CHANGAN AUTOMOBILE-B(SZ:000625) Chang Jiang Shang Bao·2025-09-23 23:17Core Viewpoint - Changan Ford is experiencing a significant decline in sales and total assets, leading to a slow electric transformation and potential operational challenges [2][3][21]. Sales Performance - In the first eight months of 2025, Changan Ford sold 68,400 vehicles, a decrease of approximately 7% compared to 73,600 vehicles in the same period last year [3][12]. - The company's flagship model, the Mondeo, sold 33,200 units in the same period, down about 6.8% year-on-year [12]. - The EVOS model has reportedly ceased production due to poor sales, with no sales data reported since February 2025 [12][13]. Financial Status - As of mid-2025, Changan Ford's total assets amounted to 22.666 billion yuan, a decrease of approximately 16% from 26.96 billion yuan the previous year [19]. - The company's net assets increased by about 73% year-on-year to 2.423 billion yuan, while the debt ratio stood at 89.3% [19][20]. - Over the past two years, total assets have decreased by more than 8.9 billion yuan, representing a decline of about 28% [21]. Management Changes - Wang Xiaofei has been appointed as the new Executive Vice President of Changan Ford, taking over from Yang Dayong, and will also lead the company's new energy initiatives [4][5]. - Wang Xiaofei has a long history with Changan, having joined the company in 2005 and held various leadership roles [4]. Strategic Direction - Changan Ford's electric transformation is perceived to be slow, with company representatives acknowledging the challenges in shifting the mindset of joint venture automotive operations [21]. - The company is focusing on a high-end, hybrid, and fuel strategy, aiming to become a "big fish in a small pond" despite a potentially limited consumer base [21].