Financial Performance - The company expects a net profit attributable to shareholders of approximately -1.77 billion yuan for the year 2024, indicating a loss compared to the previous year[2]. - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is approximately -2.74 billion yuan for 2024[3]. - In the same period last year, the total profit was 46.25 million yuan, with a net profit attributable to shareholders of 151.51 million yuan[4]. - The company reported a significant loss of approximately 1.35 billion yuan from its joint venture, Volkswagen Anhui, impacting overall profitability[5]. - Asset impairment provisions of around 1.1 billion yuan were recognized during the reporting period[5]. Earnings Forecast - The earnings forecast is based on preliminary calculations and has not been audited by certified public accountants[3]. - The company emphasizes that there are no major uncertainties affecting the accuracy of this earnings forecast[6]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change[7]. - The financial data will be finalized in the audited annual report for 2024[7]. - The announcement was made by the board of directors on January 25, 2025[9].

Investment Rating - The investment rating for Jianghuai Automobile (600418) is to "focus on" the company due to its potential in the luxury market and the expected profitability from the launch of the Zun Jie S800 [3]. Core Viewpoints - The company plans to raise a total of 4.9 billion yuan for the development of a high-end intelligent electric platform, which aims to enhance product competitiveness and brand strength [3]. - The total investment for the project is 5.87459 billion yuan, with specific allocations for design, testing, materials, labor, and other expenses [3]. - The Zun Jie S800 has received 2,108 pre-orders within 48 hours of its launch, indicating strong market interest and potential for significant profit [3]. - The fundraising is expected to optimize the company's capital structure and improve financial stability, as the debt-to-asset ratio has been relatively high in recent years [3]. Summary by Sections Fundraising and Project Development - Jianghuai Automobile intends to raise up to 490 million yuan, which will be fully allocated to the development of a high-end intelligent electric platform [1][3]. - The project will integrate advanced technologies from high-tech companies like Huawei to enhance electric vehicle capabilities [3]. Financial Health - The company's debt-to-asset ratios for the years ending 2021, 2022, 2023, and September 2024 were 65.78%, 70.12%, 69.01%, and 70.42%, respectively, indicating a need for improved financial health [3]. Market Performance - The Zun Jie S800, priced between 1 million and 1.5 million yuan, has shown promising pre-order numbers, suggesting a strong entry into the luxury vehicle market [3].

Summary of Conference Call on Jianghuai Automobile Industry Overview - The automotive industry is undergoing significant changes in the era of electric intelligence, with notable success in vehicles priced below 200,000 and above 400,000 yuan, exemplified by companies like BYD and Huawei M9 [3] - The market segment between 200,000 and 400,000 yuan is expected to become increasingly competitive, with Xiaomi planning to focus on this price range [3] - There is a clear opportunity for domestic alternatives in the high-end market (400,000 to 600,000 yuan), targeting mature consumers aged 40 to 60, where Huawei is expected to succeed [3] Jianghuai Automobile's Position and Prospects - Jianghuai Automobile has a close partnership with Huawei, integrating its management system with Huawei's APP, which is a rare and tight collaboration [4] - The company is expected to secure a significant position in the market above 500,000 yuan, with the first high-end model projected to achieve sales of 20,000 to 30,000 units [4] - A second model is set to launch by the end of the year, further solidifying its market position [4] - Jianghuai's market capitalization is anticipated to reach 100 to 200 billion yuan, with potential for greater growth through new business catalysts [4] Key Trends and Insights - The penetration rate of intelligent driving technology is rapidly increasing, expected to reach 15% to 20% by 2024, with continued high growth in the following years [4][6] - The automotive and battery industries have differing cycles, with a lag of approximately one year. Investors should focus on companies with strong industry chain influence that can navigate these cycles [4][8] - Companies with significant industry chain influence, such as CATL in the battery sector and Jianghuai Automobile in the vehicle sector, are more competitive during industry reshuffling [4][7] Investment Recommendations - Investors are advised to focus on companies with strong industry chain influence, such as Jianghuai Automobile and its close collaboration with leading technology firms like Huawei [4][8] - The rapid growth of intelligent driving technology presents investment opportunities in related sectors over the next two years [6]

上海市通力律师事务所 关于安徽江淮汽车集团股份有限公司 2024 年度向特定对象发行 A 股股票之法律意见书 致：安徽江淮汽车集团股份有限公司 敬启者： 上海市通力律师事务所（以下简称"本所"）根据《中华人民共和国证券法》（以下 简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司证 券发行注册管理办法》（以下简称"《管理办法》"）和有权立法机构、监管机构已公开颁 布、生效且现时有效之有关法律、法规以及规范性文件（以下简称"法律、法规以及规 范性文件"），按照律师行业公认的业务标准、道德规范和勤勉尽责精神，出具本法律意 见书。 （引言） 根据安徽江淮汽车集团股份有限公司（以下简称"江淮汽车"、"公司"或"发行人"） 的委托，本所指派黄艳律师、郑江文律师、梁翔蓝律师（以下合称"本所律师"）作为 江淮汽车 2024 年度向特定对象发行 A 股股票（以下简称"本次发行"）的专项法律顾问， 就本法律意见书出具日前已经发生的事实或存在的事实，根据本所律师对法律、法规以 及规范性文件的理解出具法律意见。 本所出具的法律意见书和律师工作报告仅对出具日以前已经发生或存在的与本次 发行有关的事项 ...

"|RsM | 容 诚 审计报告 安徽江淮汽车集团股份有限公司 容诚审字|2024|230Z0559 号 容诚会计师事务所(特殊普通合伙) 中国 北京 6-1-1 录 | 子号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | 9-150 | 6-1-2 审计报告 容诚审字[2024]230Z 安徽江淮汽车集团股份有限公司全体股东: 一、审计意见 我们审计了安徽江淮汽车集团股份有限公司(以下简称江淮汽车)财务报表, 包括 2023年 12月 31日的合并及母公司资产负债表,2023年度的合并及母公司利 润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财务 报表附注。 我们认为,后附 ...

国元证券股份有限公司 关于安徽江淮汽车集团股份有限公司 2024年度向特定对象发行A股股票 之 发行保荐书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二四年十二月 声 明 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"、"本保荐 机构"或"保荐人"）接受安徽江淮汽车集团股份有限公司（以下简称"江淮汽 车"、"发行人"或"公司"）委托，担任其向特定对象发行股票的保荐机构， 为本次发行出具发行保荐书。 保荐机构及指定的保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司证券发行注册管理办法》（以下简称"《注册办法》"）、《〈上市公司证 券发行注册管理办法〉第九条、第十条、第十一条、第十三条、第四十条、第五 十七条、第六十条有关规定的适用意见——证券期货法律适用意见第 18 号》（以 下简称"《适用意见第 18 号》"）等有关法律、法规和中国证券监督管理委员 会（以下简称"中国证监会"）、上海证券交易所（以下简称"上交所"）的有 关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和 道德准则出 ...

国元证券股份有限公司 关于 安徽江淮汽车集团股份有限公司 2024 年度向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二四年十二月 声明 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"、"本保荐 机构"或"保荐人"）接受安徽江淮汽车集团股份有限公司（以下简称"江淮汽 车"、"发行人"或"公司"）的委托，担任江淮汽车 2024 年度向特定对象发 行 A 股股票的保荐机构。 保荐机构和保荐代表人已根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券 发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》（以下简称"《注 册办法》"）等法律法规和中国证监会及上海证券交易所的有关规定，诚实守信， 勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具本上市保荐书，并 保证所出具文件真实、准确、完整。 本上市保荐书如无特别说明，相关用语具有与《安徽江淮汽车集团股份有限 公司 2024 年度向特定对象发行 A 股股票募集说明书》中相同的含义。 3-2-1 | 十一、保荐机构对发行人本次向特 ...

特此公告。 安徽江淮汽车集团股份有限公司 证券代码：600418 证券简称：江淮汽车 公告编号：2025-002 安徽江淮汽车集团股份有限公司 关于向特定对象发行 A 股股票申请 获得上海证券交易所受理的公告 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法律责任。 安徽江淮汽车集团股份有限公司（以下简称"公司"）于 2025 年 1 月 14 日收到上海证券交易所（以下简称"上交所"）出具的《关于受理安徽江淮汽车 集团股份有限公司沪市主板上市公司发行证券申请的通知》（上证上审（再融资） [2025]11 号）。上交所依据相关规定对公司报送的沪市主板上市公司发行证券 的募集说明书及相关申请文件进行了核对，认为该项申请文件齐备，符合法定形 式，决定予以受理并依法进行审核。 公司本次向特定对象发行 A 股股票事项尚需经上交所审核通过，并获得中国 证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实 施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存 在不确定性。公司将根据进展情况，严格按照上市公司向特定 ...

安徽江淮汽车集团股份有限公司 （ 安徽省合肥市东流路 176 号） 2024年度向特定对象发行A股股票 募集说明书 （申报稿） 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二四年十二月 证券简称：江淮汽车 股票代码：600418 Anhui Jianghuai Automobile Group Corp.,Ltd. 安徽江淮汽车集团股份有限公司 募集说明书 发行人声明 发行人及董事会全体成员保证本募集说明书内容真实、准确、完整，并确 认不存在虚假记载、误导性陈述或重大遗漏。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证募集说明书中财务会计报告真实、完整。 证券监督管理机构及其他政府部门对本次发行所作的任何决定，均不表明 其对发行人所发行证券的价值或者投资人的收益作出实质性判断或者保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责，由此变化引致的投资风险，由投资者自行负责。 1-1-1 安徽江淮汽车集团股份有限公司 募集说明书 重大事项提示 一、重大风险提示 本公司提请投资者仔细阅读本募集说明书"第 ...

Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the electric vehicle (EV) industry, specifically focusing on Huawei's role in the automotive sector and its collaboration with Jianghuai Automobile (JAC) [1][3][18]. Key Points and Arguments 1. **Huawei's Position in the EV Market** - Huawei's G series vehicles are seen as having significant potential, particularly in the second half of the electric vehicle market, which is shifting towards smart technology [1]. - The competitive edge in the automotive industry is increasingly tied to autonomous driving technology, which offers economies of scale [1]. 2. **High-End Vehicle Profitability** - Historical data indicates that a significant portion of automotive profits is concentrated in high-end vehicles, with single-unit profits potentially exceeding ten times that of lower-end models [2]. 3. **Collaboration with Jianghuai** - A notable partnership was established in December 2023, where Jianghuai became Huawei's fourth selected automotive brand, named "Zun Jie" [3]. - The collaboration is underpinned by a strong strategic foundation, emphasizing resource allocation and cooperation [4]. 4. **Production Capacity** - Jianghuai plans to establish a super factory with an annual production capacity of 200,000 vehicles by March 2024 [4]. 5. **Product Launches and Innovations** - The first model under the Huawei and Jianghuai partnership, the S800, is set to debut in November 2024, showcasing strong capabilities in model incubation and new vehicle launches [5]. - The S800 is designed with L3 autonomous driving hardware, indicating a strong focus on smart technology [8]. 6. **Brand Positioning and Market Strategy** - The S800 is positioned against luxury models like the BMW 7 Series, Audi A8, and Mercedes-Benz S-Class, emphasizing its luxury and technological features [6][7]. - The brand's appeal is expected to be driven by its advanced smart features, which are critical in attracting consumers [7]. 7. **Sales Projections** - Initial sales projections for the Zun Jie brand suggest a volume of approximately 45,000 to 50,000 units annually [10]. - The luxury segment, particularly models priced above one million yuan, is anticipated to have strong profitability potential, with a focus on differentiation in the market [16][17]. 8. **Market Dynamics and Future Outlook** - The luxury automotive market in China is still relatively untapped for domestic brands, presenting an opportunity for growth and innovation [16]. - The overall sentiment towards the future of Huawei in the automotive sector is optimistic, with expectations for continued technological advancements and market penetration [18]. Additional Important Insights - The discussion highlights the importance of product definition and market segmentation in the automotive industry, with successful brands demonstrating strong capabilities in these areas [12][13]. - The collaboration between Jianghuai and established brands like NIO and Volkswagen indicates a robust manufacturing capability and experience in high-end vehicle production [11]. - The emphasis on smart technology and innovation positions Huawei as a key player in the ongoing transformation of the automotive industry, particularly in the context of electric and autonomous vehicles [18].