Core Viewpoint - The commercial vehicle market in China experienced fluctuations in sales, with a total of 1.75 million units sold from January to May 2025, reflecting a year-on-year growth of 1% [20][21][29]. Group 1: Market Performance - In May 2025, the commercial vehicle market sold 334,600 units, representing a month-on-month decrease of 9% and a year-on-year decrease of 2% [4][5][12]. - The cumulative sales from January to May 2025 reached 1.75 million units, which is the second highest in the last five years, with a year-on-year increase of 1% [9][21]. - The sales trend over the past five years in May has shown a pattern of decline, with only 2023 and 2024 witnessing growth [7]. Group 2: Company Rankings and Performance - Foton maintained its position as the top seller in May 2025 with sales of 49,000 units, marking its fifth consecutive month as the sales champion [11][12]. - In May, 11 companies sold over 10,000 units, with Foton, China National Heavy Duty Truck, and Dongfeng leading the rankings [12][18]. - The market share of the top ten companies in May reached 74.52%, with the top five companies accounting for nearly 50% of the market [17][18]. Group 3: Cumulative Sales and Market Share - The cumulative sales of the top ten companies from January to May 2025 showed mixed results, with five companies experiencing growth and five facing declines [25][27]. - Foton's cumulative sales exceeded 250,000 units, while other major players like China National Heavy Duty Truck and Dongfeng also surpassed 100,000 units [23][25]. - The market share of Foton and China National Heavy Duty Truck increased, with Foton's share rising by 1.11 percentage points compared to the previous year [27]. Group 4: Industry Dynamics - The commercial vehicle market in May 2025 continued to exhibit intense competition, with small differences in market shares among neighboring companies [29]. - The rankings of companies in the top ten list showed some changes, with Shaanxi Automobile returning to the list and Jianghuai rising three places [18][29].

● 5月新能源牵引车大涨3.3倍！解放/三一/徐工争冠，谁暴增12倍？| 头条 ● 全场景+新技术+深服务！江淮新能源轻卡如何定义城配物流新范式？ ● 百辆中国自卸车奔赴海外 谁家车？ ● 这一地招标150辆新能源公交车 ● 纯电轻卡首登珠峰大本营！宇通极限运营挑战开局即"王炸" | 头条 6月4日，江铃汽车股份有限公司发布2025年5月产、销情况的资源性信息披露公告。公告显示，2025年5月，江铃汽车销售各类车型 30458辆，同比增长11.94%。其中，轻型客车7813辆，同比增长12.86%；卡车销售4636辆，同比增长2.79%；皮卡销售4828辆， 同比下降13.27%；SUV销售13181辆，同比增长29.10%。 | 产品 | | 去年 | 销量(辆) | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 同比 | 本年 | 去年同期 | 同比 | | | 本月数 | 同月数 | 变化 | 累计数 | 累计数 | 变化 | | | | | (%) | | | (%) | | 轻型客车 | 7.813 | 6.923 | 12.86 ...

证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025—028 200550 江铃 B 江铃汽车股份有限公司 关于股份回购进展的公告 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。 江铃汽车股份有限公司（以下简称："公司"）于 2025 年 4 月 10 日至 4 月 11 日召开书面董事会，审议通过了《关于回购公司 A 股股份的议案》。本次回 购资金来源为公司自有资金，回购股份的资金总额不低于人民币 1.5 亿元（含） 且不超过人民币 2 亿元（含），回购价格不超过人民币 22.00 元/股（含），具体 回购数量以回购期限届满时实际回购的股份数量为准，本次回购的股份将用于 实施公司员工持股计划或股权激励。具体内容详见公司在《中国证券报》、《证 券时报》、巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 根据《上市公司股份回购规则》和《深圳证券交易所上市公司自律监管指引 第 9 号——回购股份》等相关规定。现将公司股份回购的进展情况公告如下： 截至 2025 年 5 月 31 日，公司通过股份回购专用证券账户以集中竞 ...

董事会 2025 年 6 月 4 日 证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025-027 200550 江铃 B 江铃汽车股份有限公司 2025 年 5 月产、销情况的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 江铃汽车股份有限公司 2025 年 5 月产、销快讯数据如下： | | | | 同比 | 产量（辆） | | 同比 | | | 同比 | 销量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产品 | 本月数 | 去年 | | 本年 | 去年同期 | | | 去年 | | 本年 | 去年同期 | 同比 | | | | 同月数 | 变化 | 累计数 | 累计数 | 变化 | 本月数 | 同月数 | 变化 | 累计数 | 累计数 | 变化 | | | | | （%） | | | （%） | | | （%） | | | （%） | | 轻型客车 | 8,213 | 7,001 | ...

江铃汽车（000550）公告，2025年5月总销量为30458辆，同比增长11.94%；累计销量为13.7万辆，同比 增长3.84%。 ...

A股汽车整车板块盘初下挫，上汽集团跌超6%，江淮汽车跌超5%，金龙汽车、一汽解放、江铃汽车、 福田汽车跟跌。 ...

Group 1 - The core event was the launch of two significant models, the all-new Jiangling Yuhu and Jiangling Shunda, marking a comprehensive upgrade of Jiangling's pickup and light truck product matrix [1][3] - Jiangling Motors has established itself as a leader in the Chinese pickup and light truck market, with the Yuhu being a benchmark for high-performance commercial pickups and the Shunda recognized for its quality [3][31] - The launch event was attended by key executives and industry experts, highlighting the importance of the new models in the market [5][26] Group 2 - The all-new Yuhu is designed as a "super commercial pickup," focusing on aesthetics, usability, and driving experience, catering to users with various needs [8][10] - The Yuhu features a 1.6m³ cargo volume, advanced smart cockpit technology, and robust durability, making it suitable for diverse operational scenarios [12][13] - The pricing strategy for the Yuhu starts at 104,800 yuan, with additional purchase incentives to support users [14][16] Group 3 - The all-new Shunda has undergone significant upgrades, including a new power system and enhanced driving space, while maintaining its reputation for fuel efficiency and durability [17][19] - The Shunda is equipped with a new fuel-efficient power platform, achieving a fuel consumption as low as 8.18L per 100km, which can save users over 5,000 yuan annually based on 80,000 km of driving [20][22] - The starting price for the Shunda is set at 86,800 yuan for the small truck version and 98,800 yuan for the standard version, with attractive purchase benefits [22][25] Group 4 - The launch event emphasized Jiangling's commitment to user-oriented and technology-driven development, positioning the new models as benchmarks in their respective segments [31]

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [2][8]. Core Views - The company has shown significant revenue growth in 2024, achieving an operating income of 38.374 billion yuan, a year-on-year increase of 15.7%. However, the net profit for the same year was 1.537 billion yuan, reflecting a modest growth of 4.2% [2][3]. - The company is actively expanding its overseas market presence and advancing its transition to new energy and intelligent vehicles, which are expected to drive future growth [2][4][8]. Financial Performance - In 2024, the company's total vehicle revenue reached 34.702 billion yuan, up 14.32% year-on-year, with steady growth in SUV, pickup, and light passenger vehicle sales [3]. - The gross margin for 2024 was 14.13%, a decrease of 1.25 percentage points year-on-year, while the net margin was 3.14%, down 0.07 percentage points [3]. - For Q1 2025, the company reported an operating income of 7.967 billion yuan, a slight decrease of 0.09% year-on-year, and a net profit of 306 million yuan, down 36.56% [2][3]. Market Expansion - The company has made significant strides in international markets, with exports reaching 116,600 units in 2024, a year-on-year increase of 21.9%. It has established over 100 overseas dealers and showrooms, exporting to more than 100 countries [4][8]. - The collaboration with Ford has deepened, with a framework agreement for vehicle exports signed, enhancing the company's global footprint [4]. New Energy Strategy - The company is actively developing its new energy vehicle lineup, achieving sales of 10,900 units and generating revenue of 1.118 billion yuan from these products in 2024 [4][8]. - The introduction of new electric models is expected to strengthen the company's position in the new energy vehicle market [4]. Future Projections - Revenue projections for 2025-2027 are estimated at 42.439 billion yuan, 48.208 billion yuan, and 55.728 billion yuan, respectively, with corresponding net profits of 1.6 billion yuan, 1.849 billion yuan, and 2.187 billion yuan [8][10]. - The report anticipates continued growth in earnings per share (EPS), with estimates of 1.85 yuan, 2.14 yuan, and 2.53 yuan for the same period [8][10].

Core Viewpoint - Jiangling Motors is focusing on expanding its overseas market and advancing its transformation towards new energy and intelligent vehicles, with a positive outlook on its growth potential [1][4]. Financial Performance - In 2024, Jiangling Motors achieved a revenue of 38.374 billion yuan, a year-on-year increase of 15.70%, and a net profit attributable to shareholders of 1.537 billion yuan, up 4.17% year-on-year [2]. - For Q1 2025, the company reported a revenue of 7.967 billion yuan, a slight decrease of 0.09% year-on-year, and a net profit of 306 million yuan, down 36.56% year-on-year [2]. Revenue Breakdown - In 2024, the company's vehicle revenue reached 34.702 billion yuan, a year-on-year increase of 14.32%, with steady growth in SUV, pickup, and light bus sales [3]. - Parts revenue was 1.807 billion yuan, up 5.04% year-on-year, while sales of materials and others surged to 1.138 billion yuan, a 130.73% increase [3]. Profitability Metrics - The gross margin for 2024 was 14.13%, down 1.25 percentage points year-on-year, while the net margin was 3.14%, a decrease of 0.07 percentage points [3]. - In Q1 2025, the gross margin was 11.81%, down 0.48 percentage points year-on-year, and the net margin was 3.88%, an increase of 0.88 percentage points [3]. International Market Expansion - Jiangling Motors' export volume reached 116,600 units in 2024, a year-on-year increase of 21.9%, with over 100 overseas dealers and showrooms [4]. - The company has signed a vehicle export cooperation framework agreement with Ford, expanding its product reach to 105 countries [4]. New Energy Strategy - The company has fully covered the light commercial vehicle, light truck, and pickup segments in its new energy product line, achieving sales of 10,900 new energy vehicles and generating revenue of 1.118 billion yuan [4]. - New electric models like the E-Fushun and E-Shund are enhancing the company's electric commercial vehicle offerings [4]. Intelligent Connectivity Initiatives - Jiangling Motors is collaborating with various tech companies to develop smart driving and connected vehicle technologies, including a successful L4-level road test license in Guangzhou [5]. Investment Outlook - Short-term growth is expected as the company increases its focus on new energy and overseas markets, with key models gradually being released [6]. - Long-term prospects are positive, with anticipated breakthroughs in new energy and L4-level autonomous driving technologies [6]. - Revenue projections for 2025-2027 are 42.439 billion, 48.208 billion, and 55.728 billion yuan, with net profits of 1.6 billion, 1.849 billion, and 2.187 billion yuan respectively [6].

证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025—025 200550 江铃 B 江铃汽车股份有限公司关联交易公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、概述 江铃汽车股份有限公司（以下简称"江铃汽车"或"本公司"）董事会于 2025 年 5 月 21 日至 5 月 28 日以书面表决形式审议批准了《关于公司与博世电驱动 系统（南昌）有限公司的关联交易议案》。 应出席会议董事 9 人，实到 9 人。 博世电驱动系统（南昌）有限公司将向本公司供应控制器、电驱桥产品，年 度交易金额预计人民币 1.8 亿元。由于江铃汽车集团有限公司（以下简称"江铃 集团"）持有其 40%股权，同时江铃集团持有公司控股股东南昌市江铃投资有限 公司 50%股权，所以本次交易构成关联交易。 在对本议案的表决中，关联董事邱天高先生和衷俊华女士回避表决，其余董 事均同意此议案，此议案无需提交股东大会审议。 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 二、关联方介绍 公司名称：博世电驱动系统（南昌）有限公司 关联关系说明：江铃集团 ...