江淮汽车上半年业绩发布：短期承压，中长期发展被集体看好

Core Viewpoint - The significant growth potential of the Zun Jie brand has sparked keen expectations in the capital market for the future development of Jianghuai Automobile [2] Financial Performance - Jianghuai Automobile reported a loss in the first half of 2025, but the loss has significantly narrowed compared to the second half of 2024, indicating an improving operational situation [4] - The company sold 190,600 vehicles in the first half of 2025, with notable growth in commercial vehicles and pickups, including a 46% year-on-year increase in sales of new energy light trucks and over 180% increase in new energy heavy trucks [4] R&D Investment - Jianghuai Automobile increased its R&D investment to 2.216 billion yuan in the first half of 2025, a year-on-year growth of 34.47%, accounting for 11.44% of revenue, ranking among the top in the industry [7] - The company has developed the DHE155 engine platform with a thermal efficiency of 46.4%, the highest for diesel engines under 3L in China [7] Zun Jie Brand Development - The Zun Jie brand, in collaboration with Huawei, launched its first model, the Zun Jie S800, on May 30, 2025, with a price range of 708,000 to 1,018,000 yuan [8] - The Zun Jie brand is seen as a crucial opportunity for Jianghuai Automobile to penetrate the high-end market, with expectations of achieving significant sales [10] Market Response - The Zun Jie S800 received positive market feedback, with over 12,000 pre-orders within 87 days of its launch [12] - Analysts predict that the Zun Jie brand could capture around 20% of the market share in the luxury vehicle segment, potentially generating annual revenue of 90 billion yuan for Jianghuai Automobile [14] Stock Performance - Following the release of the semi-annual report, Jianghuai Automobile's stock price increased, with a cumulative rise of 39.20% since the beginning of 2025, ranking among the top in the automotive sector [15]