2025年11月21日，一汽解放-中国一汽控股上市公司集体业绩说明会在全景网顺利举行。出席本次业绩 说明会的人员有董事会秘书王建勋。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问11 个，公司嘉宾共回答问题11个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：王部长好，想了解下你是如何看待公司最近这几年股价波动的？怎么看待最近一年股价和市场 严重背离的？股价目前是否如实反应公司基本面？公司除了做好自己的本职本分工作以外，是否有稳定 股价的具体措施？【征集问题】 回答：尊敬的投资者您好，近年股价波动核心是行业周期与企业转型的共同作用，商用车行业过去几年 经历了 "国内需求回调-海外市场拓展-新能源转型" 等发展阶段。近一年，A股市场更倾向于高成长赛 道。公司没有"被动等待"，作为商用车头部企业，公司持续强化主业，加快海外市场拓展：近年成立了 解放国际、收购一汽非洲投资有限公司、成立了八家海外子公司等，加速海外产业能力构建，提升产品 竞争力和品牌的海外影响力。另一方面，公司加大新能源转型力度，持续推出新产品，创新营销模 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，一汽解放青岛汽车有限公司、一汽解放汽车有限公司取得一项名为"商用车 AMT副箱换挡控制方法、副箱换挡系统及商用车"的专利，授权公告号CN 118622977 B，申请日期为 2024年6月。 ...

Core Insights - The strategic investment of over 3.6 billion yuan from China FAW Group into Zhuoyue Technology marks a significant development in the intelligent driving sector, with Zhuoyue's post-investment valuation exceeding 10 billion yuan [1][3] - Zhuoyue Technology will continue to operate independently, maintaining its existing management team and technological direction, while benefiting from China FAW's resources and business collaboration [1][3] Company Overview - Zhuoyue Technology, originally the automotive division of DJI, was established in 2016 and became an independent entity in 2023, rebranding itself in June 2024 [3] - The company focuses on developing high-level intelligent driving systems that cover various scenarios, including highways, urban areas, and parking, with its core product being the Chengxing platform [3][4] Market Position and Strategy - Zhuoyue Technology aims to penetrate the fuel vehicle market, which is seen as a strategic breakthrough point amidst increasing competition in the intelligent driving sector [4] - The company has established partnerships with several major automotive manufacturers, including China FAW, Volkswagen, and BYD, to expand its ecosystem [4][5] Investment Landscape - The investment from China FAW is part of a broader trend where multiple automotive companies invest in Zhuoyue Technology while allowing it to remain independent, reflecting a shift in the intelligent driving industry's dynamics [6] - The automatic driving sector has seen significant financing activity in 2025, with approximately 20 financing events totaling around 35 billion yuan, indicating a growing interest in the commercialization of technology [6]

Core Insights - The "Light Truck First Influence Index" for major domestic light truck companies scored 1702 points in October 2025, reflecting a 21.3% increase from September 2025 but a 4.7% decrease year-on-year from October 2024 [1][11]. Group 1: Market Trends - October saw the arrival of the National Day and Mid-Autumn Festival, marking a traditional peak season for light truck production companies to enhance brand marketing efforts [3]. - New products, large orders, and new energy vehicles remain hot topics in the light truck market [3]. Group 2: Company Performance - Jianghuai 1 Card launched the L6PLUS and L9PLUS models, focusing on the logistics industry's demand for high-quality transport solutions, catering to the evolving needs for efficiency, reliability, and comfort [5]. - Dongfeng Light Truck continues to rank second, engaging in strategic cooperation with CATL to enhance the development of new energy commercial vehicles [7][11]. - China National Heavy Duty Truck HOWO Light Truck achieved a significant sales milestone with 2581 units sold during a promotional event [7][11]. - Yutong Light Truck signed a strategic agreement for the delivery of 200 new energy light trucks and 500 hydrogen fuel light trucks, emphasizing their advantages in cold chain transport [9][11]. Group 3: Rankings and Competitive Landscape - Jianghuai 1 Card secured the top position in the "Light Truck First Influence Index," followed by Dongfeng Light Truck and Jiefang Light Truck in third place [11][14]. - China National Heavy Duty Truck HOWO Light Truck moved up one position to fourth, while Jiangling Light Truck rose two spots to sixth [11][16]. Group 4: Sales Performance - The light truck market achieved a "nine consecutive increases" in sales, indicating a positive trend for the upcoming months [18].

Core Insights - Zhuoyu Technology has announced a strategic investment of over 3.6 billion yuan from China First Automobile Group (FAW), resulting in a post-investment valuation exceeding 10 billion yuan [1] - Zhuoyu Technology will continue to operate as an independent entity with its existing management team, technology roadmap, and brand strategy unchanged [1] - The collaboration between Zhuoyu Technology and FAW began with a strategic cooperation agreement on intelligent driving signed in April 2024, leading to the integration of Zhuoyu's technology in several FAW models [1][2] Company Overview - Zhuoyu Technology was established in October 2022, focusing on the development and production of intelligent driving systems and core components, including the Chengxing platform, intelligent parking systems, and visual perception sensors [3] - The company has formed partnerships with major automotive manufacturers such as Volkswagen, FAW, and BAIC Group [3] Strategic Importance - FAW's chairman emphasized the importance of mastering key technologies and establishing a national automotive brand, indicating that this investment will enhance FAW's competitiveness in the intelligent driving sector [2] - Zhuoyu Technology's CEO highlighted the mission to provide safe and easy travel experiences, viewing the investment as a recognition of their capabilities and a step towards advancing the automotive industry's intelligent transformation [2]

Core Points - The State Intellectual Property Office of China has reported that FAW Jiefang Automotive Co., Ltd. has applied for a patent titled "Method, Device, Vehicle, and Storage Medium for Brake Energy Recovery" with publication number CN 120986198 A, filed on September 2025 [1] - The patent abstract reveals that the invention discloses a method for brake energy recovery, which includes obtaining real-time acceleration and brake pedal depth of the vehicle while in braking mode, determining target deceleration based on brake pedal depth, calculating total required braking force, and establishing the maximum regenerative braking force [1] - The technology aims to enhance the efficiency of brake energy recovery in vehicles through its proposed methods and devices [1] Summary by Sections - **Patent Application Details** - FAW Jiefang has filed a patent for a brake energy recovery method, device, vehicle, and storage medium [1] - The application was submitted on September 2025, with the publication number CN 120986198 A [1] - **Technical Aspects of the Invention** - The method involves several steps: obtaining real-time vehicle acceleration and brake pedal depth, determining target deceleration, calculating total required braking force, and establishing maximum regenerative braking force [1] - The invention aims to improve the efficiency of brake energy recovery by determining the target regenerative braking force and adjusting the motor output torque accordingly [1]

Core Insights - Zhuoyu Technology has officially announced a strategic investment exceeding 3.6 billion RMB from China FAW, resulting in a post-investment valuation surpassing 10 billion RMB [2] - The partnership aims to deepen collaboration in the intelligent driving sector while maintaining Zhuoyu's independent operational structure and management team [2] - The shareholder base of Zhuoyu has diversified, with notable investors including New Territory Technology Company Limited, Guotou Investment, BYD, and others, providing robust support for technology development and market expansion [2] Investment Details - The strategic investment will not interfere with Zhuoyu's daily operations, allowing for flexibility in technological innovation while leveraging China FAW's industrial resources [2] - The collaboration is built on a solid foundation established through a strategic cooperation agreement signed in April 2024, which initiated comprehensive cooperation between the two entities [3] Technological Advancements - Zhuoyu's core technology has been successfully applied on a large scale, with its "Chengxing Platform" and the world's first inertial three-eye vision system being integrated into several mainstream vehicle models, providing various advanced driving assistance features [3] - The investment is expected to enhance China FAW's core competitiveness in the intelligent driving field, aligning with its mission to control key technologies and establish a world-class automotive brand [3] Future Outlook - Zhuoyu's CEO emphasized the commitment to providing safe and convenient travel experiences, viewing the investment as recognition of the company's technological strength and growth potential [3] - The collaboration aims to integrate technology, brand, and capital advantages to promote the intelligent transformation of the automotive industry [3]

Group 1 - The core focus of the article is on the acceleration of the professional integration of state-owned enterprises (SOEs) in China, which is a key task in the current reform of state-owned enterprises [1][2] - Professional integration involves asset restructuring, equity cooperation, asset replacement, and strategic alliances to concentrate resources on advantageous and core enterprises [2][4] - The State-owned Assets Supervision and Administration Commission (SASAC) has reported that over a thousand professional integration projects have been initiated since last year, aimed at optimizing industrial layout and enhancing core competitiveness [2][3] Group 2 - The meeting highlighted the importance of enhancing the integration capabilities of strategic emerging industries, emphasizing the need for mergers and acquisitions as a means of integration [6][7] - Future integration efforts will focus on optimizing resource allocation within industries, supporting leading enterprises in restructuring, and extending towards high-end markets [5][6] - The SASAC has set higher requirements for achieving operational, innovation, and brand integration among enterprises involved in the professional integration reform [8]

Core Insights - The company held an earnings briefing on November 21, 2025, addressing key investor concerns regarding cost reduction, efficiency improvement, new energy strategies, overseas expansion, and third-quarter profit enhancement [1] Group 1: Cost Reduction and Efficiency - The company has established a comprehensive cost reduction system covering the entire value chain from R&D to operations, achieving phase results through technological innovation and enhanced supply chain collaboration [1] - Measures for cost reduction and efficiency are progressing as planned, contributing to improved operational performance [1] Group 2: Competitive Advantages - The company's competitive edge lies in three main areas: a complete independent R&D system from advanced technology to core components, a deep layout in the new energy sector covering the entire industry chain, and a robust marketing service system that has expanded to 100 countries [1] - The company has initiated the establishment of subsidiaries in eight countries, including Uzbekistan and Indonesia, to support its international strategy [1] Group 3: New Energy Strategy - The new energy transition is a focal point for investors, with the company implementing the "15333 strategy" since 2021 to cover the entire supply chain [1] - The company is transitioning from traditional vehicle electrification to differentiated independent components, aiming to enhance competitive advantages through increased resource investment and innovative marketing models [1] Group 4: Third-Quarter Profit Improvement - The increase in third-quarter profits is attributed to rapid sales growth, optimized product structure, and ongoing cost control measures [1] - The company is focusing on enhancing the contribution of key models to overall sales while maintaining strict expense management [1] Group 5: Market Value Management - The company has developed a market value management system to address investor concerns about short-term profits versus strategic investments [1] - It aims to balance scale and efficiency by optimizing product structure, increasing the proportion of high-value models, and expanding overseas markets [1] - The company has distributed approximately 6.29 billion in dividends and plans to continue improving operations and performance to reward investor trust [1]

Group 1: Cost Reduction and Efficiency Improvement - The company is committed to cost reduction and efficiency improvement across the entire value chain, including R&D, procurement, production, and operations. Current initiatives are progressing as planned, benefiting from technological innovations and supply chain synergies, leading to preliminary results in cost reduction efforts [2][3]. Group 2: Competitive Advantages in the Industry - The company has established a robust and complete independent R&D system, covering key components from engines to complete vehicles. In the new energy sector, it has developed a comprehensive industrial ecosystem, including self-developed batteries and electric drive systems, enhancing its competitive edge [2][3]. - The marketing strategy is customer value-oriented, with nearly 1,000 dealers, over 1,800 service providers, and 230 spare parts suppliers, ensuring a nationwide service radius of 48.5 kilometers, which is industry-leading [3]. Group 3: International Expansion and Localization - The company is actively pursuing internationalization, with exports covering 100 countries and regions. In 2025, it plans to establish subsidiaries in eight countries, including Uzbekistan and Indonesia, to support its international strategy [3][4]. Group 4: New Energy Strategy and Future Plans - The company launched the "15333 Strategy" for new energy in 2021, focusing on a comprehensive layout across the entire supply chain. It aims to enhance product differentiation and competitive strength through technological advancements and marketing innovations [4][5]. - Future plans include increasing investment in new energy resources, continuously launching new products, and developing comprehensive solutions throughout the user lifecycle [4]. Group 5: Financial Performance and Market Challenges - The company reported improved profitability in Q3, driven by increased sales and optimized product structure, alongside strict cost control measures [4][5]. - Concerns about stock price performance are acknowledged, with the company emphasizing its commitment to value management and investor trust, despite external market pressures [5][6]. - The company has distributed approximately 6.29 billion yuan in dividends since its listing in 2020, aiming to enhance internal value and maximize shareholder returns [6][7].