DFAC(SH:600006) Zhong Guo Jing Ji Wang·2026-02-10 08:57Core Insights - Dongfeng Motor achieved significant growth in 2025, with new energy vehicle (NEV) sales reaching 1.05 million units, a year-on-year increase of 21%, and total sales of self-owned brands exceeding 1.5 million units, accounting for over 60% of total sales [1][3] - The company aims for ambitious targets in 2026, setting overall sales at 3.25 million units, including 1.7 million NEVs and 600,000 units for export [1][3] Group 1: Sales Performance - In 2025, Dongfeng's NEV sales reached 1.05 million units, marking a 21% increase year-on-year [1][3] - Self-owned brand sales surpassed 1.5 million units, representing over 60% of total sales, indicating a successful transition from the investment phase to the harvest phase [3] Group 2: Technological Advancements - Dongfeng's R&D investment intensity reached 7.9% in 2025, with the DF30 automotive-grade high-end MCU chip entering mass production, achieving full-stack domestic control [5] - The Mahle hybrid engine's thermal efficiency exceeded 48%, setting a new industry record, while the largest 16,000T integrated die-casting production line was established, enhancing vehicle lightness and manufacturing efficiency [5] Group 3: Brand and Product Strategy - Dongfeng is developing a clearer and more synergistic brand and product matrix, with the Dongfeng Warriors setting a benchmark for luxury electric off-road vehicles and the Dongfeng Lantu leading the high-end market [7] - The company is exploring a new model of "Chinese customers, Chinese standards, Chinese components, Chinese speed," creating a strategic community for co-creating new value [7] Group 4: Future Goals and Innovations - For 2026, Dongfeng aims to accelerate the transition from "technology realization" to "value resonance," focusing on smart, green, and integrated transformation [7] - The company plans to launch the new generation Mahle power system and high-performance DF30 chip on a large scale, with the "Tianyuan Intelligent" system and "Tianyuan Smart Cabin" enhancing user experience [7][9] Group 5: Upcoming Product Launches - The new "Yijing" brand, co-created with Huawei, is set to debut globally in March 2026, focusing on high-end intelligent vehicles [9] - Dongfeng will introduce several new models, including the U series from Dongfeng Warriors and various high-end products from Dongfeng Lantu, targeting intelligent driving and aesthetics [9][10]