JAC(SH:600418) Xin Lang Ke Ji·2025-08-28 02:00Core Viewpoint - Jianghuai Automobile reported a significant decline in both revenue and net profit for the first half of 2025, with net profit showing a staggering loss of 773 million yuan, a year-on-year drop of 356.89% [3][4][5] Financial Performance - The company's total revenue for the first half of 2025 was approximately 19.36 billion yuan, down 9.1% from 21.30 billion yuan in the same period last year [4][15] - The net profit attributable to shareholders was -773 million yuan, compared to a profit of 300 million yuan in the previous year, marking a decline of 356.89% [3][4] - The net profit after excluding non-recurring gains and losses was -916 million yuan, a decrease of 1,096.63% compared to 9.19 million yuan in the same period last year [3][4] Sales and Production - Jianghuai Automobile sold a total of 190,600 vehicles in the first half of 2025, representing a year-on-year decrease of 7.54% [5] - The sales of passenger vehicles amounted to 66,000 units, down 16.12% year-on-year, while the average price of passenger vehicles was approximately 75,000 yuan, a slight increase from 73,000 yuan in 2024 [3][16] Investment and Costs - The company significantly increased its R&D investment, totaling 2.216 billion yuan, a year-on-year increase of 34.47%, accounting for 11.44% of total revenue [15] - Management expenses rose by 43.99% to 1.12 billion yuan, primarily due to the operational costs of the new high-end intelligent electric vehicle project, "Zun Jie" [15] Market Context - The decline in performance is attributed to increasing competition in the international automotive market and challenges in the company's export business [5][8] - The "Zun Jie" project, which includes the recently launched S800 model, has not yet translated into revenue, as deliveries only began at the end of June 2025 [2][17]