JAC(SH:600418) Guo Ji Jin Rong Bao·2026-01-21 12:03Core Viewpoint - Anhui Jianghuai Automobile Group Co., Ltd. (Jianghuai Auto) has announced a projected net loss of approximately 1.68 billion yuan for the year 2025, indicating a slight improvement from the previous year's loss of 1.784 billion yuan, but the loss excluding non-recurring items has widened to about 2.47 billion yuan [1] Group 1: Financial Performance - Jianghuai Auto's net profit attributable to shareholders has turned from profit to loss, reporting a loss of 1.784 billion yuan in 2024, with operating revenue of 42.116 billion yuan, a year-on-year decline of 6.28% [1] - For the first three quarters of 2025, the company reported operating revenue of 30.87 billion yuan, a year-on-year decrease of 4.1%, and a net profit loss of 1.43 billion yuan, a staggering decline of 329.4% [1] - The net cash flow from operating activities was -2.448 billion yuan, a year-on-year drop of 214.6% [1] Group 2: Reasons for Loss - The company identified two main reasons for the losses: a decline in export business due to international conditions and intensified foreign competition, and losses from its joint venture, Volkswagen Anhui, which resulted in an investment loss of 1.08 billion yuan [1] - Volkswagen Anhui has consistently impacted Jianghuai Auto's performance, with confirmed investment losses of 1.35 billion yuan in 2024, corresponding to Volkswagen Anhui's losses of approximately 5.4 billion yuan that year, leading to cumulative losses of around 10 billion yuan over two years [1] Group 3: Sales Performance - Jianghuai Auto's total sales for 2025 were 384,100 units, a decline of 4.72% from 403,100 units in the previous year, marking the second consecutive year of sales decline [2] - The passenger vehicle segment saw a significant drop, with sales of 149,000 units, down 10.6% year-on-year, and new energy passenger vehicle sales decreased by 7.23% to 28,900 units [2] - The multi-functional commercial vehicle sales plummeted by 45.74% to 13,600 units, while pickup truck sales also fell by 4.58% [3] Group 4: Future Prospects - Jianghuai Auto is pinning hopes on its ultra-high-end brand "Zun Jie," developed in collaboration with Huawei, which aims to compete in the ultra-luxury market [3] - The first model, Zun Jie S800, launched in May 2025, has recorded cumulative sales of 11,300 units, with December deliveries reaching 4,376 units [3] - Longjiang Securities predicts that 2026 will be a significant year for the Zun Jie brand, with flagship MPV and SUV models expected to launch, potentially driving the company into a new growth cycle [3]