JAC(SH:600418) Xin Lang Ke Ji·2025-08-28 03:06Core 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] Financial Performance - Jianghuai Automobile's revenue for the first half of 2025 was 19.36 billion yuan, a decrease of 9.1% compared to the same period last year [2] - The net profit attributable to shareholders was -7.73 billion yuan, a decline of 356.89%, the largest drop in several years [2] - The net profit after excluding non-recurring losses was -9.16 billion yuan, a decrease of 1096.63% year-on-year [2] - The company had previously forecasted a net loss of 6.8 billion yuan for the same period, indicating that actual losses exceeded expectations [2] Sales and Production - Total vehicle sales for the first half of 2025 were 190,600 units, down 7.54% year-on-year, with passenger vehicle sales at 66,000 units, a decline of 16.12% [2][3] - The average price of passenger vehicles sold was approximately 75,000 yuan, showing minimal increase from 73,000 yuan in 2024 [7] Investment and Development - Jianghuai Automobile has heavily invested in the high-end intelligent new energy vehicle project, "Zun Jie," in collaboration with Huawei, with over 10 billion yuan allocated for a new super factory and other developments [4][5] - The R&D expenditure for the first half of 2025 was 2.216 billion yuan, an increase of 34.47%, accounting for 11.44% of revenue [6] - Sales and management expenses also saw significant increases, with management expenses rising by 43.99% due to operational costs related to the Zun Jie project [6] Market Context - The company cited increasing international competition and a complex global situation as factors contributing to its poor performance [2][3] - Despite the strong initial sales of the Zun Jie S800, which surpassed 10,000 orders shortly after launch, these orders have not yet translated into financial results for Jianghuai [6][7]