JAC(SH:600418) Nan Fang Du Shi Bao·2025-09-18 07:27Core Viewpoint - Jianghuai Automobile (600418.SH) has reported a decline in both production and sales for August, continuing a poor performance into the second half of the year, with significant drops in both passenger and commercial vehicle segments [1][2][3] Production and Sales Performance - In August, the production of SUVs decreased by 49.03% year-on-year, while sales fell by 30.89%. The production of sedans dropped by 29.89%, with sales down by 8.09%. For commercial vehicles, pickup production fell by 44.23% and sales by 30.95%, while multi-functional commercial vehicle production decreased by 27.91% and sales plummeted by 60.58% [2] - In July, the production of SUVs decreased by 44.57% year-on-year, with sales down by 23.67%. Sedan production fell by 56.86%, and sales dropped by 65.77%. For commercial vehicles, pickup production decreased by 42.33% and sales by 43.01%, while multi-functional commercial vehicle production fell by 57.67% and sales by 40.96% [2] - Total production for July was 24,843 units, down 29.24% year-on-year, while total sales were 25,197 units, down 21.73%. In August, total production was 27,601 units, down 23.22%, and total sales were 32,447 units, down 13.23% [2] Financial Performance - For the first half of the year, Jianghuai Automobile reported a revenue of 19.36 billion yuan, a decline of 9.1% from 21.30 billion yuan in the same period last year. The net profit attributable to shareholders was -772.81 million yuan, a drop of 356.89% compared to a profit of 300.83 million yuan in the previous year [8][9] - The company’s cash flow from operating activities also saw a significant decline, dropping by 5,292.95% to -3.15 billion yuan from 61 million yuan in the same period last year [11] - The cumulative total sales for the year until August have decreased by 9.97% compared to the previous year [3] Challenges and Strategic Moves - Jianghuai Automobile's luxury vehicle project, "Zun Jie," launched the S800 model priced between 708,000 and 1,018,000 yuan, but the contribution to overall performance remains uncertain due to intense competition in the luxury car market [5][8] - The company has faced continuous losses, with cumulative losses exceeding 10 billion yuan in recent years, and the net profit has been negative since 2017 [8][12][13] - The management transition has not yet reversed the declining trend in performance, with the company struggling to regain its competitive edge in the rapidly evolving automotive market [12][13]