CHANGAN AUTOMOBILE-B(SZ:000625) Chang Jiang Shang Bao·2026-02-06 00:18Core Viewpoint - Changan Automobile is initiating a significant share buyback plan shortly after receiving approval for a private placement, aiming to enhance its capital structure and shareholder value through a total buyback fund of no less than 1 billion yuan and no more than 2 billion yuan [1][3]. Group 1: Share Buyback and Capital Structure - Changan Automobile plans to repurchase shares for a total fund of between 1 billion yuan and 2 billion yuan, marking its first simultaneous buyback of A and B shares [1][3]. - This buyback is the first market-based repurchase in 14 years, with the last being a B-share buyback in 2012 [3]. - The buyback will utilize the company's own funds, with a cash balance of 55.241 billion yuan, making the maximum buyback amount only about 3.6% of its cash reserves [3]. Group 2: Sales Performance and Future Targets - In January 2026, Changan's sales were reported at 134,700 units, a year-on-year decrease of 51.14%, while the company aims for an annual sales target of 3.3 million units for 2026, representing a 13.3% increase [2][6]. - Changan's sales have shown consistent growth over the past six years, with 2025 sales reaching 2.913 million units, a year-on-year increase of 8.54%, and nearly 1.11 million units of that being electric vehicles, up 51.1% [5][6]. - The company has set ambitious targets for 2026, including 1.4 million units of electric vehicle sales, a 26.2% increase, and 750,000 units in overseas sales, a 17.7% increase [6].