Core Insights - The recent inquiry response from Jianghuai Automobile reveals the cash reserve status of domestic car manufacturers, indicating a median cash coverage of 3.82 months and an average of 3.46 months among 11 companies [2][5] Group 1: Cash Coverage Analysis - SAIC Motor leads with a cash coverage of 5.52 months, while Seres is at the bottom with only 0.89 months, highlighting significant financial pressure on companies like BYD and Great Wall Motors, which have less than 3 months of coverage [2][5] - Cash coverage months serve as a critical indicator of a company's ability to sustain daily expenses, with a recommended safety baseline of 3-4 months to cover fixed costs such as salaries and supplier payments [5] Group 2: Financial Health Indicators - GAC Group shows the best performance with the lowest debt-to-asset ratio of 47.61%, while Dongfeng shares a healthy ratio of 50.28% [6] - SAIC Motor, Changan Automobile, and Great Wall Motors maintain debt-to-asset ratios below 65%, indicating solid financial health, whereas BYD and Seres have higher ratios of 74.64% and 87.38%, respectively, with Seres experiencing a continuous increase over three years [6] Group 3: Market Outlook - Seres is projected to achieve a net profit of 2.7 billion to 3.2 billion yuan in the first half of 2025, reflecting a year-on-year increase of 66.20% to 96.98%, supported by strong order data for new models [5] - The inquiry response acts as a "mirror" revealing the true financial conditions of car manufacturers, emphasizing the need for leading companies to ensure sustainable long-term development rather than relying on superficial growth [6]