[special topic on SMM] the performance of most car companies in the first half of the year was dismal. Jiangling Motor and Changan Motor set up a school of their own.

SMM9 March 2: the auto industry, which is already in the "cold winter", suffered an epidemic in the first half of 2020. According to data from the China Automobile Association, China's automobile production and sales completed 10.112 million and 10.257 million respectively in the first half of 2020, down 16.8% and 16.9% respectively from the same period last year.

Under the influence of the epidemic, some car companies stop work and production, and some even go bankrupt. Recently, the performance of domestic major listed car companies in the first half of the year has been disclosed one after another. According to the performance of domestic listed car companies in the first half of the year, the net profits of most of them belonging to listed companies have dropped compared with the same period last year. For example, Dongfeng Group, GAC GROUP, SAIC Group, and so on, among which the net profit of the automobile industry giant SAIC Group fell 39.01% compared with the same period last year. Only a small number of car companies' net profit rose year-on-year, such as Jiangling Motor, Changan Automobile and BYD, of which Jiangling Motor's first-half net profit rose 252.98% from the same period last year.

Jianghuai Automobile

The operating income in the first half of the year was 24.941 billion yuan, down 7.63% from the same period last year, and the net profit attributed to shareholders of listed companies was-147 million yuan, down 217.84% from the same period last year.

Prior to this, Jianghuai Automobile and Volkswagen entered the stage of comprehensive strategic cooperation. Anhui SASAC, Volkswagen China, Jianghuai Automobile Holdings, Jianghuai Volkswagen and our company signed the Investment Agreement on Anhui Jianghuai Automobile Group Holdings Co., Ltd., the Investment Agreement on Jianghuai Volkswagen Automobile Co., Ltd. And the Product portfolio Framework Agreement of Jianghuai Volkswagen Automobile Co., Ltd. Setting a precedent for foreign-funded enterprises in the automobile industry to participate in the mixed reform of state-owned enterprises for the first time will effectively promote the "No.1 Project" of the advanced manufacturing industry to a higher level and inject new impetus into the sustainable development of enterprises.

Jianghuai Automobile and Ulai Automobile cooperate with the third model EC6 transformation and mass production trial production work is carried out in an all-round way, laying a good foundation for mass production in September.

Dongfeng Group

The operating income in the first half of the year was 50.576 billion yuan, an increase of 4.39% over the same period last year, and the net profit attributed to shareholders of listed companies was 3.018 billion yuan, down 64.49% from the same period last year.

Dongfeng Group's independent plate made a great breakthrough in the first half of this year. Lantu, the group's first independent high-end new energy brand, was officially launched in the first half of this year, and its first mass production model is expected to be put on the market in 2021. In order to ensure brand development, Dongfeng Group recently applied to return to A-share gem. Geely Motor, which earlier proposed to return to A-share gem, has completed its listing counseling work a few days ago and formally handed over the prospectus of gem. Geely's success is expected to boost Dongfeng Group's confidence in returning to A-share gem.

According to the plan, Dongfeng Group will do a good job in the issuance and listing of A shares in the second half of the year, build a high-end new energy brand Lantu and boost sales of core goods of its own brands. Nomura upgraded the company to buy after the release of Dongfeng Group's semi-annual report, believing that the epidemic will stimulate Dongfeng Group's restructuring plan, and the funds raised after returning to A shares may serve as a catalyst for the company's share price.

GAC GROUP

The operating income in the first half of the year was 25.439 billion yuan, down 9.54% from the same period last year, and the net profit belonging to shareholders of listed companies was 2.318 billion yuan, down 52.87% from the same period last year.

In the first half of the year, GAC GROUP successively launched Chuanqi new generation GS4 PHEV, GS8S, GS4 COUPE, Aion V and new GA8, to further enrich the star product portfolio of its own brands. Among them, independent brand new energy vehicles bucked the trend, with sales of more than 20,000 vehicles in the first half of the year, an increase of 89.42 percent over the same period last year.

During the reporting period, GAC Honda formally completed the absorption and merger of Honda Automobile (China) Co., Ltd. at the same time, the second phase of the GAC Honda Zengcheng plant capacity expansion project was officially put into production, and the industrial layout was further improved.

Jiangling Motors

The operating income in the first half of the year was 14.073 billion yuan, up 2.56% from the same period last year, and the net profit attributed to shareholders of listed companies was 208 million yuan, up 252.98% from the same period last year. The main reasons for the performance changes are: first, the increase in sales volume and the improvement of the sales structure; second, continue to promote cost reduction and efficiency, and strictly control expenses.

Relying on the support of Ford's advanced technology and management experience, Jiangling Motor has steadily improved its influence in the industry, made considerable progress in product research and development and technical equipment, and successively launched a series of products such as national VI version of Jiangling brand light truck, Ford brand light passenger, Kayun Blue Whale and so on. Based on deep insight into Chinese consumers, the new Ford Leader SUVS, not only has the leading space and size of the same level, but also takes the lead in introducing Miller cycle engine, 48V micro-hybrid, Feiyu Zhixing intelligent voice control system, vehicle Wechat and other technologies in China, and responds quickly to market demand by increasing 16 standard and 28 peer leading configurations, such as comfort, intelligent network connection and auxiliary driving. Since its listing, it has been widely recognized by the market and customers. Jiangling Motor through the construction of Fushan new energy base, the company will provide more new energy vehicle products to the market, laying a solid foundation for the company's sustained and healthy development.

Changan Automobile

When the performance of car companies in the first half of the year was dismal, Changan Automobile can be said to be the dark horse in the industry. The operating income in the first half of the year was 14.073 billion yuan, up 2.56% from the same period last year, and the net profit attributed to shareholders of listed companies was 208 million yuan, up 252.98% from the same period last year.

According to the report, the improvement of Changan's profitability also depends on the improvement of the company's product structure, which depends to a large extent on the continuous strengthening of the product matrix of new cars and the climbing of sales brought about by new cars.

Changan Automobile listed new products have been launched one after another, Yizou PLUS pre-sale orders for 16 days exceeded 10, 000, March 27 in the form of online live broadcast, sales exceeded 10, 000 for three consecutive months. The UNI-T, the first new car in the new high-end product series "UNI" of Changan Automobile, is officially on the market, with an order of more than 16000 in 32 days of pre-sale. In July, sales continued to grow. The wholesale sales of Changan independent brand, Changan Ford and Changan Mazda reached 83000, 22000 and 12000 respectively, up 57.7%, 20.2% and 3.1% respectively over the same period last year.

BYD

The operating income in the first half of the year was 60.53 billion yuan, down 2.7% from the same period last year, and the net profit belonging to shareholders of listed companies was 1.662 billion yuan, up 14.29% from the same period last year.

As a global leader in new energy vehicles with core technology and leading market position, BYD firmly grasps the key core technologies of new energy vehicles through technological breakthroughs and innovation in the field of new energy vehicles. continue to launch models with market competitiveness, firmly pave the way for national brand self-improvement. In March, BYD released and mass-produced a new generation of battery product "Blade Battery". In June, it launched the global super-safe intelligent new energy flagship model "Han", which was equipped with "blade battery" and high-performance silicon carbide motor control module for the first time. It integrates the three major advantages of safety, performance and luxury, and has won enthusiastic response in the market with excellent internal and external decoration design and excellent performance. At present, it has accumulated a large number of orders on hand. Affected by COVID-19 's epidemic situation, the Group's new energy and new models will be launched in the second half of the year.

To sum up, the performance of automobile enterprises in the first half of 2020 is dismal, but with the active introduction of policies to stimulate automobile consumption and the active resumption of work and production, the automobile industry is showing a trend of gradual recovery. Some analysts believe that it is estimated that by 2025, China's automobile production and sales will exceed 30 million.

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