安徽江淮汽车集团股份有限公司 关于向特定对象发行 A 股股票提交募集说明书（注册 稿）及有关申请文件更新的提示性公告 证券代码：600418 证券简称：江淮汽车 公告编号：2025-055 公司本次向特定对象发行 A 股股票事项尚需获得中国证券监督管理委员会 (以下简称"中国证监会")作出同意注册的决定后方可实施。最终能否获得中国 证监会同意注册的决定及其时间尚存在不确定性。公司将根据该事项的进展情况， 严格按照有关法律法规的规定和要求及时履行信息披露义务。敬请广大投资者注 意投资风险。 特此公告。 安徽江淮汽车集团股份有限公司 董事会 2025 年 12 月 12 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 安徽江淮汽车集团股份有限公司（以下简称"公司"）向特定对象发行 A 股股票的申请于 2025 年 12 月 10 日获得上海证券交易所审核通过，具体内容详 见公司于 2025 年 12 月 11 日在上海证券交易所网站（www.sse.com.cn）披露的 《关于向特定对象发行 A 股股票申请获得上海证券交易所审 ...

证券简称：江淮汽车 股票代码：600418 安徽江淮汽车集团股份有限公司 Anhui Jianghuai Automobile Group Corp.,Ltd. （ 安徽省合肥市东流路 176 号） 2024年度向特定对象发行A股股票 募集说明书 （注册稿） 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二五年十二月 安徽江淮汽车集团股份有限公司 募集说明书 发行人声明 发行人及董事会全体成员保证本募集说明书内容真实、准确、完整，并确 认不存在虚假记载、误导性陈述或重大遗漏。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证募集说明书中财务会计报告真实、完整。 证券监督管理机构及其他政府部门对本次发行所作的任何决定，均不表明 其对发行人所发行证券的价值或者投资人的收益作出实质性判断或者保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责，由此变化引致的投资风险，由投资者自行负责。 1-1-1 安徽江淮汽车集团股份有限公司 募集说明书 重大事项提示 一、重大风险提示 本公司提请投资者仔细阅读本募集说明书"第 ...

Core Viewpoint - Jianghuai Automobile is determined to make a significant push into the high-end pure electric vehicle market to overcome its development challenges, as it has faced declining sales and increasing losses in recent years [1][5]. Group 1: Financial Performance - Jianghuai Automobile's sales volume has declined by 25.64% in the first three quarters of the year, with overall sales down by 10.66% [4][5]. - The company has reported cumulative losses exceeding 11 billion yuan over the past seven years, with a projected record loss of 1.784 billion yuan in 2024 [5]. - In the first three quarters of 2025, revenue was 30.873 billion yuan, down 4.14% year-on-year, and the net profit attributable to shareholders turned from profit to a loss of 1.434 billion yuan, a decline of 329.43% [5]. Group 2: Strategic Initiatives - Jianghuai Automobile plans to raise up to 3.5 billion yuan through a private placement to fund the development of a high-end intelligent electric platform, aiming to reduce reliance on its traditional OEM model [3][9]. - The company is integrating its passenger vehicle, new energy vehicle, and pickup truck business units into a unified "Jianghuai Passenger Vehicle" brand system to streamline operations [5]. Group 3: Market Position and Competition - Jianghuai's commercial vehicle segment has historically been its strength, accounting for 46.7% to 54.97% of revenue from 2023 to mid-2025, while the passenger vehicle segment has been a follower in the industry [3]. - The company faces significant competition from leading new energy brands that have advantages in technology and scale, as well as pressure from industry price wars [8][9]. Group 4: Technological Development - Jianghuai's reliance on the OEM model has limited its investment in independent R&D, with R&D expenses consistently around 4%-5% of revenue [7]. - The collaboration with Huawei aims to enhance technological capabilities and brand value, but it also introduces dependency risks [8][9]. - The new high-end electric platform is seen as a critical opportunity for Jianghuai to break through technological bottlenecks and improve its profitability structure [9].

目 录 | 关于融资规模………………………………………………… 一、 | 第 1—12 | 页 | | --- | --- | --- | | 二、关于经营情况…………………………………………………第 | 12—60 | 页 | | 三、关于主要资产…………………………………………………第 | 60—111 | 页 | | 四、关于财务性投资……………………………………………第 | 111—144 | 页 | | 五、关于关联交易………………………………………………第 | 144—162 | 页 | | 六、关于其他事项………………………………………………第 | 162—164 | 页 | 问询函专项说明 天健函〔2025〕1424 号 上海证券交易所： 我们已对《关于安徽江淮汽车集团股份有限公司向特定对象发行股票申请文件的 审核问询函》（上证上审（再融资）〔2025〕21 号，以下简称问询函）所提及的安徽 江淮汽车集团股份有限公司（以下简称江淮汽车公司或公司）财务事项进行了审慎核 查，并出具了《问询函专项说明》（天健函〔2025〕285 号）。因江淮汽车公司补充 了最近一期财务数据，我们为此作了追加核查，现 ...

国元证券股份有限公司 关于 安徽江淮汽车集团股份有限公司 2024 年度向特定对象发行 A 股股票 之 上市保荐书 （安徽省合肥市梅山路 18 号） 二〇二五年十二月 保荐人（主承销商） 声明 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"、"本保荐 机构"或"保荐人"）接受安徽江淮汽车集团股份有限公司（以下简称"江淮汽 车"、"发行人"或"公司"）的委托，担任江淮汽车 2024 年度向特定对象发 行 A 股股票的保荐机构。 保荐机构和保荐代表人已根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券 发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》（以下简称"《注 册办法》"）等法律法规和中国证监会及上海证券交易所的有关规定，诚实守信， 勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具本上市保荐书，并 保证所出具文件真实、准确、完整。 本上市保荐书如无特别说明，相关用语具有与《安徽江淮汽车集团股份有限 公司 2024 年度向特定对象发行 A 股股票募集说明书》中相同的含义。 3-2-1 | 十一、保荐机构对发行人本次向特 ...

关于安徽江淮汽车集团股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 容诚专字[2025]230Z2353 号 容诚会计师事务所(特殊普通合伙) 中国·北京 关于安徽江淮汽车集团股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 容诚专字[2025]230Z2353 号 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 上海证券交易所： 安徽江淮汽车集团股份有限公司（以下简称"江淮汽车""发行人"或"公司"） 于 2025 年 1 月 27 日收到上海证券交易所（以下简称"上交所"）出具的《关于安 徽江淮汽车集团股份有限公司向特定对象发行股票申请文件的审核问询函》（上 证上审（再融资）〔2025〕21 号）（以下简称"审核问询函"），容诚会计师事 务所（特殊普通合伙）（以下简称"申报会计师"或"本所"）作为公司本 ...

国元证券股份有限公司 关于安徽江淮汽车集团股份有限公司 2024年度向特定对象发行A股股票 之 发行保荐书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二五年十二月 声 明 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"、"本保荐 机构"或"保荐人"）接受安徽江淮汽车集团股份有限公司（以下简称"江淮汽 车"、"发行人"或"公司"）委托，担任其向特定对象发行股票的保荐机构， 为本次发行出具发行保荐书。 保荐机构及指定的保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司证券发行注册管理办法》（以下简称"《注册办法》"）、《〈上市公司证 券发行注册管理办法〉第九条、第十条、第十一条、第十三条、第四十条、第五 十七条、第六十条有关规定的适用意见——证券期货法律适用意见第 18 号》（以 下简称"《适用意见第 18 号》"）等有关法律、法规和中国证券监督管理委员 会（以下简称"中国证监会"）、上海证券交易所（以下简称"上交所"）的有 关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和 道德准则出 ...

Core Insights - The article highlights the emergence of a new collaborative model in the Chinese automotive industry, driven by the partnership between Huawei and five major car manufacturers, leading to the launch of the "Five Realms" brands under Hongmeng Zhixing [3][5][19] - The success of Hongmeng Zhixing is attributed to its integration of Huawei's technological capabilities with the manufacturing strengths of Chinese auto brands, marking a shift from single-brand competition to a system of collaborative growth [5][19] Product Foundation - Hongmeng Zhixing focuses on calibrating smart experiences to establish high-end benchmarks, leveraging Huawei's expertise in smart technology, chips, software, and algorithms [6] - The safety capabilities of Hongmeng Zhixing are exemplified by a real user experience where a vehicle's satellite communication system enabled a driver to seek help in a remote area, showcasing the robustness of its safety system [6][10] - The battery safety of Huawei's Whale Battery platform is highlighted, with over 150 million battery cells in use and no reported safety incidents, indicating a commitment to exceeding safety standards [6][7] - The advanced driver assistance system (ADAS) developed by Huawei emphasizes real-world understanding and has helped users avoid millions of potential collisions since 2023 [10] Terminal Synergy - The terminal experience is crucial for users, with Hongmeng Zhixing integrating Huawei's consumer technology expertise into the automotive sector, allowing for hands-on experiences with features like assisted driving during the sales process [13][14] - The unified after-sales service system enhances customer experience, offering benefits such as substitute vehicles during maintenance and 24-hour roadside assistance, which traditional automakers struggle to implement [14][15] - The effective terminal strategy has attracted numerous dealers, as they recognize the scientific and efficient operations akin to internet companies, leading to a significant shift in dealership dynamics [15] Systemic Transformation - The article emphasizes that the automotive industry is transitioning from single-point breakthroughs to systemic competition, where technology, products, brands, and operations are being reconfigured into a cohesive capability network [17][19] - The five brands under Hongmeng Zhixing cater to different market segments while maintaining consistent safety standards and service protocols, indicating a strategic approach to market differentiation [19][20] - The overarching theme is that the future of automotive competition will hinge on the ability to build a sustainable and evolving capability network rather than merely competing on performance, materials, and pricing [19][20]

证券简称：江淮汽车 股票代码：600418 关于安徽江淮汽车集团股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二五年十二月 江淮汽车向特定对象发行股票申请文件 审核问询函的回复 上海证券交易所： 安徽江淮汽车集团股份有限公司（以下简称"江淮汽车""发行人"或"公司"） 于 2025 年 1 月 27 日收到上海证券交易所（以下简称"上交所"）出具的《关于安 徽江淮汽车集团股份有限公司向特定对象发行股票申请文件的审核问询函》（上证 上审（再融资）〔2025〕21 号）（以下简称"审核问询函"）。国元证券股份有限公 司（以下简称"国元证券""保荐人"或"保荐机构"）作为公司本次向特定对象发 行 A 股股票的保荐人（主承销商），会同发行人及上海市通力律师事务所（以下简 称"发行人律师"）、容诚会计师事务所（特殊普通合伙）（以下简称"容诚会计师"、 "申报会计师容诚"）、天健会计师事务所（特殊普通合伙）（以下简称"天健会计 师"、"申报会计师天健"，与申报会计师容诚合称"申报会计师"）等相关方，本着 勤勉尽责、诚实守信的原则，就审核问询函所列示 ...

Core Viewpoint - The article highlights the successful collaboration of Huawei's HarmonyOS Intelligent Driving and five major Chinese automotive companies, marking a shift from single-brand competition to a collaborative ecosystem in the smart vehicle industry [1][3][20]. Group 1: Product Foundation - HarmonyOS Intelligent Driving has achieved significant milestones, delivering 1 million vehicles in 43 months, with a notable 83% year-on-year increase in deliveries in November, totaling approximately 81,864 units [1]. - The brand's models, including the AITO series, have seen impressive sales, with the Wanjie brand alone delivering about 51,000 units in November [1]. - The collaboration among the five brands aims to unify technology standards, service systems, and after-sales networks, indicating a new industrial cooperation model [3][20]. Group 2: Safety and Technology - Huawei's core competencies in smart technology, chips, and algorithms are being leveraged to enhance vehicle safety, as demonstrated by a user experience where satellite communication was used for emergency assistance [6][7]. - The Huawei Whale Battery platform has over 150 million battery cells in use, with no reported safety incidents, showcasing a commitment to high safety standards [7]. - The advanced driving assistance system (ADAS) has been optimized through extensive data training, improving real-world road understanding and safety [9][10]. Group 3: User Experience and Market Strategy - The user experience is enhanced through seamless integration of technology across devices, allowing for natural interactions and continuous connectivity [10][12]. - The launch of the Xiangjie S9T model has redefined market expectations, achieving over 30,000 pre-orders in just 66 days, indicating a successful shift from niche to mainstream [12]. - The sales strategy emphasizes a user-centric approach, with a focus on transparent service processes and high-quality after-sales support, which are critical for brand loyalty [14][16]. Group 4: Industry Transformation - The article emphasizes that the future of automotive competition will focus on building sustainable capability networks rather than just performance and pricing [20][22]. - The five brands under HarmonyOS Intelligent Driving are positioned to cater to different market segments while maintaining consistent safety and service standards [20]. - This collaborative approach represents a significant shift in the Chinese automotive industry, moving towards a model that integrates technology and user experience into the core of vehicle development [22][23].