| 投资者关系活 动类别 | ■特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 国联民生证券、中信资管、大和证券、中银香港资管 | | 及人员姓名 | | | 时间 | 2025 年 11 月 7 日 | | 地点 | 公司会议室 | | 上市公司接待 | 证券事务代表——揭中华 | | 人员姓名 | | | | 1.请问公司 10 月销量表现如何？ | | | 答：2025 年 10 月，公司实现销售 27.8 万辆，同比增长 | | | 11.0%，1-10 月累计销售 237.4 万辆，同比增长 10.1%。其 | | | 中：自主品牌 1-10 月累计销售 201.7 万辆，同比增长 | | | 12.2%；新能源销量再创新高，10 月销售 11.9 万辆，同比增 | | | 长 36.1%，1-10 月累计销售 86.9 万辆，同比增长 60.6%；海 | | | 外 1-10 月累计销售 52.3 万辆。 | | 投资者 ...

"传统汽车工业要想实现质的飞跃，必须要插上人工智能的翅膀。"李书福认为，AI技术在汽车行业中的 应用前景非常广阔，能够助力传统车企进一步挖掘和发挥自身竞争力，具有巨大的潜力和价值。 谈及未来，李书福表示，安全是汽车行业发展永恒的前提。未来的汽车，将融会贯通所有领先技术，仿 佛一个拥有众多资深司机智慧的"智能大脑"。 "赛力斯一直在思考如何提供更极致的用户体验。直到AI的出现，让我们豁然开朗。"张兴海表 示，"AI+车"的第一步是先成为移动智能体，能够具备智能安全、智能增程和智慧服务的特点。未来 的"AI+车"将成为一个有情感、更智慧、更安全、可信赖的移动智能体和生活伴侣。 "未来的汽车将成为一个超级智能体，可以是人们工作最好的伙伴、生活最好的秘书、情感最好的伴 侣，也将成为一个超级空间，为人们的未来生活提供无穷的想象力和美好体验。"印奇表示，"AI+车"是 人类通向通用人工智能的最重要的产业基石。未来，会依托"AI+车"的技术基础，培育孵化出更加完整 的产业生态链，并涌现出更多具身场景终端。(完) 中新网重庆新闻9月30日电 9月28日，"新韵重庆千里智驾——AI重庆智驾之夜暨千里科技品牌发布 会"举行。活动 ...

"NEV50@2035：多元路径与协同发展方案"主论坛举行 新老朋友聚琼州 中外共寻多路径 世界新能源汽车大会的老朋友、连续7年参会的宝马集团董事高乐(Jochen Goller)指出，中国新能源 汽车产业的独特成功之道，源于其长期稳定、跨行业协同的战略布局，他透露，宝马的目标是到2030年 纯电动车占该集团总销量的50%以上，而中国是宝马集团全球最大的单一市场，将持续投资，加强与本 土伙伴的合作。 "北京到海口很远，但奔驰离海南很近。"梅赛德斯-奔驰集团董事会成员佟欧福负责大中华区业 务，从北京赶来海南参会的他用这句中文开场白表达了对海南自贸港的期待，他表示，奔驰长期在海南 积极开拓业务，包括支持海南长臂猿保护事业，未来也将以"奔驰标准"拓展在华朋友圈，以"中国速 度"推进在华创新。 "奔驰全新纯电GLC SUV中国加长版将于2026年投产，将推出首款中国专属6座车型，并拥有99.3厘 米的奔驰史上最大贯穿式屏幕。"佟欧福说。 丰田智能电动汽车研发中心(中国)总经理小西良树则表示，丰田正朝着移动出行公司转型，在这场 变革中，中国非常重要，中国已经是全世界的"研发竞技场"，他还提到自己初次抵琼，海南文昌鸡和椰 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced pressure on its Q2 performance due to multiple new product launches and intense industry competition, leading to a significant increase in sales expense ratio [3] - Despite a decline in revenue and net profit year-on-year, the company showed a positive trend in its non-recurring net profit, indicating potential for recovery [3] - The establishment of a new central enterprise group is expected to enhance decision-making efficiency and resource acquisition, which could positively impact future growth [5] Financial Performance Summary - For the first half of 2025, the company reported revenue of 726.91 billion yuan, a year-on-year decrease of 5.25%, and a net profit attributable to shareholders of 22.91 billion yuan, down 19.09% year-on-year [3] - The Q2 revenue was 385.31 billion yuan, with a quarter-on-quarter decrease of 2.94% but an increase of 12.79% year-on-year [3] - The gross margin for Q2 was 15.2%, reflecting a quarter-on-quarter increase of 2.0 percentage points, while the net profit margin was 1.5%, down 2.0 percentage points quarter-on-quarter [3] Sales and Market Expansion - The total sales volume for Q2 was 650,100 units, with a year-on-year increase of 1.3% and a quarter-on-quarter decrease of 7.8% [4] - Notably, the sales of new energy vehicles saw significant growth, with a year-on-year increase of 51.0% [4] - The company’s overseas sales increased by 87.6% in Q2, demonstrating the effectiveness of its "Inclusive" strategy [4] Future Outlook - The company is set to launch several new models, including the Qiyuan A06 and the Deep Blue L06, which are expected to drive sales growth [5] - The new central enterprise status is anticipated to enhance the company's bargaining power and resource allocation capabilities, potentially leading to improved performance in the future [5] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 72.02 billion yuan, 93.32 billion yuan, and 108.54 billion yuan respectively, with corresponding P/E ratios of 16.8, 12.9, and 11.1 times [3]

Group 1 - Changan Automobile announced that it and its indirect controlling shareholder, China Changan Automobile Group, plan to increase their holdings of A-shares by at least RMB 5.7 million within six months starting from August 12, 2025 [1][8] - The increase in holdings will involve current directors and senior management, including 19 individuals, and aims to enhance investor confidence and protect their interests [1][8] - The establishment of China Changan Automobile Group as a new central enterprise marks a significant step in the restructuring of state-owned enterprises in the automotive sector, following the establishment of similar entities like China FAW and Dongfeng Motor [9] Group 2 - In the first half of 2025, Changan Automobile achieved a revenue of RMB 146.9 billion, with total vehicle sales reaching 1.355 million units, marking an 8-year high [11] - The company aims to sell 5 million vehicles annually by 2030, with over 60% being new energy vehicles and over 30% from overseas markets [11] - Changan plans to invest RMB 200 billion over the next decade in the new automotive sector and increase its workforce by 10,000 in technology innovation [11][12] Group 3 - Changan is focusing on a global strategy that emphasizes building sustainable ecological capabilities rather than merely exporting products, with plans for localized strategies in five major regions [12] - Recent interactions with Huawei's leadership indicate a collaborative approach to enhance competitive positioning in the automotive industry [12][14]

Core Viewpoint - Changan Automobile plans to increase its A-share holdings by at least 5.7 million yuan through a concentrated bidding process starting from August 12, 2025, involving 19 directors and executives from the company and its controlling shareholder, China Changan Automobile Group [2][3] Group 1: Company Overview - China Changan Automobile Group, established on July 29, has 117 subsidiaries, total assets of 308.7 billion yuan, and approximately 110,000 employees, focusing on automotive manufacturing, finance, and motorcycles [3][4] - Changan Automobile's stock price was reported at 13.22 yuan per share on the day of the announcement, with a closing price of 12.95 yuan on August 11, indicating minimal stock price fluctuation [3] Group 2: Strategic Goals - The newly formed Changan Group aims to become a world-class automotive group with global competitiveness and independent core technologies [4] - The company emphasizes a dual strategy of independent development and collaboration, strengthening partnerships with global automotive firms like Stellantis, Ford, and Mazda, as well as ICT companies like Huawei and Tencent [5] Group 3: Sales Performance - From January to July, Changan Automobile achieved cumulative sales of 1.5659 million units, a year-on-year increase of 4.07%, while its new brands, Deep Blue and Avita, sold 170,400 and 69,100 units respectively [6] - The sales targets for Deep Blue and Avita were set at 250,000 and 220,000 units for the year, with current completion rates of 34.08% and 34.57% after seven months [6]

Core Viewpoint - Changan Automobile plans to increase its A-share holdings by at least 5.7 million yuan through a concentrated bidding process starting from August 12, 2025, involving 19 directors and executives from the company and its indirect controlling shareholder, New Changan [2] Group 1: Company Overview - New Changan was established on July 29, 2023, with assets totaling 308.7 billion yuan and approximately 110,000 employees, focusing on automotive manufacturing, finance, and motorcycles [2] - Changan Automobile's stock price was reported at 13.22 yuan per share on the day of the announcement, with a closing price of 12.95 yuan on August 11, indicating minimal stock price fluctuation [2] Group 2: Strategic Goals - New Changan aims to become a world-class automotive group with global competitiveness and independent core technologies [2] - The company will pursue both independent development and collaborative efforts with global automotive firms like Stellantis, Ford, and Mazda, as well as ICT and consumer electronics companies such as Huawei and Tencent [3] Group 3: Sales Performance - From January to July 2023, Changan Automobile achieved cumulative sales of 1.5659 million units, reflecting a year-on-year growth of 4.07% [4] - The sales figures for the new brands, Deep Blue and Avita, were 170,400 and 69,100 units respectively, with completion rates of 34.08% and 34.57% against their annual targets of 250,000 and 220,000 units [4]

Core Viewpoint - The article discusses the recent developments in Changan Automobile, highlighting its establishment as a new central enterprise and its strategic direction towards smart and innovative automotive solutions, as well as its engagement with Huawei's leadership for guidance on future competition dynamics [3][4]. Group 1: Company Developments - Changan Automobile Group was officially established on July 29, 2023, in Chongqing, with Zhu Huarong serving as the Party Secretary and Chairman [4]. - The new central enterprise is formed from the split of the original Equipment Group and comprises 117 subsidiaries, focusing on various automotive-related businesses including vehicle manufacturing, sales, financial services, and logistics [4][5]. - Changan aims to develop new production capabilities in smart automotive robotics, flying cars, and embodied intelligence, while also exploring a multi-modal transportation ecosystem [4]. Group 2: Strategic Engagement - On August 9, 2023, Zhu Huarong visited Huawei's founder Ren Zhengfei to discuss industry competition and future market dynamics, receiving valuable insights and guidance for Changan and its Avita brand [3]. - The discussions included strategic advice from Huawei's leadership, indicating a collaborative approach to enhance Changan's competitive edge in the automotive sector [3].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [7]. Core Insights - The automotive industry is experiencing a significant growth trajectory, particularly in the passenger vehicle segment, which has seen a retail increase of 9% year-on-year in July [2][21]. - The establishment of China Changan Automobile Group marks a strategic consolidation in the industry, aiming for a production and sales target of 5 million vehicles by 2030, with over 60% being new energy vehicles [3][43]. - The export of new energy commercial vehicles from China has surged, with a 230% year-on-year increase in the first half of 2025, indicating strong global demand [4][49]. Summary by Sections 1. Weekly Market Review (2025.07.26-08.01) - The automotive sector saw a decline of 2.36% this week, with all related sub-sectors also experiencing downturns [13]. - The retail and wholesale volumes for passenger vehicles in China for July 1-27 were 1.445 million and 1.505 million units respectively, reflecting a year-on-year increase of 9% and 17% [21]. 2. Data Tracking (2025.07.26-08.01) - New energy vehicle retail sales reached 789,000 units in July, a 15% increase year-on-year, with a market penetration rate of 54.6% [21]. - Cumulative retail sales of new energy vehicles for the year stand at 6.258 million units, up 31% from the previous year [21]. 3. Industry News (2025.07.26-08.01) - The formation of China Changan Automobile Group is a significant development, with a focus on smart vehicles and global market expansion [3][43]. - The report highlights the successful satellite rescue operation involving the Wanjie M9 vehicle, showcasing advancements in automotive technology [32]. 4. Investment Recommendations - The report suggests focusing on the opportunities arising from the central enterprise reforms and the international expansion of new energy vehicles [5].

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The establishment of China Changan Automobile Group on July 29, 2025, with a registered capital of 20 billion yuan and total assets of 308.7 billion yuan, marks a significant step in optimizing state-owned capital layout and enhancing the competitiveness of China's automotive industry [3][14] - The launch of the Li Auto i8, a mid-large pure electric SUV priced between 321,800 to 369,800 yuan, features a range of 720 km and a fast charging capability of 500 km in just 10 minutes [4][15] - The launch of the Leidao L90, a large pure electric SUV priced between 265,800 to 299,800 yuan, is based on NIO's NT3.0 platform and supports a 900V high-voltage architecture [4][17] Market Performance - From July 28 to August 1, 2025, the automotive sector declined by 2.4%, underperforming the CSI 300 index, which fell by 1.8% [20] - Year-to-date, the automotive sector has increased by 9.8%, ranking 15th among 31 sectors [20] Sales Data - From July 1 to 27, 2025, retail sales of passenger vehicles reached 1.445 million units, a year-on-year increase of 9%, but a month-on-month decrease of 19% [6][38] - New energy passenger vehicle retail sales during the same period were 789,000 units, up 15% year-on-year but down 17% month-on-month [6][39] Key New Vehicles - The Li Auto i8 and Leidao L90 are highlighted as significant new electric vehicle launches, with the i8 focusing on family usability and the L90 offering advanced features and spaciousness [15][17][81]