| 投 资 动类别 | 者 | 关 系 | 活 | ■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 | 关呈基金、禛瑛投资、聚鸣投资、泰康资产、招商信诺资管、 | | 及人员姓名 | | | | 敦颐资产、善泉基金、中国（深圳）综合开发研究院、新华 | | | | | | 资产、Ponit 72、明涧投资、富国基金、睿远基金 | | 时间 | | | 2025 | 年 9 月 18 日 | | 地点 | | | | 公司会议室 | | 上 市 人员姓名 | 公 | 司 接 | 待 | 证券事务代表——揭中华、投关总监——蒋沙 | | | | | | 1.请介绍公司一下近期发布的新品？ | | | | | | 答：公司近期密集发布了多款新产品，分品牌信息如下： | | | | | | 长安引力方面，第四代逸动已于 9 月 7 日正式 ...

Group 1: Corporate Strategy and Leadership - Changan Automobile appointed Zhang Xiaoyu as Vice President in charge of strategy, indicating a potential upgrade in strategic focus as a new central enterprise [1] - The company aims to strengthen its core manufacturing capabilities while leveraging its ecological platform to expand service profitability through a "hard-soft combination" model [2] Group 2: Future Industry Planning - Changan plans to develop new technologies in humanoid robots and flying cars, with the first manned flying car expected to be launched in 2026 and mass production by 2028 [3] - The company will explore unmanned commercial vehicles, including cleaning robots and agricultural machinery, leveraging existing capabilities [3] Group 3: Recent Product Launches - The fourth-generation Yidong was launched on September 7, and the fourth-generation CS55PLUS is expected to be released within the year [4] - The A06 and new Q05 models were showcased at the fifth Technology Ecology Conference, with the Q05 featuring a 506 km electric range and advanced technologies [5] Group 4: Intelligent Driving Brand "Tianshu Smart Driving" - Tianshu Smart Driving aims to provide "extremely safe intelligent travel solutions," focusing on risk perception and real-time risk avoidance [6] - The Tianshu cockpit integrates AI technology for enhanced user interaction and experience, including a 3D surround sound system and health monitoring features [7] Group 5: Global Market Expansion - Changan is accelerating its global "Sea of Stars" plan, with over 28 brand launch events held in Europe and the Middle East Africa in the past year [8] - The company has established a presence in over 100 countries, with a global network exceeding 14,000 outlets, and plans to build 20 overseas factories [8] - By the end of the year, Changan's overseas production capacity is expected to reach 460,000 vehicles [9] Group 6: Regional Market Strategies - In Southeast Asia, Changan aims to enter the world brand TOP 10 by 2027, with its Thailand production base already operational [9] - In Europe, the company plans to introduce six new energy models by 2027 and complete marketing and service infrastructure by 2025 [9] - In Central and South America, Changan aims to enter the Brazilian market by 2025 and achieve full product line coverage [9] - In the Middle East and Africa, the company will focus on fuel vehicles and establish channels for the Deep Blue brand by 2025 [9]

证券代码：000625、200625 证券简称：长安汽车、长安 B 2.请介绍一下公司 8 月份销量表现？ 3.请公司介绍一下最近发布的智能化品牌"天枢智 驾"？ 答：为用户提供"极致安全的智能出行解决方案"，让 智能出行更安心，是我们作为央企的责任与担当。为此，基 于长安汽车世界一流的安全基建及行业领先的智能化技术， 公司搭建了"眼明-脑灵-腿快"的关键核心技术平台，主要 围绕以下三个领域： ①天枢驾驶辅助：天枢智驾的端到端技术，可以实时识 别风险场景，像老司机一样预判性驾驶，提前预判风险、规 避风险。更关键的是，随着积累的数据越来越多，驾驶辅助 系统可以学会更多随机应变的能力。大模型一个晚上的训练 数据，比一个司机一生的驾驶里程还多，越开越聪明、越开 越安全。天枢智驾的"新安全"，是让车从"遵守规则"到 "理解世界"，真正做到风险感知实时化、人车交互自然 化、安全防护超人化，从拟人到类人，再到超人。 重庆长安汽车股份有限公司投资者关系活动记录表 编号：2025-19 | 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 | | | □ ...

Group 1: Event Overview - The 2025 World Intelligent Industry Expo is being held in Chongqing, showcasing new products, technologies, and business models in the intelligent industry [1] - The expo is a merger of the China International Intelligent Industry Expo and the World Intelligent Conference, co-hosted by the governments of Tianjin and Chongqing [1] Group 2: Government Support and Strategic Importance - The Chinese government, under Xi Jinping, emphasizes the strategic importance of artificial intelligence (AI) as a leading technology in the current technological revolution [2] - The 2025 government work report includes a dedicated chapter on the "AI+" initiative, promoting the integration of digital technology with manufacturing and market advantages [3] Group 3: Local Developments in Chongqing - Chongqing has established a "33618" modern manufacturing cluster system, with 178 advanced intelligent factories and 980 digital workshops [4] - The city has implemented AI in agriculture, education, urban governance, and ecological management, achieving significant operational efficiencies and advancements [4][5] Group 4: Automotive Industry Growth - Chongqing's intelligent connected new energy vehicle (NEV) industry is rapidly growing, with a production increase of 90.5% in 2024, reaching 953,000 vehicles [6] - Major automotive companies like Changan Automobile and Seres are leading innovations in intelligent driving and connected vehicle technologies, with significant sales growth reported [6][7] Group 5: Expo Highlights and Participation - The expo features over 3,000 innovative products and technologies, focusing on themes like "AI+" and "Intelligent Connected New Energy Vehicles" [8] - Notable participants include leading automotive companies and technology firms, showcasing advancements in smart driving, robotics, and low-altitude economy solutions [8][9] Group 6: Networking and Collaboration Opportunities - The expo aims to facilitate industry connections through various activities, including product launches and investment matching sessions, involving over 80 representative companies in the AI sector [10]

Core Insights - The article discusses the integration of three major technological trends: Artificial Intelligence (AI), Embodied Intelligence, and Intelligent Driving, highlighting their interconnectedness and the underlying industry chains [2][3][20]. Group 1: Artificial Intelligence - AI is defined as the capability of machines to simulate human intelligence behaviors, including perception, thinking, learning, and decision-making. IDC predicts that by 2028, China's AI investment will exceed $100 billion, with a compound annual growth rate of 35.2% [7][8]. - The AI industry chain includes components such as AI chips, servers, sensors, machine learning frameworks, and data services, emphasizing the importance of chips as the core of the industry [9][8]. Group 2: Embodied Intelligence - Embodied Intelligence refers to intelligent agents with physical bodies that interact with the physical world, accumulating knowledge and skills through perception and control. Its applications span various sectors, including industrial manufacturing, healthcare, and education [13][14]. - The industry chain for Embodied Intelligence includes upstream core technology development, key components, system integrators, and downstream applications, showcasing a comprehensive view of the sector [14]. Group 3: Intelligent Driving - Intelligent Driving is described as an advanced driving technology that combines AI, autonomous driving, vehicle sensors, and internet technologies to enhance driving experiences. The ultimate goal is fully autonomous driving [17][18]. - The industry chain for Intelligent Driving encompasses core technology and hardware supply, system integration, and application scenarios, with significant representation from companies in the field during the upcoming expo [18][20]. Group 4: Event Overview - The 2025 China International Industrial Expo will feature three main exhibition areas focusing on "Secrets of Computing Power," "AI's Rebellion," and "Intelligent Driving Disassembly," showcasing advancements in semiconductor independence, AI-enabled industrial software, and digital transformation in manufacturing [24][23]. - The event will also host industry summits on topics like industrial internet and integrated circuits, aiming to empower high-quality development in the electronic information industry [24].

Core Viewpoint - The company demonstrated stable performance in 2024 with a revenue increase of 5.6% year-on-year, while net profit saw a significant decline of 35.4% [1] Group 1: Financial Performance - In 2024, the company's operating revenue reached 159.7 billion yuan, with a net profit of 7.32 billion yuan and a gross margin of 14.9% [1] - In Q4 2024, operating revenue increased by 13.2% year-on-year and 42.5% quarter-on-quarter to 48.77 billion yuan, with net profit soaring by 158.9% year-on-year and 400.1% quarter-on-quarter to 3.74 billion yuan [1] - Q1 2025 saw a decline in operating revenue by 7.7% year-on-year and 30.0% quarter-on-quarter to 34.16 billion yuan, while net profit increased by 16.8% year-on-year but decreased by 63.8% quarter-on-quarter to 1.35 billion yuan [1] Group 2: Sales and Product Development - The company reported a significant improvement in its joint venture investments, turning a loss of 2.4 billion yuan in Q4 2023 to a profit of 90 million yuan in Q4 2024 [2] - In 2024, the average selling price (ASP) of the company's new energy vehicles increased by 10,100 yuan, while the average cost per vehicle decreased by 6,700 yuan, resulting in a gross margin increase of 2 percentage points [2] - The company aims to produce and sell over 2.8 million vehicles by 2025, with plans to launch seven new energy products, enhancing competitiveness through technological upgrades [3] Group 3: Strategic Initiatives - The company is advancing its three major plans: electrification, intelligence, and globalization, with a focus on enhancing product competitiveness and expanding overseas markets [3] - In 2024, overseas sales increased by 49.6% year-on-year to 536,000 vehicles, with Q1 2025 showing a 46.5% year-on-year increase to 160,000 vehicles [3] - The company has established local manufacturing in Mexico and Germany and signed strategic cooperation agreements to enhance its market presence in high-growth regions [3] Group 4: Investment Outlook - The company maintains a "buy" rating, with upward revisions to net profit forecasts for 2025E-2026E by 26% and 25% to 8.06 billion yuan and 9.55 billion yuan, respectively, and a new forecast for 2027E net profit of 11.1 billion yuan [4]

Core Viewpoint - Changan Automobile is accelerating its strategic plans in new energy, intelligent systems, and globalization, aiming for significant sales growth by 2030, with a focus on electric vehicles and international markets [5][10]. Group 1: Strategic Planning Acceleration - Changan Automobile is implementing three major plans: "Shangri-La" for new energy, "Beidou Tianshu" for intelligent systems, and "Haina Baichuan" for globalization [5]. - The company aims to achieve total sales of 5 million vehicles by 2030, with 60% (3 million) being new energy vehicles and 1.2 million sold overseas [5]. Group 2: Core Technology Achievements - The company showcased its "Jinzhongzhao" all-solid-state battery with an energy density of 400Wh/kg and a 70% improvement in safety, expected to be mass-produced for humanoid robots by 2028 [8]. - The intelligent systems presented include "Tianshu Zhijia" (L3 pilot), "Tianyu Cockpit," and "Tianheng Chassis," with the Changan Qiyuan E07 demonstrating dynamic interaction [8]. - Innovative products like flying cars, humanoid robots, and smart exoskeletons were also displayed, with the flying car expected to complete test flights by the end of 2025 [8]. Group 3: Globalization Deepening - Changan has established 9 overseas factories, with a new energy vehicle base in Thailand set to begin production next month, and over 9,000 global sales outlets [10]. - The company plans to elevate five major overseas markets to the same strategic level as the Chinese market, transitioning from "product export" to localized industrial chain development [10]. Group 4: New Model Launches - The Changan Qiyuan Q07, a plug-in hybrid SUV, features a pure electric range of 200 km and a combined range of 1,400 km, equipped with the new Blue Whale 3.0 hybrid system [10]. - The Deep Blue S09, the first large six-seat range-extended SUV, is based on Huawei's intelligent solutions and is now open for pre-sale [10]. - The Avita 06 received over 12,500 orders within 48 hours of its launch, integrating Huawei's ADS 3.0 intelligent driving system and CATL's 5C ultra-fast charging technology [10].

Group 1: Battery Development - Changan Automobile is advancing the next-generation battery research, with the all-solid-state battery expected to debut by the end of 2025, achieving vehicle installation certification by 2026, and gradual mass production by 2027 [1] - The all-solid-state battery will have an energy density of 400 wh/kg, providing a range of over 1500 km on a full charge, significantly alleviating range anxiety [1] - Safety improvements of 70% are anticipated through AI remote diagnostics, addressing safety concerns associated with liquid batteries [1] Group 2: New Product Planning - Over the next three years, Changan plans to launch 35 new smart vehicles, including 10 models from Changan Qiyuan (small SUVs, medium SUVs, and MPVs), 10 models from Deep Blue (compact sedans and large SUVs), and 7 models from Avita (mid-to-large SUVs and sedans) [1] Group 3: Global Market Strategy - In 2025, Changan will implement its "Haina Baichuan" global strategy, focusing on long-termism and localism, with five key regional operational capabilities [2] - Specific plans include the launch of the Rayong factory in Southeast Asia, a brand launch event in Europe, production of KD projects in the CIS region, establishment of a subsidiary in Brazil, and full introduction of brands in the Middle East and Africa [2] - Avita 11 and Avita 12 were launched in Qatar on February 22, enhancing Avita's presence in the Middle East [2] Group 4: Smart Technology Development - Changan is prioritizing smart technology investments, with initiatives under the SDA platform and Tian Shu model, including intelligent driving ("Tian Shu Smart Drive"), intelligent cockpit ("Tian Yu Cockpit"), and intelligent control chassis ("Tian Heng Chassis") [2][3] - The company aims to provide extreme safety with advanced perception capabilities, launching features like collision avoidance in extreme conditions and night vision capabilities in August [3] - The intelligent cockpit will achieve 100% AI penetration, with the Tian Shu model enabling natural language understanding for enhanced user interaction [3]