Changan CS75

Volume increased, but profits did not follow.

Against the backdrop of the domestic automotive market decline and overseas boom, every traditional listed auto company stands at a crossroads, though everyone's feeling is different.

In this context, Changan Automobile, upgraded to a central automotive SOE, delivered its first semi-annual report after promotion, and the financial data does not look good.

In H1 2026, Changan Automobile's revenue was 65.634 billion yuan, down 9.71% year-on-year; net profit attributable to shareholders was 817 million yuan, down 64.32% year-on-year; net profit excluding non-recurring gains and losses was only 251 million yuan, plummeting 83.01% year-on-year. Gross margin was 14.5%, slightly down 0.08 percentage points year-on-year.

On the surface, this is a report card with declining revenue, profit, and gross margin. But carefully reviewing this semi-annual report reveals the situation is not as simple as it appears.

In the first half, Changan Automobile recorded a net exchange loss of about 230 million yuan, while last year's same period had a net exchange gain of about 1.356 billion yuan. One in and one out, the difference is 1.586 billion yuan. This is also an objective reality faced by all listed Chinese automotive companies.

Affected by this, Changan Automobile's financial expenses changed from a net gain of 1.957 billion yuan in the first half of last year to a net expense of 69 million yuan now, a difference as high as 2.026 billion yuan.

Changan Automobile also admitted in the semi-annual report: "After deducting the impact of exchange gains, the net profit attributable to shareholders of the listed company increased by 12% year-on-year." In other words, more than 64% of the decline in net profit was largely caused by exchange rate fluctuations.

[Image Source: Changan Automobile Announcement]

Apart from exchange losses, Changan Automobile accrued about 456 million yuan in asset impairment provisions in the first half, among which inventory price decline provisions reached 468 million yuan, while last year's same period was only 59 million yuan. If this impairment is deducted, the net profit for the first half could reach 1.273 billion yuan.

The combination of these two non-recurring factors is the real driver behind the sharp decline in this automotive central enterprise's profits.

Changan Automobile mentioned at the performance explanation meeting that, affected by the overall industry downturn in the first half, market demand continued to weaken. The company went all out to stabilize operations and grab sales volume. Although the half-year results were below expectations due to the general environment, it still stabilized the core business.

But in the view of AutosKline, guarding the core business itself has already consumed a large amount of resources.

In the first half, Changan Automobile's total sales volume was 1.1189 million units, down 17.44% year-on-year. Among them, new energy vehicle sales were 414,200 units, down 8.3% year-on-year.

But excluding the gap of about 70,000 units from the Lumin model which stopped production this year, the new energy sales actually grew by about 11% year-on-year. This means the sales growth of other products is just enough to fill the exit of old products.

[Image Source: Changan Automobile Announcement]

In this view, the contraction of fuel vehicles is the more troublesome problem.

Data from the China Association of Automobile Manufacturers shows that the domestic fuel vehicle market contracted by 27.8% year-on-year in the first half. Changan Automobile's main fuel models such as CS75 PLUS, sales volume dropped nearly 40% year-on-year.

Looking by brand, the situation is more differentiated.

Changan Qiyuan delivered 173,800 units in the first half, achieved profitability in a single quarter in the second quarter, becoming the first brand in Changan Automobile's new energy sector to achieve self-sustaining growth. At the same time, Deepal Automobile delivered 164,200 units, a year-on-year growth of 14.6%, overseas sales 35,800 units, skyrocketing by 141%.

Avatr, which was highly expected internally by Changan Automobile, became the group's financial bleeding point. It delivered only 31,500 units in the first half, a year-on-year plunge of 46.74%. Cumulative losses over 4 years of establishment exceeded 13.2 billion yuan, to the point where Zhu Huarong proposed an integration plan for Avatr and Deepal Automobile in April this year for cost reduction and efficiency improvement.

[Image Source: Avatr Prospectus]

The Changan fuel vehicle main lineup, as the main force of fuel cars, delivered about 329,800 units cumulatively in the first half. Affected by the overall contraction of the fuel vehicle market, sales continued to be under pressure. The highlight lies in the performance of hybrid models.

AutosKline believes that in the process of switching from old to new drivers of momentum, Changan Automobile is experiencing a period of transition. The profit pool of fuel vehicles is quickly drying up, and although the scale of new energy business is expanding, profitability has not caught up yet.

In comparison, the overseas market became a highlight for Changan Automobile in the first half, just like most listed auto companies.

In the first half of this year, Changan Automobile's overseas sales were 455,000 units, a year-on-year increase of 51.9%; overseas income was 21.942 billion yuan, a year-on-year increase of 78.77%, with the share of total revenue rising from 16.89% to 33.43%. Overseas gross margin was 20.13%, far higher than the 11.67% of domestic business.

Changan Automobile's overseas strategy is named "Embrace All Waters". It was upgraded to version 2.0 in April this year, establishing the four principles of "Long-term, Localization, Systematization, and ESG Integration". The goal is to achieve overseas sales of 1.5 to 1.8 million units by 2030.

In the first half, its Brazil factory officially started production, the Thailand factory's 20,000th vehicle came off the line, and the overseas sales network has expanded to 129 countries and regions. However, the two subsidiaries responsible for exports encountered increased revenue but not increased profit.

Chongqing Xingzhi Technology revenue was 10.905 billion yuan, a year-on-year growth of 85%, net profit 165 million yuan, down 65% year-on-year; Changan International Sales Service revenue was 4.316 billion yuan, a year-on-year growth of 25.6%, net profit 137 million yuan, down 58% year-on-year; overseas gross margin also decreased by 2.1 percentage points year-on-year.

The costs of overseas channel construction, brand promotion, and localized operations are being incurred in advance, and profits are naturally eroded. More importantly, the larger the export scale, the greater the exchange rate risk exposure.

According to foreign currency monetary items disclosed in the semi-annual report, as of June 30, Changan Automobile's foreign currency assets totaled about 7.967 billion yuan, foreign currency liabilities about 3.356 billion yuan, net foreign currency exposure about 4.612 billion yuan.

As Changan Automobile stated in the semi-annual report, if the Renminbi appreciates or depreciates by 5% against the US dollar, it will increase or decrease net profit by about 66.1935 million yuan as a result.

Although Changan Automobile has already carried out forward foreign exchange hedging business, the amount sold for hedging in the first half was about 372 million yuan. Relative to over 4.6 billion yuan of net exposure, the coverage ratio is less than 10%, making it difficult to effectively hedge exchange rate fluctuation impact.

In addition, from the end of the first half to the release of the latest August sales data, Changan Automobile's overall situation has not improved.

Total sales for the first 8 months of this year were 1.4772 million units, down 17.92% year-on-year. The decline rate is still expanding compared to the first half. Independent brands' sales for the first 8 months were down 20.18% year-on-year, compared to 19.91% in the first half. The decline is also expanding.

The only comforting thing is new energy. Changan Automobile's August new energy single-month sales broke through 100,000 units, a year-on-year growth of 12.98%, and new energy penetration rate broke through 51%.

[Image Source: Changan Automobile Announcement]

From accumulated data, new energy's first 8 months cumulative sales were 589,500 units. The year-on-year decline has narrowed from 8.3% in the first half to 5.03%. Qiyuan, Deepal and other brands continued to scale up, becoming main drivers.

But if placed under the group's overall performance, this result is obviously not enough.

At the beginning of the year, the group set an annual sales target of 3.3 million units. The completion rate for the first 8 months was less than 45%. In the remaining 4 months, monthly average needs to exceed 450,000 units to meet the target. In the current market environment, this is an impossible mission.

For such reality, perhaps Changan Automobile itself is also hard to feel satisfied.

At the semi-annual performance explanation meeting on August 31, facing online investor questions, Changan Automobile management's answer left people bewildered.

When investors asked about HEV model sales, Changan Automobile answered how advanced the Blue Whale Ultra Engine hybrid technology is; when asked about second-half performance outlook, the official answer was "Will continue to deeply promote three major plans" and "Persist in value orientation, volume and profit balanced operating principle"; when asked about capacity utilization rate, it only said "See disclosed relevant reports", turning to explain how to improve operational efficiency.

Behind these answers to non-questions, reflects Changan Automobile's caution and avoidance when communicating with investors under operational pressure. No matter how grand the enterprise high-level strategy is depicted, it cannot cover the reality of operational difficulties.

In the first half, Changan Automobile's three core strategies - Smart "Beidou Tianshu", New Energy "Shangri-La", and Overseas "Embrace All Waters", all made progress in technology and scale. But between strategy and profit, there are multiple variables such as product, market, cost, exchange rate, etc.

R&D investment has not yet converted to significant profit contribution. New energy brands are still continuously losing money. Fuel vehicle base accelerates contraction. Export business volume increases but profit does not.

After the semi-annual report release, multiple mainstream brokerages' judgment on Changan Automobile was highly consistent. They believe its short-term performance is dragged by exchange rate and other non-recurring factors, but the medium-to-long term logic of overseas expansion, new energy loss reduction, and smart technology remains unchanged.

CITIC Securities believes Q2 product structure continued to optimize, overseas sales hit a quarterly high. At the same time, based on domestic demand pressure, it lowered the full-year earnings forecast. Guoyuan Securities values Tianshu Smart Driving completion from hardware to complete solution loop.

However, institutions' prediction for full-year net profit ranges from 2 billion yuan to 5.6 billion yuan, divergence is quite large. Most research reports also warned of domestic demand continuing to bear pressure, industry competition intensifying, overseas trade barriers and exchange rate fluctuation, etc. risks.

For this semi-annual report, capital market feedback was relatively flat. On the first trading day after the semi-annual report release (August 31), Changan Automobile micro-dropped 0.42%. In that week, its stock price only micro-grew 0.28%, closing at 7.12 yuan. The stock price being nearly zero fluctuation might be because the profit performance forecast released in July already released most negative news in advance.

But if the time line is lengthened, since this year, Changan Automobile stock price has fallen from 11.74 yuan at year start to 7.11 yuan at noon close on September 10, a decline of 39.44%.

Views of AutosKline:

Changan Automobile's semi-annual report is a typical answer sheet for a traditional auto giant experiencing pain during key transition period.

Exchange losses and asset impairment amplified the profit decline. But even excluding these factors, fuel vehicle base contraction, new energy not yet profitable, overseas expansion investment period triple pressure superposition is the truly structural problem to face.

Beidou Tianshu, Shangri-La, Embrace All Waters, these strategy names are loud enough. Technical level also indeed let outside world see this central enterprise's strength. But Changan Automobile needs to prove not only owning advanced technology, but more is products can sell well, money can earn.

Text is original by AutosKline, content reference materials from listed company announcements and industry public information (related companies and institutions should be responsible for the authenticity of truth); some parts from Internet images, copyright belongs to original owner.

This account article, without authorization, cannot reprint, violators will be prosecuted. At the same time, article content does not constitute investment advice to anyone! Stock market risk is high, investment must be cautious!

Volume meningkat, keuntungan belum sampai.

Menghadapi latar belakang pasaran kereta domestik yang menurun, serta ledakan di luar negara, setiap syarikat automotif tersenarai tradisional berada di persimpangan, walaupun perasaan setiap individu berbeza.

Dalam latar belakang ini, Kereta Changan yang ditingkatkan menjadi syarikat automotif milik negara, telah mengemukakan laporan separuh tahun pertama selepas kenaikan, dan data kewangan tidak kelihatan baik.

Semi-tahun 2026, perolehan Kereta Changan sebanyak 656.34 bilion yuan, menurun 9.71% berbanding tahun lalu; keuntungan bersih yang boleh dikreditkan kepada pemegang saham adalah 8.17 bilion yuan, turun 64.32% berbanding tahun lalu; keuntungan bersih yang ditolak hanya tinggal 2.51 bilion yuan, turun mendadak 83.01% berbanding tahun lalu. Margin kasar 14.5%, turun sedikit 0.08 peratusan berbanding tahun lalu.

Secara luaran, ini adalah laporan prestasi dengan penurunan tiga komponen: perolehan, keuntungan, dan margin kasar. Namun, dengan menelaah laporan separuh tahun ini dengan teliti, keadaan tidak sekompleks yang dilihat di permukaan.

Dalam separuh tahun pertama, Kereta Changan mencatat kerugian bersih pertukaran mata wang kira-kira 2.3 bilion yuan, manakala tahun lalu adalah pendapatan bersih pertukaran mata wang kira-kira 13.56 bilion yuan. Masuk dan keluar, perbezaannya sebanyak 15.86 bilion yuan. Ini juga realiti objektif yang dihadapi oleh semua syarikat automotif tersenarai di China.

Dipengaruhi oleh ini, perbelanjaan kewangan Kereta Changan berubah dari pendapatan bersih 19.57 bilion yuan pada separuh tahun tahun lalu kepada perbelanjaan bersih 0.69 bilion yuan sekarang, dengan perbezaan mencecah 20.26 bilion yuan.

Dalam laporan separuh tahunnya, Kereta Changan juga mengakui: "Selepas menolak pengaruh pendapatan pertukaran mata wang, keuntungan bersih yang boleh dikreditkan kepada pemegang saham yang berkaitan dengan syarikat induk meningkat 12% berbanding tahun lalu." Dengan kata lain, penurunan keuntungan bersih melebihi 64% sebahagian besarnya disebabkan oleh fluktuasi kadar pertukaran.

[Sumber Gambar: Pengumuman Changan Automobile]

Selain kerugian pertukaran mata wang, Kereta Changan juga telah membuat peruntukan penurunan nilai aset kira-kira 4.56 bilion yuan pada separuh tahun pertama, manakala peruntukan penurunan nilai stok mencapai 4.68 bilion yuan, manakala tahun lalu hanyalah 0.59 bilion yuan. Jika ditolak peruntukan ini, keuntungan bersih separuh tahun pertama boleh mencapai 12.73 bilion yuan.

Gabungan dua faktor bukan berulang ini adalah pendorong sebenar yang menyebabkan penurunan keuntungan yang teruk bagi syarikat automotif milik negara ini.

Dalam sesi penjelasan prestasi, Kereta Changan menyebutkan bahawa pada separuh tahun pertama,受行业整体下行影响，市场需求持续走弱，公司全力稳运营、抢销量，虽受大环境影响半年业绩不及预期，仍稳住核心基本盘。

Namun, dalam pandangan [Automotive K-Line], mempertahankan asas itu sendiri sudah habis banyak sumber daya.

Pada separuh tahun pertama, jumlah jualan Kereta Changan adalah 1.1189 juta unit, menurun 17.44% berbanding tahun lalu. Di antara itu, jualan kereta tenaga baharu adalah 414,200 unit, menurun 8.3% berbanding tahun lalu.

Namun, setelah menolak kekosongan model Lumin yang dihentikan produksinya sekitar 70,000 unit pada separuh tahun ini, jualan kereta tenaga baharu sebenarnya meningkat 11% berbanding tahun lalu. Ini bermakna peningkatan jualan produk lain刚好够填补旧产品的退出.

[Sumber Gambar: Pengumuman Changan Automobile]

Dilihat dari ini, penyusutan kereta minyak adalah masalah yang lebih sukar.

Data Persatuan Automotif China menunjukkan bahawa pasaran kereta minyak domestik pada separuh tahun pertama menyusut 27.8% berbanding tahun lalu. Model kereta minyak utama Kereta Changan seperti CS75 PLUS, jualan menurun hampir 40% berbanding tahun lalu.

Dilihat mengikut jenama, keadaannya lebih berbeza-beza.

Changan Qiyuan delivers 173,800 unit pada separuh tahun pertama, mencapai keuntungan pada suku kedua, menjadi jenama pertama dalam sektor kereta tenaga baharu Changan yang mencapai autonomi kewangan. Pada tempoh yang sama, Deep Blue Automotive delivers 164,200 unit, meningkat 14.6% berbanding tahun lalu, jualan luar negara 35,800 unit, melonjak 141%.

Avatr, yang diberi harapan tinggi oleh pengurusan dalaman Kereta Changan, menjadi titik kebocoran kewangan kumpulan, pada separuh tahun pertama hanya deliver 31,500 unit, turun mendadak 46.74% berbanding tahun lalu, sejak ditubuhkan 4 tahun kerugian terkumpul telah melebihi 13.2 bilion yuan, sehingga Zhu Harong untuk mengurangkan kos dan meningkatkan kecekapan, pada April tahun ini telah mencadangkan rancangan penggabungan Avatr dan Deep Blue Automotive.

[Sumber Gambar: Prospectus Avatr]

Changan Gravity sebagai kekuatan utama kereta minyak, pada separuh tahun pertama cumulatively deliver 329,800 unit,受燃油车市场整体萎缩影响，销量持续承压，亮点在于混动车型表现不错。

[Automotive K-Line] berpendapat bahawa dalam proses perpindahan tenaga lama dan baru, Kereta Changan sedang mengalami tempoh peralihan yang sukar, kolam keuntungan kereta minyak kering dengan cepat, manakala perniagaan kereta tenaga baharu walaupun skala sedang berkembang, keuntungan belum mengikuti.

Dibandingkan dengan itu, pasaran luar negara menjadi sorotan Kereta Changan pada separuh tahun pertama, seperti kebanyakan syarikat automotif tersenarai lain.

Pada separuh tahun ini, jualan luar negara Kereta Changan sebanyak 455,000 unit, meningkat 51.9% berbanding tahun lalu; pendapatan luar negara 21.942 bilion yuan, meningkat 78.77% berbanding tahun lalu, nisbah jumlah perolehan meningkat dari 16.89% ke 33.43%. Margin kasar luar negara 20.13%, jauh lebih tinggi daripada 11.67% perniagaan domestik.

Strategi keluar negara Kereta Changan dikenali sebagai 'Lautan Menerima Seribu Sungai', pada April tahun ini ditingkatkan ke versi 2.0, menentukan 'panjang, tempatan, sistem, dan pembinaan ESG terpadu' empat prinsip, matlamat adalah untuk mencapai jualan luar negara 1.5 hingga 1.8 juta unit pada 2030.

Pada separuh tahun pertama, kilang Brazilnya secara rasmi memulakan pengeluaran, kilang Thailand turun 20,000 unit kenderaan penuh, rangkaian jualan luar negara telah diperluas ke 129 negara dan wilayah. Namun, dua anak syarikat yang bertanggungjawab untuk eksport, mengalami peningkatan pendapatan tanpa peningkatan keuntungan.

Chongqing Xingzhi Technology perolehan 10.905 bilion yuan, meningkat 85%, keuntungan bersih 165 juta yuan, menurun 65% berbanding tahun lalu; Changan International Sales Services perolehan 4.316 bilion yuan, meningkat 25.6%, keuntungan bersih 137 juta yuan, menurun 58% berbanding tahun lalu; margin kasar luar negara juga turun 2.1 peratusan berbanding tahun lalu.

Kos pembinaan saluran luar negara, promosi jenama, operasi tempatan semakin banyak didahulukan, keuntungan sememangnya hakikat hakikat. Lebih penting lagi, semakin besar skala eksport, semakin besar terdedah risiko pertukaran mata wang.

Berdasarkan pengiraan item monetari asing yang didedahkan dalam laporan separuh tahun, hingga 30 Jun, jumlah aset asing Kereta Changan adalah kira-kira 7.967 bilion yuan, liabiliti asing kira-kira 3.356 bilion yuan, net exposure aset asing kira-kira 4.612 bilion yuan.

Seperti yang dinyatakan dalam laporan separuh tahun Kereta Changan, jika Renminbi meningkat atau menurun 5% terhadap Dolar AS, ia akan menambah atau mengurangkan keuntungan bersih kira-kira 66.1935 juta yuan.

Kereta Changan walaupun telah menjalankan perniagaan pelindung nilai mata wang asing jangka panjang, namun pada separuh tahun pertama pelindung nilai menjual jumlah kira-kira 372 juta yuan, relatif kepada net exposure lebih 4.6 bilion yuan, nisbah perlindungan kurang daripada 10%, suka untuk menentang gangguan fluktuasi kadar pertukaran dengan berkesan.

Selain itu, dari tamat separuh tahun hingga data jualan Ogos terbaru keluar, keadaan keseluruhan Kereta Changan belum berubah.

8 bulan pertama tahun ini jumlah jualan 1.4772 juta unit, menurun 17.92% berbanding tahun lalu, jumlah jatuh pada separuh tahun masih semakin besar.自主品牌前 8 个月同比下滑 20.18%，较上半年的同比下降 19.91%，跌幅也在扩大。

Satu-satunya yang perlu gembira adalah kereta tenaga baharu, Kereta Changan jualan bulanan kereta tenaga baharu pada Ogos突破 100,000 unit, meningkat 12.98% berbanding tahun lalu, kadar penetrasi kereta tenaga baharu突破 51%.

[Sumber Gambar: Pengumuman Changan Automobile]

Dilihat dari data terkumpul, kereta tenaga baharu 8 bulan pertama jualan terkumpul 589,500 unit, jumlah jatuh pada separuh tahun 8.3% semakin mengecil ke 5.03%. Qiyuan, Deep Blue dan jenama lain secara berterusan meningkatkan volume, menjadi pendorong utama.

Namun jika diletakkan di bawah keseluruhan pasaran kumpulan, prestasi ini jelas tidak mencukupi.

Pada awal tahun, kumpulan menetapkan sasaran jualan tahunan 3.3 juta unit, 8 bulan pertama kadar pencapaian kurang 45%, 4 bulan tinggal setiap bulan perlu melebihi 450,000 unit untuk mencapai sasaran, dalam persekitaran pasaran semasa, ini adalah tugas yang mustahil untuk diselesaikan.

Bagi realiti sedemikian, mungkin Kereta Changan sendiri juga sukar untuk merasa puas.

Pada 31 Ogos pada sesi penjelasan prestasi setengah tahun,面对线上投资者提问，长安汽车管理层的回答让人不知所云。

Pelancong bertanya mengenai jualan model HEV, Kereta Changan menjawab teknologi hibrid Blue Whale Super Engine adalah seberapa canggih; bertanyaan mengenai pandangan prestasi separuh tahun kedua, jawapan rasmi adalah "akan terus memperdalam tiga pelan" "menepati prinsip operasi yang menekankan nilai, keseimbangan kuantiti dan keuntungan"; bertanya mengenai kadar penggunaan kapasiti, hanya berkata "silakan lihat laporan yang telah didedahkan", bertukar menjelaskan bagaimana meningkatkan kecekapan operasi.

Di sebalik jawapan yang tidak pada soalan ini, mencerminkan Kereta Changan semasa tekanan operasi dengan komunikasi pelabur berhati-hati dan mengelak. Gambaran strategi pihak pengurusan yang sesuka-suka tidak dapat menutup realiti masalah di peringkat operasi.

Pada separuh tahun pertama, tiga strategi teras Kereta Changan - 'Beadou Tianshu' kecerdasan, 'Shangri-La' kereta tenaga baharu, dan 'Lautan Menerima Seribu Sungai' keluar negara, dalam teknologi dan skala ada kemajuan, tetapi dari strategi ke keuntungan, ada pelbagai pembolehubah seperti produk, pasaran, kos, kadar pertukaran, dan lain-lain.

Perbelanjaan penyelidikan dan pembangunan belum ditukarkan kepada sumbangan keuntungan yang ketara, jenama kereta tenaga baharu masih terkemuka kerugian, asas kereta minyak mempercepat penyusutan, peningkatan perniagaan eksport tidak meningkatkan keuntungan.

Selepas penerbitan laporan separuh tahun, banyak syarikat sekuriti utama mempunyai penilaian yang sama terhadap Kereta Changan, menganggap prestasi jangka pendeknya terhakis oleh faktor bukan berulang seperti pertukaran mata wang, tetapi logik jangka panjang keluar negara, pengurangan kerugian kereta tenaga baharu, kecerdasan tidak berubah.

CICC berpendapat bahawa pada suku kedua struktur produk terus dioptimumkan, jualan luar negara mencipta rekod tertinggi suku, namun berdasarkan tekanan keperluan dalaman menjejak turun ramalan keuntungan tahunan; Guoyuan Securities melihat Tianshu Smart Driving telah mencapai litar lengkap dari perkakas hingga kepada pelan lengkap.

Namun, ramalan keuntungan bersih tahun ini oleh institusi berbeza daripada 2 bilion yuan ke 5.6 bilion yuan, perbezaan agak besar. Ramalan laporan serentak memberi amaran risiko keperluan domestik terus tertekan, persaingan industri semakin meningkat, barangan perdagangan luar negara dan fluktuasi kadar pertukaran.

Bagi laporan separuh tahun ini, balasan pasaran modal agak sederhana. Pada hari pertama perdagangan selepas penerbitan laporan separuh tahun (31 Ogos), Kereta Changan jatuh sedikit 0.42%; apabila minggu, harganya hanya naik sedikit 0.28%, menutup pada 7.12 yuan. Harga hampir tidak ada perubahan, mungkin adalah prestasi yang diumumkan pada Julai telah melepaskan大部分 berita buruk.

Namun jika garis masa ditarik lebih panjang, sejak awal tahun ini, harga saham Kereta Changan telah turun dari 11.74 yuan pada awal tahun ke 7.11 yuan pada tengah hari 10 September, jumlah turun 39.44%.

Pandangan AutosKline：

Laporan separuh tahun Kereta Changan ini adalah jawapan khas untuk syarikat automotif tradisional yang sedang melalui sakit transformasi.

Kerugian pertukaran dan penurunan nilai aset membesarkan jumlah jatuh keuntungan, namun walaupun menolak faktor ini, penyusutan asas kereta minyak, kereta tenaga baharu belum mencapai keuntungan, tempoh pelaburan perluasan luar negara tiga tekanan saling bertindan, inilah masalah struktur sebenar yang perlu diiktiraf.

Beadou Tianshu, Shangri-La, Lautan Menerima Seribu Sungai, nama strategi ini cukup nyaring, dari segi teknologi juga benar-benar membiarkan pihak luar melihat kekuatan syarikat ini. Namun Kereta Changan perlu membuktikan bukan sahaja memiliki teknologi canggih, malah produk boleh dijual dengan baik, wang boleh dibuat.

Teks ini adalah asal [Automotive K-Line], kandungan rujukannya berasal dari pengumuman syarikat tersenarai dan maklumat awam industri (syarikat dan institusi yang berkaitan harus mempunyai kewajipan untuk bertanggungjawab terhadap kebenarannya); beberapa gambar berasal dari internet, hak cipta dimiliki oleh pemilik asalnya.

Artikel dalam akaun ini, tanpa kebenaran, tidak boleh diterbitkan semula, pelanggar akan dituntut. Sambil itu, kandungan artikel ini tidak membentuk sebarang cadangan pelaburan kepada sesiapa! Risiko pasaran saham adalah tinggi, pelaburan perlu berhati-hati!