江淮汽车上半年净亏7.73亿，高端乘用车尊界还未呈现规模效益

Core Viewpoint - Jianghuai Automobile Group reported a significant decline in revenue and net profit for the first half of 2025, attributed to increased competition in the international automotive market and ongoing challenges in scaling its high-end intelligent new energy vehicle projects [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 19.36 billion yuan, a decrease of 9.10% compared to the same period last year [2] - The net profit attributable to shareholders was a loss of 772.81 million yuan, a decline of 356.89% from a profit of 300.83 million yuan in the previous year [2] - The total profit for the period was a loss of 810.89 million yuan, down 434.78% from a profit of 242.22 million yuan [2] - The net cash flow from operating activities was a negative 3.15 billion yuan, compared to a positive 606 million yuan in the same period last year [2] - The net assets attributable to shareholders decreased by 6.78% to 10.59 billion yuan, while total assets fell by 4.80% to 46.72 billion yuan [2] Sales Performance - In the first half of 2025, Jianghuai sold 190,600 vehicles, a decrease of 7.54% year-on-year, with truck sales down 2.38% and passenger car sales down 16.12% [3] - The company’s export volume was approximately 107,000 vehicles, ranking ninth among the top ten exporters, down from 120,000 vehicles and eighth place in the previous year [3] Previous Year Performance - In 2024, Jianghuai reported a full-year revenue of 42.12 billion yuan, a decline of 6.28%, and a net loss of 1.78 billion yuan, primarily due to losses from its joint venture with Volkswagen Anhui [3] Strategic Partnerships - Jianghuai has ended its partnership with NIO, selling assets related to the contract manufacturing for 3.16 billion yuan [3] - The company has formed a deep partnership with Huawei to develop a high-end luxury vehicle brand, with the first model, the Zun Jie S800, achieving 12,000 pre-orders within 87 days of its launch [4] - The stock price of Jianghuai has surged due to the positive market response to the Zun Jie S800, reaching over 50 yuan per share and a market capitalization of 117 billion yuan [4]