CHANGAN AUTOMOBILE-B(SZ:000625) Mei Ri Jing Ji Xin Wen·2025-07-29 14:46Core Viewpoint - The establishment of China Changan Automobile Group marks the creation of the third central enterprise in the automotive industry in China, following China FAW Group and Dongfeng Motor Group, and signifies a historic milestone for Chongqing as it achieves its first-level central enterprise status [1][3]. Group 1: Establishment and Structure - China Changan was officially established on July 29, 2023, in Chongqing, with 117 subsidiaries covering various automotive-related businesses, including vehicle manufacturing, sales, financial services, and logistics [3]. - The new central enterprise aims to focus on developing smart vehicles, flying cars, and embodied intelligence, while also accelerating its global expansion into Southeast Asia, the Middle East, Africa, Central and South America, and Europe [3][10]. Group 2: Leadership and Management - The leadership team of China Changan includes Zhu Huarong as the Party Secretary and Chairman, and Zhao Fei as the Deputy Secretary and General Manager candidate, representing a combination of experienced and younger leadership [4]. - This new leadership structure indicates the completion of the integration process for the new central enterprise and reflects the state’s intention to promote central enterprise reform and optimize the layout of state-owned capital [4][12]. Group 3: Industry Context and Trends - The automotive sector has faced challenges such as resource duplication and fragmentation, making the integration of state-owned enterprises a significant trend [5]. - The Ministry of Industry and Information Technology has signaled support for the consolidation of automotive enterprises to enhance competitiveness amid increasing domestic competition and international trade barriers [5][6]. Group 4: Market Position and Performance - China Changan's registered capital is 20 billion yuan, ranking it second among automotive central enterprises, just behind China FAW Group [9]. - In the first half of 2023, China Changan achieved a total sales volume of 1.3553 million vehicles, a year-on-year increase of 1.6%, with June sales reaching 235,100 units, up 4.5% year-on-year [10][14]. Group 5: Future Goals and Innovations - The company aims to achieve a production and sales scale of over 5 million vehicles by 2030, with more than 60% of sales coming from new energy vehicles and over 30% from overseas markets [14]. - China Changan is also investing in the development of flying cars and humanoid robots, with plans to allocate over 200 billion yuan for technological innovation over the next decade [15][16].