JAC(SH:600418) Xin Lang Cai Jing·2025-08-28 00:29Core Viewpoint - Jianghuai Automobile reported a significant decline in both revenue and net profit for the first half of 2025, with a net loss of 7.73 billion yuan, marking a year-on-year drop of 356.89% [2][3][4] Financial Performance - The company achieved operating revenue of 193.6 billion yuan, a decrease of 9.1% compared to the same period last year, which had a decline of 4.79% [3][4] - The net profit attributable to shareholders was -7.73 billion yuan, a drop of 356.89%, the largest decline in several years [3][4] - The net profit after excluding non-recurring gains and losses was -9.16 billion yuan, compared to a profit of 91.87 million yuan in the previous year, reflecting a decline of 1096.63% [3][4] Sales and Production - Jianghuai sold a total of 190,600 vehicles in the first half of 2025, a decrease of 7.54% year-on-year, with passenger vehicle sales down 16.12% to 66,000 units [5][6] - The average price of passenger vehicles sold was approximately 75,000 yuan, showing minimal increase from 73,000 yuan in 2024 [11] Investment and Costs - The company significantly increased its R&D, sales, and management expenses, with R&D costs rising by 34.47% to 2.216 billion yuan, accounting for 11.44% of operating revenue [10] - Management expenses surged by 43.99% to 1.12 billion yuan, primarily due to the operational costs of the new super factory and digital transformation efforts [10] Strategic Initiatives - Jianghuai is heavily investing in the high-end intelligent electric vehicle project, "Zun Jie," in collaboration with Huawei, with total investments exceeding 10 billion yuan [6][7] - The Zun Jie S800 model, launched in May 2025, has received over 10,000 pre-orders, but these orders have not yet translated into revenue for the company [9][11]