赛目科技(02571)发布公告，公司于2025年8月7日与通标标准技术服务(上海)有限公司(通标)签订战略合 作协议。据此，双方将本着优势互补、协同创新、合作共赢的原则，建立长期稳定的战略合作关系。合 作期限为自签署日起3年。 根据战略合作协议，双方的合作内容包括但不限于：支持中国汽车企业出海、联合提供海外法规合规咨 询服务、推动海外与国内实验室资源互认与协同服务、共同推进功能安全(FuSa)及预期功能安全 (SOTIF)与安全验证体系建设、对重大项目展开专项合作。 公告称，签订战略合作协议有利于整合公司的智能网联仿真测试工具链与通标的国际认证资源，为车企 客户提供测试及认证一站式服务，共同解决中国车企出海面临的法规壁垒，抢占智能汽车全球化市场先 机。 ...

智通财经APP讯，赛目科技(02571)发布公告，公司于2025年8月7日与通标标准技术服务(上海)有限公司 (通标)签订战略合作协议。据此，双方将本着优势互补、协同创新、合作共赢的原则，建立长期稳定的 战略合作关系。合作期限为自签署日起3年。 公告称，签订战略合作协议有利于整合公司的智能网联仿真测试工具链与通标的国际认证资源，为车企 客户提供测试及认证一站式服务，共同解决中国车企出海面临的法规壁垒，抢占智能汽车全球化市场先 机。 根据战略合作协议，双方的合作内容包括但不限于：支持中国汽车企业出海、联合提供海外法规合规咨 询服务、推动海外与国内实验室资源互认与协同服务、共同推进功能安全(FuSa)及预期功能安全 (SOTIF)与安全验证体系建设、对重大项目展开专项合作。 ...

Core Insights - The automotive export sector in China, particularly in the new energy vehicle (NEV) segment, is experiencing rapid growth, driven by provinces such as Anhui, Jiangsu, Shaanxi, Henan, and Beijing [2][3][4] Group 1: Export Growth - Shaanxi province reported an automotive export volume of 206,000 units in the first half of the year, a year-on-year increase of 57.2%, with an export value of 31.22 billion yuan, up 51.7% [3] - NEV exports from Shaanxi reached 179,500 units, marking a 104.4% increase, with an export value of 23.93 billion yuan, up 111.6% [3] - Jiangsu province's automotive exports totaled 344,000 units, a 79.3% increase, with an export value of 43.21 billion yuan, up 67% [4] Group 2: Production and Capacity - In the first half of the year, Shaanxi produced 942,800 vehicles, with NEV production at 658,500 units, a 30.23% increase year-on-year [3] - Anhui province led the nation in automotive exports with 461,000 units, including a 29.9% increase in NEV exports [4] - The automotive production rankings for the top ten provinces show significant contributions from emerging regions, with Anhui, Guangdong, and Chongqing among the leaders [4][5] Group 3: Regional Economic Impact - The growth of the automotive export sector is contributing to the optimization of foreign trade structures in the central and western regions of China [6][7] - In Henan, automotive exports reached 24.41 billion yuan, a 65.7% increase, contributing to the province's overall export growth [7] - Shaanxi's foreign trade is shifting from electronics to automotive exports, with automotive exports accounting for 51.7% of the province's total export value [7] Group 4: Future Projections - Anhui's automotive exports are projected to reach 954,000 units in 2024, maintaining its position as the top exporter in the country, with a growth rate of 30.8% [8] - The automotive sector is expected to contribute significantly to Anhui's overall export growth, accounting for nearly half of the province's export contributions [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.75 CNY, based on a projected EPS of 0.95, 1.03, and 1.15 CNY for 2025-2027, respectively, using a PE valuation of 25 times [4][7]. Core Insights - The company has been actively promoting internal reforms, leading to improved sales performance across various segments. The integration of its passenger vehicle divisions and the focus on electric and intelligent transformation are expected to enhance operational efficiency and profitability [11]. - The company achieved a wholesale sales volume of 337,500 vehicles in July, marking a year-on-year increase of 34.2%, and a cumulative sales volume of 2,390,100 vehicles from January to July, up 15.0% year-on-year. This performance is better than the industry average [11]. - The upcoming launch of the "尚界 H5" model in September is anticipated to further boost sales and profitability in the self-owned brand segment, with expectations of strong market performance due to its advanced driving assistance features [11]. - The sales of joint venture brands have stabilized, with significant improvements noted in the sales of SAIC General Motors, indicating that joint venture brands will not become a burden on the company's profitability [11]. Financial Summary - The company's projected revenue for 2025 is 638.11 billion CNY, with a year-on-year growth of 3.9%. The operating profit is expected to reach 18.09 billion CNY, reflecting a significant recovery from a 60% decline in 2024 [6][12]. - The net profit attributable to the parent company is forecasted to be 11.00 billion CNY in 2025, showing a remarkable growth of 560.3% compared to 2024 [6][12]. - The gross margin is expected to improve from 9.4% in 2024 to 10.2% in 2025, while the net margin is projected to stabilize around 1.7% [6][12].

Core Viewpoint - Polestar has faced challenges in the Chinese market, selling only 69 vehicles in the first half of the year, while continuing to receive support from Geely, indicating its importance in Geely's international strategy [1][2]. Group 1: Market Performance - Polestar sold 30,300 vehicles globally in the first half of the year, accounting for nearly 20% of Geely's overseas sales [2]. - In contrast, Polestar's sales in China have been disappointing, leading to frequent changes in management, with the latest CEO change occurring after the dissolution of its joint venture with Meizu [1][2]. Group 2: Strategic Decisions - Polestar has decided to focus on international markets, with the Polestar 5 set to launch in Europe, while not planning to sell it in China [3]. - The company has adopted a "no rush" strategy, maintaining consistent pricing for its Polestar 2 model despite increasing competition in the electric vehicle market [2][3]. Group 3: Leadership and Management - The new chairman,范安德, has a strong background in the Chinese automotive market and has previously helped Volkswagen achieve significant success in China [4][6]. -范安德's strategy includes reducing investment in the joint venture and focusing on Polestar's global production capabilities, which include six production bases worldwide [6][7]. Group 4: Financial Support - Geely has invested an additional $200 million into Polestar, increasing its ownership stake to 66%, highlighting the company's commitment to its international expansion despite challenges in the Chinese market [1][6].

Group 1 - The core viewpoint of the article highlights the strong performance of Great Wall Motors, with a notable increase in production and sales figures for July 2023 [1] - In July, the total production reached 101,045 units, representing a year-on-year increase of 18.22%, while total sales amounted to 104,372 units, up 14.34% year-on-year [1] - For the first seven months of the year, cumulative production was approximately 672,200 units, and total sales were about 674,100 units, reflecting increases of 4% and 3.57% respectively [1] Group 2 - The sales of new energy vehicles in July were 34,593 units, showing a year-on-year decrease of 4.98% [1] - According to Minsheng Securities, the sales of the Tank series remained stable, while the Wey brand showed strong growth, and the Haval brand continued to perform well in the market [1] - In July, overseas wholesale sales reached 41,000 units, marking a year-on-year increase of 4.9% and a month-on-month increase of 2.5%; however, the cumulative overseas wholesale sales for January to July were 239,000 units, down 17.5% year-on-year [1] Group 3 - The company plans to start operations at its Brazil factory in August, which is expected to enhance its presence in the Latin American market [1] - The local production in Brazil is anticipated to support steady growth in overseas sales for Great Wall Motors [1]

Core Viewpoint - Great Wall Motors (02333) experienced a stock price increase of over 5%, closing at HKD 13.3 with a trading volume of HKD 193 million, following the release of its production and sales data for July [1] Production and Sales Performance - In July, Great Wall Motors produced a total of 101,045 vehicles, representing a year-on-year increase of 18.22% - The company sold 104,372 vehicles in July, marking a year-on-year increase of 14.34% - For the first seven months of the year, the cumulative production reached approximately 672,200 vehicles, while total sales were about 674,100 vehicles, reflecting increases of 4% and 3.57% respectively [1][1][1] New Energy Vehicle Sales - In July, sales of new energy vehicles amounted to 34,593 units, showing a year-on-year decrease of 4.98% [1] Brand Performance - According to Minsheng Securities, the sales of the Tank brand remained stable, while the Wey brand showed strong growth, and the Haval brand continued to perform well in the market [1] Overseas Sales and Expansion - In July, the overseas wholesale sales reached 41,000 units, which is a year-on-year increase of 4.9% and a month-on-month increase of 2.5% - From January to July, the overseas wholesale sales totaled 239,000 units, reflecting a year-on-year decline of 17.5% [1][1] - The company plans to commence operations at its Brazil factory in August, which is expected to enhance its presence in the Latin American market [1]

Core Viewpoint - The company reported a slight year-on-year increase in July wholesale sales of new energy vehicles, with a total of 344,000 units sold, reflecting a 0.6% increase year-on-year but a 10.0% decrease month-on-month [2][3]. Sales Performance - In July, the wholesale sales of new energy passenger vehicles reached 341,000 units, showing a year-on-year growth of 0.1% and a month-on-month decline of 9.7%. The decline is attributed to the seasonal slowdown and inventory reduction at the end of the term. Cumulatively, from January to July, the total wholesale sales of new energy passenger vehicles reached 2.454 million units, marking a 26.0% year-on-year increase [3]. - Among the sales, plug-in hybrid vehicles sold 163,000 units, down 22.6% year-on-year and 4.5% month-on-month, while pure electric vehicles sold 178,000 units, up 36.8% year-on-year but down 14.0% month-on-month [3]. Brand Performance - By brand, the sales figures for July were as follows: Dynasty and Ocean series sold 315,000 units, while Tengshi, Fangchengbao, and Yangwang sold 11,365, 14,180, and 339 units respectively. The combined sales of Tengshi, Yangwang, and Fangchengbao accounted for 7.5% of the total sales [3]. International Expansion - The company experienced a significant increase in overseas sales, with 81,000 units exported in July, representing a year-on-year growth of 169.0% but a month-on-month decline of 10.3%. The month-on-month decline was primarily due to increased import tariffs in Brazil starting July 1. Overall, the company is seeing steady growth in international markets, driven by rising demand in regions like Turkey, Brazil, and Europe [4]. - The company plans to enhance its overseas market presence, with the recent opening of a passenger car factory in Brazil and future expansions planned in Uzbekistan, Hungary, Turkey, and Indonesia [4]. Technological Advancements - The company is focusing on high-end product development, with flagship models like Han L and Tang L launched, featuring advanced charging technology that allows for 400 kilometers of range in just 5 minutes of charging. The Fangchengbao Titanium 7, designed as a large SUV for urban families, is expected to launch in Q4 2025 [5]. Financial Projections - The company forecasts revenue growth from 99.08 billion yuan in 2025 to 139.70 billion yuan in 2027, with net profit attributable to shareholders expected to rise from 55.20 billion yuan to 75.33 billion yuan during the same period. The earnings per share (EPS) is projected to increase from 6.05 yuan in 2025 to 8.26 yuan in 2027 [6][8].

Core Viewpoint - Dongfeng Commercial Vehicle has made significant progress in localizing production in Malaysia by successfully assembling the first batch of KD components, demonstrating its advanced technology and full value chain service capabilities in overseas markets [1][6]. Group 1: Project Implementation - A specialized technical team was dispatched to Malaysia, comprising experts in manufacturing technology, assembly processes, and automotive electrical systems, to ensure smooth assembly and product quality [3]. - The team effectively adapted to the new working environment and overcame language barriers, implementing meticulous control over the entire vehicle assembly process to meet technical standards [3][5]. - A tiered training program was developed for local workers, combining theoretical instruction, practical demonstrations, and one-on-one guidance to enhance their assembly skills and ensure quality control [3][6]. Group 2: Product Quality and Recognition - The assembled vehicles met Dongfeng's global quality standards in appearance, performance, and overall quality, receiving unanimous recognition from the Malaysian partner's technical team [6]. - The Malaysian partner praised the Dongfeng technical team's expertise and dedication, noting that the systematic technical guidance significantly improved the assembly skills of their employees, laying a solid foundation for deeper strategic cooperation [6]. Group 3: Future Outlook - The successful assembly marks the official launch of Dongfeng's localized production project in Malaysia, with plans to deepen collaboration with local partners in production operations and continuously optimize manufacturing processes [6]. - The company aims to expand its product matrix to offer a diverse range of products that cater to the needs of Malaysian consumers, thereby invigorating the local automotive industry and accelerating Dongfeng's international expansion [6].

Core Viewpoint - The article discusses the significant growth and strategies of Chinese automotive companies in the global market, highlighting their export achievements and unique approaches to internationalization in the first half of 2025 [3][4]. Group 1: Overall Industry Trends - In the first half of 2025, China's automotive exports reached 3.083 million units, marking a year-on-year increase of 10.4% [3]. - Chinese automakers are no longer focused solely on sales numbers but are embedding capital, production capacity, and supply chains into global markets through methods such as Hong Kong IPOs, overseas factories, and joint ventures [4]. - The global expansion of Chinese car manufacturers has entered a new phase, with a shift from merely selling cars to establishing production facilities abroad [3][4]. Group 2: Chery Automotive - Chery maintained its position as the top exporter, with an export volume of 548,000 units, accounting for 17.8% of total exports [6]. - Chery's overseas sales revenue was approximately 29.1 billion RMB in 2022, representing 35.3% of total revenue, and is projected to approach 50% by 2024 [6][8]. - The company has established a global sales network with 1,075 dealers and 2,541 sales outlets outside China, leading in several international markets [7]. Group 3: BYD - BYD's exports surged by 130% year-on-year to 470,000 units in the first half of 2025, becoming the second-largest exporter among Chinese automakers [10][11]. - In Europe, BYD's electric vehicle sales surpassed Tesla for the first time in April, with registrations reaching 7,231 units [11]. - BYD is expanding its global production and supply chain network, with a new factory in Brazil marking its third overseas production line [12]. Group 4: Great Wall Motors - Great Wall Motors achieved overseas sales of 198,000 units, with 30,083 units of pickup trucks sold, representing a 24.3% increase [15][16]. - The company has a long history of exporting pickups, having entered the international market in 1998 [16]. - Great Wall's high-end brand WEY is also accelerating its internationalization efforts [16]. Group 5: Geely - Geely's overseas export volume reached 184,000 units in the first half of 2025, with a strong performance in the electric vehicle segment [18]. - The company is expanding its dealer network in Australia and New Zealand, aiming to establish 100 dealerships in the next three years [20]. - Geely's high-end brand Zeekr has entered over 40 countries, with a significant presence in the luxury vehicle market [20]. Group 6: XPeng Motors - XPeng Motors achieved overseas sales of approximately 19,000 units, expanding its business to 46 countries and regions [21][26]. - The company is focusing on Southeast Asia and Europe, with plans to establish a localized production facility in Indonesia [25]. - XPeng aims to cover 60 countries and regions by the end of 2025, with a goal of being among the top three global exporters of new energy vehicles by 2027 [25][26]. Group 7: Leap Motor - Leap Motor's overseas sales reached approximately 20,000 units in the first half of 2025, aided by a partnership with Stellantis [27][31]. - The company has established over 100 sales outlets in Germany, achieving a market share of over 1% in the pure electric vehicle segment [28]. - Leap Motor is also planning localized assembly projects in Malaysia to enhance its market presence [28]. Group 8: Seres - Seres submitted its IPO application to the Hong Kong Stock Exchange and has established operations in multiple countries across Europe, the Middle East, and Africa [33][35]. - The company is focusing on localized manufacturing in Indonesia and has plans for expansion in the Middle East and Africa [37][38]. - Seres aims to enhance its overseas sales channels and delivery capabilities through diverse partnerships and local manufacturing [38].