8月18日，广东联合产权交易中心官网披露，东风汽车集团股份有限公司（下称"东风集团股份"）将出 售东风本田发动机有限公司（下称"东本发动机"）50%股权。目前，该项目处于预挂牌阶段，转让底价 待定，挂牌截止日期为9月12日。 一方面"停牌"待发内幕消息公告，一方面"清仓"与本田合资的发动机业务，东风集团股份究竟在筹谋什 么？复牌又在何时？对此，《华夏时报》记者采访了东风集团相关负责人。 清仓东本发动机，意在电动化？ 资料显示，东本发动机成立于1998年，由东风和本田共同出资，主要是为广汽本田汽车有限公司供应发 动机及零部件。其中，东风汽车集团股份有限公司、本田技研工业株式会社及本田技研工业（中国）投 资有限公司，持股比例分别为50%、40%及10%。 东本发动机是时代的产物，与当时本田以及广州的汽车产业密不可分。1998年，本田在华首家合资车企 广汽本田成立，开启了在华整车事业，总部位于广州市黄埔区。同年，东本发动机成立，注册地点同样 位于广州市黄埔区。目前，东本发动机的官方简介仍是"负责开发、生产、销售轿车用的发动机及其零 部件，并提供相应的售后服务，产品主要用于广汽本田生产的系列乘用车型"。 东本发动机成 ...

Core Viewpoint - Dongfeng Group has announced a temporary suspension of trading due to the release of insider information, with significant speculation surrounding potential corporate restructuring and performance forecasts [1][2]. Financial Performance - Dongfeng Group has issued a profit warning, projecting a net profit for the first half of 2025 to be between 30 million and 70 million yuan, representing a decline of approximately 90% to 95% compared to the same period in 2024 [2][4]. - The company attributes its performance decline to two main factors: a significant drop in sales and profits in the joint venture non-luxury brand market, and increased investments in R&D, brand building, and marketing in response to fierce market competition [4]. Sales Data - From January to July this year, Dongfeng Group's cumulative sales of new energy vehicles reached 249,600 units, a year-on-year increase of approximately 35.5%. However, overall vehicle sales declined by about 8.9% to 978,500 units [5]. - The parent company, Dongfeng Motor Corporation, reported a cumulative vehicle sales of 1,260,400 units during the same period, down approximately 10.8% year-on-year [5]. - Specific joint venture brands have seen notable declines: Dongfeng Nissan's sales fell by 16.8% to 306,400 units, Dongfeng Honda's sales dropped by 31.2% to 173,400 units, and Shenlong Automobile's sales decreased by 29.2% to 30,400 units [5]. Strategic Initiatives - In response to market pressures, Dongfeng Group has made several strategic adjustments, including the establishment of Yipai Automotive Technology Company to focus on the development of independent passenger vehicles [7]. - The company has set ambitious sales targets for the year, aiming for a total of 3 million vehicles sold, including 1 million new energy vehicles and 900,000 independent new energy vehicles [7]. - Dongfeng Yipai Technology is expected to enhance decision-making efficiency and market responsiveness through the integration of various brands and resources [10]. Product Development - Dongfeng Group is launching new models to address market demands, including the Dongfeng Nissan N7, which features advanced intelligent driving capabilities, and the Dongfeng Honda S7, which emphasizes high quality and performance [6]. - The newly formed Shenlong Automobile brand has introduced its first model, the Shijie 06, as part of its strategy to gain traction in the market [6]. - Dongfeng Yipai Technology plans to expand its product lineup significantly, with an expected 20 models by 2028, focusing on continuous innovation and market adaptation [10].

Core Viewpoint - Dongfeng Group has announced a temporary suspension of trading due to the release of insider information, amidst speculation about potential restructuring and significant profit declines for the upcoming year [1][3]. Financial Performance - Dongfeng Group has issued a profit warning, projecting a net profit for the first half of 2025 to be between 30 million and 70 million yuan, representing a decline of approximately 90% to 95% compared to the same period in 2024 [3]. - The company attributes the performance decline to two main factors: a significant drop in sales and profits from joint venture non-luxury brands, and increased investments in R&D, brand building, and marketing in response to fierce market competition [5]. Sales Data - From January to July this year, Dongfeng Group's cumulative sales of new energy vehicles reached 249,600 units, marking a year-on-year increase of about 35.5%. However, total vehicle sales for the same period were 978,500 units, reflecting a year-on-year decrease of approximately 8.9% [6]. - The parent company, Dongfeng Motor Corporation, reported cumulative vehicle sales of 1,260,400 units from January to July, down about 10.8% year-on-year [6]. Brand Performance - Sales of Dongfeng's joint venture brands have seen significant declines: Dongfeng Nissan's sales fell by 16.8% to 306,400 units, Dongfeng Honda's sales dropped by 31.2% to 173,400 units, and Shenlong Automobile's sales decreased by 29.2% to 30,400 units [6]. - The decline in joint venture brand sales is attributed to slow transitions to electrification and smart technology, with many existing electric products being adaptations rather than innovations [6]. Strategic Initiatives - In response to performance pressures, Dongfeng Group has made several strategic adjustments, including the establishment of Yipai Automotive Technology Company to focus on the development of its own passenger vehicles [8]. - The company has set ambitious sales targets for the year, aiming for a total of 3 million vehicles sold, including 1 million new energy vehicles and 900,000 self-owned new energy vehicles [8]. - Dongfeng Yipai Technology is expected to enhance decision-making efficiency and market responsiveness through the integration of various brands and resources [8][12]. New Product Launches - Dongfeng Nissan has launched its first pure electric model, the Nissan N7, featuring advanced smart driving capabilities [7]. - Dongfeng Honda has introduced the S7, touted as the "strongest Honda electric vehicle," with a range of 620 to 650 km [7]. - Shenlong Automobile has launched a new brand, with its first model, the Shijie 06, already on the market [7]. Future Outlook - Dongfeng Yipai Technology plans to expand its product lineup to 20 models by 2028, with continuous updates to each model [12]. - The company is also collaborating with Huawei on a high-end smart SUV project, aiming for a 2026 launch [9].

Core Viewpoint - Dongfeng Group is facing significant challenges, with a projected decline in net profit for the first half of 2025 by approximately 90% to 95% compared to the same period in 2024, primarily due to declining sales and profits in its joint venture non-luxury brand segment and increased investments in its independent business [1][2]. Sales Performance - From January to July this year, Dongfeng Group's cumulative sales of new energy vehicles reached 249,600 units, a year-on-year increase of about 35.5%, but overall vehicle sales fell by approximately 8.9% to 978,500 units [2]. - The parent company, Dongfeng Motor Group, reported a cumulative vehicle sales of 1,260,400 units during the same period, down about 10.8% year-on-year [2]. - Sales of joint venture brands have significantly declined, with Dongfeng Nissan's sales down 16.8% to 306,400 units, Dongfeng Honda down 31.2% to 173,400 units, and Shenlong Automobile down 29.2% to 30,400 units [2]. Strategic Adjustments - In response to performance pressures, Dongfeng Group has made several strategic adjustments, including the establishment of Yipai Automotive Technology Company to focus on independent passenger vehicle development [4]. - The company aims for a total annual sales target of 3 million vehicles, including 1 million new energy vehicles and 900,000 independent new energy vehicles [4]. - Dongfeng Yipai Technology is expected to enhance decision-making efficiency and market responsiveness through the integration of various brands and resources [4]. New Product Launches - Dongfeng Nissan has launched the N7, a new pure electric model featuring advanced intelligent driving capabilities [3]. - Dongfeng Honda introduced the S7, marketed as a high-quality electric vehicle with a range of 620 to 650 km [3]. - Shenlong Automobile has launched a new energy brand, with its first model, the Shijie 06, already on the market [3]. Future Outlook - Dongfeng Yipai Technology plans to introduce 20 new models by 2028, with a focus on continuous product evolution [5]. - The company is also collaborating with Huawei on a high-end intelligent SUV project, set to launch in 2026 [4].

Core Insights - Dongfeng Motor is committed to advancing its transformation towards new energy vehicles and enhancing its technological independence amidst significant changes in the automotive industry [2][4][12] - The company achieved a total vehicle sales of 1.116 million units in the first half of the year, with a notable increase in sales of its own brands, which now account for 60% of total sales [2][12] - Dongfeng's new energy vehicle sales reached 402,000 units, marking a year-on-year growth of 6.8% and a penetration rate of 36% [2][12] Sales Performance - In June, Dongfeng's wholesale and terminal delivery volumes both surpassed 200,000 units, with a quarter-on-quarter increase in terminal deliveries of 23.6% [2] - Passenger vehicle sales totaled 864,000 units, while commercial vehicle sales reached 251,000 units [2] Product Development - Dongfeng has launched several new models in 2025, including the Dongfeng Yipai eπ007 and eπ008, as part of its strategy to strengthen its new energy product matrix [4][5] - The establishment of Dongfeng Yipai Automotive Technology Company aims to consolidate resources across the entire value chain to enhance the development of Dongfeng's passenger vehicle business [4] Technological Advancements - The launch of the "Tianyuan Intelligent" technology brand signifies Dongfeng's commitment to building a comprehensive intelligent technology system [5] - Dongfeng is actively involved in the formulation of national standards for advanced driver assistance systems, showcasing its leadership in intelligent vehicle technology [5] International Expansion - Dongfeng is accelerating its internationalization efforts, with significant market entries in Europe and the Middle East, including the opening of a flagship showroom in Italy [7][9] - The company has signed strategic cooperation agreements to further expand its presence in the Middle East and deepen its European market strategy [9] Industry Collaboration - Dongfeng has established partnerships with various entities, including Huawei, to enhance its capabilities in smart cockpit and connected vehicle technologies [5][12] - The company is also leading initiatives to address supply chain challenges by forming a joint innovation consortium for automotive-grade chips [12] Long-term Strategy - Dongfeng emphasizes a long-term approach to development, focusing on high-quality growth and the establishment of a complete ecosystem encompassing vehicles, core components, and key technologies [11] - The company is enhancing its industrial cluster by attracting specialized enterprises and improving supply chain efficiency [11]

Core Viewpoint - Stellantis has appointed Antonio Filosa as the new CEO amid significant operational challenges, including a sharp decline in revenue and profit, particularly in the North American market [3][6][7]. Financial Performance - Stellantis reported a net revenue of €156.9 billion for 2024, a 17% decrease from €189.5 billion in 2023 [8]. - The net profit plummeted by 70% to €5.52 billion, down from €18.63 billion the previous year [8]. - Diluted earnings per share fell by 69% to €1.84, compared to €5.94 in 2023 [8]. - Cash flow from operating activities decreased by 82% to €4.01 billion, down from €22.49 billion [8]. - Adjusted operating profit dropped by 64% to €8.65 billion, with an adjusted operating margin of 5.5%, down 730 basis points from 12.8% [8]. Market Challenges - North American sales fell by 36%, exacerbated by new tariff policies under the current administration [7][9]. - The first quarter of 2024 saw a 20% year-over-year decline in sales, despite a temporary rebound in March [7]. - In Europe, sales decreased by 5%, with market share dropping to 16.4% [9]. - Stellantis has faced increased competition from other brands, particularly in the electric vehicle sector, where it has struggled to maintain a presence in China [11][12]. Leadership and Strategy - Antonio Filosa, previously an executive at FCA, is seen as a stabilizing figure who may adopt a more moderate approach compared to his predecessor [13][15]. - Filosa's appointment was unanimously approved by the board, indicating confidence in his ability to navigate the company through its current difficulties [15]. - His management style emphasizes cost control and market expansion, as evidenced by the successful entry of the Jeep brand into the Brazilian market [15][17]. Compensation and Expectations - Filosa's salary is set at $10.2 million, significantly lower than his predecessor's $23.9 million, reflecting the company's current financial struggles [19][21]. - His compensation package includes $9 million in stock incentives, linking his earnings to the company's stock performance [21]. - The expectation is that Filosa will need to address the challenges of electric vehicle transition, financial recovery, and competitive positioning to secure a more favorable compensation in the future [21].

Core Insights - Stellantis Group has appointed Antonio Filosa as the new CEO, effective June 23, following a six-month vacancy in the position [1][2] - The company reported a significant decline in financial performance for FY2024, with net revenue dropping 17% to €156.9 billion and net profit plummeting 70% to €5.5 billion [1] - Stellantis has lowered its financial expectations for 2024, forecasting an operating profit margin of 5.5% to 7% and a free cash flow of negative €5 billion to negative €10 billion [1] Leadership Transition - The selection of Antonio Filosa was led by the board's special committee under Chairman John Elkann, emphasizing internal promotion [2] - Filosa has extensive experience in the Americas, having held various leadership roles since joining Fiat in 1999, including COO of Stellantis for the Americas [2][3] Market Performance - North America, a key profit region for Stellantis, saw a 14.31% decline in sales to 1.527 million units in 2024, with a further 20% drop in Q1 [3] - In contrast, the South American market experienced a 4.21% increase in sales, achieving a market share of 22.9% [3] - The ability to recover in North America while capitalizing on growth in South America will be crucial for Stellantis's goal of restoring profitability by 2025 [3] Strategic Focus - Stellantis has adopted a cautious approach in the Chinese market, with a notable decline in sales, dropping 29.2% to 46,000 units in 2024 [4] - The company is shifting its strategy in China, focusing on local development through its joint venture, Dongfeng Motor, and reducing reliance on imported brands [4][5] - The previous CEO's "asset-light" strategy has led to a diminished focus on existing projects in China, with a pivot towards partnerships with local players like Leap Motor [5]

Core Insights - The 2025 23rd Huazhong International Auto Show showcased over 30 new models and more than 10 innovative technologies, highlighting the vibrant development of the automotive industry [2][4] - Over 60% of the exhibitors were from the new energy sector, indicating a significant shift towards electric and smart vehicles [1][4] Group 1: Event Overview - The auto show took place at Wuhan International Expo Center, covering nearly 80,000 square meters with around 400 exhibitors and nearly 1,000 vehicles on display [1] - Mainstream automotive brands had a participation rate exceeding 98%, with over 99% of manufacturers using dedicated exhibition facilities [1] Group 2: Industry Trends - The event emphasized the trend of "smart driving," with over 30 new energy brands participating, pushing China's smart driving technology to a new level [4] - Major automotive companies like BYD showcased advanced driving assistance systems, demonstrating the practical applications of smart driving technology [4] Group 3: Consumer Engagement - The auto show featured promotional activities such as a chance to win a car and gold prizes, significantly boosting consumer interest and participation [6] - The event also included substantial subsidies for old car scrapping and vehicle replacement, further stimulating consumer spending [6] Group 4: Cultural and Cross-Industry Initiatives - A special exhibition titled "Old Cars Never Die" featured classic vehicles, creating a nostalgic experience for attendees [7] - The auto show collaborated with home appliance brands to create a lifestyle festival, enhancing the overall consumer experience [7]

Core Viewpoint - The launch of the new brand "Shijie" by Shenlong Automobile aims to differentiate itself in the competitive Chinese electric vehicle market, targeting consumers who prefer French cars and offering a unique driving experience with the Shijie 06 model priced at 125,800 yuan [1][3][11] Group 1: Brand and Market Positioning - Shijie 06 is positioned as a compact electric SUV with a range of 520 kilometers, targeting the 6.5 million consumers in China who favor French cars [1][3] - The brand aims to provide a practical and cost-effective option for consumers looking to switch from traditional French vehicles to electric ones, emphasizing unique French characteristics in design and driving experience [3][5] - Shenlong's strategy reflects a shift in the Chinese automotive market, moving from a reliance on foreign technology to a model that integrates local supply chains and expertise [9][10] Group 2: Technological Integration - The Shijie 06 incorporates advanced technologies such as dynamic torque distribution and a "zero motion control" system to enhance driving comfort and reduce motion sickness [5][6] - The collaboration between Chinese electric technology and French driving dynamics aims to create a vehicle that offers a driving experience comparable to traditional fuel vehicles [4][5] Group 3: Historical Context and Future Outlook - Shenlong Automobile has a historical significance in the Chinese market, having previously achieved high sales volumes but facing declines since 2016 due to changing consumer preferences [6][11] - The introduction of the Shijie brand is seen as a critical step in Shenlong's "second entrepreneurship," with expectations for future models to further establish the brand's presence in the electric vehicle sector [11] - The broader trend in the automotive industry indicates a shift towards "technology integration" rather than "market exchange for technology," with a focus on creating vehicles that cater to local consumer needs while leveraging global resources [9][10]

Core Viewpoint - The "second entrepreneurship" of Shenlong Company is a unified goal among the government and both Chinese and French shareholders, focusing on the rapid implementation of strategic measures [1] Group 1: Strategic Development - Shenlong Company's "second entrepreneurship" dates back to two years ago, with a strategic agreement reached in October 2023 to integrate into Dongfeng's new energy business [1] - The launch of the new energy brand "HEDMOS" in March marks the practical implementation of this strategy, initiating a new transformation model for joint venture car companies [1] - The official launch of the first model, the "Shijie 06," on May 20, signifies a substantial breakthrough for Shenlong in the new energy sector, priced at 125,800 yuan, with a special price of 108,800 yuan for existing French car owners [1] Group 2: Product Features and Target Market - The "Shijie 06" is described as a product of 33 years of automotive experience, highlighting its unique features of "Chinese electric, French driving control," combining Dongfeng's innovations with French vehicle tuning [3] - The target consumer group for the "Shijie 06" includes existing French car owners, with approximately 4 million French cars in circulation in China as of December 2023 [4] - The design of the "Shijie 06" considers the strong demand for new energy vehicle replacements among existing gasoline vehicle customers, who exhibit high brand loyalty and practical consumption characteristics [4] Group 3: Sales and Distribution Strategy - The "Shijie" brand will share sales networks with Dongfeng Citroën and Dongfeng Peugeot, allowing for simultaneous sales of three brands in one dealership [4] - The stability of Shenlong's dealer team over the past two and a half years, despite a lack of new models, indicates strong collaboration in exploring the new energy market [5] - The success of the "Shijie" brand in gaining recognition from existing French car owners and boosting sales will be crucial for Shenlong's transformation [5]