江铃汽车股份有限公司 2025 年半年度报告全文 江铃汽车股份有限公司 2025 年半年度报告 2025 年 08 月 1 江铃汽车股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人邱天高、主管会计工作负责人朱浏俊及会计机构负责人（会计 主管人员）胡函凤声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的 实质承诺，敬请投资者注意投资风险。 本报告第三节"管理层讨论与分析"中描述了公司可能存在的风险和应对 措施，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 | 9 | | 第四节 | 公司治理、环境和 ...

Core Insights - The commercial vehicle retail sales in China for July 2025 reached 249,400 units, representing a year-on-year increase of 12.24% but a month-on-month decrease of 3.78% [2][6] - Cumulative retail sales from January to July 2025 totaled 1.7672 million units, showing a year-on-year growth of 6.47% [7][11] - The export sales of commercial vehicles in July 2025 amounted to 94,300 units, with a year-on-year increase of 28.72% and a month-on-month increase of 2.08%, generating an export value of 20.625 billion yuan [12][14] - Cumulative export sales from January to July 2025 reached 620,100 units, reflecting a year-on-year growth of 25.87%, with a total export value of 130.618 billion yuan [15][18] Retail Sales in July 2025 - The retail sales of trucks in July were 203,800 units, up 12.33% year-on-year but down 4.93% month-on-month [6] - The retail sales of buses in July were 45,500 units, increasing by 11.85% year-on-year and up 1.71% month-on-month [6] - The top five companies accounted for 37.24% of the retail sales, with Foton Motor, SAIC-GM-Wuling, FAW Jiefang, JMC, and Sinotruk as the leading players [5][11] Cumulative Retail Sales from January to July 2025 - Truck retail sales from January to July totaled 1.4907 million units, with a year-on-year increase of 7.65% [11] - Bus retail sales during the same period reached 276,400 units, showing a modest year-on-year growth of 0.50% [11] - The top five companies in cumulative retail sales accounted for 37.84%, with the same leading companies as mentioned above [11] Export Sales in July 2025 - Truck export sales in July were 84,300 units, reflecting a year-on-year increase of 27.35% and a month-on-month increase of 2.57%, with an export value of 16.226 billion yuan [14] - Bus export sales in July were 10,000 units, up 41.46% year-on-year but down 1.80% month-on-month, generating an export value of 4.399 billion yuan [14] Cumulative Export Sales from January to July 2025 - Truck export sales from January to July totaled 558,700 units, with a year-on-year increase of 25.27% [18] - Bus export sales during the same period reached 61,400 units, reflecting a year-on-year growth of 31.58% [18] - The top five export sources were Shandong, Chongqing, Beijing, Anhui, and Henan, while the top five export markets included Mexico, Vietnam, Australia, Saudi Arabia, and Chile [18]

Market Overview - The commercial vehicle sector increased by 0.77% on August 26, with Shuguang Co. leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Shuguang Co. (600303) closed at 3.88, up 5.15% with a trading volume of 822,400 shares and a turnover of 321 million yuan [1] - Jianghuai Automobile (600418) closed at 53.38, up 1.71% with a trading volume of 925,700 shares and a turnover of 4.961 billion yuan [1] - Zhongtong Bus (000957) closed at 11.57, up 1.58% with a trading volume of 256,500 shares and a turnover of 29.5 million yuan [1] - Other notable performances include JMC (000550) up 1.54%, Ankai Bus (000868) up 1.34%, and Hanma Technology (600375) up 1.29% [1] Capital Flow - The commercial vehicle sector saw a net inflow of 267 million yuan from institutional investors, while retail investors experienced a net outflow of 176 million yuan [2][3] - The main capital inflow was observed in Jianghuai Automobile with 488 million yuan, while retail investors withdrew 360 million yuan [3] - Hanma Technology also saw a net inflow of 27.9432 million yuan from institutional investors, but retail investors withdrew 18.5206 million yuan [3]

Group 1 - Jiangling Motors' stock price increased by 2.08% on August 26, reaching 21.15 CNY per share, with a trading volume of 120 million CNY and a turnover rate of 1.11%, resulting in a total market capitalization of 18.257 billion CNY [1] - Year-to-date, Jiangling Motors' stock price has decreased by 7.00%, with a 1.52% increase over the last five trading days, a 0.70% increase over the last 20 days, and a 5.47% increase over the last 60 days [1] - The company's main business revenue composition includes 90.43% from complete vehicles, 4.71% from parts, 2.97% from sales of materials and others, and 1.90% from automotive maintenance services and others [1] Group 2 - As of March 31, Jiangling Motors had 45,500 shareholders, an increase of 1.50% from the previous period, with an average of 13,093 circulating shares per shareholder, a decrease of 1.65% [2] - For the first quarter of 2025, Jiangling Motors reported operating revenue of 7.967 billion CNY, a slight decrease of 0.09% year-on-year, and a net profit attributable to shareholders of 306 million CNY, down 36.56% year-on-year [2] - Since its A-share listing, Jiangling Motors has distributed a total of 14.222 billion CNY in dividends, with 1.571 billion CNY distributed over the past three years [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600006 | 东风股份 | 8.28 | -2.36% | 187.25万 | | 15.77亿 | | 000550 | 江铃汽车 | 20.72 | -0.43% | 6.68万 | | 1.38亿 | | 600686 | 金龙汽车 | 12.73 | -0.31% | 22.90万 | | 2.91亿 | | 600375 | 汉马科技 | 6.95 | -0.29% | - 32.93万 | | 2.29亿 | | 600303 | 曙光股份 | 3.69 | -0.27% | 19.31万 | | 7104.70万 | | 000868 | 安凯客车 | 5.95 | -0.17% | 23.24万 | | 1.38亿 | | 000957 | 中通客车 | 11.39 | 0.18% | 21.86万 | | 2.48(Z | | 000800 | 一汽解放 | 7.30 | 0.27% | 46.42万 | | ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600375 | 汉马科技 | 6.97 | -0.71% | 30.32万 | | 2.11亿 | | 600303 | 曙光股份 | 3.70 | -0.27% | 20.60万 | | 7561.15万 | | 600066 | 宇通客车 | 27.26 | 0.04% | 10.91万 | | 2.97亿 | | 000550 | 江铃汽车 | 20.81 | 0.10% | 5.71万 | | 1.19亿 | | 000951 | 中園車汽 | 18.76 | 0.27% | 12.86万 | | 2.40 Z | | 600686 | 金龙汽车 | 12.77 | 0.39% | 21.32万 | | 2.71亿 | | 000800 | 一汽解放 | 7.28 | 0.41% | 48.88万 | | 3.54亿 | | 301039 | 中隼车辆 | 8.94 | 0.45% | 15.90万 | | 1.42亿 | ...

分红多募资少。 A股市场下起"红包雨"，现金分红成为主流。 根据Wind数据，截至8月21日收盘，已有160家上市公司披露了2025年中期分红预案，仅20日晚间就有 23家公告了分红预案。其中，牧原股份（002714.SZ）的分红计划受到市场关注，该公司拟每10股派发 现金红利9.32元，分红金额超过50亿元。 此前的8月19日晚间，吉比特（603444.SH）、福耀玻璃（600660.SH）公告，每10股拟派发现金红利分 别为6.6元、0.9元，拟派发现金4.74亿元、23.49亿元。这两只股票的共同点在于，上市以来的分红总额 已超过实际募资总额。 其中，福耀玻璃是分红融资比排名前十的公司之一。依据Wind数据计算，贵州茅台（600519.SH）、山 西汾酒（600809.SH）、宁沪高速（600377.SH）、兖矿能源（600188.SH）、五粮液（000858.SZ）、 达安基因（002030.SZ）、格力电器（000651.SZ）、江铃汽车（000550.SZ）、重庆啤酒（600132.SH） 是另外9家，前十大"分红王"的分红融资比均超过24倍。其中，贵州茅台分红融资比超150倍，这意味着 每募集1 ...

Core Insights - The Chinese pickup truck industry is experiencing significant growth in global markets, with exports surpassing domestic sales for the first time, indicating a strong export momentum [2][4][5] Group 1: Export Performance - In July, domestic pickup sales were 20,157 units, a year-on-year decline of 6.5%, while exports reached 22,948 units, marking a year-on-year increase of 12.9% [2] - From January to July, total domestic pickup sales were 158,140 units, down 4.1% year-on-year, while exports totaled 180,467 units, up 27.6% [2][3] - Major brands like Great Wall and SAIC Maxus showed strong export figures, with Great Wall exporting 35,340 units in the first seven months, a 63.77% increase year-on-year [3] Group 2: Market Potential - The pickup market is projected to reach over 1 million units in domestic demand by 2030, with total sales (domestic and export) potentially hitting 2 million units [4] - The pickup truck segment is seen as a new blue ocean for the Chinese automotive industry, with ongoing policy support and market demand driving growth [4][5] Group 3: Competitive Advantages - Chinese pickup trucks are gaining recognition for their quality and performance in overseas markets, particularly in regions like South America, the Middle East, and Southeast Asia [8][9] - The shift towards electric and hybrid pickups is creating new opportunities, as global markets are increasingly favoring environmentally friendly vehicles [10][14] - The export of diesel pickups remains strong, while electric pickups have seen a dramatic increase in demand, with a year-on-year growth of 186.18% in July [13] Group 4: Industry Trends - The trend towards electrification and smart technology in pickups is accelerating, with all major manufacturers introducing electric models [11][14] - The competitive landscape is evolving, with Chinese brands positioned to capitalize on the global shift towards greener vehicles, as traditional brands lag in their transition [8][10]

Core Insights - The domestic commercial vehicle market is experiencing a strong growth in new energy vehicles (NEVs), with significant increases in sales and penetration rates projected for 2024 and 2025 [1][2][10]. Group 1: Commercial Vehicle Market Overview - In July 2025, domestic commercial vehicle sales reached 250,000 units, a year-on-year increase of 13% [1][5]. - From January to July 2025, total commercial vehicle sales amounted to 1.77 million units, reflecting a 7% year-on-year growth, marking a new high since 2022 [1][5]. - The commercial vehicle insurance data indicates a stable market after a decline in previous years, with 2.85 million units insured in 2024, nearly flat compared to the previous year [5]. Group 2: New Energy Commercial Vehicle Performance - New energy commercial vehicle sales are projected to reach 579,000 units in 2024, representing an 84% year-on-year increase [1][6]. - By July 2025, new energy commercial vehicle sales hit 73,000 units, a 55% increase year-on-year, despite a 3% month-on-month decline [1][6]. - The penetration rate of new energy commercial vehicles reached 24% in the first seven months of 2025, up from 20% in 2024, indicating strong market adoption [10][12]. Group 3: Battery Swap Commercial Vehicles - The battery swap commercial vehicle segment, particularly heavy-duty trucks, has seen explosive growth, with sales of battery swap heavy trucks reaching 26,400 units from January to July 2025, a 197% increase [1][13]. - In July 2025, battery swap heavy truck sales were 4,400 units, reflecting a 172% growth [13]. Group 4: Market Penetration and Trends - The penetration rate of new energy commercial vehicles was 29% in July 2025, with trucks at 22% and buses at 61%, showing significant improvements across segments [10][12]. - The overall market for new energy commercial vehicles is characterized by strong growth driven by policy support and increasing demand for vehicle updates [2][10]. Group 5: Competitive Landscape - Major players in the commercial vehicle market include Beiqi Foton, SAIC-GM-Wuling, and Dongfeng Motor, with varying performance across different vehicle categories [15]. - The market structure remains stable, with light trucks and buses showing resilience, while heavy trucks are experiencing a recovery due to policy-driven updates [12][15].

证券之星消息，8月19日商用车板块较上一交易日下跌0.18%，江淮汽车领跌。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。商用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600303 | 曙光股份 | 3.67 | 1.94% | 25.63万 | 9336.27万 | | 000550 | 江铃汽车 | 21.54 | 1.13% | 6.38万 | + 1.37亿 | | 000868 | 安凯客车 | 5.84 | 0.69% | 18.11万 | 1.05亿 | | 600686 | 金龙汽车 | 12.55 | 0.32% | 21.56万 | 2.70亿 | | 600375 | 汉马科技 | 7.13 | 0.28% | 39.77万 | 2.84亿 | | 000800 | 一汽解放 | 7.07 | 0.14% | 12.19万 | 8608.41万 | | 000951 | 中国重汽 | 18. ...