JAC(SH:600418) Zhong Guo Zheng Quan Bao·2026-01-19 12:00Core Viewpoint - In 2025, Jianghuai Automobile (600418) faces complex operational challenges amid deepening electrification transformation and intensified market competition, with a projected net loss of 1.68 billion yuan, showing a reduction in losses compared to 2024 [1][2]. Financial Performance - The company expects a net loss of 1.68 billion yuan in 2025, a decrease of over 100 million yuan from the 1.784 billion yuan loss in 2024, indicating ongoing alleviation of operational pressure [2]. - In Q4 2025, the main business net profit is projected to reduce losses by approximately 400 million yuan, reflecting a positive trend of "annual loss reduction and quarterly reversal" [2][3]. - For the first three quarters of 2025, total revenue reached 30.932 billion yuan, with operating revenue at 30.873 billion yuan, showing slight year-on-year decline but maintaining stable revenue scale [3]. - By the end of Q3 2025, total assets amounted to 48.173 billion yuan, indicating a solid asset structure for future development [3]. Market and Product Development - In December 2025, the company sold 37,300 vehicles, a year-on-year increase of 42.24%, with the high-end brand Zun Jie driving significant performance recovery [4]. - The company’s product structure optimization and improved market response efficiency are key factors behind the quarterly performance improvement [4]. - Jianghuai's R&D investment exceeded 3.3 billion yuan in the first three quarters of 2025, a 24% increase year-on-year, accounting for over 9% of operating revenue, supporting technological innovation [6]. Strategic Partnerships and Innovations - The collaboration with Huawei has significantly supported the brand's upward trajectory, with the Zun Jie S800 achieving remarkable market performance since its launch [9]. - The Zun Jie S800 has set records for the fastest delivery of luxury electric vehicles in China, with over 10,000 units delivered within 202 days [9][11]. - The company’s advanced manufacturing capabilities are showcased through the Zun Jie Super Factory, recognized as a national benchmark for intelligent manufacturing [11]. Future Outlook - Jianghuai aims to enhance its profitability through continuous innovation in new energy products and optimization of overseas market strategies, despite facing short-term challenges [5][6]. - The company plans to expand its product matrix with new models, including MPVs, in 2026, further increasing market share [11].