江淮汽车，连续两年巨亏！

Core Viewpoint - Jianghuai Automobile (600418) is expected to report a net loss of 1.68 billion yuan for 2025, slightly improving from a loss of 1.784 billion yuan in the previous year, indicating ongoing financial struggles for the company [1] Group 1: Financial Performance - The company has reported a continuous decline in performance, with losses recorded for two consecutive years in 2024 and 2025 [1][2] - In the 2025 Q3 report, the company recorded an operating revenue of 30.87 billion yuan, a year-on-year decrease of 4.1%, and a net loss attributable to shareholders of 1.43 billion yuan, a significant decline of 329.4% [2] - The non-recurring net profit also worsened, with losses expanding from 231 million yuan in the previous year to 1.76 billion yuan [2] Group 2: Sales and Market Performance - In December 2025, the company sold 37,300 vehicles, marking a year-on-year increase of 42.24%, but the total sales for the year were 384,100 units, reflecting a decline of 4.72% [3] - The sales of new energy passenger vehicles in December reached 6,007 units, a substantial increase of 92.59%, although the total sales for the year were 28,900 units, down 7.23% [3] Group 3: External Factors and Management Issues - The company's export business has been negatively impacted by increasingly complex international conditions and intensified competition in overseas markets [1] - A significant loss of approximately 1.08 billion yuan was attributed to the performance of its joint venture, Volkswagen Anhui [1] - The company is currently facing management challenges, as its former general manager is under investigation for serious violations of law [3]