Core Points - The board of Jiangling Motors Corporation Limited has approved a distribution service contract with Ford Motor Sales Service (Shanghai) Co., Ltd. and a capital increase to its subsidiary Jiangling Ford Automotive Technology (Shanghai) Co., Ltd. [4][7][33] Meeting Notification - The board meeting was notified on September 22, 2025, to all directors, supervisors, and relevant personnel [2]. Meeting Details - The board meeting was held on September 22, 2025, in written form, complying with legal and regulatory requirements [3]. Attendance - All 9 directors attended the meeting [4]. Resolutions Passed - The board approved the distribution service contract and authorized the executive vice president to sign it [4]. - The board agreed to submit the revised joint venture and shareholder agreement with Ford for shareholder approval [4]. Related Transactions - Jiangling Motors will increase capital in Jiangling Ford (Shanghai) through a debt-to-equity swap of 126.378 million yuan, while Ford will contribute 121.422 million yuan in cash to settle debts [7][10]. - After the capital increase, Jiangling Motors will maintain a 51% stake in Jiangling Ford (Shanghai) [7]. Relationship Overview - Ford holds a 32% stake in Jiangling Motors, making it the second-largest shareholder, which qualifies the transactions as related party transactions [8]. Procedures for Transactions - The independent directors reviewed and approved the transactions before submission to the board [9]. - The capital increase requires shareholder approval as it exceeds 5% of the company's audited net assets [10]. Distribution Service Contract - The contract allows Ford to provide comprehensive distribution services for Jiangling's Ford-branded vehicles in China [17]. - The estimated annual service fees for the distribution services range from 250 million to 300 million yuan [19]. Purpose and Impact of Transactions - The transactions aim to enhance the sales and after-sales service coverage of Ford-branded vehicles and improve operational efficiency [33]. - The capital increase and debt settlement will not impact the company's total profit [33]. Previous Related Transactions - The total amount of various related transactions with Ford since the beginning of the year is approximately 210 million yuan [34].

Group 1: Target Price Increases - The companies with the highest target price increases as of September 22 include Gaweida (300465) with a target price increase of 98.76%, SAIC Motor (600104) with 37.72%, and Haitian Flavoring (603288) with 27.18% [2][3] Group 2: Rating Changes - On September 22, the rating for TBEA (600089) was upgraded from "Hold" to "Strong Buy" by China Merchants Securities [5][6] - Conversely, the rating for JMC (000550) was downgraded from "Buy" to "Hold" by Industrial Securities [7][8] Group 3: Initial Coverage - On September 22, nine companies received initial coverage, including JMC (000550) rated "Hold" by Industrial Securities, Ximai Food (002956) rated "Hold" by Shanxi Securities, and Gaweida (300465) rated "Buy" by Dongwu Securities [8]

Core Insights - Jiangling Motors has announced two strategic initiatives: entrusting Ford Motor Sales Service (Shanghai) Co., Ltd. for comprehensive distribution services of Ford brand passenger cars and pickups in China, and jointly increasing capital in Jiangling Ford Automotive Technology (Shanghai) Co., Ltd. to settle its debts [1][4] Channel Resource Optimization - Jiangling Motors is a significant player in the Chinese automotive industry, involved in R&D, manufacturing, sales, and service. Ford holds a 32% stake in Jiangling Motors [2] - The channel integration aims to expand the number of sales channels from over 100 to more than 300, primarily focusing on passenger vehicles [2][3] - The integrated channel will allow for resource sharing and complementary advantages, simplifying the purchasing experience for consumers by focusing solely on the Ford brand [3] Management and Dealer Opportunities - Jiangling Motors will maintain control over key aspects such as vehicle pricing and marketing budgets, despite delegating distribution services to Ford's subsidiary [3] - Dealers will benefit from broader product authorizations, allowing them to sell both Jiangling Ford and Changan Ford products, enhancing their market opportunities [3] Capital Increase and Debt Settlement - Jiangling Motors and Ford plan to increase capital in Jiangling Ford (Shanghai) by 2.478 billion yuan, with Jiangling contributing 1.264 billion yuan through debt-to-equity conversion and Ford contributing 1.214 billion yuan in cash [4] - The capital increase will help settle Jiangling Ford's existing debts, which total 2.296 billion yuan, with 1.47 billion yuan owed to Jiangling Motors [4] Focus on New Energy and Intelligent Technology - The partnership between Jiangling Motors and Ford has evolved since Ford acquired a 32% stake in 1995, with significant product launches in the commercial vehicle sector [5] - The recent channel integration is seen as a milestone in their collaboration, aligning with the industry's shift towards new energy and intelligent technology [6] - Jiangling Ford has recently launched the "Smart and Fun" model, integrating advanced intelligent and electric technologies, with more products in the pipeline [6] Business Strategy and Future Outlook - Jiangling Motors aims to strengthen its core competitiveness in the light commercial vehicle sector while expanding passenger vehicle sales through channel integration [7] - The company will continue to operate independently in export markets, with the new Ford subsidiary focusing solely on the Chinese market [7] - Future collaboration with Ford will emphasize product innovation, technology development, and market expansion, aiming to accelerate the electrification and intelligent transformation of their product lineup [7]

Core Viewpoint - Jiangling Motors has signed a distribution service contract with Ford Motor Sales Service (Shanghai) Co., Ltd. to enhance the sales channels for Ford-branded passenger vehicles and pickups produced by Jiangling Motors [1][2] Group 1: Distribution Channel Integration - The integration of sales channels is led by Ford China, aiming to consolidate the existing sales resources of Jiangling Ford and Changan Ford [1] - The newly established wholly-owned subsidiary, Ford Motor Sales Service (Shanghai) Co., Ltd., will manage the unified sales channels, which will sell Jiangling Ford, Changan Ford, and imported Ford models [1][2] - The number of sales outlets for Jiangling Ford will expand from 110 to over 300, marking the transition to a "one-stop sales" model for the Ford brand in China [1] Group 2: Capital Increase and Shareholding - Jiangling Motors plans to increase capital in its subsidiary Jiangling Ford Automotive Technology (Shanghai) Co., Ltd. through a debt-to-equity swap of 1.264 billion yuan and cash contribution of 1.214 billion yuan from Ford [2] - After the capital increase, Jiangling Motors will maintain a 51% stake in Jiangling Ford (Shanghai), with Ford holding 32% of Jiangling Motors as its second-largest shareholder [2] - The distribution service and capital increase are considered related party transactions due to the shareholding structure [2] Group 3: Strategic Alignment - The sales channel adjustment is part of Ford's new brand strategy upgrade and strategic innovation in channel resources, which Jiangling Motors fully supports [2] - The unified marketing and channel management by Ford's wholly-owned sales service company is expected to enhance network efficiency, market penetration, and the Ford brand image [2]

Core Viewpoint - Jiangling Motors (000550) has signed a distribution service contract with Ford Motor Company for the distribution of Ford brand passenger cars and pickups, aiming to enhance sales of these products [1] Group 1: Contract and Partnership - Jiangling Motors and its wholly-owned subsidiary, Jiangling Motors Sales Co., have entered into a distribution service contract with Ford Motor Sales and Service (Shanghai) Co., a wholly-owned subsidiary of Ford [1] - The agreement allows Ford to provide comprehensive distribution services for Jiangling's Ford brand vehicles [1] Group 2: Capital Increase and Debt Settlement - Jiangling Motors and Ford will jointly increase capital in Jiangling Ford Automotive Technology (Shanghai) Co., with Jiangling contributing 1.26378 billion yuan through debt-to-equity conversion and Ford contributing 1.21422 billion yuan in cash [1] - This capital increase is intended to settle Jiangling Ford's total liabilities of 2.296 billion yuan, of which 1.47 billion yuan is owed to Jiangling Motors due to daily operations [1] - After the capital increase, Jiangling Motors will maintain a 51% ownership stake in Jiangling Ford [1] Group 3: Financial Impact - The announcement states that the capital increase and debt settlement will not affect the total profit of Jiangling Motors [1] - The arrangement is expected to improve the sales volume of Ford brand passenger cars and pickups [1]

Core Viewpoint - Jiangling Motors Corporation (JMC) is set to integrate the marketing channels of Jiangling Ford and Changan Ford under a new wholly-owned subsidiary of Ford China, with an official announcement expected in October [1] Group 1 - The integration will allow both Jiangling Ford and Changan Ford to sell products from both manufacturers, including Ford's imported pickup trucks [1] - A representative from Jiangling Motors clarified that there is no plan for Jiangling Ford to merge into Changan Ford [1]

Core Viewpoint - Jiangling Motors has signed a dealership service agreement with Ford Motor Sales and Service (Shanghai) Co., Ltd. to enhance its passenger vehicle business and plans to increase capital in its subsidiary Jiangling Ford Automotive Technology (Shanghai) Co., Ltd. with a total investment of 2.478 billion yuan [1][4]. Group 1: Related Party Transactions - Ford holds a 32% stake in Jiangling Motors, making it the second-largest shareholder, thus the dealership service authorization and capital increase constitute related party transactions [2]. - Jiangling Ford (Shanghai) was established in 2021 with a registered capital of 200 million yuan, and as of June 30, 2025, it had total assets of 8.753 billion yuan and total liabilities of 2.296 billion yuan [2]. Group 2: Dealership Service Agreement - The agreement covers Jiangling Ford brand vehicles, including localized Ford passenger cars and pickups, with Ford responsible for comprehensive dealership services in China [3]. - Jiangling Motors is expected to pay approximately 250 million to 300 million yuan annually to Ford for these dealership services [3]. Group 3: Capital Increase Details - Prior to the capital increase, Jiangling Motors had invested 102 million yuan in Jiangling Ford (Shanghai), holding a 51% stake, while Ford held 49% [4]. - The capital increase will involve Jiangling Motors converting 1.26378 billion yuan of debt into equity and Ford contributing 1.21422 billion yuan in cash, maintaining the existing shareholding structure [4]. Group 4: Transaction Purpose and Impact - The strategic upgrade of the dealer network and unified marketing management by Ford aims to enhance sales of Ford brand vehicles [6]. - The capital increase and debt restructuring are expected to have no impact on the overall profit of Jiangling Motors [6]. Group 5: Related Transactions Summary - From the beginning of the year to the end of August, Jiangling Motors and Ford have engaged in related transactions totaling approximately 210 million yuan [7].

9月23日晚间，江铃汽车发布公告称，江铃汽车拟与福特汽车公司按原有持股比例共同向公司控股子公 司江铃福特汽车科技（上海）有限公司（以下简称"江铃福特（上海）"）进行增资，其中本公司以债转 股方式出资约12.64亿元，福特以现金出资约12.14亿元，用于清偿江铃福特（上海）的负债。本次增资 完成后，江铃汽车持有江铃福特（上海）51%的股权，持股比例保持不变。 同时，公告还宣布，因公司乘用车业务发展的需要，江铃汽车、江铃汽车销售有限公司和福特汽车销售 服务（上海）有限公司（即福特汽车公司之全资子公司）签署了《江铃国产福特整车分销服务合同》， 委托福特汽车销售服务（上海）有限公司为本公司生产的福特品牌乘用车和皮卡提供全面分销服务。 ...

9月23日，江铃汽车股份有限公司（以下简称"江铃汽车"）相关负责人在接受《每日经济新闻》记者采 访时表示，作为品牌方，福特将整合江铃福特和长安福特乘用车营销渠道，由福特中国新成立的全资子 公司统一管理，具体情况预计在10月进行官宣。 "并不存在江铃福特并入长安福特一说。"上述江铃汽车相关负责人强调，整合后，江铃福特与长安福特 的销售渠道将同时销售两家主机厂产品，包括福特从海外进口的皮卡车辆。 ...

Core Viewpoint - Jiangling Motors (000550.SZ) has signed a distribution service contract with Ford Motor Company to enhance its passenger vehicle business, indicating a strategic partnership aimed at improving sales and distribution efficiency [1] Group 1: Business Development - Jiangling Motors, along with its wholly-owned subsidiary Jiangling Motors Sales Co., has entered into a contract with Ford Motor Sales and Service (Shanghai) Co., to provide comprehensive distribution services for Ford-branded passenger cars and pickups produced by Jiangling [1] - The company plans to increase capital in its subsidiary Jiangling Ford Automotive Technology (Shanghai) Co., with Jiangling contributing 126.378 million yuan through debt-to-equity conversion and Ford contributing 121.422 million yuan in cash to settle debts [1] Group 2: Ownership Structure - After the capital increase, Jiangling Motors will maintain a 51% stake in Jiangling Ford (Shanghai), ensuring that its ownership structure remains unchanged despite the financial restructuring [1]