Core Viewpoint - Ford China is restructuring its sales channels by establishing a wholly-owned subsidiary, Ford Automotive Sales Service (Shanghai) Co., Ltd., to manage marketing, sales, and service for Ford's passenger cars and pickups in China, effective October 1 [2][4]. Group 1: Company Restructuring - The new subsidiary will consolidate the sales services of Ford's two joint ventures in China: Jiangling Ford and Changan Ford, aiming to enhance operational efficiency and profitability amid increasing market competition [3][6]. - Chen Xiaobo has been appointed as the president of the new sales service company, reporting to Ford China's president and CEO, Wu Shengbo [5][6]. - Jiangling Motors has signed a distribution service contract with the new company, indicating that it will still participate in the sales of Ford vehicles, sharing sales responsibilities with the new entity [7]. Group 2: Market Challenges - Ford is facing significant pressure in the Chinese market, with declining sales and the need for transformation, as evidenced by a 16.43% year-on-year drop in Changan Ford's sales in the first five months of the year [4][12]. - Jiangling Ford's projected sales from 2022 to 2024 are not expected to exceed 50,000 units, with losses exceeding 1.6 billion yuan during the same period [13]. - The competitive landscape in the Chinese automotive market is intensifying, prompting Ford to consolidate resources to improve efficiency and maintain competitiveness [10][14]. Group 3: Historical Context - This is not Ford's first attempt at channel integration in China; previous efforts, such as the establishment of the National Dealer Service Development (NDSD) in 2018, were unsuccessful due to limitations in resource allocation [9]. - The automotive industry expert Mei Songlin noted that the current market conditions necessitate channel consolidation to enhance operational efficiency, especially as foreign and joint venture brands face declining sales [10].

Core Viewpoint - Ford is restructuring its sales channels in China by establishing a wholly-owned subsidiary, Ford Sales Service Company, to manage marketing, sales, and service for its passenger cars and pickup trucks in the Chinese market, marking a significant shift in its operational strategy [2][5]. Group 1: Company Restructuring - On September 23, Ford China announced the establishment of Ford Sales Service Company, which will officially start operations on October 1 [2]. - Chen Xiaobo has been appointed as the president of Ford Sales Service Company, previously holding key positions in Changan Ford and other marketing roles [2]. - The new company will unify the sales of Changan Ford, Ford imported vehicles, and Jiangling Ford, which includes models like Changan Ford Edge and Explorer, as well as Jiangling Ford's Lingrui and F-150 Raptor [3][4]. Group 2: Financial Performance and Challenges - Jiangling Ford Technology Company has been operating at a loss since its inception, with revenues of 1.24 million, 6.43 million, and 53.23 million from 2022 to 2024, and net losses of 1.06 million, 8.39 million, and 6.77 million respectively, totaling approximately 16.22 million in losses over three years [4]. - As of mid-2023, Jiangling Ford Technology Company reported total assets of about 875 million and a negative net asset of 1.42 billion [4]. Group 3: Strategic Implications - The establishment of Ford Sales Service Company aligns with CEO Jim Farley's strategy to reduce investment in China and focus on high-return businesses, indicating a strategic retreat in the Chinese market [5]. - The integration of sales channels is seen as a necessary step to streamline operations and improve profitability, as the previous fragmented sales structure was no longer suitable for Ford's strategy in China [4][5].

9月23日，上海福特汽车（中国）有限公司（下称"福特中国"）宣布，在上海正式设立福特汽车销售服务（上海）有限公司（下称"福特销售服务公司"）， 作为福特的全资子公司，全面管理福特品牌乘用车和皮卡车型在中国市场的营销、销售和服务业务。新公司将于10月1日正式运营。 福特中国在声明中表示，陈晓波正式加入福特中国，担任福特销售服务公司总裁，向福特中国及福特国际市场集团总裁兼首席执行官吴胜波汇报。此前，陈 晓波曾担任长安福特新能源科技有限公司副总裁兼营销中心总经理、长安福特全国销售服务机构执行副总裁等多个重要营销和销售管理职位。 同日，江铃汽车股份有限公司（下称"江铃汽车"）发布公告，江铃汽车销售有限公司（江铃汽车全资子公司）和福特销售服务公司签署《江铃国产福特整车 分销服务合同》，委托福特销售服务公司分销其生产的福特品牌乘用车和福特品牌皮卡。 由此，福特销售服务公司的成立，实际上也是福特汽车在华战略收缩的标志。从全球市场看，由于电动化转型缓慢等因素，福特汽车也已处于"退守"状态。 2024年福特全球销量为390万辆，同比下滑11.6%，2021年，福特宣布关闭其在巴西的三座工厂，以及其印度工厂；今年3月份，福特德国 ...

Core Insights - Jiangling Motors has announced two strategic initiatives: entrusting Ford Motor Sales Service (Shanghai) Co., Ltd. for comprehensive distribution services of Ford brand passenger cars and pickups in China, and jointly increasing capital in Jiangling Ford Automotive Technology (Shanghai) Co., Ltd. to settle its debts [1][4] Channel Resource Optimization - Jiangling Motors is a significant player in the Chinese automotive industry, involved in R&D, manufacturing, sales, and service. Ford holds a 32% stake in Jiangling Motors [2] - The channel integration aims to expand the number of sales channels from over 100 to more than 300, primarily focusing on passenger vehicles [2][3] - The integrated channel will allow for resource sharing and complementary advantages, simplifying the purchasing experience for consumers by focusing solely on the Ford brand [3] Management and Dealer Opportunities - Jiangling Motors will maintain control over key aspects such as vehicle pricing and marketing budgets, despite delegating distribution services to Ford's subsidiary [3] - Dealers will benefit from broader product authorizations, allowing them to sell both Jiangling Ford and Changan Ford products, enhancing their market opportunities [3] Capital Increase and Debt Settlement - Jiangling Motors and Ford plan to increase capital in Jiangling Ford (Shanghai) by 2.478 billion yuan, with Jiangling contributing 1.264 billion yuan through debt-to-equity conversion and Ford contributing 1.214 billion yuan in cash [4] - The capital increase will help settle Jiangling Ford's existing debts, which total 2.296 billion yuan, with 1.47 billion yuan owed to Jiangling Motors [4] Focus on New Energy and Intelligent Technology - The partnership between Jiangling Motors and Ford has evolved since Ford acquired a 32% stake in 1995, with significant product launches in the commercial vehicle sector [5] - The recent channel integration is seen as a milestone in their collaboration, aligning with the industry's shift towards new energy and intelligent technology [6] - Jiangling Ford has recently launched the "Smart and Fun" model, integrating advanced intelligent and electric technologies, with more products in the pipeline [6] Business Strategy and Future Outlook - Jiangling Motors aims to strengthen its core competitiveness in the light commercial vehicle sector while expanding passenger vehicle sales through channel integration [7] - The company will continue to operate independently in export markets, with the new Ford subsidiary focusing solely on the Chinese market [7] - Future collaboration with Ford will emphasize product innovation, technology development, and market expansion, aiming to accelerate the electrification and intelligent transformation of their product lineup [7]

Core Viewpoint - Ford's first all-terrain camping SUV, named "Ford Intelligent Fun Horse," made its global debut at the 2025 Chengdu International Auto Show, showcasing its commitment to electric and intelligent vehicle transformation in the Chinese market [1][10]. Group 1: Vehicle Specifications - The Ford Intelligent Fun Horse is built on the "Ford Fuyou" native intelligent new energy technology platform, with the extended-range version offering an electric range of over 200 kilometers. The pure electric version features a battery capacity of 105 kWh and a maximum range of 650 km, along with a 6 kW external discharge capability [1]. - The vehicle is equipped with four-wheel drive and features front and rear mechanical differential locks. It also includes an intelligent off-road mode supported by laser radar, 360° cameras, and chassis sensors to monitor vehicle posture and provide early warnings for pitch and roll risks [3]. Group 2: Smart Features - The intelligent cockpit system allows for a "nap mode" that automatically folds the front headrests and adjusts the second-row seats to a maximum angle of 40°. Both first and second-row seats can convert into a bed with a single button press. The vehicle also includes a travel log that supports 3D satellite map navigation and intelligent recommendations for points of interest along the route [5]. - The vehicle supports a cinema mode with an optional factory-customized front screen and features a compressor refrigerator with a temperature range of -6°C to 50°C [5]. Group 3: Design and Customization - The Ford Intelligent Fun Horse features a liftable roof that increases rear headroom by 36 cm with a single button. The roof fabric is the same as that used in Ford's convertible cars, allowing for customization with different materials. The liftable skylight cover can be quickly removed and includes automatic rain closure, wind resistance, and mosquito protection [7]. Group 4: Strategic Positioning - This year marks the 30th anniversary of Ford China. In response to the challenges posed by the transition to new energy, Ford is focusing on a unique off-road brand positioning while embracing the electric and intelligent transformation. The company aims to deepen its strategy in China by collaborating with advanced local industry partners and focusing on user needs [10]. - Ford plans to expand its off-road product matrix, covering all power forms and scenarios from fuel to new energy, and from leisure to performance. The brand's service focus will extend beyond the vehicles to encompass the complete outdoor lifestyle experience for users [10].

Group 1 - Ford China showcased its entire "Wild" product matrix at the 2025 Chengdu International Auto Show, introducing an outdoor theme park to highlight its brand appeal with four immersive theme areas: "Leisure Wild," "Exploration Wild," "Hardcore Wild," and "Race Wild" [1][4] - The Ford "Intelligent Fun Mustang," the first all-terrain camping SUV, made its global debut at the event, featuring a pure electric range exceeding 200 kilometers and a comprehensive maximum range of over 1200 kilometers [2][4] - The Ford Edge L, a family-oriented seven-seater SUV, offers a powerful hybrid system and versatile seating arrangements, catering to various family travel needs [4][7] Group 2 - The Ford Mustang series includes advanced features such as a 2.3T engine paired with a 10AT transmission, a G.O.A.T. all-terrain management system, and a modular body design, appealing to off-road enthusiasts [5][7] - The Ford F-150 Raptor has established itself as a performance benchmark in the "Race Wild" segment, leading the domestic market for imported pickup trucks for eight consecutive years since its introduction in 2017 [5][7] - Ford China aims to deepen its strategy in China by focusing on user needs and expanding its "Wild" product matrix, covering all power forms and scenarios from fuel to new energy [7][8]

Investment Rating - The report assigns a "Buy" rating for Jiangling Motors [7] Core Insights - The commercial vehicle market is recovering, with strong export performance, although net profit attributable to the parent company is under short-term pressure [1][2] - Jiangling Motors' core commercial vehicle segment has shown excellent performance, benefiting from the recovery of the domestic logistics industry [2] - The company is enhancing its layout in the new energy vehicle sector, launching new electric models in 2025 [2] - The Ford Lema SUV has captured a 50% market share in the mid-sized traditional fuel SUV segment since its launch, contributing positively to the company's product structure and overall profitability [3] - Export sales reached 69,000 units in the first half of 2025, marking a 24.3% year-on-year increase, becoming a key growth driver for the company [3] Financial Summary - In the first half of 2025, Jiangling Motors achieved total revenue of 18.092 billion yuan, a year-on-year increase of 0.96%, while net profit attributable to the parent company was 733 million yuan, a decrease of 18.17% [1] - Revenue projections for 2025-2027 are estimated at 41.1 billion, 50.3 billion, and 58.2 billion yuan, with year-on-year growth rates of 7.1%, 22.4%, and 15.7% respectively [3] - Net profit attributable to the parent company is forecasted to be 1.64 billion, 1.95 billion, and 2.42 billion yuan for the years 2025, 2026, and 2027, respectively [3]

Core Viewpoint - The event "烈马创造营音乐派对" marks a shift from traditional car launches to a user co-creation model, emphasizing the integration of outdoor culture and community engagement in the automotive experience [1][6]. Group 1: User Engagement and Experience - The "福特纵横户外主题乐园" has attracted nearly 50,000 visitors since its trial operation, with a customer spending rate five times that of traditional attractions [3]. - The park offers diverse activities beyond vehicles, creating an "outdoor lifestyle community" that enhances user retention [3]. - The transformation of users from mere buyers to co-creators is exemplified by the "烈马创造营" campaign, which received nearly 2,800 creative submissions and engaged 610,000 voters [7]. Group 2: Brand Evolution and Market Strategy - Ford is transitioning from a brand that solely outputs products to a platform that encourages user expression and creativity, making user participation a valuable asset [9]. - The "纵横购" platform has achieved over 150 million yuan in revenue, offering flexible options for vehicle modifications, thus fostering ongoing dialogue with users [9]. - Ford is building an ecosystem that extends beyond the brand itself, with plans for differentiated experiences in new locations like 柳州乐园 [10]. Group 3: Commitment to Core Values - Despite the electric vehicle trend, Ford maintains a strategy that balances traditional fuel-powered vehicles with modern demands, emphasizing the unique functionality of off-road vehicles [11]. - The company aims to redefine the relationship between brand and users, focusing on inclusivity and diverse value creation [10]. Group 4: Future Outlook - The event signifies a potential new business paradigm where vehicles serve as a starting point, and users take center stage, with Ford facilitating a platform for self-discovery [13].

Core Viewpoint - The Ford Bronco demonstrates strong off-road capabilities and comfort, making it suitable for both extreme environments and daily use [1][15]. Off-Road Performance - The Ford Bronco exhibits excellent off-road performance, with a low-speed crawl mode allowing control at 2 km/h [11]. - The vehicle's suspension system, including the ability to disconnect sway bars at speeds up to 32 km/h, enhances its terrain adaptability [9]. - The Bronco's water fording capability is impressive, with a maximum depth of 850 mm, and features designed to prevent water ingress [7]. Interior Design and Comfort - The interior space of the Ford Bronco is spacious, providing ample legroom and headroom for rear passengers [4]. - The vehicle's interior is designed for easy cleaning, featuring washable floors with multiple drainage options [4][7]. Modular Design - The Bronco includes a modular quick-release design, allowing for over 20 detachable components such as the roof and doors [8]. Market Position - As a competitive off-road vehicle, the Ford Bronco balances off-road capabilities with everyday usability, but faces challenges in maintaining market share amid intense competition in the off-road vehicle segment [15].

Core Viewpoint - The news reflects Ford's strategic confusion and survival desire in the Chinese market, highlighted by rumors of merging its joint ventures, Jiangling Ford and Changan Ford, amidst operational pressures [2][4]. Group 1: Merging Rumors and Responses - On June 18, rumors emerged that Ford China was integrating Jiangling Ford into Changan Ford, with actions already taking place at the sales and channel levels [3]. - Ford China responded to the merger rumors on June 19, emphasizing its commitment to building a sustainable sales service network as a core part of its long-term strategy in China [4]. Group 2: Historical Context and Challenges - Jiangling Ford and Changan Ford are both joint ventures of Ford in China, with Changan Ford established in 2001 and Jiangling Ford in 2021, complicating any potential restructuring due to intertwined shareholding [5]. - Previous attempts at channel integration, such as the establishment of a national distribution service agency in 2018, faced resistance from dealers and ultimately led to the cancellation of plans for a unified sales company [6]. Group 3: Current Market Dynamics - The Chinese automotive market is undergoing a brand restructuring wave, with various companies, including SAIC and BYD, integrating their operations to enhance efficiency [8]. - Ford's sales in China peaked in 2016 at 957,400 units but plummeted to 184,000 units by 2019, prompting strategic adjustments including capacity cuts and a focus on exports [9]. Group 4: Future Strategies and Adjustments - In 2024, Changan Ford's sales reached 247,000 units, a 5.97% increase, primarily driven by overseas markets, indicating ongoing challenges in the domestic market [9]. - Lincoln China is also undergoing channel reforms, including reducing the number of 4S stores to ensure efficient resource allocation [10]. - Ford's electric vehicle strategy has faced challenges, with limited model availability and mismatched sales channels, complicating its market position [10]. Group 5: Conclusion on Integration Efforts - While channel integration may not resolve fundamental issues, it could help eliminate unnecessary obstacles for Ford's future actions in the Chinese market [11].