Core Viewpoint - Jianghuai Automobile experienced a decline in overall vehicle sales in September, primarily due to a drop in SUV, pickup, and multi-functional commercial vehicle sales, but saw growth in new energy passenger vehicle sales driven by the ZunJie brand [1] Group 1: Sales Performance - In September, Jianghuai Automobile achieved vehicle sales of 33,500 units, representing a year-on-year decrease of 15.50% [1] - The decline in sales was mainly attributed to lower sales of SUVs, pickups, and multi-functional commercial vehicles [1] - New energy passenger vehicle sales increased by 18.69% to 3,600 units in September [1] Group 2: Product Launch and Future Outlook - The S800 model, launched four months ago, has received over 15,000 orders, with September marking its first full month of batch deliveries, achieving sales of 2,300 units [1] - The company is expected to continue delivering orders and plans to leverage the brand momentum from the S800 to introduce more luxury MPVs and SUVs [1] - The ongoing growth of the ZunJie brand is anticipated to enhance profitability and stability, leading to a maintained "buy" rating [1]

Investment Rating - The investment rating for Jianghuai Automobile is maintained as "Buy" [1] Core Views - The rapid increase in deliveries of the Zun Jie S800 in September is expected to support order accumulation [1] - Despite a 15.50% year-on-year decline in overall vehicle sales to 33,500 units in September, the new energy vehicle sales increased by 18.69% to 3,600 units, driven by the Zun Jie brand [3][4] - The company forecasts revenues of 51.56 billion, 66.95 billion, and 87.95 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 460 million, 1.58 billion, and 3.77 billion yuan for the same years [3][5] Summary by Sections Sales Performance - In September, Jianghuai Automobile's total vehicle sales were 33,500 units, down 15.50% year-on-year, primarily due to declines in SUV, pickup, and multi-functional commercial vehicle sales [3] - The Zun Jie S800 has achieved over 15,000 pre-orders within four months of its launch, with September marking its first full month of deliveries, achieving sales of 2,300 units [3][4] Market Positioning - The luxury car market shows strong consumer purchasing power, and domestic luxury brands like Zun Jie are expected to capture significant market share due to their technological advantages and higher cost-performance ratio [4] - The company is committed to advancing the Zun Jie project, collaborating with Huawei to build a dedicated team and enhance digital capabilities [4] Financial Projections - Revenue projections for Jianghuai Automobile are as follows: 51.56 billion yuan in 2025, 66.95 billion yuan in 2026, and 87.95 billion yuan in 2027, with corresponding net profits of 460 million, 1.58 billion, and 3.77 billion yuan [5][7] - The projected gross margin is expected to improve from 10.6% in 2023 to 16.0% by 2027, indicating a positive trend in profitability [5][7]

Market Overview - The commercial vehicle sector experienced a decline of 0.87% on October 14, with Yutong Bus leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable stock performances in the commercial vehicle sector included: - Zhongtong Bus: Closed at 11.55, up 1.67% with a trading volume of 357,400 shares [1] - China National Heavy Duty Truck: Closed at 17.72, up 1.49% with a trading volume of 162,400 shares [1] - Yutong Bus: Closed at 28.90, down 2.73% with a trading volume of 205,800 shares [3] - The overall trading volume and turnover for the sector were significant, with Hanma Technology recording a turnover of 882 million yuan [1][3] Capital Flow - The commercial vehicle sector saw a net outflow of 473 million yuan from institutional investors, while retail investors contributed a net inflow of 395 million yuan [4] - Specific stock capital flows included: - Yutong Bus: Net outflow of 17.22 million yuan from institutional investors [4] - Zhongtong Bus: Net outflow of 20.29 million yuan from institutional investors [4] Summary of Key Stocks - The following stocks had notable capital flows: - Hanma Technology: Net inflow of 10.51 million yuan from institutional investors [4] - Foton Motor: Net inflow of 9.72 million yuan from institutional investors [4] - China National Heavy Duty Truck: Net outflow of 8.27 million yuan from institutional investors [4]

Core Insights - Jianghuai Automobile reported a decline in both production and sales for September 2025 compared to the same period last year [3][4][5] Production and Sales Data - In September 2025, the total production was 33,255 vehicles, a year-on-year decrease of 15.75%, while total sales were 33,455 vehicles, down 15.50% [3][4] - Cumulative production for the year reached 281,040 vehicles, reflecting a 10.53% decline year-on-year, and cumulative sales were 281,713 vehicles, down 10.66% [3][4] Segment Performance - For the SUV segment, production was 6,266 units, down 41.43%, and sales were 5,605 units, down 45.78% [4][5] - The MPV segment saw production increase by 107.91% to 2,470 units, with sales rising 44.01% to 2,091 units [4][5] - The sedan segment produced 6,259 units, down 34.50%, with sales of 6,921 units, a decrease of 7.01% [4][5] Commercial Vehicle Performance - Truck production was 11,937 units, up 35.89%, and sales were 11,908 units, up 21.56% [5] - Pickup production decreased by 33.61% to 4,224 units, with sales down 37.72% to 4,918 units [5] - Bus production increased significantly by 188.64% to 889 units, with sales rising 211.30% to 909 units [5] New Energy Vehicle Insights - New energy passenger vehicles produced 3,679 units, up 10.75%, with sales of 3,613 units, up 18.69% [5] - Year-to-date production for new energy vehicles was 16,503 units, down 10.26%, and cumulative sales were 16,043 units, down 25.64% [5]

Core Viewpoint - Anhui Jianghuai Automobile Group Co., Ltd. has released its production and sales report for September 2025, indicating the company's operational performance during this period [1] Summary by Relevant Sections - Production and Sales Data: The report provides preliminary data on the number of vehicles produced and sold by the company for September 2025, although specific figures are not disclosed in the announcement [1] - Assurance of Accuracy: The board of directors of the company guarantees that the announcement does not contain any false records, misleading statements, or significant omissions, and they take legal responsibility for the authenticity, accuracy, and completeness of the content [1] - Reporting Date: The announcement was made on October 14, 2025, and it is noted that the specific data will be detailed in the company's regular reports [1]

Market Overview - The commercial vehicle sector experienced a decline of 1.35% on October 13, with Jianghuai Automobile leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Key stocks in the commercial vehicle sector showed mixed performance, with Jinlong Automobile rising by 4.74% to a closing price of 13.49 [1] - Jianghuai Automobile fell by 2.89% to a closing price of 50.39, with a trading volume of 534,300 shares and a transaction value of 2.682 billion [2] - Other notable declines included Foton Motor down 2.87% and JMC down 2.45% [2] Capital Flow - The commercial vehicle sector saw a net outflow of 474 million from institutional investors, while retail investors contributed a net inflow of 310 million [2] - The capital flow data indicates that retail investors were more active in the market despite the overall decline in the sector [2] Individual Stock Capital Flow - Jinlong Automobile had a net inflow of 53.38 million from institutional investors, while it faced a net outflow of 79.41 million from speculative funds [3] - Jianghuai Automobile experienced a significant net outflow of 459.86 million from institutional investors, indicating a lack of confidence among larger investors [3] - The data shows that retail investors were more favorable towards stocks like Ankai Bus, which had a net inflow of 472.44 million [3]

Core Viewpoint - Jianghuai Automobile (600418) reported a decline in overall sales for September, indicating challenges in the automotive market [1] Sales Performance - In September, Jianghuai Automobile's total sales reached 33,500 units, representing a year-on-year decrease of 15.5% [1] - Cumulative sales for the year amounted to 281,700 units, reflecting a year-on-year decline of 10.66% [1] New Energy Vehicle Segment - The sales of new energy passenger vehicles in September were 3,613 units, showing a year-on-year growth of 18.69% [1]

Core Viewpoint - Jianghuai Automobile (600418) reported a decline in both production and sales for September, indicating ongoing challenges in the automotive market [1] Summary by Category Sales Performance - In September, Jianghuai Automobile's total sales reached 33,500 units, representing a year-on-year decrease of 15.5% [1] - Cumulatively, the sales for the year amounted to 281,700 units, which is a year-on-year decline of 10.66% [1]

Group 1 - The core viewpoint of the news is that Jianghuai Automobile has reported a decline in both total vehicle sales and cumulative sales for the year 2023, indicating potential challenges in the automotive market [1] - Jianghuai Automobile's total vehicle sales for September 2025 are projected to be approximately 33,500 units, representing a year-on-year decrease of 15.5% [1] - The cumulative sales for the year 2023 are approximately 280,000 units, reflecting a year-on-year decline of 10.66% [1] Group 2 - For the year 2024, Jianghuai Automobile's revenue composition is as follows: manufacturing accounts for 91.82% and other businesses account for 8.18% [1] - As of the time of reporting, Jianghuai Automobile has a market capitalization of 110.1 billion yuan [2]

特此公告！ 安徽江淮汽车集团股份有限公司 董事会 2025 年 10 月 14 日 2025 年 9 月产、销快报 本公司董事会及全体董事保证本公司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截至 2025 年 9 月份产销快报数据如下： | | | | | | | | 单位：辆 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 月度同比 | | | 年度同比 | | | | | 九月份产销量明细 | 本月 | 去年 | 增减 % | 本年 | 去年 | 增减 % | | | | | | 同期 | | 累计 | 累计 | | | | 乘 | 运动型多用途乘用车（SUV） | 6266 | 10698 | -41.43 | 54858 | 63872 | -14.11 | | | 用 | 多功能乘用车（MPV） | 2470 | 1188 | 107.91 | 14224 | 12171 | 16.87 | | | 车 | 基本型乘用车 ...