2025年7月29日，中国长安汽车集团有限公司在重庆挂牌成立，整合了长安汽车、辰致集团等117家分子公司，股权结构上，中国长安汽车集团合计持有长安汽车 35.04%股份，成为其间接控股股东，实际控制人仍为国资委，新集团成立有助于深化资源整合、强化产业链协同，提升长安汽车的治理效率和国际化运作水平，助力 新能源车快速发展。 03 投资建议 01 事件概述 公司发布2025年半年报：2025H1公司营业收入726.9亿元，同比-5.3%；归母净利润22.9亿元，同比-19.1%；扣非归母净利14.8亿元，同比+26.3%。2025Q2营业收入385.3亿 元，同比-2.9%，环比+12.8%；归母净利润9.4亿元，同比-43.9%，环比-30.6%；扣非归母净利6.9亿元，同比-34.4%，环比-11.5%。 02 分析判断 ► 营收、 ASP 环比增长 毛利环比提升 收入端：自主销量提升促进营收。 2025Q2公司自主乘用车销量39.2万辆（中汽协口径），同比+3.5%，环比-10.8%；新能源销量25.8万辆，同比+51.3%，环比+32.6%，公司 总营收为385.3亿元，同比-2.9%，环比+12.8%， ...

事件概述：公司发布2025 年半年报：2025H1 公司营业收入726.9 亿元，同比-5.3%；归母净利润22.9 亿 元，同比-19.1%；扣非归母净利14.8 亿元，同比+26.3%。2025Q2 营业收入385.3 亿元，同比-2.9%，环 比+12.8%；归母净利润9.4 亿元，同比-43.9%，环比-30.6%；扣非归母净利6.9 亿元，同比-34.4%，环 比-11.5%。 长安汽车新集团成立 深化资源整合协同。2025 年7 月29 日，中国长安汽车集团有限公司在重庆挂牌成 立，整合了长安汽车、辰致集团等117 家分子公司，股权结构上，中国长安汽车集团合计持有长安汽车 35.04%股份，成为其间接控股股东，实际控制人仍为国资委，新集团成立有助于深化资源整合、强化 产业链协同，提升长安汽车的治理效率和国际化运作水平，助力新能源车快速发展。 投资建议：我们看好公司电动智能转型，叠加华为智能化赋能，预计2025-2027 年收入分别为 1,896/2,095/2,335 亿元， 归母净利润分别为80.6/101.6/127.2 亿元，EPS 分别为0.81/1.02/1.28 元，对应 2025 年 ...

长安汽车（000625.SZ）系列点评三十 25Q2 毛利环比提升 25H2 新能源增量可期 2025 年 08 月 24 日 ➢ 事件概述：公司发布 2025 年半年报：2025H1 公司营业收入 726.9 亿元， 同比-5.3%；归母净利润 22.9 亿元，同比-19.1%；扣非归母净利 14.8 亿元，同 比+26.3%。2025Q2 营业收入 385.3 亿元，同比-2.9%，环比+12.8%；归母净 利润 9.4 亿元，同比-43.9%，环比-30.6%；扣非归母净利 6.9 亿元，同比-34.4%， 环比-11.5%。 ➢ 营收、ASP 环比增长 毛利环比提升。收入端：自主销量提升促进营收。 2025Q2 公司自主乘用车销量 39.2 万辆（中汽协口径），同比+3.5%，环比- 10.8%；新能源销量 25.8 万辆，同比+51.3%，环比+32.6%，公司总营收为 385.3 亿元，同比-2.9%，环比+12.8%，营收同环比增长强于销量主要受产品结构影响， 高价值新能源车型销量占比提升；ASP：2025Q2 单车 ASP 达 9.8 万元，环比+ 2.3 万元；伴随公司下半年推出启源 A06 ...

Core Viewpoint - The collective share purchase by senior executives of Changan Automobile demonstrates confidence in the company's long-term investment value and future development prospects, enhancing investor confidence and aligning management interests with the company's growth strategy [3]. Group 1: Executive Share Purchase - The announcement of a collective share purchase by 19 senior executives of Changan Automobile, with a minimum individual investment of RMB 300,000, totals at least RMB 5.7 million [2]. - This is the first instance of a collective share purchase by senior executives of a central enterprise's listed subsidiary, indicating strong recognition of the company's value [3]. Group 2: New Group Formation - On July 29, 2025, the China Changan Automobile Group was established, integrating 117 subsidiaries, with the group holding 35.04% of Changan Automobile's shares, making it the indirect controlling shareholder [4]. - The new group's formation aims to enhance resource integration, strengthen industry chain collaboration, and improve governance efficiency, supporting the rapid development of new energy vehicles [4]. Group 3: New Energy Transition - From January to July 2025, the Deep Blue and Avita brands sold 170,000 and 69,000 vehicles respectively, representing year-on-year growth of 70.5% and 135.8% [5]. - The company plans to launch new models and accelerate global expansion, targeting annual sales of 500,000 vehicles in 2025, with 400,000 in the domestic market and 100,000 overseas [5]. Group 4: Financial Forecasts - Revenue projections for 2025-2027 are RMB 189.6 billion, RMB 209.5 billion, and RMB 233.5 billion, with corresponding net profits of RMB 8.9 billion, RMB 10.8 billion, and RMB 12.7 billion [6][7]. - The earnings per share (EPS) are expected to be RMB 0.89, RMB 1.09, and RMB 1.28 for the years 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 15, 12, and 10 [6][7].

Core Viewpoint - The company is experiencing significant growth in wholesale sales, particularly in its self-owned brands and new energy vehicles, while also undergoing structural changes to enhance operational efficiency and international competitiveness [2][5][6]. Group 1: Sales Performance - In July, the company's wholesale sales reached 210,000 units, a year-on-year increase of 23.4% but a month-on-month decrease of 10.4% [2]. - Cumulatively, from January to July, total wholesale sales amounted to 1.566 million units, reflecting a year-on-year growth of 4.1% [2]. - Self-owned brand sales in July were 178,000 units, up 27.7% year-on-year but down 9.0% month-on-month [3]. - From January to July, cumulative sales for self-owned brands reached 1.328 million units, a year-on-year increase of 5.4% [3]. Group 2: New Energy Vehicle Growth - The company reported a significant increase in new energy vehicle sales, with July sales at 80,000 units, marking a year-on-year growth of 74.1% [3]. - Cumulatively, from January to July, new energy vehicle sales totaled 532,000 units, up 52.3% year-on-year [3]. - The Deep Blue brand sold 27,000 units in July, a year-on-year increase of 62.5% [3]. - The Avita brand achieved sales of 10,062 units in July, reflecting a remarkable year-on-year growth of 177.6% [3]. Group 3: Strategic Developments - The establishment of the new China Changan Automobile Group aims to deepen resource integration and enhance operational efficiency, with a focus on becoming a world-class automotive group with core independent technologies [5]. - The group plans to launch new models, including the Deep Blue L06 and others, to accelerate the transition to electric vehicles while maintaining a strong fuel vehicle base [3][4]. - By 2025, the group aims for total sales of 3 million vehicles, with 1 million being new energy vehicles [3]. Group 4: Financial Projections - The company maintains a positive outlook on its electric and intelligent transformation, projecting revenues of 189.6 billion, 209.5 billion, and 233.5 billion yuan for 2025, 2026, and 2027 respectively [6]. - Expected net profits attributable to the parent company are forecasted at 8.87 billion, 10.76 billion, and 12.72 billion yuan for the same years [6].

Report Overview - Date: August 6, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] - Team: Non-ferrous Metals Research Team [4] Key Points 1. Investment Rating - No investment rating provided in the report. 2. Core View - The lithium carbonate futures market showed a pattern of rising and then falling. The market's hype about the mining end in Yichun has cooled over time. The focus of the spot market has shifted slightly downward, with the price of electric carbon dropping by 150 to 71,200. The downstream production of cathodes and cells is growing optimistically, and procurement demand has increased, but actual transactions are mainly for essential needs due to the strengthening basis. The market is cautious and waiting for the upstream lithium resource production suspension situation to be clarified, so short-term cautious observation is recommended [12]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The lithium carbonate futures market rose and then fell. The market hype about the mining end in Yichun has cooled. The spot market focus has shifted slightly downward, with the electric carbon price dropping by 150 to 71,200. The downstream production of cathodes and cells is growing optimistically, and procurement demand has increased, but actual transactions are mainly for essential needs due to the strengthening basis. The market is cautious and waiting for the upstream lithium resource production suspension situation to be clarified, so short-term cautious observation is recommended [12]. 3.2 Industry News - Chang'an Qiyuan announced its new car sales in July 2025, with 28,568 vehicles delivered in July and cumulative sales exceeding 190,000 from January to July, a year-on-year increase of 30%. The cumulative sales of Qiyuan Q07 exceeded 40,000, and Qiyuan A06 will be officially launched in the second half of the year [13]. - Beijing New Energy Automobile Co., Ltd. produced 10,745 vehicles in July 2025, a year-on-year decrease of 7.79%, and sold 10,280 vehicles, a year-on-year decrease of 6.38%. From January to July, the cumulative production was 78,754 vehicles, a year-on-year increase of 162.05%, and the cumulative sales were 77,432 vehicles, a year-on-year increase of 98.58% [13]. - On August 1, 2025, Tieling Economic Development Zone signed a contract with Guosheng Energy Co., Ltd., with a total investment of 3 billion yuan and an area of 230 mu. The industrial park will be built in two phases to create a complete industrial chain, including the production and recycling of positive and negative electrode materials for high-performance solid-state batteries, cell manufacturing, and Pack lines. The project will also enter cutting-edge fields such as heterojunction tandem perovskite and new energy high-end equipment R & D and manufacturing [13].

Summary of Changan Automobile Conference Call Industry and Company Overview - The conference call focuses on Changan Automobile, a key player in the automotive industry, particularly in the electric vehicle (EV) sector. The company aims to expand its market presence both domestically and internationally, with specific targets for its various brands and segments [2][6]. Core Points and Arguments - **Sales Targets**: Changan Automobile has set a target of 1 million units for its new energy vehicle (NEV) segment and a minimum target of 700,000 units for its overseas sales due to international market conditions [2][7]. - **Product Launches**: The company plans to launch over 19 new products across five major regions, aiming to expand its market capacity to 30 million channels and sales opportunities [2][8]. - **International Expansion**: Changan is focusing on markets in Europe, Southeast Asia, and South America, with specific plans to enter Brazil and other new markets [2][7][8]. - **Brand Performance**: The Deep Blue and Avita brands are performing well, with Deep Blue targeting a price range above 300,000 yuan and aiming for profitability by 2025 [2][11]. - **Production Capacity**: By the end of the year, Changan's overseas production capacity is expected to reach 460,000 units, including contributions from its Thailand factory and KD projects in Kazakhstan [2][8]. Additional Important Content - **Response to Tariff Risks**: Changan is actively addressing potential tariff risks by optimizing its global supply chain and enhancing communication with local governments [2][9]. - **Market Competition**: The company is responding to price wars in the mid-to-low-end NEV market by improving product competitiveness and accelerating model updates, with plans to release at least two updated versions annually [2][12]. - **Inventory Management**: Domestic inventory levels are stable and low, typically not exceeding two months, while overseas inventory is less significant due to longer logistics times [2][13]. - **Corporate Restructuring**: The restructuring of Changan's parent company into a new central enterprise group aims to improve operational efficiency and support the company's market-oriented transformation and international expansion strategy [2][14]. - **Joint Ventures**: Changan Ford aims to maintain a production and sales scale of 200,000 units while adapting to changes in the Chinese market. Changan Mazda is also transitioning to align with market demands, supported by Changan's technology and product offerings [2][15]. This summary encapsulates the key insights from the conference call, highlighting Changan Automobile's strategic direction, market challenges, and growth opportunities.