JAC(SH:600418) Ju Chao Zi Xun·2025-08-10 12:16Core Viewpoint - Jianghuai Automobile reported a significant decline in both production and sales for July 2025, with total vehicle production down 29.24% year-on-year and total sales down 21.73% compared to the same month last year [2][4]. Production and Sales Summary - In July, the company produced 24,843 vehicles, a decrease of 29.24% year-on-year, and cumulative production from January to July was 220,184 vehicles, down 7.76% year-on-year [2][3]. - Vehicle sales in July reached 25,197 units, reflecting a year-on-year decline of 21.73%, while cumulative sales for the first seven months totaled 215,811 units, down 9.46% year-on-year [2][3]. Segment Performance - In the passenger vehicle segment, SUV production was 4,908 units, down 44.57% year-on-year, and sales were 6,749 units, down 23.67% year-on-year. Cumulative SUV sales for the first seven months were approximately 46,400 units, remaining stable compared to the previous year [3][4]. - The MPV segment saw a positive trend, with July sales of 1,248 units, up 5.58% year-on-year, driven by the new Ruifeng series [3][4]. - The sedan segment faced a sharp decline, with July sales of 1,838 units, down 65.77% year-on-year, and cumulative sales of 20,582 units, a decrease of 46.22% [3][4]. Commercial Vehicle Performance - In the commercial vehicle sector, truck sales benefited from the demand for upgrading to National IV standards, with July sales reaching 10,040 units, up 15.43% year-on-year, and cumulative sales of 89,513 units, nearly flat compared to last year [4]. - Pickup truck sales were impacted by a drop in export orders, with July sales of 3,229 units, down 43% year-on-year, but cumulative sales still showed a 5.42% increase [4]. - Bus sales experienced a significant recovery, with July sales of 668 units, up 48.4% year-on-year, and cumulative sales of 4,410 units, reflecting a 39.4% increase [4]. New Energy Vehicle Performance - In the new energy vehicle segment, July sales were 1,925 units, down 29.23% year-on-year, with cumulative sales for the first seven months at 10,222 units, a decline of 34.06% [3][4]. - The company attributed the decline in new energy vehicle sales to intensified competition in the A00 pure electric market and the reduction of subsidies [4]. - To address the downturn, Jianghuai plans to launch a new pure electric platform vehicle developed in collaboration with Huawei in the fourth quarter and accelerate the deployment of battery-swapping heavy trucks and hydrogen fuel light trucks [4].