy vehicle production at 730,900 units, also the highest nationally [8][9] Group 3: Robotics and Technology Innovations - The conference features over 40 companies showcasing innovations in robotics, including humanoid robots capable of performing various tasks [3][4] - Wulun Technology (无论科技) presented a humanoid robot head module with 34 degrees of freedom for emotional interaction, targeting high-interaction service scenarios [4][5] Group 4: Industry Growth and Future Prospects - The Anhui intelligent robotics industry has grown from over 10 companies and less than 1 billion yuan in revenue in 2013 to 520 companies and over 60 billion yuan in revenue today, ranking fifth nationally [6] - The conference highlights the diverse layout of the Anhui automotive industry, with multiple flagship models from various manufacturers on display [9][10]

Group 1: Event Overview - The "2025 World Manufacturing Conference" is being held in Hefei, showcasing smart cars and robots as the main attractions [1][2] - The event is open to the public, with a significant turnout and various interactive displays [1] Group 2: Robotics and Technology - The conference features a dedicated smart robot exhibition area with over 40 companies showcasing innovations, including humanoid robots and their components [2][5] - The robot band from Hefei Panshi Intelligent Technology Co., Ltd. is the first of its kind in China, combining cultural performance with commercial viability, charging approximately 200,000 yuan per performance [5][6] Group 3: Automotive Industry Highlights - Anhui's automotive industry is experiencing significant growth, with a record production of 1.4995 million vehicles in the first half of the year, leading the nation [7][8] - The launch of the luxury electric vehicle, the Zun Jie S800, developed by Jianghuai Automobile in collaboration with Huawei, marks a significant milestone for Anhui's automotive sector [7][8] Group 4: Future Developments - The introduction of autonomous driving technology is underway, with Chery Group's Macar Mobility testing Robotaxi services in Wuhu, aiming for commercial operation by 2025 [10]