Anhui Jianghuai Automobile Group Corp Ltd

Affected by the Zunjie V800 brake pedal bracket fracture incident, JAC Motors opened sharply lower at the daily limit-down price on October 9, briefly broke the limit down during trading, and finally closed at 22.75 yuan per share. The previous day it had already sealed the limit-down board. Calculated from the high of 28.64 yuan per share on September 30, market value evaporated by more than 13 billion yuan over two trading days. On the evening of October 8, Zunjie Automobile issued a statement saying it would further optimize the design of the component and provide free upgrade options for delivered users, while emphasizing that its braking system had completed full-process development and verification according to requirements higher than national and industry standards, and that no brake pedal bracket base fracture failure had occurred since the first batch of vehicles was delivered. Li Yanwei, an expert committee member of the China Automobile Dealers Association, pointed out that the GB 7258-2026 cited in the statement has not yet been implemented; the standard will take effect on July 1, 2027, and citing the number cannot prove that the vehicle has passed formal inspection. JAC Motors and Huawei are cooperating under the Harmony Intelligent Mobility Alliance model to build the ultra-luxury brand Zunjie. The V800 involved was launched on August 5 this year, positioned as a million-yuan-class luxury MPV, priced from 766,000 yuan to 1.016 million yuan, and achieved full-version scale delivery at the end of September. On the industry chain side, Kaizhong Shares opened lower at 10.64 yuan on October 9 and closed down 5.98% at 10.07 yuan. Its staff admitted supplying JAC Motors but said the supply volume was not large, and stated that the company is paying close attention to and assessing the matter.

JAC Motors released its 2026 interim report, showing a net loss attributable to shareholders of 749 million yuan, a reduction of 23.885 million yuan compared with the same period last year. Total operating revenue was 22.18 billion yuan, up 14.34 percent year-on-year. Net cash outflow from operating activities was 5.288 billion yuan, the asset-liability ratio was 72.45 percent, gross margin was 11.14 percent, and return on equity was negative 6.03 percent.

SERES hit its daily limit down during trading on July 13, with the share price touching a low of 53.91 yuan, the lowest since February 7, 2024. The stock has fallen more than 68 percent since last October, and its latest market capitalization stands at around 93.9 billion yuan. The company issued a profit warning after the market close on July 12, forecasting a net loss attributable to shareholders of the listed company of between 1.5 billion and 1.8 billion yuan for the first half of 2026. Its core subsidiary AITO Auto is expected to post a loss of between 1.05 billion and 1.3 billion yuan. The company said rising prices of raw materials such as memory chips, industrial metals, and lithium carbonate have driven up production costs, and it has adjusted the book value of some existing assets. AITO Auto swung to a net loss of between 1.9 billion and 2.15 billion yuan in the second quarter. Although SERES's new energy vehicle sales totaled 178,777 units in the first half, up 3.87 percent year on year, AITO sold 30,331 units in June, down 30.19 percent year on year, marking the second monthly decline in the first half. Several other automakers, including GAC Group and JAC Motors, also issued profit warnings due to intensifying industry competition and rising raw material costs. SERES Group Chairman Zhang Xinghai said memory chip prices have risen fivefold, lithium carbonate has climbed from 80,000 yuan per ton a year ago to 180,000 yuan per ton, and the per-vehicle cost for the AITO brand has increased by 15,000 to 20,000 yuan.

JAC Motors expects a first-half 2026 net loss attributable to shareholders of approximately 740 million yuan, with a net loss after deducting non-recurring items of about 986 million yuan. The company recently launched a buyback program, planning to repurchase shares worth no less than 50 million yuan and no more than 100 million yuan, with a maximum repurchase price of 64 yuan per share. It completed its first buyback of 860,000 shares on July 7, paying a total of about 20.02 million yuan. As of June 23, Fang Wenyan, wife of renowned retail whale Zhang Jianping, had significantly reduced her holdings by nearly 9.24 million shares, with the private placement she participated in now showing a paper loss exceeding 55 percent. Meanwhile, the family of another super retail whale, Ge Weidong, has kept its holdings unchanged, with Ge Guilan newly taking a heavy position of over 12.62 million shares. The private placement Ge Weidong joined is also deeply underwater. According to statistics from Securities Times Data Treasure, among the 430 stocks in which individual investors took new heavy positions of over 100 million yuan in the first quarter, fewer than half have risen since April, and more than 100 have fallen over 20 percent. The overall win rate for retail whales' new heavy positions has dropped below 50 percent.

JAC Motors announced that it expects a net loss attributable to the parent company of 740 million yuan for the first half of 2026, compared with a loss of 773 million yuan in the same period last year. The change in performance is mainly due to intensified market competition leading to a year-on-year decline in sales, operating losses at joint ventures resulting in negative investment income of 130 million yuan, and the impact of exchange rate fluctuations causing the company's financial expenses to be around 140 million yuan.

Jingce Electronic has suspended trading starting tomorrow as it plans to acquire a partial stake in Shanghai Jingce, a move expected to constitute a major asset restructuring. In other news, Tianhao Energy plans to acquire a 100% stake in Tianhao New Energy and resume trading. Guide Infrared expects first-half net profit to grow 602% to 701% year-on-year. BOE expects first-half net profit to rise 54% to 69% year-on-year. JAC Motors, however, expects a first-half net loss of 740 million yuan, as intensifying market competition led to a year-on-year decline in sales.