董事、高级管理人员是否存在对季度报告内容存在异议或无法保证其真实、准确、完整的情况 重庆长安汽车股份有限公司 2025 年第三季度报告 证券代码：000625（200625） 证券简称：长安汽车（长安 B） 公告编号：2025-64 重庆长安汽车股份有限公司 2025 年第三季度报告 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、误导性陈述或重大遗漏。 重要内容提示: □ 是 √ 否 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □ 是 √ 否 4.审计师发表非标意见的事项 □ 适用 √ 不适用 一、主要财务数据 （一）主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- ...

Core Viewpoint - Changan Automobile plans to jointly invest in the establishment of the Chongqing Changyu Xinheng Private Equity Fund Partnership with several investment entities, indicating a strategic move to enhance its investment portfolio and capitalize on emerging industries [1] Investment Details - The total subscribed capital of the partnership is RMB 1.002 billion, with Changan Automobile contributing RMB 250 million, the Strategic Emerging Industry Fund contributing RMB 500 million, and other partners contributing smaller amounts [1] - The investment period for the partnership is five years from the first closing date, followed by an exit period of three years after the investment period ends [1]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2305.1 points, down 0.29%, with a trading volume of 34.285 billion yuan and a turnover rate of 1.32% [1] - Among the index constituents, 20 stocks rose while 28 stocks fell, with China National Materials Technology leading the gainers at 5.67% and Shenzhen Properties A leading the decliners at 8.41% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (sz000725) with a weight of 9.64%, latest price at 4.05, and total market value of 151.26 billion yuan [1] - Wuliangye Yibin (sz000858) with a weight of 7.95%, latest price at 120.29, and total market value of 466.92 billion yuan [1] - Hikvision (sz002415) with a weight of 7.72%, latest price at 33.29, and total market value of 305.10 billion yuan [1] - Luzhou Laojiao (sz000568) with a weight of 6.53%, latest price at 130.24, and total market value of 191.71 billion yuan [1] - XCMG Machinery (sz000425) with a weight of 6.28%, latest price at 11.37, and total market value of 133.63 billion yuan [1] - Changan Automobile (sz000625) with a weight of 3.87%, latest price at 12.72, and total market value of 126.11 billion yuan [1] - Shenwan Hongyuan (sz000166) with a weight of 3.78%, latest price at 5.46, and total market value of 136.72 billion yuan [1] - Yunnan Aluminum (sz000807) with a weight of 3.45%, latest price at 23.18, and total market value of 80.39 billion yuan [1] - Yanghe Brewery (sz002304) with a weight of 3.27%, latest price at 69.22, and total market value of 104.28 billion yuan [1] - Changchun High & New Technology (sz000661) with a weight of 3.17%, latest price at 117.84, and total market value of 48.07 billion yuan [1] Capital Flow Summary - The net outflow of main funds from the index constituents totaled 0.881 billion yuan, while speculative funds saw a net inflow of 0.65 billion yuan and retail funds a net inflow of 0.231 billion yuan [3] - Notable capital flows include: - Changan Automobile (000625) with a net inflow of 204 million yuan from main funds [3] - Yunnan Copper (000878) with a net inflow of 71.86 million yuan from main funds [3] - Hubei Energy (000883) with a significant net inflow of 44.39 million yuan from main funds [3]

Core Insights - Changan Automobile aims to achieve overall sales of over 5 million units by 2030, with "smart digital vehicles" contributing more than 3 million units [1][5] Group 1: SDA Platform Development - Changan has decided to fully transition future new models to the SDA platform, covering core brands such as Qiyuan, Deep Blue, and Avita [2] - The SDA platform, initiated in 2021, offers advantages in centralized computing and software decoupling, making it more suitable for the development of smart electric vehicles [3] - The first model based on the SDA platform, Qiyuan E07, is set to launch in October 2024, with a price range of 199,900 to 319,900 yuan [3] Group 2: Architectural Features of SDA - The SDA platform adopts a "central + domain control" architecture, which is a hybrid between centralized and distributed designs, allowing for a balance in functionality [4] - The transition to the SDA platform will significantly alter Changan's R&D and product planning, moving from a "single vehicle customization" approach to a platform-based, modular development system [4] Group 3: Future Product Strategy - New models based on the SDA platform are defined as "smart digital vehicles," which are expected to be the core driving force behind Changan's transformation towards intelligence and electrification [5]

Core Insights - The low-altitude economy sector experienced a 2.05% increase on October 24, with Penghui Energy leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Low-Altitude Economy Sector Performance - Penghui Energy (300438) closed at 38.39, with a rise of 12.19% and a trading volume of 675,000 shares [1] - China Satellite (600118) saw a closing price of 39.12, increasing by 10.01% with a trading volume of 544,100 shares [1] - Aerospace Changfeng (600855) closed at 15.17, also up by 10.01%, with a trading volume of 217,600 shares [1] - Other notable performers include: - Fenghua High-Tech (000636) at 17.41, up 9.98% [1] - Zhimingda (688636) at 36.66, up 9.79% [1] - Gaohua Technology (688539) at 39.60, up 8.88% [1] Capital Flow Analysis - The low-altitude economy sector saw a net inflow of 1.519 billion yuan from main funds, while retail funds experienced a net outflow of 593 million yuan [2][3] - Major stocks with significant capital inflow include: - China Satellite with a net inflow of 626 million yuan, accounting for 29.74% of main fund inflow [3] - Fenghua High-Tech with a net inflow of 347 million yuan, representing 17.41% of main fund inflow [3] - Penghui Energy with a net inflow of 172 million yuan, making up 6.81% of main fund inflow [3]

Core Insights - The passenger car sector experienced a 0.63% increase on October 24, with Changan Automobile leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Passenger Car Sector Performance - Changan Automobile (code: 000625) closed at 12.72, with a rise of 2.75% and a trading volume of 1.93 million shares, totaling a transaction value of 2.44 billion [1] - BAIC Blue Valley (code: 600733) closed at 7.95, up 1.15%, with a trading volume of 876,000 shares and a transaction value of 697 million [1] - Seres (code: 601127) closed at 160.01, up 0.97%, with a trading volume of 203,100 shares and a transaction value of 3.24 billion [1] - SAIC Motor (code: 600104) closed at 16.68, up 0.91%, with a trading volume of 324,300 shares and a transaction value of 539 million [1] - BYD (code: 002594) closed at 103.76, with a slight increase of 0.07%, trading 305,500 shares for a total of 3.17 billion [1] - Great Wall Motors (code: 601633) closed at 23.19, down 0.09%, with a trading volume of 111,700 shares and a transaction value of 259 million [1] - GAC Group (code: 601238) closed at 7.81, down 0.38%, with a trading volume of 333,300 shares and a transaction value of 260 million [1] - Haima Automobile (code: 000572) closed at 5.67, down 0.53%, with a trading volume of 1.09 million shares and a transaction value of 622 million [1] Fund Flow Analysis - The passenger car sector saw a net inflow of 25.2 million from institutional investors and 89.3 million from retail investors, while retail investors experienced a net outflow of 114 million [1] - Changan Automobile had a net inflow of 204 million from institutional investors, accounting for 8.39% of its total trading [2] - BAIC Blue Valley experienced a net inflow of 66.7 million from institutional investors, with a net outflow of 45.5 million from retail investors [2] - SAIC Motor had a net inflow of 55.4 million from institutional investors, with a net outflow of 37.8 million from retail investors [2] - Seres had a net inflow of 46.5 million from institutional investors, while retail investors saw a net outflow of 47.6 million [2] - Great Wall Motors had a minimal net inflow of 205,200 from institutional investors, with a net outflow of 1.2 million from retail investors [2] - GAC Group had a net outflow of 14.2 million from institutional investors, while retail investors saw a net inflow of 365,750 [2] - Haima Automobile had a net outflow of 38.3 million from institutional investors, with a net inflow of 3.8 million from retail investors [2] - BYD experienced a net outflow of 296 million from institutional investors, while retail investors had a net inflow of 99.9 million [2]

Core Insights - The automotive industry is rapidly advancing towards solid-state batteries, which are seen as the next generation of energy storage technology, especially as traditional lithium-ion batteries approach their performance limits [1][4]. Industry Trends - By the end of 2024, solid-state batteries are expected to be a key trend in China's electric vehicle industry, with significant investments from automakers and battery manufacturers [2][4]. - Major companies like CATL, Guoxuan High-Tech, and others are actively developing solid-state battery technologies, with CATL focusing on sulfide routes and expanding its R&D team [2][9]. Technological Developments - Recent breakthroughs in solid-state battery technology have led to significant improvements in performance, such as the potential for over 1000 km range with lighter batteries [3][17]. - The industry anticipates that solid-state batteries will begin to be installed in vehicles by 2027, with mass production expected by 2030 [4][11]. Competitive Landscape - A variety of companies, including traditional automakers like Changan and Geely, are entering the solid-state battery space, each pursuing different technological routes [10][12]. - International players like Toyota and Samsung SDI are also making strides, with plans for mass production of solid-state batteries by 2027 [13]. Challenges and Barriers - Despite the promising outlook, solid-state batteries face challenges such as high production costs, which are currently 5 to 10 times higher than traditional lithium-ion batteries [20][21]. - Technical hurdles include the need for high-pressure environments for solid-state cells, which complicates their commercial viability [23][24]. Market Dynamics - The rapid increase in patent applications for solid-state batteries in China indicates a growing interest and investment in this technology, outpacing Japan by three times [14]. - The cost of solid-state batteries poses a significant barrier, with estimates suggesting that the cost of a solid-state battery pack could exceed 400,000 yuan compared to 40,000 to 44,000 yuan for traditional batteries [20][22].

Core Insights - The overall complaint index for car manufacturers increased by 39% year-on-year, reaching 163,069.85 for the first three quarters of 2025, with all but one manufacturer showing an upward trend in complaints [2] Group 1: Complaint Index by Manufacturer - BYD leads with a complaint index of 71,529.2, up 115.01% year-on-year, primarily due to issues related to new car price reductions and upgrades, with 74% of complaints stemming from this issue [4][5] - Changan Automobile ranks second with a complaint index of 9,977.1, a 34.27% increase, with major complaints about system upgrades and transmission stuttering [5] - Chery Automobile holds the third position with a complaint index of 5,118.05, up 12.73%, with complaints focused on system upgrades and engine performance [5] Group 2: Notable Increases in Complaints - Li Auto's complaint index surged by 575% to 4,160.35, mainly due to issues with lower arm noise in the L series [6] - FAW Hongqi's complaint index rose by 543.82% to 2,981.55, with complaints centered on system lag and upgrade issues [6] - The overall complaint issues are concentrated in areas such as new car pricing strategies, system upgrades, transmission problems, and engine performance [6]

Core Insights - The 32nd China Society of Automotive Engineers Annual Conference and Automotive Innovation Technology Exhibition (SAECCE 2025) was held in Chongqing, where a joint innovation platform for "human-vehicle-road-cloud-satellite" was launched, marking the first of its kind in the automotive industry [1] - The "vehicle-road-cloud integration" aims to create a systematic solution for intelligent collaboration among vehicles, roadside infrastructure, and cloud computing, enhancing the safety and efficiency of autonomous driving [1][2] - The Ministry of Industry and Information Technology announced plans for the "14th Five-Year" intelligent connected new energy vehicle development plan, emphasizing the importance of "vehicle-road-cloud integration" applications and the establishment of a reliable data space [2] Group 1 - The joint innovation platform involves collaboration with major automotive companies and low-orbit satellite operators, focusing on real-time data sharing to improve autonomous driving capabilities [1] - The platform's architecture is defined as "vehicle as the endpoint, road as the extension, cloud as the hub, and satellite as the link," aiming to address complex operational challenges in intelligent vehicles [1] - The future transportation ecosystem is envisioned to be multi-dimensional, integrating various forms of vehicles and deeply connecting with society, infrastructure, and daily life [2] Group 2 - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" was released, outlining a timeline for the maturity of the vehicle-road-cloud integration ecosystem, with L4 autonomous vehicles expected to be fully popularized by 2040 and L5 vehicles entering the market [2] - Despite rapid development, the commercialization of vehicle-road-cloud integration faces challenges, particularly in achieving efficient connectivity between different systems, requiring collaboration among various stakeholders [2]

Group 1 - The core material price of electrolyte continues to rise, with lithium hexafluorophosphate reaching 87,000 yuan per ton, a 51% increase over the past month [1] - Lithium carbonate futures have rebounded over 9% in the last six trading days [1] - The CSI New Energy Vehicle Industry Index (930997) has increased by 1.16%, with constituent stocks such as Yahua Group rising by 10.03% and Zhongmin Resources by 6.79% [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index account for 54.61% of the index, including CATL, Huichuan Technology, and BYD [2] - The weightings of the top stocks include CATL at 9.80%, Huichuan Technology at 9.63%, and BYD at 9.10% [4]