Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant events, including Changan Automobile's February 2025 production and sales report, showing a wholesale vehicle sales volume of 161,400 units, with a year-on-year increase of 0.94% for the cumulative sales from January to February 2025 [2][6] - The company plans to launch 13 new energy vehicle models in 2025, enhancing its global strategy and accelerating its electric and intelligent transformation [6][7] - The report anticipates a recovery in net profit for 2024-2026, with projected figures of 5.245 billion, 6.885 billion, and 9.662 billion yuan respectively, corresponding to EPS of 0.69, 0.97, and 1.14 yuan [6][7] Summary by Sections Sales Performance - In February 2025, the company's wholesale sales were 161,400 units, with a month-on-month decrease of 41.45% and a year-on-year increase of 5.72%. Cumulative sales for January-February 2025 reached 437,100 units, up 0.94% year-on-year [2] - The new energy vehicle sales in February were 39,700 units, reflecting a month-on-month increase of 68.4% but a year-on-year decrease of 41.25% [2] Financial Forecasts - The main revenue forecast for 2025 is 186.5 billion yuan, with a year-on-year growth rate of 11% [3] - The projected net profit for 2025 is 6.885 billion yuan, with a year-on-year growth of 31% [3] Strategic Initiatives - The company is set to enhance its product lineup with new energy models and expand its global market presence, targeting 81 countries [6] - Collaborations with Huawei and CATL are expected to deepen, supporting the company's electric and intelligent transformation [6]

Investment Rating - The investment rating for Changan Automobile is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - Changan Automobile reported a February sales volume of 161,000 units, representing a year-on-year increase of 6% but a month-on-month decrease of 41%. The sales of Changan's self-owned brands reached 137,000 units, up 8% year-on-year but down 43% month-on-month [1]. - The company is accelerating its smart driving initiatives, with plans to achieve full-scene L3 autonomous driving by 2026 and L4 capabilities by 2028. The Deep Blue S09 will feature Huawei's advanced driving system [3]. - Over the next three years, Changan plans to launch 35 new smart vehicles across its brands, including various models from Changan Qiyuan, Deep Blue, and Avita [3]. - Changan's international expansion is progressing, with plans for a Southeast Asia factory, a European brand launch, and production projects in the CIS region and Latin America by 2025 [3]. Summary by Sections Sales Performance - February sales were 161,000 units, with a year-on-year increase of 6% and a month-on-month decrease of 41%. Self-owned brand sales were 137,000 units, up 8% year-on-year [1]. Smart Driving Development - The company is advancing its smart driving technology, aiming for L3 level by 2026 and L4 by 2028, with the Deep Blue S09 featuring advanced driving capabilities [3]. Product Launch Plans - Changan will introduce 35 new smart vehicles in the next three years, with various models planned across its brands [3]. International Expansion - The company is set to enhance its global presence with a factory in Southeast Asia, a brand launch in Europe, and production projects in the CIS and Latin America by 2025 [3].

Investment Rating - The report maintains a "Recommended" rating for the company [7] Core Views - The company is accelerating its transition to electric vehicles, with a target of 3 million total sales and 1 million in new energy vehicles by 2025 [2][3] - The company is expected to launch new models such as Avita 06 and Deep Blue S09, enhancing its product lineup and supporting its electric transformation [3] - The overseas sales are growing rapidly, with a 63.6% year-on-year increase in February, indicating a clear global expansion strategy [4] Sales Performance - In February, the company's wholesale sales reached 161,000 units, a year-on-year increase of 5.7% but a month-on-month decrease of 41.4% [1] - The wholesale sales of self-owned passenger vehicles in February were 94,000 units, up 12.5% year-on-year but down 51.2% month-on-month [2] - The new energy vehicle sales in February were 39,700 units, with significant contributions from Deep Blue and Avita brands [2][3] Financial Forecast - The revenue projections for 2024, 2025, and 2026 are estimated at 163.0 billion, 188.6 billion, and 212.1 billion yuan respectively, with corresponding net profits of 6.1 billion, 8.2 billion, and 10.8 billion yuan [4][6] - The earnings per share (EPS) are forecasted to be 0.61, 0.83, and 1.09 yuan for the years 2024, 2025, and 2026 respectively [6][4] Global Expansion Strategy - The company plans to establish 8 new operating entities and 16 logistics nodes overseas by 2025, aiming to enhance its global market presence [4] - The Thai factory is expected to start production in Q1 2025, with an initial capacity of 100,000 vehicles, which will increase to 200,000 vehicles in the second phase [4]

证券代码：000625、200625 证券简称：长安汽车、长安 B 重庆长安汽车股份有限公司投资者关系活动记录表 编号：2025-08 | 投资者关系活 动类别 | ■特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 东吴证券、信达澳亚基金、中信资管 | | 及人员姓名 | | | 时间 | 2025 年 03 月 05 日 | | 地点 | 公司会议室 | | 上市公司接待 | 证券事务代表——揭中华 | | 人员姓名 | | | | 一、请问公司 2 月份销售情况如何？ | | | 答：2025 年 2 月，长安汽车实现销售 161435 辆，其中 | | | 新能源 2 月销量为 39650 辆，同比增长 68.4%，海外 2 月销 | | | 量为 47521 辆，同比增长 15.5%。分品牌来看，长安引力 2 | | | 月销量为 69143 辆；长安启源 2 月交付 7931 辆，长安启源 | | | 累计交付已突破 20 ...

Investment Rating - The investment rating for Changan Automobile is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Viewpoints - Changan Automobile reported a February sales volume of 161,000 units, representing a year-on-year increase of 6% but a month-on-month decrease of 41%. The sales of Changan's self-owned brands reached 137,000 units, up 8% year-on-year, but down 43% month-on-month [1]. - The company is accelerating its smart driving initiatives, with plans to achieve full-scene L3 autonomous driving by 2026 and L4 capabilities by 2028. The Deep Blue S09 will feature Huawei's advanced driving system [3]. - Over the next three years, Changan plans to launch 35 new smart vehicles across its brands, including various models from Changan Qiyuan, Deep Blue, and Avita [3]. - Changan's international expansion is progressing, with plans for a Southeast Asia factory, a European brand launch, and production projects in the CIS region and Latin America by 2025 [3]. Summary by Sections Sales Performance - February sales were 161,000 units, up 6% year-on-year but down 41% month-on-month. Self-owned brand sales were 137,000 units, up 8% year-on-year, while overseas sales were 48,000 units, down 23% month-on-month [1]. Smart Driving Development - The company is rapidly advancing its smart driving technology, with a goal to achieve L3 level by 2026 and L4 by 2028. The Deep Blue S09 will include advanced features such as parking assistance and valet parking [3]. Product Launch Plans - Changan will introduce 35 new smart vehicles in the next three years, with various models planned across its brands, including SUVs and sedans [3]. International Expansion - By 2025, Changan aims to establish a factory in Southeast Asia, launch its brand in Europe, and initiate production in the CIS and Latin America [3].

| 单位 | | | 产量（辆） | | | | | | 销量（辆） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年同期 | 同比变动 | 本年累计 | 去年同期 | 同比 | 本月 | 去年同期 | 同比变动 | 本年累计 | 去年同期 | 同比 | | | | | | | 累计 | 变动 | | | | | 累计 | 变动 | | 重庆长安 | 53,202 | 57,191 | -6.97% | 109,850 | 155,472 | -29.34% | 52,436 | 65,403 | -19.83% | 173,141 | 200,071 | -13.46% | | 河北长安 | 8,918 | 6,996 | 27.47% | 15,524 | 16,174 | -4.02% | 9,573 | 6,897 | 38.80% | 24,434 | 15,967 | 53.03% | | 合肥长安 | 27,175 | 12,233 | 122.1 ...

Group 1 - The core viewpoint of the articles highlights Changan Automobile's integration of AI technology into the Chongqing Marathon, showcasing a blend of sports and automotive innovation [1][2][3] - Changan Automobile aims to enhance user experience by incorporating various AI applications during the marathon, including advanced driving systems and robotic support [1][2] - The event serves as a demonstration of Changan's commitment to its "North Star 2.0" intelligent strategy, which includes plans to launch 35 smart vehicles over the next three years and achieve full L3 autonomous driving by 2026 [2] Group 2 - Changan's strategy emphasizes a comprehensive approach to AI, involving collaboration with major AI and ICT companies, and opening software interfaces to global developers [2] - The company is transitioning all its factories to smart manufacturing and aims to reshape its entire operational process through AI [2] - Changan's initiatives during the marathon, such as drone performances and robot interactions, reflect its dedication to making technology accessible and engaging for users [3]

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： 1．公司 A 股限制性股票激励计划首次授予部分第三个解除限售期符合解除限售 条件的激励对象共计 1,132 人，本次申请解除限售的激励对象共计 1,118 人，解除限 售的限制性股票数量为 41,323,353 股，占目前公司总股本的 0.4168%。 2．本次解除限售股份上市流通日：2025 年 3 月 5 日。 证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2025-14 重庆长安汽车股份有限公司 关于 A 股限制性股票激励计划首次授予部分第三个解除限售期 解除限售股份上市流通的提示性公告 一、A 股限制性股票激励计划已履行的相关审批程序 1．2020 年 7 月 13 日，公司第八届董事会第二次会议、第八届监事会第二次会 议审议通过了《关于审议<公司 A 股限制性股票激励计划（草案）>及其摘要的议案》 《关于审议<公司 A 股限制性股票激励计划实施考核管理办法>的议案》等议案。公 司独立董事就激励计划发表了同意的独立意见。 2．2020 年 7 月 29 日至 ...

关于联营企业对外投资的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或者重大遗漏。 一、项目概述 2023年11月25日，重庆长安汽车股份有限公司（以下简称"长安汽车"）与华为 技术有限公司（以下简称"华为"）签署了《投资合作备忘录》，华为拟设立一家从 事汽车智能系统及部件解决方案研发、设计、生产、销售和服务的公司（以下简称"目 标公司"），长安汽车及其关联方拟投资该目标公司并开展战略合作，双方共同支持 目标公司成为立足中国、面向全球、服务产业的汽车智能系统及部件解决方案产业领 导者。详细内容见长安汽车于2023年11月27日披露的《关于签署<投资合作备忘录> 的公告》（公告编号：2023-80）。2024年1月16日，华为已完成目标公司的注册，名 称为深圳引望智能技术有限公司（以下简称"引望"）。 证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2025-13 重庆长安汽车股份有限公司 2．第二期转让价款支付情况 截至本公告披露日，《股权转让协议》约定的第二期付款先决条件已满足，各方 确定以2025年2月28日为本次交易的交割 ...

证券代码：000625、200625 证券简称：长安汽车、长安 B 重庆长安汽车股份有限公司投资者关系活动记录表 编号：2025-07 | 投资者关系活 动类别 | ■特定对象调研 □分析师会议 | | | --- | --- | --- | | | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | 参与单位名称 | 万家基金、国金证券、招商基金 | | | 及人员姓名 | | | | 时间 | 2025 年 02 月 27 日 | | | 地点 | 公司会议室 | | | 上市公司接待 人员姓名 | 证券事务代表——揭中华 | | | | 一、请问公司下一代电池研发情况如何？ | | | | 答：长安汽车致力于让用户实现"能源自由"，正在加 | | | | 快推进下一代电池研发进度。长安金钟罩全固态电池预计将 | | | | 在年底前实现功能样车首发；2026 年实现固态电池装车验 | | | | 证；2027 年推进全固态电池逐步量产。 | | | | 这款全固态电池，能量密度可达 400wh/kg ...