JAC(SH:600418) Guo Ji Jin Rong Bao·2025-11-13 11:49Core Insights - Multiple executives at Jianghuai Automobile have been investigated for serious violations, indicating a troubling trend within the company's leadership [1][3] - The company's financial performance has been under significant pressure, with continuous losses reported over the past several years [5][6] Executive Investigations - Zhao Tao, former Party Secretary and General Manager of Jianghuai's Pickup Company, is currently under investigation for serious violations [1][3] - This incident is part of a broader pattern, as several high-ranking officials have faced disciplinary actions, including the former Chairman An Jin and Vice President Wang Zhiyuan [3] - The ongoing investigations suggest systemic issues within the company's governance and management [3] Financial Performance - Jianghuai Automobile has reported substantial losses over the years, with cumulative losses exceeding 11 billion yuan from 2017 to 2023 [5] - In 2024, the company recorded a net profit loss of 1.784 billion yuan, marking its largest loss since going public [5] - For the first three quarters of 2024, revenue fell to 30.873 billion yuan, a year-on-year decrease of 4.14%, with a net profit loss of 1.434 billion yuan [5][6] Sales Decline - The company's total sales for the first three quarters of 2024 reached 281,700 units, a decline of 10.66% compared to the previous year [6] - Both passenger and commercial vehicle segments are experiencing downturns, with passenger vehicle sales dropping significantly [6][7] - The sales of new energy vehicles remain low, with only 19,600 units sold, accounting for less than 7% of total sales [7] Strategic Initiatives - To address the challenges in the new energy vehicle market, Jianghuai has partnered with Huawei to launch the "Zun Jie" series, targeting the high-end market [7] - Despite the high-profile launch of the S800 model, sales have not met expectations, with only 3,459 units delivered in the first five months [7]