证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025—055 200550 江铃 B 江铃汽车股份有限公司十一届十一次董事会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议通知情况 江铃汽车股份有限公司（以下简称"公司"）董事会于 2025 年 12 月 9 日向 全体董事、监事、执行委员会成员及相关人员发出了书面会议通知。 二、会议召开时间、地点、方式 表决结果：同意9票，反对0票，弃权0票。 详情请参见同日刊登在《中国证券报》、《证券时报》、《香港商报》和巨 潮资讯网（www.cninfo.com.cn）上的《江铃汽车股份有限公司关于2026年度外 汇套期保值业务的公告》。 本议案无需提交股东大会审议。 2、2026年度日常性关联交易预计方案 董事会批准公司2026年度A类日常性关联交易预计方案，并授权执委会与各 关联法人商谈具体合同，并上报股东会批准；批准公司2026年度B类日常性关联 交易预计方案，并授权执委会与各关联法人签订具体合同。 本次董事会会议于 2025 年 12 月 19 日在南昌江铃汽车大厦 20 楼会议 ...

Core Insights - The domestic commercial vehicle market is experiencing a strong growth trend, particularly in the new energy commercial vehicle segment, driven by policy support and increasing demand for vehicle upgrades [1][2][10]. Commercial Vehicle Market Analysis - In November 2025, domestic commercial vehicle sales reached 260,000 units, a year-on-year increase of 4% and a month-on-month increase of 4% [5]. - From January to November 2025, total commercial vehicle sales amounted to 2.81 million units, representing a 9% year-on-year growth [5]. - The new energy commercial vehicle sales for the same period reached 770,000 units, showing a significant year-on-year increase of 54% [8]. New Energy Commercial Vehicle Performance - The penetration rate of new energy commercial vehicles has risen sharply, reaching 27% from January to November 2025, up 7 percentage points year-on-year [12]. - By November 2025, the penetration rate for new energy commercial vehicles reached 36%, an increase of 11 percentage points compared to the same month last year [12][10]. Market Trends and Dynamics - The market for new energy commercial vehicles is characterized by a strong upward trend from March to November 2025, with November sales peaking at 92,000 units, a 45% year-on-year increase [10][8]. - The overall commercial vehicle market has shown a recovery from previous lows, with 2025 marking a significant improvement compared to the previous years [5][4]. Competitive Landscape - Major players in the commercial vehicle sector include Beiqi Foton, SAIC-GM-Wuling, Dongfeng Motor, and China National Heavy Duty Truck Group, with Foton and Wuling leading in light truck and bus markets respectively [14]. - The new energy segment is seeing increased competition, particularly among companies like Geely and Chery, which are gaining traction in the new energy light truck market [20].

Core Insights - The commercial vehicle market in China is experiencing significant growth, particularly in the new energy vehicle (NEV) segment, driven by policy support and increasing demand for vehicle upgrades [1][2][12] - In November 2025, the domestic sales of commercial vehicles reached 260,000 units, marking a 4% year-on-year and month-on-month increase, while total sales from January to November 2025 reached 2.81 million units, a 9% increase compared to the previous year [1][6] - The penetration rate of new energy commercial vehicles has risen sharply, reaching 36% in November 2025, up 11 percentage points from the same month last year [2][12] Commercial Vehicle Market Analysis - The commercial vehicle market has shown a strong upward trend from February to November 2025, with sales driven by the growth of new energy vehicles [4][10] - The sales data indicates a recovery from previous years' lows, with 2025 expected to see stable performance compared to 2024, which had a total of 2.85 million units sold [5][6] - The market dynamics are shifting, with traditional fuel vehicles requiring effective policy support to compete with the rapidly growing new energy segment [2][12] New Energy Vehicle Performance - The cumulative sales of new energy commercial vehicles from January to November 2025 reached 770,000 units, reflecting a 54% year-on-year increase [1][8] - The penetration rate of new energy vehicles in the commercial sector has increased significantly, from 3% in 2019-2021 to 27% in the first eleven months of 2025 [2][12] - In November 2025, new energy commercial vehicle sales reached 92,000 units, a 45% increase year-on-year and a 15% increase month-on-month [1][8] Market Structure and Competition - The market for commercial vehicles is characterized by stable structures in truck and bus segments, with significant growth in the new energy penetration rates for both [14][21] - Key players in the light truck market include Beiqi Foton, SAIC-GM-Wuling, and China National Heavy Duty Truck Group, with Foton and Wuling leading in sales [15][21] - The heavy-duty truck segment is dominated by companies like FAW Jiefang and China National Heavy Duty Truck Group, which have shown strong performance in the new energy sector [17][18] Regional Market Dynamics - The eastern and southern regions of China, particularly the Huabei and Huadong areas, show strong demand for light and heavy commercial vehicles, with increasing penetration of new energy vehicles [18][22] - The market for light commercial vehicles is particularly robust in economically developed regions, with significant sales growth in the southern and eastern parts of the country [19][23]

Core Viewpoint - The article provides an overview of upcoming vehicle models set to launch in December 2025, detailing specifications, pricing, and market segments for various manufacturers [2][3]. Group 1: Upcoming Vehicle Models - SAIC Audi will launch the A5L Sportback on December 12, 2025, targeting the B NB segment with a starting MSRP of 334,900 CNY [7]. - FAW Car will introduce the Hongqi HS6 on December 16, 2025, in the C SUV segment, with prices ranging from 178,800 to 228,800 CNY [15]. - Great Wall Motors will release the Ora 5 on December 16, 2025, in the A SUV segment, with an MSRP between 99,800 and 133,800 CNY [23]. - NIO will launch the ELS and ET5T on December 16, 2025, with the ET5T priced at 316,000 CNY and featuring a range of 710 km [39][31]. - Beam Car will introduce the MINI Electric on December 17, 2025, with prices from 209,800 to 239,800 CNY [47]. - JMC Ford will launch the Smart Mustang on December 19, 2025, with a price range of 229,800 to 282,800 CNY [71]. Group 2: Technical Specifications - The A5L Sportback features a 2.0T engine with a power output of 150 kW and torque of 340 N·m, with dimensions of 4,903 mm in length, 1,883 mm in width, and 1,427 mm in height [7]. - The Hongqi HS6 offers a hybrid engine option with a power output of 110 kW and torque of 225 N·m, alongside an electric motor with 168 kW and torque of 340 N·m [15]. - The Ora 5 has a pure electric powertrain with a maximum power of 150 kW and torque of 260 N·m, with dimensions of 4,471 mm in length, 1,833 mm in width, and 1,641 mm in height [23]. - The ET5 features a pure electric engine with a power output of 360 kW and torque of 700 N·m, with a length of 4,790 mm, width of 1,960 mm, and height of 1,499 mm [31]. - The MINI Electric has a power output of 135 kW and torque of 290 N·m, with dimensions of 3,858 mm in length, 1,756 mm in width, and 1,458 mm in height [47]. - The Smart Mustang offers a 1.5T range-extended engine with a power output of 110 kW and torque of 240 N·m, alongside a pure electric option with a power output of 332 kW and torque of 575 N·m [71].

Core Viewpoint - The article emphasizes the importance of efficiency, reliability, and economy in the commercial vehicle sector, particularly for light trucks, highlighting the upcoming launch of the Jiangling Blue Whale light truck as a significant advancement in meeting user needs [1]. Group 1: Power and Energy Efficiency - The Jiangling Blue Whale features the new generation Blue Flame powertrain, achieving a powerful output of 180 horsepower, which is a 20% increase compared to traditional models, enhancing cargo transport capabilities [3][4]. - The vehicle's low-speed torque reaches 350Nm, the best in the industry, improving start-up response and climbing ability, effectively addressing power shortages under heavy loads [3]. - The truck can reach a maximum speed of 130 km/h, facilitating efficient connections for both long-distance and short-distance transport [4]. - The aerodynamic design, with a drag coefficient of 0.45, significantly reduces energy consumption, and its fuel consumption is 1.85L lower than mainstream competitors, providing substantial fuel cost savings over time [4]. Group 2: Load Capacity and Safety - The Jiangling Blue Whale is built with a frame made of 650 ultra-high-strength steel, enhancing structural strength and stability to meet various cargo demands [6]. - The vehicle features a 10mm thick steel rim, with a 32% increase in thickness and strength compared to traditional models, and offers options for reinforced tires to improve load reliability [6]. - The truck's body structure includes a new framework design with 33% high-strength steel, including 3% aerospace-grade hot-formed steel, improving impact resistance and passive safety performance [7]. Group 3: Quality and User Experience - The Jiangling Blue Whale maintains high reliability with a B10 engine life of 1 million kilometers and offers lifetime warranty services for the engine and transmission, reducing long-term maintenance costs [9]. - The vehicle is produced in Jiangling's Fushan smart factory, boasting a 98% automation rate to ensure consistent quality control [9]. - The design incorporates user-friendly features, such as an ergonomic interior layout, enhanced storage options, and noise-reducing cabin design, improving the driving experience [10].

Core Viewpoint - Jiangling Motors (000550) emphasizes its commitment to focusing on core business operations while enhancing operational quality through technological innovation, product structure optimization, and cost reduction efforts, ultimately aiming to provide returns to shareholders [1] Group 1 - The company is dedicated to strengthening technological innovation [1] - The company is optimizing its product structure [1] - The company is deepening cost reduction and efficiency enhancement measures [1] Group 2 - The company aims to continuously improve operational quality [1] - The company is actively committed to returning value to shareholders [1]

Core Viewpoint - The article emphasizes that the Jiangling Yuhu pickup truck is a benchmark for "super commercial large pickups," excelling in aesthetics, functionality, and driving experience, making it suitable for various scenarios including construction, emergency response, and family outings [1][24][25] Design and Aesthetics - The Yuhu features a design that combines practicality and aesthetics, with a robust front grille and sleek lines that enhance its visual appeal while maintaining functionality [4][5] - The vehicle's dimensions and design elements, such as the 245/70 R17 tires, ensure stability and adaptability across different terrains, from construction sites to urban environments [5][7] Functionality and Versatility - The Yuhu's cargo box has a volume of 1.6m³, allowing for efficient loading and transportation of heavy materials, which significantly boosts construction efficiency [7] - The vehicle's body is constructed with 68% high-strength steel, providing durability and safety even on rough roads [8] - The 180° opening tailgate facilitates easy loading and unloading, reducing labor costs [9] - Compared to competitors, the Yuhu's cargo capacity is 23% larger, and it boasts a fuel efficiency of 7.1L per 100km, enhancing profitability for agricultural transport [11] Urban and Family Use - The Yuhu is designed for urban delivery with a compact size that allows for easy maneuverability in tight spaces, making it suitable for city logistics [13] - The interior features a dual-screen setup for enhanced technology and comfort, making it appealing for both business and family use [14] - The spacious rear seating and storage options cater to family outings, ensuring comfort and convenience [16][17] Performance and Handling - The Yuhu is powered by a 2.5T engine, delivering a maximum power of 123kW and a torque of 430N·m, allowing for quick acceleration even when fully loaded [20] - The vehicle's transmission system is designed for smooth operation, making it user-friendly for both novice and experienced drivers [21] - The robust chassis and braking system ensure stability and safety across various driving conditions [19][24]

Core Viewpoint - In November 2025, China's commercial vehicle sales increased by 24% year-on-year, with the truck market growing by 26%, slightly above the overall commercial vehicle market growth. The light truck segment, being the largest in the truck market, showed a mixed performance, raising questions about its competitiveness in the final month of the year [1][3][6]. Summary by Sections Overall Market Performance - In November 2025, the truck market sold 338,400 units, a month-on-month increase of 9% and a year-on-year increase of 26%. The light truck market sold 179,500 units, with a year-on-year growth of 7%, marking a "10 consecutive months increase" [3][4][6]. Light Truck Market Analysis - The light truck market's year-on-year growth of 7% in November was lower than the overall truck market's growth, indicating a recent decline in performance compared to earlier months. Cumulatively, from January to November, the light truck market grew by 6%, also lagging behind the overall truck market growth [6][28]. Historical Context - November is typically not a peak sales month for the truck market, with average sales in the last decade around 150,000 units. The 2025 November sales of 179,500 units ranked third in the last ten years, indicating a decent performance but not exceptional [8][10]. Company Performance - In November, nine companies sold over 10,000 light trucks, with Foton leading at 37,000 units, followed by Changan and Great Wall. The top five companies accounted for 56.07% of the market share [13][14][20]. - Year-to-date, Foton maintained the highest cumulative sales at 403,100 units, with a market share of 22.11%. Other notable companies included Changan, Great Wall, and Jianghuai, each exceeding 150,000 units in sales [20][21]. Growth Trends - Among the top ten companies, eight reported year-on-year sales increases in November, with Leap Motor and BYD showing significant growth rates of 142% and 70%, respectively. The overall light truck market growth was outpaced by several companies [18][19][23]. Market Share Changes - Compared to 2024, companies like Leap Motor and BYD saw notable increases in market share, while others experienced declines. The competitive landscape shifted, with Jianghuai and Changan moving up in rankings [26][28].

Core Viewpoint - Jiangling Motors Co., Ltd. plans to expand its board from nine to eleven members, including the addition of an independent director and a worker representative director, with the nomination of Chen Ping for the independent director position submitted for shareholder approval [1][2]. Summary by Sections - The nomination of Chen Ping as an independent director has been approved by a special meeting of the independent directors prior to submission to the board [2]. - Chen Ping has not yet obtained the independent director qualification certificate but has committed to participate in the latest training organized by the Shenzhen Stock Exchange to obtain the necessary certification [2]. - The independent director candidate must pass the review by the Shenzhen Stock Exchange without objections before being submitted for shareholder meeting consideration [3]. - Chen Ping's background includes a bachelor's degree in radio technology from Zhejiang University and an EMBA from China Europe International Business School. He currently holds several director positions in various companies and has received multiple awards for technological progress [3][4]. - As of the date of the announcement, Chen Ping does not hold any shares in the company and has no related party relationships with shareholders holding more than 5% of the company, other directors, supervisors, or senior management [4].

Group 1 - The automotive sector experienced a short-term surge, with notable stocks such as BAIC Blue Valley hitting the daily limit up [1] - Other companies in the sector, including GAC Group, Seres, Changan Automobile, Jiangling Motors, and Dongfeng Motor, also saw significant increases in their stock prices [1]