证券代码：600418 证券简称：江淮汽车 安徽江淮汽车集团股份有限公司 向特定对象发行股票 发行情况报告书 | Carlo Corp. | 世成 | | --- | --- | | 2 | | | | 赵宁 | 保荐人（主承销商） 【主承 LOGO】 安徽省合肥市梅山路 18 号 陈继明 赵宁刚 张丽军 安徽江淮汽车集团股份有限公司 年 月 日 $$\exists\exists\exists\forall\exists\exists$$ 11 发行人全体董事、董事会审计委员会成员、高级管理人员声明 本公司全体董事、董事会审计委员会成员、高级管理人员承诺本发行情况报 告书不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性 承担相应的法律责任。 全体董事签名： 项兴初 江 鑫 王素玲 汤书昆 尤 佳 许远怀 李 明 马翠兵 盛保柱 全体董事会审计委员会成员签名： 王素玲 汤书昆 尤 佳 项兴初 马翠兵 全体非董事高级管理人员签名： 张 鹏 罗世成 李卫华 2 | | | 释 义 本发行情况报告书中，除另有说明外，下列简称具有如下含义 | 发行人、公司、上市公 | 指 | 安徽江淮汽车集团股份有限 ...

向特定对象发行 A 股 资金到位情况验资报告 安徽江淮汽车集团股份限公司 容诚验字[2026]230Z0017 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | | 内 | 容 | 页码 | | --- | --- | --- | --- | --- | | 1 | 验资报告 | | | 1-3 | 付的认购资金 259,999,998.80 元，收到葛卫东缴付的认购资金 999,999,976.20 元， 收到方文艳缴付的认购资金 999,999,976.20 元，收到杭州知春投资管理有限公 司-知春精选一期私募证券投资基金缴付的认购资金 599,999,985.72 元，收到财 通基金管理有限公司缴付的认购资金 240,000,114.00 元，合计资金总额为人民币 3,499,999,991.52 元（叁拾肆亿玖仟玖佰玖拾玖万玖仟玖佰玖拾壹元伍角贰分）， 投资者认购具体情况详见本报告附件。 2 安徽江淮汽车集团股份有限公司向特定对象发行 A 股股票之投资者认购资金明细表 1 验 资 报 告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 ...

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向特定对象发行 A 股股票 发行过程和认购对象合规性 的法律意见书 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"）根据安徽江淮汽车集团股份有限公司（以 下简称"发行人"或"公司"）的委托，指派黄艳律师、郑江文律师、梁翔蓝律师（以 下简称"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"）的特聘专项法律顾问，已就本次发行出具了《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》《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 股票之律师工作报告》《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 股股票之补充法律意见书（一）》《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 股股票之补充法律意见 书（二）》《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 ...

验资报告 安徽江淮汽车集团股份有限公司 容诚验字[2026]230Z0018 号 容诚会计师事务所(特殊普通合伙) 中国·北京 | | | | 序号 | 内 | 容 | 页码 | | | | --- | --- | --- | --- | --- | --- | | 1 | 验资报告 | | 1-3 | | | | 2 | 新增注册资本实收情况明细表 | | | 1 | | | 3 | 注册资本及股本变更前后对照表 | | 2 | | | | 4 | 验资事项说明 | | | | 3-4 | 容诚验字[2026]230Z0018 号 安徽江淮汽车集团股份有限公司： 我们接受委托，审验了安徽江淮汽车集团股份有限公司（以下简称"贵公司"） 截至 2026 年 2 月 4 日止新增注册资本及股本情况。按照法律法规以及协议、章程 的要求出资，提供真实、合法、完整的验资资料，保护资产的安全、完整是全体 股东及贵公司的责任。我们的责任是对贵公司新增注册资本及股本情况发表审验 意见。我们的审验是依据《中国注册会计师审计准则第 1602 号—验资》进行的。 在审验过程中，我们结合贵公司的实际情况，实施了检查等必要的审验程序。 ...

证券代码:600418 证券简称:江淮汽车 编号:2026-007 特此公告！ 安徽江淮汽车集团股份有限公司董事会 2026 年 2 月 11 日 安徽江淮汽车集团股份有限公司 2026 年 1 月产、销快报 单位：辆 一月份产销量明细 月度同比 年度同比 本月 去年 同期 增减 % 本年 累计 去年 累计 增减 % 产 量 乘 用 车 运动型多用途乘用车（SUV） 5650 4787 18.03 5650 4787 18.03 多功能乘用车（MPV） 1676 1513 10.77 1676 1513 10.77 基本型乘用车（轿车） 4579 4323 5.92 4579 4323 5.92 商 用 车 货车 21856 17886 22.20 21856 17886 22.20 皮卡 7277 4347 67.40 7277 4347 67.40 客车非完整车辆 364 226 61.06 364 226 61.06 多功能商用车 1675 1399 19.73 1675 1399 19.73 客车 675 559 20.75 675 559 20.75 合计 43752 35040 24.86 437 ...

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 向特定对象发行股票 发行过程和认购对象合规性的报告 上海证券交易所： 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意安徽江 淮汽车集团股份有限公司向特定对象发行股票注册的批复》（证监许可 [2025]3022号）批复，同意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"、"公司"或"上市公司"）向特定对象发行股票的注册申请。 国元证券股份有限公司（以下简称"国元证券"、"主承销商"或"保荐人 （主承销商）"）作为江淮汽车本次向特定对象发行股票的保荐人（主承销商）， 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》"）《证券发行与承销管理办法》（以下简称 "《发行与承销管理办法》"）《上市公司证券发行注册管理办法》（以下简称 "《注册管理办法》"）《上海证券交易所上市公司证券发行与承销业务实施细 则》（以下简称"《实施细则》"）等相关法律、法规和规范性文件的规定、发 行人董事会、股东会通过的与本次发行相关的决议及《安徽江淮汽车集团股份有 限公司向特定对象发行股票发行与承销方 ...

证券代码：600418 证券简称：江淮汽车 公告编号：2026-006 一、募集资金基本情况 经中国证券监督管理委员会《关于同意安徽江淮汽车集团股份有限公司向特 定对象发行股票注册的批复》（证监许可[2025]3022 号）同意注册，安徽江淮汽 车集团股份有限公司（以下简称"公司"）本次向特定对象发行人民币普通股 70,168,404 股，发行价格 49.88 元/股，募集资金总额人民币 3,499,999,991.52 元，扣除不含税的发行费用人民币 20,015,874.13 元，发行人实际募集资金净额 为人民币 3,479,984,117.39 元。募集资金已于 2026 年 2 月 4 日到位，到位情况 已经容诚会计师事务所（特殊普通合伙）审验并出具容诚验字[2026]230Z0018 号《验资报告》。 二、《募集资金专户存储三方监管协议》的签订情况和募集资金专户的开 立情况 为规范公司募集资金管理和使用，提高募集资金使用效率，保护投资者权益， 根据《上市公司募集资金监管规则》等有关法律、法规、规范性文件以及公司《募 集资金管理办法》的相关规定，公司与中国工商银行股份有限公司合肥包河支行 /中国光大银 ...

Summary of Key Points from Conference Call Records Industry Overview - The automotive market in 2026 is expected to be a transitional year, facing pressure on demand due to subsidy reductions and increased vehicle purchase taxes, with retail sales projected to decline by 3% to 10% [2][4] - The overall sentiment in the automotive sector is pessimistic, with significant cost pressures from rising raw material prices, leading to an expected increase in vehicle costs by 4,000 to 5,000 yuan per unit [4][8] - The new energy vehicle (NEV) market is entering a critical phase, with penetration rates facing bottlenecks that require policy support and technological breakthroughs, such as solid-state batteries, to stimulate growth [5][8] Company-Specific Insights Geely Automobile - Geely's sales in January exceeded expectations, with significant growth in the Zeekr and export segments, particularly the Zeekr 9X model, which is expected to outperform profitability expectations [3][14] - The company is actively expanding its international market, with an anticipated export volume of 600,000 vehicles in 2026, contributing approximately 2 billion yuan in profit, which will help offset domestic cost pressures [3][17] - Geely's high-end brand, Zeekr, is performing well in the premium market, with strong sales and profitability, and plans to launch new models to further enhance brand strength [16] JAC Motors - JAC Motors is focusing on high-end and international markets, showing strong brand premium potential, particularly with its Huawei-affiliated products [12][13] - The company is expected to launch several new models, including high-end versions of the S800, which could act as catalysts for performance improvement [13] Market Dynamics - The price war in the automotive sector is expected to stabilize, with companies like Tesla experiencing diminishing returns from price cuts, leading to a potential cessation of aggressive pricing strategies [6][7] - The overall market is anticipated to be in a bottoming phase in 2026, with demand affected by policy changes and consumer sentiment, but strategic adjustments by companies could alleviate some cost pressures [8][9] Investment Opportunities - Current market conditions suggest that it is a favorable time to consider investments in Geely and JAC Motors, given their focus on high-end and international strategies, which are expected to yield strong profit growth [12][18] - Investors are advised to monitor market demand and competitor dynamics closely, especially with new model launches expected in the coming months [18] Additional Considerations - The automotive industry has not yet integrated AI valuations, but there is potential for significant opportunities as companies develop robotic technologies [9] - The current environment is not ideal for purchasing vehicles due to unclear subsidy details and limited supply, which may lead to increased consumer hesitation [10][11]

Core Viewpoint - LNG is recognized as a clean energy source that effectively reduces automotive exhaust pollutants and greenhouse gas emissions, leading to increased demand for clean energy vehicles, particularly heavy-duty trucks that utilize LNG due to its high storage density and long range [1][7]. LNG Cylinder Industry Overview - LNG vehicle cylinders are high-vacuum insulated containers specifically designed for storing liquefied natural gas (LNG) as fuel, featuring a double-layer structure that minimizes external heat impact [3][4]. - The industry has experienced a decline in sales from 2020 to 2022 due to a drop in heavy-duty truck sales, exacerbated by the pandemic's impact on factory operations and logistics [1][8]. Market Demand and Growth - In 2023, the LNG vehicle cylinder industry in China saw a significant sales increase of 292.7% year-on-year, driven by the advantages of oil and gas price differentials and supportive policies [1][8]. - The industry is projected to continue growing, with sales expected to reach 250,300 units by 2025, reflecting an 8.8% year-on-year increase [1][8]. Industry Chain and Raw Materials - The upstream materials for LNG vehicle cylinders include steel, aluminum alloys, and other insulation materials, which are crucial for safety, manufacturing costs, and supply stability [4][6]. - The production of stainless steel, a key material for LNG cylinders, has shown a recovery trend, with production expected to reach 39.44 million tons in 2024, marking a 7.5% year-on-year increase [6]. Competitive Landscape - The LNG vehicle cylinder industry features a diverse competitive landscape, with leading companies leveraging full industry chain advantages and resource integration to maintain market dominance [9][12]. - Key players include Zhangjiagang Furui Special Equipment Co., Ltd., CIMC Enric Holdings Limited, and Beijing Jingcheng Machinery Electric Company, among others [9][10]. Industry Development Trends - The industry is focusing on lightweight and intelligent designs, utilizing new composite materials and IoT technology for real-time monitoring and predictive maintenance [11][12]. - The demand for LNG vehicle cylinders is expected to expand due to increasing global emphasis on environmental protection and the replacement of older LNG vehicles [11][12]. - The industry is anticipated to undergo consolidation, with stricter regulations raising entry barriers, favoring larger companies with comprehensive product certifications [12].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].