安徽江淮汽车集团股份有限公司 2025 年第一次临时股东会会议资料 | 会 议 议 程. | | --- | | 1.关于取消监事会暨修改《公司章程》的议案 . | | 2.关于修改《股东大会议事规则》的议案 | | 3.关于修改《董事会议事规则》的议案 | | 4.关于修改《独立董事工作制度》的议案 | | 5.关于废止《监事会议事规则》的议案 . | | 6.关于延长公司 2024年向特定对象发行 A 股股票股东会决议有效期的 | | 议案 . | | 7.关于提请股东会延长授权董事会及董事会授权人士全权办理本次向 | | 特定对象发行 A 股股票相关事宜的议案 | | 8.关于续聘会计师事务所的议案 . | | 9.关于选举第九届独立董事的议案 . | | 10.关于选举第九届非独立董事的议案 | 会 议 议 程 现场会议时间：2025 年 11 月 18 日下午 14:30 现场会议地点：安徽省合肥市东流路 176 号安徽江淮汽车集团股 份有限公司管理大楼 301 会议室 网络投票起止时间：自 2025 年 11 月 18 日至 2025 年 11 月 18 日 采用上海证券交易所股东大会网络投票系统 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [70]. Core Insights - In October, the wholesale sales of narrow passenger vehicles reached 2.93 million units, a year-on-year increase of 7% and a month-on-month increase of 4% [2]. - The penetration rate of new energy vehicles exceeded 55%, with wholesale sales of electric vehicles at 1.62 million units, marking an 18% year-on-year increase [8]. - The report highlights potential investment opportunities in companies such as Geely Automobile and BYD, with a focus on Geely's low valuation for the upcoming year [4]. Summary by Sections Industry Overview - In October, the production of narrow passenger vehicles was 2.95 million units, reflecting an 11% year-on-year increase and a 4% month-on-month increase [2]. - The report estimates that retail sales for October were approximately 2.34 million units, showing a 3% year-on-year increase [8]. Sales Performance - The wholesale sales of new energy vehicles in October were 1.62 million units, with a penetration rate of 55%, which is a 5 percentage point increase year-on-year [8]. - The report indicates that the wholesale sales of domestic car manufacturers reached 2.14 million units in October, a 12% year-on-year increase [8]. Pricing and Inventory - The industry discount rate slightly increased in late October, with an average discount rate of 9.6%, reflecting a 0.1 percentage point increase month-on-month [8]. - The total inventory is estimated to be around 3.1 million units, with fuel vehicle inventory at approximately 850,000 units, indicating a higher overall inventory compared to the same period last year [8]. Future Outlook - The report anticipates that the fourth quarter will see a seasonal inventory reduction, with retail sales expected to reach 7.73 million units, a 6% year-on-year increase, while wholesale sales are projected to be 8.67 million units, a 1% year-on-year decrease [8]. - Potential catalysts for recovery in the automotive sector include better-than-expected retail sales post-Spring Festival and improved export performance [8].

Domestic News - The new energy vehicle credit ratio requirements for 2026 and 2027 are set at 48% and 58% respectively, with specific relaxations for small manufacturers based on fuel consumption reductions [3] - Starting from November 10, 2025, Shanxi province will implement a public lottery system for applying for vehicle scrapping and renewal subsidies, requiring consumers to obtain qualification through a notarized lottery [4] - From January to September 2025, Hunan province's exports of high-end equipment, including rail transit equipment, increased by 31% year-on-year, with electric vehicles and lithium batteries seeing a 77.4% increase [5] - GAC Group has signed a capital increase agreement with Honda, raising the registered capital of GAC Honda from $541 million to $867.22 million [6] - NIO's Firefly model will connect to NIO's fifth-generation battery swap stations, with plans for a larger battery pack that offers a 50% increase in capacity [8] - FAW Audi has signed a strategic cooperation memorandum with Zhejiang Deao Automotive Group, focusing on dealer channel development and new media collaboration [9] - The iCAR V23, a pure electric SUV, was unveiled in Malaysia with a starting price of 145,000 to 155,000 Malaysian Ringgit (approximately 248,300 to 262,600 RMB) [10] - Baidu's autonomous driving service, "萝卜快跑," has launched its first large-scale fully autonomous operation in Abu Dhabi, following a strategic partnership with AutoGo [11] International News - Japan's new car sales in October 2025 decreased by 1.8% year-on-year, marking the fourth consecutive month of decline after a recovery in the first half of the year [12] - Skoda plans to expand its factory in Vietnam to start producing electric vehicles, enhancing local production capabilities [13] - Subaru is reassessing its nearly $100 billion electrification investment plan, aiming for annual cost savings of 200 billion yen by 2030 to offset U.S. import tariffs [14] - France has successfully tested the world's first dynamic induction charging highway, achieving instantaneous charging power of 300 kW and an average of 200 kW [15] Commercial Vehicles - The Jianghuai 1 Card Kunpeng ET9 was launched at the Wuhan International Commercial Vehicle Exhibition, featuring innovative technologies aimed at logistics efficiency [16] - Zero One unveiled its electric heavy truck "Jingzhe Leizhenzi," which boasts advanced energy efficiency and performance enhancements [17] - Dongfeng Light Vehicles announced a new brand and strategy focused on high-end products and rapid development of new energy vehicles, aiming to lead the market by 2027 [18] - The new commercial vehicle brand "Zaihe" made its debut at the exhibition, showcasing a range of innovative models designed for various logistics needs [19]

Core Points - The commercial vehicle sector experienced a decline of 1.11% on November 11, with Jianghuai Automobile leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Commercial Vehicle Sector Performance - The following companies showed notable performance: - Shuguang Co., Ltd. (600303) closed at 3.96, up 2.06% with a trading volume of 275,900 shares and a transaction value of 108 million [1] - Hanma Technology (600375) closed at 7.19, up 1.41% with a trading volume of 469,100 shares and a transaction value of 335 million [1] - Foton Motor (600166) closed at 2.92, up 1.39% with a trading volume of 1,609,800 shares and a transaction value of 470 million [1] - Dongfeng Motor (600006) closed at 7.85, up 1.03% with a trading volume of 331,400 shares and a transaction value of 258 million [1] - Jianghuai Automobile (600418) closed at 46.16, down 3.19% with a trading volume of 413,700 shares and a transaction value of 1.927 billion [2] Fund Flow Analysis - The commercial vehicle sector saw a net outflow of 360 million from institutional investors, while retail investors contributed a net inflow of 261 million [2] - The following companies had significant fund flows: - Foton Motor (600166) had a net inflow of 39.94 million from institutional investors, but a net outflow of 43.89 million from retail investors [3] - Hanma Technology (600375) had a net inflow of 13.05 million from institutional investors, with retail investors contributing a net inflow of 0.62 million [3] - Dongfeng Motor (600006) had a net inflow of 9.45 million from institutional investors, but a net outflow of 12.84 million from retail investors [3]

Group 1 - The general manager and party secretary of Anhui Jianghuai Automobile Group Co., Ltd., Zhao Tao, is under investigation for serious violations of law [1] - The investigation is being conducted by the supervision committee of Mengcheng County, as designated by the Anhui Provincial Supervision Commission [1]

Core Viewpoint - The former Party Secretary and General Manager of Anhui Jianghuai Automobile Group Co., Ltd.'s pickup truck division, Zhao Tao, is under investigation for serious violations of the law, as designated by the Anhui Provincial Supervisory Committee [1] Company Summary - Zhao Tao, the former Party Secretary and General Manager of the pickup truck division, is currently undergoing an investigation by the Mengcheng County Supervisory Committee [1]

Core Points - Jianghuai Automobile's stock price decreased by 2.01% on November 11, trading at 46.72 yuan per share with a market capitalization of 1020.37 billion yuan [1] - The company has seen a year-to-date stock price increase of 24.59%, but has experienced declines of 4.16% over the last five trading days, 5.98% over the last twenty days, and 1.83% over the last sixty days [1] - For the period from January to September 2025, Jianghuai Automobile reported a revenue of 309.32 billion yuan, a year-on-year decrease of 4.15%, and a net profit attributable to shareholders of -1.434 billion yuan, a significant year-on-year decrease of 329.43% [2] Financial Performance - The company has cumulatively distributed 2.9 billion yuan in dividends since its A-share listing, with 45.8642 million yuan distributed over the last three years [3] - As of September 30, 2025, the number of shareholders increased to 176,400, a rise of 24.81%, while the average circulating shares per person decreased by 19.88% to 12,378 shares [2] Shareholder Information - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 55.485 million shares, which is a decrease of 45.1747 million shares compared to the previous period [3]

Core Viewpoint - The article highlights the launch of the JAC Kunpeng ET9, a new electric light truck aimed at revolutionizing the logistics industry by addressing key pain points in efficiency, cost, and range, while promoting a green and intelligent logistics era [3][20]. Group 1: Product Launch and Features - The JAC Kunpeng ET9 was globally unveiled at the 2025 China International Commercial Vehicle Exhibition, marking a significant step towards a green and efficient logistics future [3][5]. - The Kunpeng ET9 incorporates five industry-first technologies in design, battery, motor, control, and thermal management, creating a strong technological moat [6][8]. - The vehicle offers a range improvement of over 100 kilometers compared to similar electric light trucks, setting a benchmark for efficiency in the industry [8][10]. Group 2: User Benefits and Value Proposition - The Kunpeng ET9 provides six major value experiences: time-saving with reduced charging frequency, cost-saving with lower energy consumption, peace of mind with extensive warranties, enhanced safety with advanced driver assistance systems, comfort with spacious interiors, and convenience through remote vehicle control [10][13]. - The vehicle's energy efficiency allows for a potential savings of 30,000 to 40,000 yuan in electricity costs over three years compared to market counterparts [10]. Group 3: Lifecycle Solutions and Digital Integration - JAC has introduced a full lifecycle solution for commercial vehicle users, emphasizing AI-driven support from purchase to value enhancement [14][15]. - The company aims to create a data-driven ecosystem that connects users, vehicles, cargo, energy, and services, addressing challenges in vehicle selection, usage, maintenance, and resale [15][18]. Group 4: Commitment to Innovation and Sustainability - JAC is committed to driving innovation in the new energy commercial vehicle market, focusing on practical solutions to real user problems [20]. - The Kunpeng ET9 is positioned as a leader in the transition to more efficient, greener, and smarter logistics solutions, reflecting the company's dedication to sustainable development [20].

Market Overview - The commercial vehicle sector experienced a decline of 0.28% on November 10, with Yutong Bus leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Jianghuai Automobile (600418) closed at 47.68, up 1.55% with a trading volume of 310,200 shares and a turnover of 1.469 billion yuan [1] - Ankai Bus (000868) closed at 5.42, up 1.50% with a trading volume of 127,800 shares and a turnover of 68.9342 million yuan [1] - Yutong Bus (600066) closed at 31.76, down 2.58% with a trading volume of 124,800 shares and a turnover of 399 million yuan [3] - The overall trading data for the commercial vehicle sector shows mixed performance among individual stocks, with some experiencing gains while others faced losses [1][3] Capital Flow Analysis - The commercial vehicle sector saw a net outflow of 174 million yuan from institutional investors, while retail investors contributed a net inflow of 254 million yuan [4] - Notable capital flows include: - Foton Motor (600166) had a net inflow of 17.9142 million yuan from institutional investors [4] - Yutong Bus (600066) experienced a net outflow of 7.5470 million yuan from institutional investors [4] - Ankai Bus (000868) saw a net inflow of 0.9552 million yuan from retail investors [4] Summary of Trading Data - The trading data for key stocks in the commercial vehicle sector indicates varied performance, with some stocks showing resilience while others are under pressure [1][3][4] - The overall sentiment in the sector appears cautious, reflecting broader market trends and investor behavior [1][4]

Core Points - Anhui Jianghuai Automobile Group Co., Ltd. has applied for a patent for an automatic bending test device for thin plate welding, indicating innovation in body testing technology [1] - The company was established in 1999 and is primarily engaged in the automotive manufacturing industry, with a registered capital of approximately 218.4 million RMB [2] Group 1 - The patent application, published as CN 120907998 A, was filed on August 2025 and involves a device that includes fixed and moving components to facilitate bending tests on welded plates [1] - The fixed component consists of a base plate, welding nail clamping plate, slider, and cylinder mounting plate, while the moving component includes an angled sliding rail and cylinder mechanism [1] - The device aims to ensure the smooth execution of bending tests by moving the sliding rail to bend the welding nails at a specific angle [1] Group 2 - Anhui Jianghuai Automobile Group has invested in 47 companies and participated in 5,000 bidding projects, showcasing its active role in the automotive sector [2] - The company holds 946 trademark registrations and 5,000 patent records, indicating a strong focus on intellectual property [2] - Additionally, the company possesses 672 administrative licenses, reflecting its compliance and operational capabilities within the industry [2]