Core Viewpoint - The launch of the Zun Jie S800, a luxury sedan co-developed by Huawei and JAC, marks a significant entry into the high-end automotive market, with a price range of 1 million to 1.5 million yuan, positioning it as a competitor to Rolls-Royce [1][3]. Group 1: Product Launches - The Zun Jie S800 is described as having a design aesthetic reminiscent of Rolls-Royce, featuring a dignified and heavy profile, along with starry lighting accents [1]. - Following the Zun Jie S800, other brands like Zeekr and Chery are also introducing luxury models aimed at the million-yuan market, such as the Zeekr 9X SUV and the Chery Jetour Zongheng G900 [4][7]. Group 2: Market Context - The emergence of these "Chinese Rolls-Royces" reflects a strategic move by automakers to capture the high-margin luxury segment, which is crucial for their survival amid intense competition in the lower-priced electric vehicle market [10]. - Chery has reported profits of 6.266 billion yuan in 2022 and 11.953 billion yuan in 2023, indicating a relatively stable financial position compared to its competitors [10]. - In contrast, JAC has faced significant financial challenges, reporting a profit drop of 1,278% and a net loss of 1.784 billion yuan in 2024, highlighting the risks associated with entering the luxury market [10][11]. Group 3: Competitive Landscape - The competition in the luxury electric vehicle market is expected to be fierce, with domestic brands needing to compete against established luxury models like the Mercedes-Benz S-Class and Land Rover Range Rover [13]. - The current trend indicates that many automakers, including leading new energy vehicle companies, are experiencing revenue growth without corresponding profit increases, suggesting a highly competitive and saturated market [12].

一、对 2023 年年度报告的更正情况 对 2023 年年度报告"第三节 管理层讨论与分析"之"五、报告期内主要 经营情况"之"（一）主营业务分析"之"2.收入和成本分析"之"（1）.主 营业务分行业、分产品、分地区、分销售模式情况"之"主营业务分地区情况" 进行更正： 证券代码：600418 证券简称：江淮汽车 公告编号：2025-025 安徽江淮汽车集团股份有限公司 关于 2023 年年度报告更正的公告 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"）需要对已披露的《安 徽江淮汽车集团股份有限公司 2023 年年度报告》的部分内容进行更正。本次更 正不涉及对公司财务报表的调整，不会对 2023 年度财务状况及经营成果产生影 响。 除上述更正内容外，公司 2023 年年度报告其他内容保持不变。由此给广大 投资者带来的不便，公司深表歉意，今后公司将进一步加强披露文件的审核工作， 提高信息披露质量，敬请广大投资者谅解。 特此公告。 注：以上数据见江淮汽车 2025-006 号公告。 ...

Group 1 - The core viewpoint of the news is that Anhui Jianghuai Automobile Group Co., Ltd. has applied for a patent for a method that dynamically compensates for power differences in dual electric drive bridges, which aims to enhance energy recovery, reduce motor losses, and improve battery life and efficiency [1] Group 2 - Anhui Jianghuai Automobile Group Co., Ltd. was established in 1999 and is located in Hefei City, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of 218,400.9791 million RMB and has invested in 46 enterprises [2] - The company has participated in 5,000 bidding projects and holds 957 trademark information and 5,000 patent information, along with 663 administrative licenses [2]

截至4月30日，市场融资余额合计1.78万亿元，较前一交易日减少156.33亿元，其中，沪市融资余额 9022.97亿元，较前一交易日减少81.79亿元；深市融资余额8683.58亿元，较前一交易日减少72.87亿元； 北交所融资余额50.37亿元，较前一交易日减少1.68亿元。 证券时报·数据宝统计显示，具体到个股，4月30日共有1130只股获融资净买入，净买入金额在千万元以 上的有203只，其中26只融资净买入额超5000万元。江淮汽车融资净买入额居首，当日净买入2.46亿 元，其次是招商银行、华夏银行，融资净买入金额分别为2.09亿元、1.83亿元，融资净买入金额居前的 还有博创科技、利欧股份、闽东电力等。 分行业统计，获融资客净买入超5000万元个股中，汽车、电力设备、银行等行业最为集中，分别有6 只、4只、3只个股上榜。板块分布上，大手笔净买入个股中，主板有20只，创业板有3只，科创板有3 只。 融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为4.34%，融资余额占比 最高的是优刻得，该股最新融资余额8.53亿元，占流通市值的比例为9.44%，融资余额占比较高的还有 祥鑫科技、 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600418证券简称：江淮汽车 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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 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）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 ■ (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不 ...

无冕财经 . 奉守"专业主义，内容为王"，为优质的商业阅读而生。多次获评"年度财经自媒体"，入选胡润百富"广 州最值得投资的企业"榜单50强，广州市新阶联自媒体分会副会长单位，入驻全网20多个平台，覆盖 1000万+商务人群，中国财经新媒体的中坚力量之一。 作者：杨一轩 来源：无冕财经 离百万豪车"尊界"上市还有不到一个月，江淮汽车的一些投资者，难免忐忑。 最近的关税大战，不可避免地影响到江淮汽车的股价。 4月7日起，江淮汽车两跌两日，累计大跌近14%。随着控股股东公告增持计划，再加上市场情绪 有所平复，江淮汽车股价也暂时企稳。 以下文章来源于无冕财经 ，作者无冕财经团队 但与5个月前的千亿巅峰相比， 江淮汽车的市值已蒸发约300亿 。毕竟，这几个月，江淮汽车的 坏消息不少。 去年11月，安徽江淮汽车集团控股有限公司原副总经理王志远涉嫌严重违纪违法被调查，最新消 息是被逮捕。 更糟糕的是，江淮汽车年报显示，去年净亏损近18亿，相较前一年下滑约1277%，这也是上市 以来亏损最多的一年。 现在看来，江淮汽车的士气，持续缩水的市值，似乎都要靠5月底上市的尊界来提升了。 不过，2月份华为召开尊界S800技术发布会时 ...

| 投资要点 | | --- | 公告要点： 公司2025Q1实现营业收入98.18亿元，同环比分别-13.0%/-1.1%；归母净利润为-2.23亿元；扣非 后归母净利润 -2.87亿元（2024Q1为-0.11亿元，2024Q4为-25.1亿元）。 公司整体业绩符合我们预期： 1）2025Q1公司整体销量环比提升，毛利率环比改善。 公司Q1总销量为9.97万辆，同环比分 别-6.3%/+13.6%，其中乘用车销售3.29万台，同环比分别-15.2%/-6.9%，商用车Q1销售6.68万 台，同环比分别-1.3%/+27.5% 。行业竞争加剧背景下公司ASP为9.85万元，同环比分 别-7.1%/-13.0%。Q1单季度毛利率为10.03%，同环比分别-1.4/+2.3pct，环比增长较多原因包括 24Q4会计准则调整影响基数较低。 2 ） 费 用 率 ： 公 司 Q4 销 售 / 管 理 / 研 发 费 用 率 分 别 为 3.3%/5.7%/3.4% ， 同 比 分 别-0.6/+2.0/+0.3pct，环比分别+1.7/-0.0/-1.9pct。 3）投资收益： 公司Q4投资收益为-1.31亿元，亏损 ...

Core Viewpoint - Jianghuai Automobile's performance has significantly lagged behind its stock price surge, with a record net loss in 2024 despite a 132.5% increase in stock price [1][3] Financial Performance - In 2024, Jianghuai Automobile reported a revenue of 42.2 billion, a year-on-year decline of 6.25% [1] - The net loss for the year reached 1.728 billion, a staggering year-on-year decline of 1277.59% [1] - The non-recurring net profit showed an even larger loss of 2.741 billion, down 59.61% year-on-year [1] - The asset-liability ratio increased from 69.01% to 74.68%, indicating rising financial pressure [3] Product Launch and Market Position - The launch of the luxury model, the Zun Jie S800, was seen as a potential turnaround for the company, with a pre-sale price range of 1 million to 1.5 million [3] - Initial sales data showed 2,108 orders within 48 hours of launch, but future sales projections are modest, with an estimated 6,000 units in 2025 [4] Sales and Market Challenges - Total vehicle sales in 2024 were 403,100 units, a decrease of 7.42% year-on-year, with passenger vehicle sales down 16.59% to 166,800 units [4] - The luxury vehicle market is highly competitive, with only 1% of the overall market consisting of cars priced over 1 million [5] - Competing against established brands like Mercedes-Benz, which sells around 2,500 units monthly, poses a significant challenge for the Zun Jie S800 [5] Research and Development Investment - From 2019 to 2024, Jianghuai's total R&D expenditure was approximately 9.129 billion, which is less than the annual R&D spending of many new automotive companies [5] - Fixed assets have decreased from 12.59 billion in 2019 to 9.291 billion by the end of 2024, indicating a decline in manufacturing capacity [5] Partnerships and Collaborations - Jianghuai's joint venture with Volkswagen, established in 2017, has not yielded successful products, leading to significant losses [6][7] - The partnership with NIO, which began in 2016, ended in 2023, resulting in a sharp decline in Jianghuai's electric vehicle sales [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 9.818 billion yuan, and a net profit attributable to shareholders of -0.223 billion yuan. The overall sales volume increased quarter-on-quarter, and the gross margin improved [7] - The company is collaborating with Huawei to develop the luxury intelligent connected electric vehicle, the Zun Jie S800, which is set to launch soon. Strategic partnerships with Volkswagen and other tech firms are progressing well, enhancing ecosystem integration [7] - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 0.840 billion yuan, 1.592 billion yuan, and 3.389 billion yuan respectively, with corresponding P/E ratios of 93, 49, and 23 [7] Financial Summary - Total revenue is projected to reach 58.633 billion yuan in 2025, with a year-on-year growth of 38.93% [1] - The net profit attributable to shareholders is expected to recover to 0.840 billion yuan in 2025, with a significant growth rate of 89.48% in 2026 and 112.84% in 2027 [1] - The latest diluted EPS is forecasted to be 0.38 yuan in 2025, increasing to 1.55 yuan by 2027 [1] - The company's gross margin is expected to improve from 10.67% in 2024 to 15.23% in 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 9.818 billion yuan, and a net profit attributable to shareholders of -0.223 billion yuan. The overall sales volume increased quarter-on-quarter, with a total sales volume of 99,700 vehicles [7] - The company is focusing on strategic collaborations with Huawei, Volkswagen, and other tech firms to enhance its product offerings, particularly the luxury intelligent electric vehicle, the S800, which is set to launch soon [7] - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 0.840 billion yuan, 1.592 billion yuan, and 3.389 billion yuan respectively, with corresponding P/E ratios of 93, 49, and 23 [7] Financial Summary - Total revenue for 2023 is projected at 45.016 billion yuan, with a year-on-year growth of 23.07%. The revenue is expected to decline by 6.25% in 2024, followed by a significant increase of 38.93% in 2025 [1] - The net profit attributable to shareholders is forecasted to be -1.784 billion yuan in 2024, turning positive in 2025 with 0.840 billion yuan, and continuing to grow to 3.389 billion yuan by 2027 [1] - The latest diluted EPS is projected to be -0.82 yuan in 2024, improving to 0.38 yuan in 2025, and reaching 1.55 yuan by 2027 [1] - The company's gross margin for Q1 2025 is reported at 10.03%, with a year-on-year decrease of 1.4% but a quarter-on-quarter increase of 2.3 percentage points [7]