近些年来，从服务汽车产业转型到大力支持智能网联新能源汽车产业，从构建一流产业生态到推动产品、品牌、供应链"三个向上"，从提升汽车"重庆造"品 质和水平到利用陆海联运等方式加速"渝车出海"，重庆正在为以长安汽车等企业为龙头和骨干的汽车产业发展搭建越来越大的舞台，提供越来越多的便利， 优化越来越好的发展生态。"全力支持中国长安汽车打造具有全球竞争力、拥有自主核心技术的世界一流汽车集团，为重庆经济社会发展注入强劲动力。"重 庆市委书记袁家军在中国长安汽车成立大会上的发言，凸显了这一主旨。 "在重庆市的大力支持之下，我们在牵头实施'渝车出海'项目，用高效的联动来拓展东南亚、中东非洲、欧洲等海外市场。"中国长安汽车党委副书记、董事 赵非谈到，积极参与并推动一系列国际标准的制定与对接，能将长安的技术优势转化为全球市场规则、话语权以及核心竞争力。 而技术创新，正是打造企业核心竞争力的基石。过去10年，长安汽车立足重庆，紧跟全球汽车产业变革潮流，在电动化、智能化方面累计投资超过1100亿 元。电动化方面，打造了不起火的"金钟罩"电池；升级智慧新蓝鲸3.0，运用了行业首创的插混、增程一体化技术；并正在加速推进固态电池等新技术的 ...

Group 1 - The establishment of a new state-owned enterprise closely related to Changan Automobile is confirmed, with its headquarters located in Chongqing and led by current chairman Zhu Huarong [2] - The new entity is expected to be a direct unit under the State-owned Assets Supervision and Administration Commission (SASAC), with its name to be finalized by the end of the month [2] - Changan Automobile recently changed its name to Chanzhi Automotive Technology Group Co., Ltd., which is seen as a move to free up the name for the new group [2] Group 2 - Changan Automobile reported a global cumulative sales of 1.355 million units in the first half of 2025, marking a year-on-year increase of 6.8%, the highest in nearly eight years [3] - Sales of new energy vehicles reached 448,000 units, a year-on-year increase of 48.8%, accounting for 33% of total sales [3] - The company has invested over 40 billion yuan in the new energy sector since 2015 and plans to launch solid-state battery prototypes by the end of this year [3]

Core Insights - Changan Automobile showcased its advanced capabilities in new energy and intelligent technology at the 2025 Chongqing International Auto Show, attracting significant attention from European media [1][3][5] Group 1: Company Performance - In May, Changan Automobile achieved retail sales of 239,000 units, marking a year-on-year increase of 14.5%, with new energy vehicle sales reaching 95,000 units, up 70% year-on-year [3] - As of June 6, cumulative sales of the Changan brand reached 28.687 million units [3] Group 2: Global Expansion - Changan has established a global presence with operations in six major regions, including China, Europe, and Southeast Asia, and has conducted 28 regional brand launch events [3] - The company plans to build 20 overseas factories, with 9 already operational, and has established a network of over 14,000 global sales points across more than 100 countries [3] Group 3: Technological Advancements - The Changan Smart Factory utilizes over 40 advanced technologies, including 5G and AI, resulting in a 20% increase in manufacturing efficiency, a 20% reduction in costs, and a 19% decrease in energy consumption, leading to a reduction of approximately 24,000 tons of carbon emissions annually [7] - Changan's global R&D center focuses on new energy and intelligent technology, featuring the self-developed SDA platform and "Golden Bell" battery, which integrates AI algorithms for enhanced performance [9] Group 4: Design and Innovation - The Changan Global Design Center received praise for its innovative fusion of Eastern aesthetics and international trends, reflecting cultural confidence while appealing to global aesthetics [11] - The company's exhibition at the auto show highlighted its transformation into a smart, low-carbon mobility technology company, showcasing various innovative technologies and concepts [15][17] Group 5: European Market Strategy - Changan aims to provide dual electric and hybrid vehicle solutions in Europe, with plans to launch the Deep Blue S07 in Norway, Portugal, and the UK, and the strategic model Deep Blue S05 at the Munich International Motor Show [19] - The company has established sales operations in Germany and the Netherlands, with ongoing efforts to sign dealers in key European markets [19] Group 6: Customer Service Initiatives - Changan defines service as a top priority, offering extended warranties for the Deep Blue S07 and S05, and has established a parts supply center in the Netherlands to enhance service quality [21] - The company's commitment to new energy, intelligent technology, and design has left a strong impression on European media, who expressed eagerness to revisit and witness further advancements [21]

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]