南财智讯1月30日电，衢州东峰发布业绩预亏公告，经财务部门初步测算，预计2025年度实现归属于上 市公司股东的净利润为-58000万元—-43000万元，将出现亏损；预计2025年度实现归属于上市公司股东 的扣除非经常性损益后的净利润为-53000万元—-38000万元。 ...

Core Viewpoint - The commercial vehicle industry in China is experiencing a paradox of increasing sales but declining profits, driven by intense competition and a shift towards new energy vehicles [8][10][29]. Group 1: Market Overview - In 2025, the commercial vehicle market in China achieved a total sales volume of 4.296 million units, representing a year-on-year growth of 10.9% [8]. - The heavy truck market, often seen as a barometer of economic activity, sold 1.145 million units, up 27% year-on-year, indicating a recovery in demand [13]. - Despite the growth in sales, the profitability of leading companies has declined, with a total net profit of only 25.74 billion yuan for seven major manufacturers, down 40% year-on-year [13][14]. Group 2: Profitability Challenges - The industry faces a "sell more, earn less" scenario, where increased sales do not translate into higher profits due to price wars and compressed margins [9][24]. - The logistics sector is experiencing a supply-demand imbalance, with the average freight rate index at a historical low of 105.1 points, leading to significant drops in transport fees [17][19]. - The cost of traditional fuel vehicles remains high compared to new energy vehicles, which are driving down market prices and squeezing profit margins for traditional operators [20][22]. Group 3: Transition to New Energy - The penetration rate of new energy commercial vehicles exceeded 25% in 2025, with a total of 95.4 million units sold, marking a 63.7% increase year-on-year [42]. - Companies like Foton Motor have successfully adapted to the new energy landscape, achieving a revenue increase of 27.1% and a net profit surge of 157.4% [41]. - The transition to new energy and smart technologies is seen as essential for future profitability, although the initial costs remain high [25][27]. Group 4: Competitive Landscape - The market is increasingly dominated by a few leading companies, with over 70% market share held by top players like Beiqi Foton and China National Heavy Duty Truck [31]. - Successful companies are leveraging strategic positioning, policy alignment, and market responsiveness to navigate the competitive landscape [34][36]. - The focus is shifting from volume growth to refined competition, emphasizing the importance of understanding market dynamics and customer needs [54]. Group 5: Future Outlook - The commercial vehicle industry must transition from a reliance on one-time sales to a focus on long-term value creation through lifecycle services [56][70]. - Companies are setting ambitious sales targets for 2026, with major players like FAW Jiefang and China National Heavy Duty Truck aiming for significant increases in sales volume [56][59]. - The key to success in 2026 will be the ability to harness policy support, technological advancements, and a focus on customer-centric service models [60][73].

东风股份公告称，公司拟从东风模具冲压技术有限公司采购V7明窗车身专用内制冲压件模检具，交易 金额2320万元（含税）。本次交易构成关联交易，但不构成重大资产重组，过去12个月内同类关联交易 累计已达公司最近一期经审计净资产的0.5%以上，但未达5%，无需提交股东会审议。合同若签署，东 风模具冲压技术有限公司需在2026年3月15日前完成安装调试。目前协议未签署，存在不确定性。 ...

东风股份1月22日公告，预计2025年年度实现归属于母公司所有者的净利润-48,000万元到-39,000万元。 公司预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润-93,000万元到-84,000万元。 ...

Core Viewpoint - Dongfeng Motor's annual performance forecast indicates a significant expected net loss for 2025, driven by intensified competition in the light commercial vehicle market and challenges in transitioning from traditional fuel to new energy vehicles [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between -480 million and -390 million yuan for the year 2025 [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -930 million and -840 million yuan [1] Group 2: Reasons for Performance Change - The primary reasons for the performance decline include ongoing competition in the light commercial vehicle market, leading to sales pressure and a decrease in overall gross margin [1] - The company is in a critical phase of transitioning from traditional fuel to new energy, prompting adjustments in operational pace, marketing changes, inventory reduction, and retail expansion, which have increased channel support [1] - A reassessment of the collection situation for certain receivables, based on accounting prudence, has led to additional provisions for credit impairment on receivables [1] Group 3: Strategic Measures - The company plans to increase investment in research and development in new energy and intelligent driving technologies, enhance channel construction and expansion, and build a customer-centric value marketing system to mitigate short-term adverse impacts [1] Group 4: Non-Operating Gains and Losses - For the year 2025, the impact of non-recurring gains and losses on the net profit attributable to the parent company is expected to decrease compared to the previous year, primarily due to a reduction in government subsidies received [1]

Group 1 - The company, Qizhou Dongfeng, announced the completion of its registered capital change, increasing from RMB 1,842,917,069 to RMB 1,924,470,671 [2]

衢州东峰新材料集团股份有限公司 关于工商登记信息变更的公告 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。 衢州东峰新材料集团股份有限公司（以下简称"公司"）于 2025 年 12 月 25 日召开的第六届董事会第九次会议及于 2026 年 1 月 12 日召开的 2026 年第一次临 时股东会审议通过了《关于变更公司注册资本及修改<公司章程>的议案》，因公 司公开发行的可转换公司债券已到期兑付并摘牌，结合可转换公司债券转股的情 况、以及前期公司注销回购股份并减少注册资本的安排，拟变更公司注册资本（详 情请见公司在上海证券交易所网站 www.sse.com.cn 披露的临 2025-100 号、 2026-002 号公告）。 经浙江省市场监督管理局核准，公司已于 2026 年 1 月 14 日完成公司注册资 本的变更登记手续，本次变更登记信息如下： | 变更项目 | 变更前 | | | 变更后 | | --- | --- | --- | --- | --- | | 注册资本 | 人民币 | 1,842,917,069 元 | ...

Core Viewpoint - Dongfeng Xiangyang Travel Vehicle Co., Ltd. (Dongfeng Xianglv) has shown strong momentum in its transformation and operational effectiveness, achieving significant sales growth in both domestic and overseas markets as it embarks on its new journey in 2026 [1][3]. Group 1: Sales Performance - In early 2026, Dongfeng Xianglv secured 332 light truck modification orders and 100 VAN vehicle modification orders from overseas markets [1]. - Domestic sales of original factory compartments are expected to exceed 700 units, representing a substantial year-on-year increase of 185% [1]. Group 2: Strategic Initiatives - Dongfeng Xianglv has implemented three core initiatives to solidify its development foundation and foster high-quality growth: 1. Focus on production and sales collaboration to create an efficient interactive ecosystem, ensuring order fulfillment and market adaptation through deepened partnerships [5]. 2. Shift from "passive response" to "proactive service" by engaging directly with large clients to provide customized one-stop solutions [6]. 3. Explore new channels and cultivate new growth drivers by actively engaging in the new energy sector and external ecological partnerships, including a "rent-to-sell" model [6]. Group 3: Market Positioning - The successful start of Dongfeng Xianglv not only lays a solid foundation for its annual development but also signals Dongfeng's proactive transformation efforts in the first year of the 14th Five-Year Plan, aiming to regain its position as a top player in the light commercial vehicle sector and achieve industry-leading status in new energy sales and brand value [8].

Core Insights - Dongfeng Group reported a slight increase in total vehicle sales for 2025, reaching 1,896,185 units, up 0.01% year-on-year, with significant growth in the new energy vehicle (NEV) segment, which saw sales of 562,833 units, a 42.62% increase [2][5] Vehicle Production and Sales Overview - Total vehicle production for 2025 was 1,945,390 units, reflecting a 3.41% year-on-year growth [2][4] - Passenger vehicles produced totaled 1,581,513 units, with a 2.64% increase, while sales slightly decreased by 1.32% to 1,523,783 units [3] - Commercial vehicles showed overall growth, with production at 363,877 units (up 6.90%) and sales at 372,402 units (up 5.86%) [4] Segment Performance - In the passenger vehicle segment, SUVs performed well with production of 721,240 units (up 12.40%) and sales of 693,828 units (up 5.17%) [3] - The multi-purpose vehicle (MPV) segment also saw growth, with production of 106,469 units (up 7.49%) and sales of 104,866 units (up 9.58%) [3] - Basic passenger vehicles experienced a decline, with production of 753,804 units (down 5.78%) and sales of 725,089 units (down 8.07%) [3] New Energy Vehicle Highlights - NEVs emerged as a key growth driver, with total production of 594,222 units (up 51.51%) and sales of 562,833 units (up 42.62%) [5] - Within the NEV category, passenger vehicles accounted for 545,894 units produced and 514,638 units sold, marking increases of 54% and 44.09%, respectively [5] Subsidiary and Joint Venture Performance - The subsidiary brands such as Lantu and Mengshi showed remarkable growth, with Lantu producing 170,066 units (up 99.86%) and Mengshi achieving a production increase of 464.13% to 10,837 units [6] - Dongfeng Nissan (including Infiniti and Venucia) reported a decline in sales to 600,006 units (down 4.94%), while Zhengzhou Nissan saw a 30.67% increase in sales to 52,140 units [7] - Dongfeng Commercial Vehicle Company achieved sales of 131,125 units, up 23.95% [7]

Meeting Overview - The first extraordinary general meeting of shareholders for 2026 was held on January 12, 2026, at the company's meeting room in Jin Garden Industrial City, Shantou, Guangdong Province [1] - The meeting was convened by the board of directors and was presided over by Chairman Su Kai, utilizing a combination of on-site and online voting methods [1][3] Attendance and Voting - All 7 current directors attended the meeting, with no absences reported [2] - The proposal regarding the change of the company's registered capital and the amendment of the Articles of Association was approved, requiring a two-thirds majority of the voting rights held by attending shareholders [2] Legal Compliance - The meeting was witnessed by Shanghai Jintiancheng Law Firm, with lawyers confirming that the procedures, qualifications of the convenor and attendees, and voting processes complied with relevant laws and regulations [5]