证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025—032 200550 江铃 B 江铃汽车股份有限公司 2025 年半年度业绩快报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示：本公告所载2025年半年度的财务数据仅为初步核算数据，未经会 计师事务所审计，与半年度报告中披露的最终数据可能存在差异，请投资者注意 投资风险。 三、备查文件 一、2025年半年度主要财务数据和指标 | | | | 单位：元 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | 营业总收入 | 18,092,386,210.00 | 17,920,065,801.00 | 0.96% | | 营业利润 | 816,194,334.00 | 558,002,131.00 | 46.27% | | 利润总额 | 817,684,775.00 | 553,915,575.00 | 47.62% | | 归属于上市公司股 | 732,728,047.00 | 895,480,117.00 | -1 ...

江铃汽车（000550）公告，2025年上半年营业总收入180.92亿元，同比增长0.96%。净利润7.33亿元， 同比下降18.17%。2025年上半年，公司销售了17.27万辆整车，包括47111辆轻型客车，35333辆卡车， 33194辆皮卡，57054辆SUV。总销量较上年同期上升8.15%。 ...

Core Viewpoint - The internal combustion engine market in China is experiencing growth, with significant increases in both sales and production, particularly in the commercial vehicle sector, indicating a recovery trend in the industry [1][6][22]. Summary by Sections Internal Combustion Engine Sales - In June 2025, China sold 4.181 million internal combustion engines, marking a month-on-month increase of 3.38% and a year-on-year increase of 6.24%. The cumulative sales from January to June reached 25.185 million units, reflecting a year-on-year growth of 11.75% [1]. - The commercial vehicle market is recovering, with multi-cylinder diesel engines also showing positive growth. In June, 167,400 multi-cylinder diesel engines were sold, representing a month-on-month increase of 7.16% and a year-on-year increase of 16.08% [1]. Diesel Engine Sales - In June 2025, diesel engine sales reached 414,400 units, with a month-on-month growth of 3.36% and a year-on-year growth of 5.99%. The cumulative sales for the first half of the year totaled 2.664 million units, showing a year-on-year increase of 4.12% [2]. Multi-Cylinder Diesel Engine Performance - The multi-cylinder diesel engine market saw sales exceed 2.154 million units in the first half of 2025, with a year-on-year growth of 4%. In June, sales were 329,700 units, with a month-on-month increase of 3.28% and a year-on-year increase of 9.74% [5][6]. Commercial Vehicle Production and Sales - In June 2025, the production and sales of commercial vehicles reached 354,000 and 369,000 units, respectively, with month-on-month increases of 5.3% and 10.3%, and year-on-year increases of 7.1% and 9.5%. Cumulative sales for the first half of the year were 2.099 million units, reflecting a year-on-year growth of 4.7% [6]. Leading Companies in Multi-Cylinder Diesel Engine Sales - The top ten companies in multi-cylinder diesel engine sales accounted for 77.84% of total sales in the first half of 2025. Leading companies included Weichai, Yuchai, and Yunnei, with Weichai maintaining the highest cumulative sales of 376,500 units [10][16]. Monthly Sales Leaders - In June, Yuchai led the monthly sales of multi-cylinder diesel engines with 52,600 units sold, followed by Weichai with 46,000 units and Yunnei with 34,300 units. Most companies reported month-on-month growth [8][15]. Cumulative Sales Data - Cumulative sales data for the first half of 2025 showed that Weichai sold 376,500 units, Yuchai sold 308,000 units, and Yunnei sold 193,200 units, with respective market shares of 17.48%, 14.30%, and 8.97% [10][12].

Domestic News - Guangxi has issued the first batch of road testing licenses for low-speed unmanned vehicles, marking the transition from closed testing to open road testing for autonomous vehicles [2] - Anhui province is offering a cash subsidy of 3,000 yuan per vehicle for consumers purchasing the "Hongmeng Zhixing" series of new energy vehicles, with a total budget of 3.6 million yuan for 1,200 vehicles [3] - Li Auto has expanded its service network to 642 stores across 225 cities in China, having opened 25 new locations from April to June [4] - China FAW Group has signed an agreement with the Changchun municipal government to promote high-quality development in the automotive industry, with plans to launch eight new energy models [5] - Huawei plans to launch a high-speed commercial solution based on L3 technology architecture in September, with expectations for ADS 4 to achieve commercial use by the fourth quarter of this year [6] - CATL has signed a memorandum of cooperation with BHP to collaborate on electric mining equipment, fast-charging infrastructure, and battery recycling [7] - Yika Technology has deepened its global cooperation with Samsung Group, integrating advanced technologies into its solutions to enhance the smart ecosystem in the automotive sector [8][9] - The China Electric Vehicle Charging Infrastructure Promotion Alliance has launched an open service platform to improve service levels and facilitate efficient circulation in the charging and battery swap industry [10] International News - In the Philippines, new car sales fell by 1.2% year-on-year in May, with total sales for the first five months showing a slight increase of 1.7% [12] - The UK plans to introduce new incentives to lower the cost of purchasing electric vehicles, including a £63 million investment in charging infrastructure [13] - Norway's new car registrations increased by 5% in June, with electric vehicles accounting for 96.9% of total sales, driven primarily by the Tesla Model Y [14] - VinFast has signed a strategic cooperation agreement with BatX Energies to enhance its local supply chain and optimize product lifecycle in India [15] Commercial Vehicles - Yutong has launched its high-end flagship light truck T6, showcasing its technological capabilities and responding to market demands [16] - Qingling has introduced the Lingkun electric truck in Shanghai, aiming to support the city's green logistics transformation [17] - Dongfeng Commercial Vehicle has signed a strategic cooperation agreement with XJ Group to enhance collaboration in high-end electric power equipment and new energy sectors [18] - The new generation of Junling A series has been launched in Zhengzhou, featuring advanced powertrains and design aimed at enhancing logistics efficiency and sustainability [19]

Core Viewpoint - The report by the European Federation for Transport and Environment (T & E) highlights that the European automotive industry is at a critical juncture, where the advancement or delay of the "ban on combustion engines" proposal will significantly impact the industry's future direction [1][2]. Industry Impact - The report indicates a projected decline of 5.9% in electric vehicle sales in the EU for 2024, with the threat of tariffs from the Trump administration further complicating the situation [1][2]. - If the EU abandons the 2035 target to ban the sale of combustion engine vehicles, it could result in the loss of 1 million jobs in the automotive sector and a potential investment loss of up to two-thirds in the new energy sector [2][4]. Employment and Economic Contribution - T & E's report supports the continuation of the "ban on combustion engines," suggesting that adherence to the 2035 clean energy goals could lead to the automotive industry contributing an additional 11% to the European economy by 2035 [4]. - If the ban is enforced until 2030, job losses in traditional automotive manufacturing could be offset by the creation of over 100,000 jobs in battery and electric vehicle sectors, with a total of 120,000 jobs expected in the new energy sector by 2035 [5][6]. Battery Manufacturing and Investment - The report emphasizes that ensuring over 900 GWh of battery manufacturing capacity could create over 100,000 new jobs, with the economic output of the battery industry projected to increase fivefold to €79 billion by 2035 [6][14]. - T & E's analysis of 13 electric vehicle projects in Europe indicates that successful implementation could yield an annual production capacity of at least 2.1 million electric vehicles by 2027, meeting the growing market demand [9][12]. Risk Assessment of Projects - The report categorizes projects into low, medium, and high-risk levels based on various criteria, with low-risk projects expected to generate 390 GWh of capacity and create approximately 43,000 jobs [15][16]. - Medium-risk projects could provide 630 GWh of capacity and support 47,500 jobs, while high-risk projects, still in conceptual stages, could yield 410 GWh of capacity and 37,500 jobs, contingent on future policy decisions [15][16]. Regional Insights - Countries like Poland and Hungary show clearer development prospects in battery manufacturing, with Hungary potentially increasing its capacity by 90 GWh, positioning itself as a new hub for the electric vehicle industry in Europe [19][20].

Core Viewpoint - The light commercial vehicle (LCV) market in China experienced significant growth in June 2025, with a year-on-year increase of 24%, contributing to a total sales volume of 4.08 million units, marking the third consecutive month of growth [3][10]. Group 1: Market Performance - In June 2025, the overall bus market in China sold 52,800 units, reflecting a 23% increase year-on-year [3]. - The light commercial vehicle market accounted for 77.36% of the total bus market in June, a slight decrease from 80.02% in May [4]. - Cumulatively, from January to June 2025, the LCV market sold 213,200 units, representing a 5% year-on-year growth, with an increase of approximately 10,000 units compared to the same period last year [8][18]. Group 2: Sales Trends - The light commercial vehicle market has shown a pattern of increase and decrease over the past five years, with June 2025's sales being the second highest in this period, trailing only behind June 2021 [6]. - The cumulative sales for the first half of 2025 are the second highest in five years, with a total of 213,200 units sold, which is 10,000 units more than the same period last year [6][18]. Group 3: Company Performance - In June 2025, the top ten companies in the LCV market saw mixed results, with six companies reporting sales increases and four experiencing declines [11]. - Leading companies such as Changan, Jiangling, and Dongfeng reported significant year-on-year sales growth of 36%, 65%, and 30% respectively, outperforming the overall market growth [11][21]. - The market share of the top ten companies reached 95.23%, with the top five companies alone accounting for over 85% of the market [15]. Group 4: Market Share Dynamics - Changan, Jiangling, and Dongfeng captured 29.19%, 21.94%, and 20.16% of the LCV market share respectively in the first half of 2025, indicating a notable increase compared to the previous year [23][25]. - The rankings among the top ten companies have shifted, with Nanjing Iveco moving up to fifth place and several other companies improving their positions in the market [25]. Group 5: Future Outlook - The light commercial vehicle market is expected to continue its growth trajectory, with the potential for further increases in sales and market share in the coming months [26].

Core Viewpoint - Jiangling Motors Corporation has officially launched its Intelligent Connected Vehicle Laboratory, which will significantly support the company's transformation towards smart and connected vehicles and strengthen the electric vehicle supply chain in Nanchang [1][2]. Group 1: Laboratory Features - The laboratory is located in the Xiaolan Economic Development Zone of Nanchang and includes eight specialized labs covering key areas of smart vehicle research [1]. - The YB (Yellow Board Testing) lab focuses on basic functionality research and system integration of components [1]. - The real vehicle and CPT (Complete Vehicle Performance Testing) lab provides a complete vehicle testing environment [1]. - The V2X lab develops vehicle-to-everything communication technology [1]. - The domain control and HIL (Hardware-in-the-Loop) simulation lab tests and verifies software functionality through simulation modeling [1]. - The digital cockpit lab aims to create a new generation of human-machine interaction experiences [1]. - The intelligent driving calibration lab ensures precise environmental perception and decision-making control [1]. - The electronic and electrical lab guarantees the reliability of vehicle electronic systems [1]. - The information security and network lab builds a network security protection system for vehicles [1]. Group 2: Innovation Ecosystem - The laboratory serves as a core R&D base for Jiangling's smart connected technology, creating an innovative ecosystem that covers the entire chain of smart connected technology [1]. - A data center efficiently processes massive amounts of data to drive algorithm optimization [1]. - Advanced simulation and real vehicle testing platforms ensure system safety and reliability [1]. - The lab also accelerates human-vehicle interaction innovation and provides a validation platform for cutting-edge technologies such as 5G, OTA (Over-the-Air updates), and AI perception and decision-making [1]. Group 3: Development Efficiency - After the laboratory's official operation, Jiangling's R&D team can complete the entire development process from basic research, simulation analysis, bench testing to real vehicle testing [2]. - This capability effectively compresses the new vehicle development cycle and accelerates the upgrade and iteration of intelligent models [2]. - The company aims to provide users with leading smart mobility solutions [2].

Investment Rating - The report assigns a "Buy" rating to several companies, including Changan Automobile, Asia-Pacific Holdings, and Haon Electric, while maintaining an "Overweight" rating for the overall automotive industry [1][4]. Core Insights - The automotive sector experienced a slight increase of 0.1% from June 30 to July 4, 2025, underperforming the CSI 300 index by 1.44 percentage points. The passenger vehicle segment rose by 0.43%, while commercial vehicles increased by 1.49% [9][36]. - Heavy-duty truck sales in June 2025 exceeded expectations, with a year-on-year increase of 32% and a month-on-month increase of 6%. Approximately 94,000 units were sold, with major manufacturers like China National Heavy Duty Truck and Dongfeng showing significant growth [2][36]. - The report highlights the launch of the Xiaopeng G7, the first AI car with L3-level computing power, priced between 195,800 and 225,800 yuan, showcasing advanced technology features [5][36]. Summary by Sections Market Review - The automotive sector's performance from June 30 to July 4, 2025, showed a 0.1% increase, with various segments performing differently against the CSI 300 index [9][36]. - The overall PE-TTM for the automotive industry was 25.95, reflecting a slight increase from the previous week [10][36]. Major Company and Industry Events - Heavy-duty truck sales in June reached approximately 94,000 units, with significant contributions from major manufacturers [2][36]. - Xiaopeng G7 was officially launched, marking a significant advancement in AI automotive technology [5][36]. New Vehicle Launches - A total of 33 new models were launched during the week, including the Xiaopeng G7 and various updated versions of existing models [34][36]. Investment Recommendations - The report suggests a cautious approach to investment in the automotive sector, given the mixed performance of different segments and the overall market conditions [36].

Group 1 - Shengde Xintai won a bid for a thermal power steel pipe project worth approximately 217 million yuan, accounting for 8.15% of its audited revenue for 2024 [1] - High-speed Electric's subsidiary won a project for the Shanghai-Nanjing-Hefei high-speed railway, with a bid amount of 71.76 million yuan [1] - Cangge Mining's subsidiary received a construction permit for a lithium-boron mining project, with a construction area of 106,900 square meters [2] Group 2 - China Electric Power Construction signed a mining transportation project contract in Guinea worth approximately 5.063 billion yuan, with a total duration of about 72 months [3] - Guobang Pharmaceutical's subsidiary completed the registration of an equity investment fund focusing on strategic emerging industries [4] - Deshi Co. obtained two invention patents related to oil and gas field development [5][26] Group 3 - Xue Tian Salt Industry expects a significant decrease in net profit for the first half of 2025, projecting a decline of 76.34% to 80.29% [6] - Rundu Co. received a drug registration certificate for moxifloxacin hydrochloride tablets, used for treating various bacterial infections [7] - China Nuclear Power reported a 15.65% increase in power generation in the first half of the year, with nuclear power generation up by 12.01% [8] Group 4 - Suqian Liansheng obtained two invention patents related to wastewater treatment methods [9] - Boshi Co. signed a 109 million yuan operation and maintenance service contract for solid product packaging [11] - *ST Sailong's subsidiary received a drug registration certificate for torasemide injection, used for various medical conditions [13] Group 5 - North Bay Port reported a 10.95% increase in cargo throughput for the first half of 2025, with container throughput also showing growth [14] - Kaiwei Te expects a revenue increase of 56.17% to 90.87% for the first half of 2025 [15] - Wankai New Materials plans to reduce production and conduct maintenance on 60,000 tons of PET capacity, affecting overall performance [16] Group 6 - Haiwang Bio's HW130 injection successfully completed Phase I clinical trials, showing good safety and tolerability [19] - Zhenai Meijia received a total of 22.8 million yuan in compensation for land acquisition, which will significantly impact its 2025 performance [20] - Changyuan Electric reported a 23.58% decrease in power generation in June, with a notable decline in thermal power generation [21] Group 7 - Shouxiangu's subsidiary completed the registration of two health food products [22] - Kailun Co. announced the resignation of its deputy general manager and board secretary [23] - Xibu Muye reported a 2.15% year-on-year increase in fresh milk production in June [24] Group 8 - Deshi Co. obtained two invention patents related to oil and gas field development [26] - Jingwei Huikai plans to acquire a 12.44% stake in Nuo Si Micro for 149 million yuan [27] - Electric Alloy completed the registration of its subsidiary in Mexico [29] Group 9 - Meinuohua expects a net profit increase of 142.84% to 174.52% for the first half of 2025 [30] - Guizhou Moutai repurchased approximately 3.38 million shares, accounting for 0.2692% of its total share capital [31][32] - Warner Pharmaceutical received approval for the listing application of a raw material drug for treating respiratory diseases [34] Group 10 - Yuan Dong Bio's independent director is under investigation for serious violations [35] - Dash Intelligent signed a contract for a smart project worth 11.88 million yuan [36] - Dayou Energy plans to transfer 586,500 tons of coal production capacity replacement indicators [37] Group 11 - Foton Motor reported a 150.96% increase in new energy vehicle sales in the first half of 2025 [39] - Renfu Pharmaceutical's shareholder plans to increase its stake by 1% to 2% [40] - Zongshen Power expects a net profit increase of 70% to 100% for the first half of 2025 [42] Group 12 - Yingboer plans to sell its wholly-owned subsidiary for 239 million yuan [44] - Changan Automobile reported a 1.59% increase in total vehicle sales in the first half of 2025 [46] - Fulian Precision signed a cooperation framework agreement with Sichuan Development Longmang [48] Group 13 - Nengte Technology plans to repurchase shares worth 300 million to 500 million yuan [50] - Longsoft Technology's controlling shareholder donated 3.43% of the company's shares [51] - Data Port's shareholders plan to reduce their holdings by up to 2% [52]

Key Points - Jiangnan Water received a stake increase from Lianan Life Insurance, reaching 5.03% of total shares [3] - Yingboer plans to transfer 100% equity of Zhuhai Dingyuan for 239 million yuan to optimize asset structure [4] - Chengbang Co. warns that its stock price fluctuations are not aligned with its fundamentals, as it has seen five consecutive trading days of price increases [6] - Weimais intends to invest 190 million yuan into its subsidiary for a new electric drive assembly project [7] - Fosun Pharma's subsidiary received EU GMP certification for its production facilities, indicating compliance with EU standards [8] - Jingwei Huikai plans to acquire an additional 12.44% stake in Nosi Micro, increasing its control in the semiconductor sector [9] - ST Tongmai will remove its delisting risk warning starting July 4, while continuing other risk warnings [10] - ST Modern seeks to apply for the removal of other risk warnings but will maintain delisting risk warnings [11] - Luxshare Precision is planning to issue H-shares for listing on the Hong Kong Stock Exchange [12] - Hainan Highway intends to purchase a 51% stake in Hainan Jiaokong Petrochemical, which will become a subsidiary [13] - Jucheng Co. plans to transfer 1.25% of its shares through a price inquiry [14] Performance Highlights - Foton Motor reported a 150.96% year-on-year increase in new energy vehicle sales for the first half of the year [15] - Jiangling Motors achieved a total vehicle sales of 172,700 units in the first half, up 8.15% year-on-year [16] - Changan Automobile's sales reached 1.3553 million units in the first half, with new energy vehicle sales growing by 49.05% [17] - Meinuohua expects a net profit increase of 142.84% to 174.52% for the first half of the year [18] - Jihong Co. anticipates a net profit increase of 55% to 65% for the first half of the year [19] - Nanjing Business Travel expects a net profit decrease of 67.4% to 78.27% for the first half of the year [20] - Madi Technology forecasts a net profit of 25 million to 27 million yuan, marking a turnaround from losses in the previous year [21] Major Contracts - Dash Intelligent signed a contract for an intelligent project worth 11.88 million yuan [22] - Jinyi Industrial won a bid for a 335 million yuan intercity railway materials procurement project [23] - Sichuan Road and Bridge signed a construction contract worth approximately 11.596 billion yuan [24] - Fulian Precision signed a cooperation framework agreement with Chuanfa Longmang for lithium battery material projects [26] Share Buybacks - Kweichow Moutai repurchased 72,000 shares in June, totaling 1.02 billion yuan [27] - Feiwo Technology plans to repurchase shares worth 25 million to 50 million yuan [28] - Nengte Technology intends to repurchase shares worth 300 million to 500 million yuan for capital reduction [29] - CATL has repurchased 6.641 million A-shares for a total of 1.551 billion yuan [30] Shareholding Changes - Renfu Pharmaceutical's shareholder plans to increase its stake by 1% to 2% [31] - Sanwei Xinan's shareholder intends to reduce its stake by up to 2% [33] - Data Port's shareholders plan to reduce their stakes by up to 2% [34] - Zhuzhou Design's controlling shareholders plan to reduce their stakes by up to 3% [35] - Tianji Co.'s controlling shareholders plan to reduce their stakes by up to 3% [36] - Anjisi's shareholders plan to reduce their stakes by up to 4% [37] Financing Activities - CITIC Securities received approval to issue up to 20 billion yuan in perpetual subordinated bonds [39]