Citi: Raise GAC Group's AH Share Target Price

Wanrun New Energy announced that the company achieved total operating revenue of 11,495.627 million yuan in 2025, a year-on-year increase of 52.81%. The net profit attributable to the parent company was -445.7299 million yuan, and the net profit after deducting non-recurring gains and losses attributable to the parent company was -407.3698 million yuan. The recovery in the company's performance during the reporting period was mainly driven by strong demand from the new energy vehicle and energy storage markets, leading to a substantial increase in the production and sales of its main product, lithium iron phosphate, a gradual rise in selling prices, and an improvement in product gross profit.

Shenzhen announced a vehicle replacement subsidy on February 28, 2026. Individual consumers who trade in their old passenger vehicle for a new energy vehicle (NEV) or a fuel vehicle (2.0L and below) are eligible. The subsidy is 8% of the vehicle price (max RMB 15,000) for NEVs and 6% (max RMB 13,000) for fuel vehicles.

Xiaomi revealed that in the new year, Xiaomi Auto will establish the Xiaomi Auto Safety Advisory Committee, extending invitations to vehicle safety experts from universities and research institutions nationwide, as well as experts who have participated in national recall investigations, to conduct multi-dimensional evaluations and provide guidance on Xiaomi Auto's safety. Additionally, Xiaomi Auto aims to establish a public safety communication mechanism, engaging in regular discussions with car owners, media, and experts to offer insights and suggestions for Xiaomi Auto's safety. The first such event is expected to be held in the first half of this year.