Group 1: Business Performance - In the first three quarters of 2025, Changan Automobile achieved a total sales volume of 2.066 million vehicles, representing an 8.5% year-on-year increase [1] - New energy vehicle sales reached 724,000 units, showing a significant growth of 59.7% compared to the previous year, outperforming the industry average [1] - Overseas exports totaled 465,000 vehicles, marking a 10.7% increase year-on-year [1] - The company reported a revenue of 42.236 billion CNY in Q3, a year-on-year growth of 23.36%, and a total revenue of 114.927 billion CNY for the first three quarters, reflecting a 3.6% increase [1] - The gross profit margin improved by 0.6 percentage points year-on-year, with a quarterly gross margin increase of 0.49 percentage points [1] Group 2: Future Industry Planning - Changan plans to develop humanoid robots in collaboration with leading partners, focusing on core technologies such as "brain," "energy," and "drive" [2] - The company aims to launch a flying car product by 2030, targeting commercial operation [2] - Exploration of unmanned commercial vehicles, including cleaning robots and agricultural machinery, is underway [2] Group 3: Strategic Plans - Changan is accelerating its transformation into a smart low-carbon mobility technology company, implementing three major strategic plans [2] - The "Shangri-La" plan for new energy aims to create three global smart energy brands: Avita, Deep Blue, and Changan Qiyuan, with a total of 724,000 new energy vehicles sold from January to September 2025 [2] - Significant investments in R&D amounting to 61 billion CNY over the past five years, with a global R&D team of over 24,000 people [3] Group 4: Product Launches - Upcoming products include the Changan Qiyuan A06, featuring advanced driving assistance and a spacious design, set to launch soon [4] - The Deep Blue L06 will be the first to feature a 3nm automotive-grade chip and advanced driving assistance systems [4] - The Avita 12 will be available in both pure electric and range-extended versions, catering to diverse user needs [4] Group 5: Strategic Partnerships - A strategic cooperation agreement was signed with JD Group on October 15, 2025, to explore smart logistics vehicles and intelligent operation systems [4] - The partnership aims to enhance logistics efficiency through customized smart logistics vehicles, leveraging Changan's vehicle capabilities and JD's logistics technology [4] - Future collaborations will include joint marketing efforts and exploring new sales models for commercial vehicles [4]

| 菓細菌 | 脚注 関連 | | --- | --- | | 刘力宇 | | | 孟路 | | | 郭雨蒙 | Oktob | | 孙仁昊 | ספר מ | | 赖思旭 | סטרונים | | 童明祺 | Disto | | | | | 投资要点 | | --- | 公司公告： 公司披露 2025 年三季报，2025Q3 实现营收 422.4 亿元，同环 比 分 别 +23.4%/+9.6% ， 归 母 净 利 润 7.6 亿 元 ， 同 环 比 分 别+2.1%/-18.6%，扣非后归母净利润 5.4 亿元，同环比分别 +5.8%/-21.9%。 Q3 业绩略低预期，主要受汇兑+海外库存处理影响。 1）营收层面： 销量维度，公司 25Q3 实现并表销量 47.1 万台，同环比+26.8%/+13.3%；折算 Q3 并表单车均价 9.0 万元，同环比分别-2.7%/-3.3%。 2）毛利率层面： 公司 Q3 毛利率为 15.7%，同环比分别+0.01/+0.5pct，同环均改善。 3）费用率层面： 公司 Q3 销管研费用率分别 7.1%/2.5%/4.2%，同比分别+2.3/-0.7/-0.4pct， ...

证券代码：000625、200625 证券简称：长安汽车、长安 B 重庆长安汽车股份有限公司投资者关系活动记录表 编号：2025-24 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | | | | □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 | 鹏华基金、广发基金、易方达基金、信达澳亚基金、工银瑞信 | | 及人员姓名 | 基金、工银理财、农银人寿、农银理财、农银汇理、人保养老、 | | | 华商基金、盘京投资、建信养老、长盛基金、宏利基金、国寿 | | | 养老、中信资管、华夏基金、中邮保险资管、天弘基金、银华 | | | 基金、华夏久盈、淡水泉 | | 时间 | 2025 年 10 月 20 日—10 月 24 日 | | 地点 | 北京+线上 | | 上市公司接待 | 投关总监——蒋沙 | | 人员姓名 | | | | 1.请问公司在未来新兴产业的规划？ | | | 答：机器人业务方面，围绕核心场景，以"1+N+X"战 | | | 略布局智能汽 ...

Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - The Q3 performance of Changan Automobile was slightly below expectations, primarily impacted by foreign exchange losses and overseas inventory handling [9] - The company is transitioning towards becoming a smart low-carbon travel technology company, with significant advancements in new energy and intelligent technologies [9] - Despite the challenges, the company maintains a positive outlook due to the upward trajectory of its brands and ongoing globalization efforts [9] Financial Performance Summary - For Q3 2025, Changan Automobile reported total revenue of 42.24 billion yuan, with a year-on-year increase of 23.4% and a quarter-on-quarter increase of 9.6% [9] - The net profit attributable to shareholders for Q3 was 760 million yuan, reflecting a year-on-year increase of 2.1% but a quarter-on-quarter decrease of 18.6% [9] - The company achieved a consolidated sales volume of 471,000 units in Q3, representing a year-on-year increase of 26.8% and a quarter-on-quarter increase of 13.3% [9] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted downwards for 2025, 2026, and 2027 to 4.4 billion, 7.5 billion, and 10.2 billion yuan respectively [9] - The corresponding price-to-earnings (P/E) ratios are projected to be 29, 17, and 12 times for the respective years [9] - The company’s revenue is expected to grow from 159.73 billion yuan in 2024 to 214.32 billion yuan in 2027, with a compound annual growth rate (CAGR) of 6.07% [1][10]

Core Insights - Changan Automobile reported a revenue of 72.691 billion yuan and a net profit attributable to shareholders of 2.291 billion yuan for the first half of 2025, with a year-on-year growth of 26.36% in net profit after deducting non-recurring items [1][2] - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares, totaling 496 million yuan [1] - Changan's vehicle sales reached 1.355 million units, a 1.6% increase year-on-year, with new energy vehicle sales growing by 49.1% to 452,000 units [1][2] Financial Performance - Revenue for the first half of 2025: 72.691 billion yuan [1] - Net profit attributable to shareholders: 2.291 billion yuan [1] - Year-on-year growth in net profit after non-recurring items: 26.36% [1] - Earnings per share: 0.23 yuan [1] - Proposed cash dividend: 0.50 yuan per 10 shares, totaling 496 million yuan [1] Strategic Initiatives - The company is accelerating its transformation into a smart low-carbon travel technology company [2] - In the new energy sector, the "Shangri-La" plan aims for breakthroughs, including the completion of all-solid-state battery prototype verification [2] - The "Beidou Tianshu" plan is advancing with the release of the Tianshu 2.0 plan and various smart technologies [2] - Global expansion efforts include the launch of Changan's brand in Europe and local operations in Thailand [2]

Core Viewpoint - The company reported its Q2 2025 results, which met expectations, showing a revenue of 38.53 billion yuan and a net profit of 0.94 billion yuan, indicating a significant decline in profitability compared to the previous year [3][4]. Financial Performance - In Q2 2025, the company achieved a revenue of 38.53 billion yuan, with a year-on-year decrease of 2.9% and a quarter-on-quarter increase of 12.8%. The net profit attributable to shareholders was 0.94 billion yuan, reflecting a year-on-year decline of 43.9% and a quarter-on-quarter decline of 30.6% [3]. - The company sold 416,000 units in Q2 2025, which is a decrease of 4.1% year-on-year and 16.5% quarter-on-quarter. The average selling price per vehicle was 93,000 yuan, up 1.2% year-on-year and 35.0% quarter-on-quarter [4]. - The gross margin for Q2 2025 was 15.2%, an increase of 2.0 percentage points year-on-year and 1.3 percentage points quarter-on-quarter, indicating improved cost management [4]. - The selling, general, and administrative expenses (SG&A) ratios increased significantly, with sales expenses rising due to increased marketing costs for new vehicle launches and intense price competition in the market [4]. Strategic Developments - The company established a new central enterprise on July 29, 2025, aiming to accelerate its transformation into a smart low-carbon mobility technology company. It has made progress in its "Shangri-La" plan for new energy and has completed the verification of all-solid-state battery prototypes [5]. - The company is advancing its globalization strategy with the "Haina Baichuan" plan, including a brand launch event in Europe and the establishment of a parts center in Thailand [5]. Profit Forecast and Investment Rating - Due to increased competition and rising sales expense ratios, the company has revised its net profit forecasts for 2025, 2026, and 2027 to 6.54 billion yuan, 8.44 billion yuan, and 10.30 billion yuan, respectively, down from previous estimates [6]. - Despite the challenges, the company maintains a "buy" rating, supported by the upward trajectory of its three major brands and ongoing advancements in smart technology and globalization [6].

Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with a significant transformation into a new central enterprise [8] - The establishment of the new central enterprise is expected to accelerate the company's transition towards a smart and low-carbon mobility technology company [8] - Despite increased competition and rising sales expenses, the company continues to push forward with its three major brands and initiatives in smart technology and globalization [8] Financial Summary - Total revenue for 2023 is projected at 151.298 billion RMB, with a year-on-year growth of 24.78% [1] - The net profit attributable to shareholders for 2023 is estimated at 11.327 billion RMB, reflecting a year-on-year increase of 45.25% [1] - The earnings per share (EPS) for 2023 is expected to be 1.14 RMB, with a price-to-earnings (P/E) ratio of 10.81 [1] - For 2025, total revenue is expected to decline to 152.285 billion RMB, a decrease of 4.66% year-on-year, with net profit projected at 6.541 billion RMB, down 10.66% year-on-year [1] - The company anticipates a recovery in net profit to 8.442 billion RMB in 2026, representing a growth of 29.06% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 18.72, 14.50, and 11.88 respectively [1] Market Data - The closing price of Changan Automobile is 13.18 RMB, with a market capitalization of approximately 130.668 billion RMB [5] - The company has a price-to-book (P/B) ratio of 1.72 and a net asset value per share of 7.67 RMB [5][6] - The total assets are projected to be 208.168 billion RMB in 2024, with a debt-to-asset ratio of 56.66% [6][9]

Core Viewpoint - Changan Automobile's management team plans to increase their holdings in the company, reflecting confidence in the company's long-term development and the automotive industry's growth potential [3][4][5] Group 1: Management Actions - Changan Automobile and its indirect controlling shareholder plan to increase their A-share holdings by at least 5.7 million yuan within six months, starting from August 12 [3] - The increase involves 19 members of the management team, including key decision-makers, indicating a strong commitment to the company's future [4][5] - The management's decision to invest their own funds demonstrates a deep alignment with the company's long-term goals [4][5] Group 2: Market Performance - The domestic new energy vehicle market is expected to continue its growth, with retail sales of passenger cars reaching 12.728 million units in the first seven months of the year, a year-on-year increase of 10.1% [4] - Changan's new energy vehicle sales exceeded 80,000 units in July, marking a year-on-year increase of 74.05% [4] - The company reported a total production of 1.4013 million vehicles and sales of 1.5659 million vehicles in the first seven months, with respective year-on-year growth of 1.59% and 4.07% [4] Group 3: Strategic Goals - Changan aims to achieve a production and sales volume of over 5 million vehicles by 2030, with new energy vehicles accounting for over 60% of total sales [7] - The company is focusing on low-carbon, intelligent, lightweight, and digital transformation through technology cooperation and brand upgrades [7] - Changan's management emphasizes the importance of aligning personal wealth with company development to enhance market confidence and stabilize expectations [6][5] Group 4: Technological Collaboration - Changan has initiated a strategic partnership with Huawei, focusing on smart vehicle technology, which is crucial for the company's competitive positioning [8][9] - The collaboration includes the establishment of a key project, "Yingwang Technology Co.," aimed at deepening the integration of smart technology in Changan's vehicles [9] - Changan is also developing its own intelligent architecture and operating system to reduce dependency on external partners while seeking to attract more ecosystem partners [10]

Core Viewpoint - The recent shareholding increase by the management of Changan Automobile Group signifies a strong commitment to the company's long-term development and reflects confidence in the industry's growth trajectory, particularly in the context of the booming domestic electric vehicle market [2][3][4]. Group 1: Management Shareholding Increase - A total of 19 executives from Changan Automobile and its parent company plan to invest at least 5.7 million yuan in A-shares over the next six months, with each executive committing a minimum of 300,000 yuan [2][4]. - This collective action is seen as a "confidence endorsement" from the management, indicating their belief in the company's strategic direction and competitive advantages [3][5]. Group 2: Market Performance and Growth - In the first seven months of the year, the domestic retail sales of passenger vehicles reached 12.728 million units, a year-on-year increase of 10.1%, with Changan's new energy vehicle sales surpassing 80,000 units in July, marking a 74.05% increase year-on-year [2]. - Changan's total production and sales for the first seven months were 1.4013 million and 1.5659 million units, respectively, reflecting year-on-year growth of 1.59% and 4.07% [2]. Group 3: Strategic Goals and Future Outlook - Changan aims to achieve a production and sales volume of over 5 million units by 2030, with new energy vehicles accounting for over 60% of total sales and overseas markets contributing over 30% [6]. - The company is focusing on technological cooperation, brand upgrades, and ecological restructuring to facilitate its transition towards low-carbon, intelligent, lightweight, and digital solutions [6]. Group 4: Collaboration with Huawei - Changan's strategic partnership with Huawei is crucial for enhancing its smart vehicle capabilities, with ongoing projects like the "Yinwang Technology Co., Ltd." expected to play a key role in this transformation [8]. - The collaboration aims to address the challenges of mass production in smart vehicle technology while also developing Changan's in-house capabilities [9].

Group 1 - Changan Automobile announced a plan for its directors and senior management to increase their holdings in the company's A-shares, with a total investment of no less than RMB 5.7 million over a six-month period starting from August 12, 2025 [2] - The increase in shareholding will not affect the company's stock distribution or control, and involves 19 individuals committing at least RMB 300,000 each [2] - The management's decision to increase their stake reflects confidence in the company's long-term investment value and future development prospects, aiming to enhance investor confidence [2] Group 2 - The newly established China Changan Automobile Group will cover the entire automotive and parts industry chain, focusing on R&D, manufacturing, trade, logistics, and ecosystem [3] - The company aims to implement a model of "vertical integration of technology + manufacturing level division + shared capacity platform," emphasizing core component development and modular product systems [3] - Changan Automobile targets to achieve total sales of 5 million vehicles by 2030, with 4 million from the Changan brand and 3 million from new energy vehicles [3] Group 3 - The establishment of the new central enterprise is expected to inject strong development momentum into Changan Automobile and empower its three global smart electric vehicle brands: Avita, Deep Blue, and Changan Qiyuan [4]