In the report of the 19th National Congress of the Communist Party of China, the Supreme Leader declared that Socialism with Chinese characteristics had entered a new era, made clear the historical mission of the Communist Party of China (CPC) in the new era, expounded the spiritual essence and rich connotation of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, and drew up the strategic arrangement for building a socialist modern country in an all-round way. The report of the 19th National Congress of the Communist Party of China is a political declaration and program of action to build a well-off society in an all-round way, win the great victory of Socialism with Chinese characteristics in the new era and realize the Chinese dream of great rejuvenation of the Chinese nation.

　　Socialism with Chinese characteristics entered a new era.

　　Comrade Supreme Leader pointed out that after long-term efforts, Socialism with Chinese characteristics has entered a new era. This is of great significance in the development history of People’s Republic of China (PRC) and the Chinese nation, as well as in the development history of world socialism and human society.

　　Socialism with Chinese characteristics has entered a new era with many historical characteristics. It is an era of inheriting the past and carrying forward the future, continuing to win the great victory of Socialism with Chinese characteristics under the new historical conditions, winning the victory to build a well-off society in an all-round way, and then building a socialist modern power in an all-round way, an era in which people of all ethnic groups in China unite and strive to create a better life and gradually realize the common prosperity of all people, an era in which all Chinese sons and daughters work together to realize the Chinese dream of great rejuvenation, and China is increasingly approaching the center of the world stage and making greater contributions to mankind.

　　The Supreme Leader’s Socialism with Chinese characteristics Thought in the New Era has deeply answered the major theoretical and practical questions such as what flag our Party is holding, what road it is taking, what mental state it is taking, what historical mission it is undertaking, and what goals it is striving for in the new era. Since the 18th National Congress of the Communist Party of China, the profound changes at home and abroad and the development of various undertakings in our country require our party to systematically answer the major issues of the times, such as what kind of Socialism with Chinese characteristics to uphold and develop in the new era and how to uphold and develop Socialism with Chinese characteristics. Guided by Marxism–Leninism, Mao Zedong Thought, Deng Xiaoping Theory, Theory of Three Represents and Scientific Outlook on Development, our Party persists in emancipating the mind, seeking truth from facts, advancing with the times, seeking truth and being pragmatic, adhering to dialectical materialism and historical materialism, closely combining with the new conditions and practical requirements of the times, deepening the understanding of communist party’s ruling law, socialist construction law and human social development law with a brand-new vision, carrying out arduous theoretical exploration, achieving major theoretical innovations, and forming Socialism with Chinese characteristics Thought of the Supreme Leader in the new era. Socialism with Chinese characteristics Thought of the Supreme Leader in the New Era is the inheritance and development of Marxism–Leninism, Mao Zedong Thought, Deng Xiaoping Theory, Theory of Three Represents and Scientific Outlook on Development, the latest achievement of Marxism in China, the crystallization of the practical experience and collective wisdom of the Party and the people, and an important part of Socialism with Chinese characteristics’s theoretical system.It is the action guide for the whole party and the people of the whole country to strive for the great rejuvenation of the Chinese nation. The 19th National Congress of the Communist Party of China established Socialism with Chinese characteristics Thought, the supreme leader in the new era, as the guiding ideology that the Party must adhere to for a long time, and realized the Party’s guiding ideology to keep pace with the times again, which has great political, theoretical and practical significance.

　　Comrade Supreme Leader pointed out that when Socialism with Chinese characteristics entered a new era, the main contradiction in our society has been transformed into the contradiction between the people’s growing need for a better life and the unbalanced development. The change of social principal contradiction is a historical change that concerns the overall situation and puts forward many new requirements for the work of the party and the state. After nearly 40 years of reform and opening up, China has steadily solved the problem of food and clothing for more than one billion people, achieved a well-off society on the whole, and will soon build a well-off society in an all-round way. The people’s needs for a better life are increasingly extensive, which not only puts forward higher requirements for material and cultural life, but also grows in terms of democracy, rule of law, fairness, justice, security and environment. At the same time, China’s social productivity level has improved significantly on the whole, and social productivity has entered the forefront of the world in many aspects. In the new era, the more prominent problem in our society is the insufficient development imbalance, which has become the main constraint to meet the people’s growing needs for a better life. On the basis of continuing to promote development, we should focus on solving the problem of insufficient development imbalance, vigorously improve the quality and efficiency of development, better meet people’s growing needs in economy, politics, culture, society and ecology, and better promote people’s all-round development and social progress.

　　The Historical Mission of the Communist Party of China (CPC) in the New Era

　　Comrade Supreme Leader pointed out that the initial intention and mission of the Communist Party of China (CPC) people is to seek happiness for the people of China and the rejuvenation of the Chinese nation. This is the fundamental driving force that inspires us in communist party to keep moving forward. Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has led the whole party, the whole army and the people of all nationalities to carry out great struggles, build great projects, advance great undertakings and realize great dreams. The "Four Greatness" are closely linked, interconnected and interacted, among which the new great project of party building plays a decisive role. To promote the great project, we should combine the practice of great struggle, great cause and great dream. To realize great dreams, we must carry out great struggles, build great projects and advance great undertakings.

　　To realize great dreams, we must carry out great struggles. Society is advancing in the contradictory movement, and there will be struggle if there is contradiction. The road ahead is not smooth and smooth, and there are still many difficulties and problems waiting for us to overcome and solve. To meet major challenges, resist major risks, overcome major obstacles and solve major contradictions, we must carry out great struggles with many new historical characteristics. Any thoughts and behaviors that covet enjoyment, slack off passively and avoid contradictions are wrong. We should dare to struggle, be good at it, adhere more consciously to the party’s leadership and China’s socialist system, and resolutely oppose all words and deeds that weaken, distort and deny the party’s leadership and China’s socialist system; Safeguard the interests of the people more consciously and resolutely oppose all acts that harm the interests of the people and are divorced from the masses; Join the trend of reform and innovation more consciously and resolutely get rid of all stubborn diseases; More consciously safeguard China’s sovereignty, security and development interests, and resolutely oppose all acts that split the motherland and undermine national unity and social harmony and stability; We should guard against all kinds of risks more consciously and resolutely overcome all difficulties and challenges in political, economic, cultural, social and other fields and in nature.

　　To realize great dreams, we must build great projects. History has proved and will continue to prove that without the Communist Party of China (CPC)’s leadership, national rejuvenation would be a pipe dream. Strike while the iron is hot. Our party must always be the pioneer of the times and the backbone of the nation, and always be the ruling party of Marxism, and it must always be excellent. The key to the success of China lies in the Party, and we must insist that the Party should manage the Party strictly. We should be more conscious of the principle of party spirit, be brave in facing up to problems, dare to cure the poison by scraping the bones, eliminate all factors that damage the Party’s advanced nature and purity, eliminate all viruses that erode the Party’s healthy body, and constantly enhance the Party’s political leadership, ideological leadership, mass organization and social appeal, so as to ensure that our Party will always maintain its vigorous vitality and strong combat effectiveness. Only in this way can we build the Party well and strengthen it, ensure that the Party always wants to be with the people and work together, and lead the ship carrying the great dreams of the people of China to sail ahead through the waves and sail triumphantly to the other side of glory.

　　To realize a great dream, we must advance a great cause. Socialism with Chinese characteristics is the theme of the whole theory and practice of the Party since the reform and opening-up, and it is the fundamental achievement that the Party and the people have made through untold hardships and paid a huge price. Socialism with Chinese characteristics road is the only way to realize socialist modernization and create a better life for the people. Socialism with Chinese characteristics theory system is the correct theory to guide the party and people to realize the great rejuvenation of the Chinese nation. Socialism with Chinese characteristics system is the fundamental institutional guarantee for the development and progress of contemporary China. Socialism with Chinese characteristics culture is a powerful spiritual force to inspire the whole party and people of all ethnic groups to forge ahead bravely. We should enhance our road confidence, theoretical self-confidence, institutional self-confidence and cultural self-confidence more consciously. We should neither take the old road of being closed and rigid, nor take the evil road of changing the flag and changing the flag. We should maintain our political strength, persist in prospering the country through hard work, and always adhere to and develop Socialism with Chinese characteristics.

　　The new era opens a new journey of socialist modernization

　　Comrade Supreme Leader pointed out that the period from the 19th National Congress to the 20th National Congress is the historical intersection of the goal of "two hundred years". We should not only build a well-off society in an all-round way and achieve the goal of the first century, but also start a new journey of building a socialist modern country in an all-round way and March towards the goal of the second century.

　　The report of the 19th National Congress of the Communist Party of China comprehensively analyzes the international and domestic situation and China’s development conditions, and proposes to build a prosperous, strong, democratic, civilized, harmonious and beautiful socialist modernization power in the middle of this century in two stages: the first stage is from 2020 to 2035, and on the basis of building a well-off society in an all-round way, we will struggle for another 15 years to basically realize socialist modernization. By then, China’s economic strength and scientific and technological strength will jump sharply and rank among the forefront of innovative countries; The people’s rights to equal participation and equal development have been fully guaranteed, a country ruled by law, a government ruled by law and a society ruled by law have been basically established, all aspects of the system have been improved, and the modernization of the national governance system and governance capacity has been basically realized; The degree of social civilization has reached a new height, the soft power of national culture has been significantly enhanced, and the influence of Chinese culture has been more extensive and in-depth; People’s lives are more affluent, the proportion of middle-income groups has increased significantly, the gap between urban and rural regional development and the gap between residents’ living standards has narrowed significantly, the equalization of basic public services has basically been realized, and all people have taken solid steps towards common prosperity; The governance pattern of modern society has basically taken shape, and the society is full of vitality and harmonious and orderly; The ecological environment has basically improved, and the goal of a beautiful China has basically been achieved. The second stage is from 2035 to the middle of this century. On the basis of basically realizing modernization, we will strive for another 15 years to build China into a prosperous, strong, democratic, civilized, harmonious and beautiful socialist modernization power. By then, China’s material civilization, political civilization, spiritual civilization, social civilization and ecological civilization will be comprehensively improved, and the national governance system and governance capacity will be modernized.To become a country with leading comprehensive national strength and international influence, the common prosperity of all the people will be basically realized, our people will enjoy a happier and healthier life, and the Chinese nation will stand among the nations of the world with a more high-spirited attitude.

　　It is a strategic arrangement for the development of Socialism with Chinese characteristics in the new era to build a well-off society in an all-round way, to basically realize modernization, and then to build a socialist modernization power in an all-round way. This strategic arrangement is a deepening and expansion of the "three-step" development strategy and the "two hundred years" struggle goal since the reform and opening up. It not only reflects the firm determination to insist on the castle peak and draw a blueprint to the end, but also has strong foresight, leadership and operability. Building a prosperous, strong, democratic, civilized, harmonious and beautiful socialist modernization power by two steps in the middle of this century is highly consistent with the historical logic of the Chinese nation from standing up, becoming rich and becoming strong, and meets the practical needs of realizing the great rejuvenation of the Chinese nation, and will surely unite great forces for opening a new journey of socialist modernization and winning the great victory of Socialism with Chinese characteristics in the new era.

　　(The author is the deputy director of the Party History Research Office of the CPC Central Committee)

1905 movie network news The 27th theatrical version of Detective Conan: A Million Dollar Five-pointed Star released a new preview and a new visual poster, which will be released in Japan on April 12th, 2024. Kaito Kuroba’s treasure this time is "Japanese Dao", while Conan and Hattori Heiji will have a fierce confrontation with Kaito Kuroba.

Judging from the latest notice of the lifting of the ban, the story involves two eras. At the end of the curtain, Hijikata Toshizo (CV:), the deputy director of the newly elected group with a star-edged sword, was suddenly attacked, and the Turkish side resolutely met the enemy. After the close-up of the picture was given to the blood-soaked star-edged knife, the scene turned to modernity. In Hakodate, Hokkaido, Kaito Kuroba, who should only aim at the gem, is aiming at the "Japanese sword" this time. Conan, who wants to explore Kidd’s real intention, will join hands with Hattori Heiji to stop Kidd’s action.

Kidd, who was mumbling while staring at the knife in the rain, still didn’t seem to understand the value of the knife, but Pingji, who was chased out, had a fierce confrontation with Kidd, and it seemed to be shocked to see his true face when he cut off Kidd’s glasses.

In addition, ōoka Momiji, who claimed to be Hiraji’s fiancee and Heye were rivals in love, Okita Souji, who was Hiraji’s rival in kendo, and mysterious figures wearing fox masks also appeared. It can be predicted that love and the whole event will be full of waves in the new theatrical version.

　　In 1999, in a simple production workshop in Wuhu, Anhui Province, a start-up team that had just been independent from FAW Yangzi Automobile Chassis Factory finally developed its first car. In order to fit the car’s "dynamic and static" attribute, the team named the car "Fengyun". At that time, Yin Tongyue, who was only 31 years old, led this team. He also became an important man in the development of China’s automobile industry, and has served as the chairman of Chery Group for 34 years.

　　At that time, "Fengyun" car sold well in China, and at the same time, it also promoted Chery’s overseas export volume and gained certain recognition in the market, which gave this start-up vehicle enterprise a business reserve. Therefore, Fengyun brand can be said to bear the initial dreams and hopes of Chery Automobile, especially to incite its "global dream". Whenever this enterprise is at a major strategic node, "Fengyun" will reappear.

　　Nowadays, when carrying Chery to the strategy of "new energy, high-end and globalization", Fengyun’s product sequence has been reborn again, and this time Fengyun has not only upgraded and reserved products and technologies, but most importantly, it has stepped on the market environment.

　　"The hybrid market without Chery Automobile is an incomplete hybrid market." Zhang Guozhong, executive deputy general manager of Chery Automobile, made a high-profile announcement, which attracted a lot of discussion from outside. Nowadays, only science and engineering men can express their self-confidence so directly, but this self-confidence is not in vain.

　　Jianzhi high-end mixed market

　　On the evening of November 9, Chery’s brand-new new energy sequence was officially released. With the optimized Chery Logo, Chery’s A-shaped logo was "reversed", and at the same time it became flat and had a new energy sense.

　　In terms of products, Fengyun A9 and Fengyun T11 have ushered in the world’s first show, and Chery Fengyun will launch 11 new models in the next two years. At the press conference, Fengyun A9 and Fengyun T11 were the world’s first shows. At the same time, Chery Fengyun plans to launch 11 new models within two years. Chery has also built a brand-new service system for Fengyun users, built 1,500 service outlets, and provided 10,000 kilometers of maintenance and lifetime warranty benefits for the whole vehicle. In addition, Fengyun’s first users will also enjoy free charging service.

　　From the modelling of two concept cars pioneered by Fengyun alone, we can see that Chery’s ambition-the atmospheric design of Fengyun A9 and Fengyun T11, has revealed Chery’s purpose of making Fengyun a global model. At the same time, the sales volume has returned to the second position of China automobile enterprises, and Chery now has more spare capacity and funds to promote the replacement of product lines and technological innovation and upgrading.

　　For example, in the hybrid field with the fastest market growth and fierce competition, Chery, which is slightly behind BYD, Geely and Great Wall, has also begun to make up lessons and launched the Kunpeng Super Hybrid C-DM system. Among them, the fifth-generation ACTECO 1.5TGDI hybrid engine used in Kunpeng Super Hybrid C-DM system has reached 44.5% in thermal efficiency. As a comparison, the thermal efficiency of BYD DM-i series plug-in 1.5L engine is 43.04%, and that of Geely Ray Shenqing Hi·X hybrid DHE15 engine is 43.32%. It can be seen that even in the hybrid field, the engine is still Chery’s specialty.

　　Of course, like the transmission fuel powertrain, the gearbox is equally important in the hybrid field. Kunpeng super hybrid C-DM system adopts three-speed super hybrid DHT, and its driving motor is skillfully combined with three-speed DHT. Among them, the first speed ratio is relatively large, which is mainly used for starting acceleration. The third speed ratio is very small, mainly to ensure low engine speed, low fuel consumption and noise reduction when driving at high speed. The second speed ratio mainly takes into account the shift of first and third gears to ensure the smoothness of shift, and at the same time takes into account the fuel consumption at medium and low speeds.

　　In terms of specific parameters, Fengyun’s fuel consumption is not only as low as 4.2L/100km, but also can achieve a long endurance performance of up to 1400km. In contrast, the fuel consumption of Geely Raytheon Electric Hybrid is 5.23L /100km, and the longest cruising range is 1370km. More importantly, Fengyun has super-high fuel economy, and its power performance is even more leading in the industry. Its vehicle speed limit can reach 240km/h, and it takes only 4.26 seconds to complete the acceleration of 000 km.

　　It can be seen that in the traditional fuel vehicle market, Chery has an inherent advantage in hybrid power because of its in-depth research on engines and transmissions, so that it can catch up quickly. As Zhang Guozhong said: "Without the hybrid market of Chery Automobile, it is not a complete hybrid market." This is not only the confidence in Chery’s hybrid technology, but also the counterattack horn launched by Chery to the market after strengthening the hybrid technology.

　　Why does Chery need a new "Fengyun"?

　　From the outside world, the return of the new sequence of "Fengyun" is only the territory of Chery Automobile to complete the new energy track of Chery brand. But in Chery’s view, this product sequence actually has a more ambitious and arduous task of accelerating the global market.

　　Yin Tongyue has mentioned on many occasions that if China wants to become a real automobile power in the world, it should not only be the first in production and sales, but also the first in market. In his view, China automobile brands must go abroad and go overseas. Not only based on the domestic market, but also competing with foreign brands overseas to grab their "rice bowls".

　　In fact, in overseas markets, in September this year, Chery Automobile exported more than 130,000 vehicles, accounting for more than 68% of the sales volume, ranking first in China brand sales for many years. However, this is not enough, not to mention that compared with Toyota and Volkswagen, even compared with Korean and legal brands such as Hyundai and Citroen, Chery is still far from the world-class brand expected by Yin Tongyue.

　　How can we quickly move towards a global brand? Running on two legs is definitely faster than limping on one leg. So, Chery, we saw that Chery began to launch a new energy track in the past two years. In the past two years, on the one hand, overseas sales increased and revenue recovered steadily, on the other hand, Chery has completed the layout of four brands: Chery, Xingtu, Jietu and iCar. The question now is how Chery Group can step on the rhythm of new energy transformation on the basis of the existing four brands.

　　Previously, Chery’s strategy was similar to brands such as Geely and Changan. They all launched new energy vehicles under Chery and Xingtu brands, adding plug-in hybrids to existing fuel vehicles, and at the same time, they had a proprietary sequence focusing on pure electricity. However, the effect is obvious, which cannot support the strategic goal of Chery’s new energy transformation.

　　It has been reported before that Chery will set up a brand-new sub-brand to transform new energy, and there are rumors that the new brand code is "O&J", which is the benchmark. At that time, many people thought that Chery’s move was another "smelly chess", which further increased the complexity under the already bloated brand.

　　But now it seems that Chery is not making a brand new, but making a brand new energy sequence under the Chery brand-that is, restarting the "Fengyun". Judging from the information released by Chery, Chery will still have four brands, but under the Chery brand, the new energy sequence of "Chery Fengyun" will be extended, and under the Star Road brand, the pure electric sequence of "Star Age" will be extended, and then Jetway and iCar will be established.

　　The arrival of Fengyun is not only a new round of reinforcement for Chery Automobile in the field of hybrid technology, but also according to the plan, Chery Fengyun will launch 11 brand-new models in the next two years, and will expand to 24 models including Super Hybrid 3.0 and 15 E0X high-end electric new products in two years, and launch a total of 39 new models.

　　It can be seen that Chery will not only return to the mainstream position in the new energy market with the IP of Fengyun, but also accelerate its layout in the global market with the help of electrification wave and Chery’s rapid growth advantage in the global market.

　　Does Chery’s globalization have the opportunity?

　　At the Shanghai Auto Show in April this year, some car critics were so excited that they burst into tears when they saw more than 200 foreign dealers crowded Chery’s booth! Because China’s automobile market has been developing for more than 30 years, from the time when the outside world always questioned "market for technology" to the time when foreign friends came to China to learn from China’s automobile enterprises, it was extremely bitter all the way. Now, China car companies are finally going to be proud.

　　According to the data, in the first half of this year, the number of cars in China reached 2.341 million, of which Chery Automobile exported a total of 398,500, ranking second in the list. Especially in the South American market and the Russian market, Chery’s brand power has even become comparable to Volkswagen and Toyota, and Starway has become synonymous with local luxury brands.

　　There is no doubt that Chery has made a name for itself in some overseas markets around the world, and then, as long as Chery relies on the global wave of electrification, insists on global development and builds world-class brands and products, it will be just around the corner.

　　We always say that in order to achieve something, we must occupy "the right time, the right place and the right people". Through so many years of exploration and efforts, Chery has always adhered to the initial intention of being a "science man" and regarded building a good car as the always concept of enterprise development. It is this persistence that makes today’s Chery achieve today’s sales at home and abroad. If Chery’s management team and Fengyun car series are the "human and geographical advantages" of Chery’s globalization, then under the general environment of encouraging China brands and China enterprises to go to sea, Chery’s globalization development has the advantage of "good weather".

　　Li Ping | Author

　　Watson | editor

　　Lishi finance | produced

　　For a long time, among the top three independent automobile brands (Geely, Great Wall and Chang ‘an),Has always been a slightly embarrassing existence. On the one hand, Changan Automobile has a long history, which can be traced back to the Shanghai Yangpao Bureau during the Westernization Movement, and belongs to one of the four earliest automobile groups in China.

　　In terms of sales volume, the total sales volume of Changan Automobile also ranks first among the top three independent companies for a long time, and it is also the first self-owned brand automobile enterprise in China to exceed 1 million vehicles. According to the data of the 2021 annual report, Changan Automobile achieved a sales volume of 2.301 million vehicles throughout the year, including 1.755 million vehicles of Changan’s own brand, up 16.7% year-on-year. In contrast, Geely Automobile,In 2021, the total sales volume was 1.328 million and 1.28 million respectively, which was obviously different from Changan Automobile.

　　In addition, Changan Automobile was once the automobile enterprise with the largest number of joint venture brands, and has successively established strategic partnerships with multinational companies such as Ford, Suzuki, Mazda, Volvo and PSA, and has owned several joint venture brands such as Changan Ford, Changan Mazda, Changan Suzuki and Changan Peugeot Citroen (sold).

　　On the other hand, due to the problems of state-owned enterprise system, low-end products and over-reliance on joint venture brands, Changan Automobile’s operating efficiency is not high, its revenue scale and net profit level are among the lowest among the three independent companies, and its operating performance fluctuates sharply. During the period from 2018 to 2020, Changan Automobile deducted non-net profit for three consecutive years, with a total loss of more than 10 billion yuan.

　　Because of this, Changan Automobile’s presence in the secondary market is not strong. Before 2021, the market value of Changan Automobile hovered around 100 billion yuan for a long time.

　　In 2021, Changan Automobile was with Huawei,The joint launch of Aouita, a high-end brand of new energy vehicles, has attracted a lot of attention. The total market value of the company has doubled in four months (May-August 2021), and the total market value once exceeded 150 billion yuan. Since then, because the progress of Aouita is less than expected, Changan Automobile’s share price has fallen sharply again, hitting an interval low (6.40 yuan/share) on April 27th, and the total market value has dropped back to 68 billion yuan.

　　Dramatically, since April 27th, the share price of Changan Automobile has increased by more than 200% in two months. On June 28th, Changan Automobile’s share price closed at the daily limit (20.35 yuan/share), and its market value climbed to 201.9 billion yuan, breaking through the 200 billion yuan mark for the first time in history and becoming a relay of A shares.、After Great Wall Motor, it is the fourth complete vehicle enterprise in China with a total market value exceeding 200 billion yuan.

　　It’s not hard to find that favorable policies such as halving the purchase tax and the release of new cars of Aouita and Deep Blue brands have become important catalysts for Changan Automobile’s share price increase.

　　On May 31, in order to further encourage automobile consumption, the Ministry of Finance and the State Administration of Taxation issued the Announcement on Reducing the Vehicle Purchase Tax for Some Passenger Cars, which clearly stipulated that the vehicle purchase tax would be reduced by half for passenger cars with a displacement of 2.0 liters and below whose purchase date was from June 1 to December 31 and the bicycle price (excluding VAT) did not exceed 300,000 yuan.

　　In addition to favorable policies, the promotion of new energy automobile business is also a catalyst for the rise of Changan Automobile’s share price. On June 25th, at Chongqing Auto Show, Changan Automobile exhibited six electric electrification products including Changan Deep Blue SL03, UNI-K iDD, UNI-V iDD, Auchan Z6 iDD, LUMIN and Aouita 11. In particular, Aouita, blessed by Huawei and Contemporary Amperex Technology Co., Limited, is regarded as the hope for Changan Automobile to break through in the field of new energy vehicles.

　　The rise of share price undoubtedly represents investors’ longing and expectation for the future development of Changan Automobile, but from a fundamental point of view,Changan Automobile’s joint venture brand is difficult to return to its peak, its own brand is big but not strong, and the progress of new energy vehicles is backward, and so on.Remove the aura of Aouita, Changan Automobile is still the slightly moderate Changan Automobile.

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　　Independent brands are big but not strong.

　　From the perspective of revenue composition, Changan Automobile is divided into two parts: joint venture brand and independent brand. Among them, the joint venture sector mainly includes Changan Ford and Changan Mazda, and its own brands mainly include Changan Automobile, Auchan Automobile, Kaicheng Automobile (commercial vehicle) and the newly released two new energy brands, Aouita and Changan Deep Blue.

　　According to official data, Changan Automobile achieved a sales volume of 2.301 million vehicles in 2021, a year-on-year increase of 14.8%, and its sales volume returned to the fourth place in the automobile group. Of course, this data includes the total data of China brands and joint venture brands, passenger cars and commercial vehicles under Changan Automobile Group.

　　Specifically, Changan sold 1.755 million China brand cars, a year-on-year increase of 16.7%; Among them, the cumulative sales of passenger cars in 2021 exceeded 1.2 million, up 23.1% year-on-year.

　　In terms of passenger cars, Changan brand and Auchan brand achieved sales of 966,000 and 228,000 respectively, up by 20.0% and 49.0% respectively. In terms of new energy vehicles, Changan Automobile Benben E-Star sold more than 70,000 vehicles in the whole year.

　　In addition to passenger car business, commercial vehicle business also occupies an important position in the total sales of Changan Automobile. According to the data, Changan commercial vehicles include eight series of products, including micro-passengers, light passengers, micro-trucks, light trucks, pickup trucks, commercial MPV, large and medium-sized buses, school buses and corresponding new energy sources, special vehicles, etc., and they have products brands such as "Changan Ruixing, Changan Shenqi, Changan Kaicheng, Changan prodigy, Changan Ounuo, Changan Star and Changan Star Card". In 2021, the annual sales volume of Changan Kaicheng brand exceeded 185,000 units.

　　In terms of joint venture brands, Changan Ford sold 304,700 vehicles in 2021, a year-on-year increase of 20.29%. Among them, Lincoln brand sold 89,000 vehicles, a year-on-year increase of 109.1%. Changan Mazda’s annual sales volume was 89,700 vehicles, up 5.28% year-on-year.

　　It can be seen that although the sales volume of Changan Automobile’s own brand claims to have exceeded 1.75 million, this data includes the sales volume of more than 500,000 commercial vehicles. From the perspective of passenger car sales alone, the sales volume of Changan Automobile’s own brand is only 1.2 million, accounting for about 52% of the revenue, and the total sales volume is not as good as that of Geely Automobile (1.32 million).

　　In addition, due to the low-end products and the slow promotion of new energy vehicle business, Changan Automobile’s own brand has been in a state of being big but not strong. As can be seen from the following figure, although Changan Automobile’s vehicle sales rank first among the top three independent companies, it is not as good as Geely and Great Wall in terms of revenue scale, net profit and average bicycle price, and the sales of new energy vehicles also rank last.

　　Changan Automobile started as a mini-car and then entered the passenger car market. According to the sales data in 2021, the main sales models of Changan Automobile are still CS series and Yidong series.

　　Among them, the CS series covers SUVs in the price range of 60,000-210,000, and the sales volume in 2021 is about 540,000, accounting for about 36% of the independent brands; Yidong brand mainly focuses on the car market below 100,000 yuan. In 2021, the sales volume is about 170,000, and the revenue accounts for about 11%. In addition, the sales volume of Auchan series, a low-end model converted from commercial vehicles to passenger cars, is about 228,000, accounting for about 15%.

　　In terms of vehicle types, the CS75 model is positioned in the compact household SUV market of 100,000-120,000 yuan. In 2021, the cumulative sales volume exceeded 280,000, accounting for 14% of the sales volume. Yidong is positioned in the low-end car market of 70,000-90,000 yuan. In 2021, the annual sales volume exceeded 170,000, accounting for 10% of the sales volume.

　　In addition, three low-end models, changan CS55, Auchan X5 and Changan Benben EV, account for 9%, 9% and 5% of Changan Automobile’s own brand sales respectively, and their prices are all below 100,000 yuan.

　　Unlike Changan Automobile products, which are mainly concentrated in the low-end market, Geely and Great Wall have successively launched independent high-end brands such as Lectra and WEY since 2016. In 2020, the annual sales volume of Lectra reached 175,000 vehicles, up 37% year-on-year, and basically stabilized the mid-to-high-end market.

　　Facing the backward situation in the mid-to-high-end market, Changan Automobile did not launch the UNI series positioned in the mid-to-high-end market until 2020. In 2021, Changan Automobile UNI series achieved sales of 120,000 vehicles, accounting for about 8%.

　　However, even as a high-end series of Changan brand, the price of UNI series models is still concentrated in the market range of 100,000-150,000 yuan. Among them, the guide price of UNI-T, the first model of UNI brand, is 113.39-133.9 thousand yuan, and the price range of UNI-K, the second model, is 153.9-184.9 thousand yuan. In contrast, the products of Geely Link brand and Great Wall WEY brand are mainly concentrated in the market of 150,000 yuan and above.

　　Due to the difference in product structure, the average ex-factory price and profitability of Changan Automobile’s new cars are significantly lower than those of competitors such as Geely and Great Wall. As can be seen from the following figure, in the past four years, Changan Automobile’s sales volume ranked first among the top three independent companies, but its net profit level was far less than Geely and Great Wall.

　　In addition, unlike Geely and Great Wall Motor, whose main profits come from independent brands, Changan Automobile’s operating performance is highly dependent on the joint venture brand Changan Ford. Therefore, if the profit contribution of the joint venture brand is not considered, the gap between the profitability of Changan Automobile’s own brand and its competitors will be even greater.

　　2

　　Joint ventures are no longer brave.

　　Similar to SAIC, Changan Automobile’s operating profit is highly dependent on Changan Ford, a joint venture company, while its own brand is in a state of meager profit or even loss. From 2015 to 2017, the net profit of Changan Automobile was 9.923 billion yuan, 10.277 billion yuan and 7.208 billion yuan respectively. Among them, the investment income from joint ventures and joint ventures is 9.440 billion yuan, 9.564 billion yuan and 6.855 billion yuan respectively, of which more than 90% of the profits come from Changan Ford.

　　According to the data, Changan Ford was established in April 2001, and the shareholding ratios of Changan Automobile, Ford Asia Pacific and Ford Motor (China) are 50%, 35% and 15% respectively. In 2016, the sales volume of Changan Ford reached a historical high of 940,000 vehicles, and contributed 9.08 billion yuan of investment income to Changan Automobile.

　　However, the sales of Changan Ford have gone from bad to worse since 2017 due to problems such as the broken shaft of Changan Ford Maverick and the aging of products. The data shows that from 2017 to 2019, the sales of Changan Ford were 828,000, 337,800 and 184,000 respectively, with year-on-year declines of 12.27%, 54.37% and 51.3% respectively.

　　With the sharp decline in sales volume, Changan Ford’s operating performance also fell sharply, and it fell into a loss during 2018 -2019. In this context, the operating performance of Changan Automobile has also been severely impacted. The data shows that from 2018 to 2020, the non-net profit deducted by Changan Automobile was-3.165 billion yuan,-4.762 billion yuan and-3.25 billion yuan respectively, and the net operating loss during the three years exceeded 11 billion yuan.

　　Facing the total collapse of the China market, Ford Global decided to separate the China market from the Asia-Pacific region and become the two core markets of Ford alongside the North American market. In April 2019, Ford Motor Company released the "Ford China Product 330 Plan", and plans to launch more than 30 new models in the China market in the next three years. Since then, the new Focus, Ford Ruiji and Ford Explorer have been listed, and Lincoln Navigator/Aviator/Adventurer SUVs have also been localized.

　　With the update of vehicle models and the launch of Lincoln brand, Changan Ford’s sales and operating performance also rebounded. In 2020, Changan Ford sold 253,300 vehicles throughout the year, up 37.67% year-on-year; In 2021, the sales volume of Changan Ford reached 304,700 vehicles, a year-on-year increase of 20.29%. Among them, Lincoln brand sold 89,000 vehicles, a year-on-year increase of 109.1%; The net profit was 2.284 billion yuan, which was significantly higher than the net profit of the same period in 2020 (16 million yuan).

　　However, the sales volume and net profit level of Changan Ford in 2021 are far from the peak in 2016. Through simple comparison, it can be seen that Changan Ford’s sales volume in 2021 is still less than one-third of that in the same period of 2016, and its net profit is only 13% of that in the same period of 2016. In addition, if the sales volume of Lincoln brand is not calculated, the sales volume of Changan Ford in 2021 is only 215,000, which is almost the same as that in 2019 in the trough period, which shows that the sales volume of Ford, the main brand, has not really improved.

　　In addition to the aging problem of products, the slow transformation of electrification is also an important reason why Changan Ford’s sales are blocked. Up to now, Changan Ford’s new energy vehicles are only sold in the leading EV, sharp hybrid version and Mustang Mach-E (electric mustang). Among them, the leading EV belongs to Jiangling Ford, while the monthly sales volume of the sharp plug-in hybrid version has been less than 100 since its launch, and the cumulative sales volume has been less than 1,000.

　　As the first electric vehicle of Changan Ford, Ford Mustang Mach-E (Electric Mustang) was not officially delivered in China until December 26th, 2021. By the end of May 2022, the cumulative sales volume of Mustang Mach-E was less than 500 vehicles.

　　The latest data shows that from January to May this year, Changan Ford sold 85,500 vehicles, down 13.87% year-on-year. Among them, the sales volume in May was 13,200 units, down 32.4% year-on-year. Obviously, with the rising of independent brands and the rapid penetration of new energy vehicles, it is difficult for Changan Ford, which lacks pure electric explosion models, to return to the peak, and the road to recovery is probably still very long.

　　three

　　It is difficult for Aouita to carry the banner.

　　Since the second half of 2020, new energy vehicles have become a key point to rapidly increase the market share of independent brands. BYD, Geely and other car companies have successfully achieved double growth in sales volume and brand upward with the help of transforming new energy. However, in the field of new energy vehicles, Changan Automobile is still in a relatively backward state, which further aggravates the difficulty of its brand promotion.

　　According to the data, Changan Automobile entered the new energy vehicle much earlier than its competitors. As early as 2001, Changan Automobile began to research and develop new energy technologies and developed the first hybrid prototype. In December 2009, Chang ‘an Benben MINI EV went off the production line, with a cruising range of 50km and a top speed of 120km/h, becoming the first pure electric vehicle in China.

　　However, due to problems such as too small battery capacity, too long charging time, short battery life and poor heat dissipation, Changan Benben MINI EV did not realize mass production immediately. It was not until 2017 that Benben MINI was listed in the promotion catalogue of new energy vehicles of the Ministry of Industry and Information Technology.

　　In April 2015, the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology and the Development and Reform Commission jointly issued the Notice on Financial Support Policies for the Promotion and Application of New Energy Vehicles in 2016-2020, to carry out the promotion and application of new energy vehicles nationwide. Since then, Changan Automobile has launched three electric vehicles in 2015, 2016 and 2018, namely Yidong pure electric version, Ounuo pure electric version and Changan Benben LOVE pure electric version, but they all belong to "oil-to-electricity" models, and the market response and sales volume are relatively flat.

　　It is not difficult to see that although Changan Automobile entered the new energy vehicle early, it did not really tackle the technical problems, so that Changan Benben MINI EV could not be mass-produced because of battery problems after trial production, while Yidong pure electric version, Ounuo pure electric version and other models were all "oil-to-electricity" models, and more were introduced for subsidies.

　　It is this short-sightedness in strategy that finally made Changan Automobile fall into the end of "getting up early and catching up late" in the field of new energy vehicles. From the sales list of new energy vehicles, except for the occasional list of Benben EV, several other models have a flat response. In 2020, Changan Automobile’s new energy vehicle sales volume is only 34,900 vehicles, accounting for only 1.5% of the sales volume, and it is mainly A00-class cars.

　　Facing the backward situation in the field of new energy, Changan Automobile, together with Huawei and Contemporary Amperex Technology Co., Limited, jointly launched the high-end electric brand Aouita and released the first model Aouita 11. At the same time, it launched a brand-new digital pure electric brand "Changan Deep Blue" and released the first strategic model C385 of Changan Deep Blue.

　　With the blessing of two giants, Huawei and Contemporary Amperex Technology Co., Limited, Aouita science and technology has attracted much attention. In March this year, Aouita Science and Technology conducted the first round of financing, and the registered capital of the company increased from 288 million yuan to 1.172 billion yuan. Contemporary Amperex Technology Co., Limited officially became the second largest shareholder of Aouita Science and Technology with a shareholding ratio of 23.99%.

　　However, the joint efforts of the three parties have certainly improved the level of power battery technology and intelligence in Aouita, and alleviated the financial pressure of Changan Automobile to a certain extent, but it will also lead to the core technologies of Changan Automobile, such as driverless driving and power battery, being controlled by others.

　　In fact, Changan Automobile has fallen far behind competitors such as Geely and Great Wall in battery technology, pure electric platform and driverless driving. For example, as early as 2019, Geely created the vast intelligent architecture of SEA, and Great Wall Motor subsequently released the intelligent electric platform for coffee. However, it was not until April this year that Changan Automobile released the all-electric EPA1, mainly serving Changan Deep Blue.

　　In January this year, the B round of financing of Changan New Energy was settled, with a capital increase of 4.977 billion yuan, and the shareholding ratio of Changan Automobile was diluted from 48.95% to 40.66%. According to the company’s plan, Changan New Energy will start the IPO process.

　　However, from the operating situation, Chang ‘an’s new energy situation is not optimistic. The data shows that in 2021, Changan New Energy achieved an operating income of 5.632 billion yuan and a net loss of 2.772 billion yuan, which further expanded compared with the same period last year (1.16 billion yuan).

　　In addition, from the perspective of shareholder structure, Changan New Energy’s capital contributors are mainly financial investors such as Bank of Communications Yubo No.1 and Chengyuan Fund, which obviously lacks the support of industrial capital. With the technical strength of Changan Automobile alone, it is difficult for Changan New Energy to compete with a number of new forces, such as Geely Krypton, SAIC Zhiji, Weilai, Tucki and Ideality, which have been mass-produced.

　　People familiar with Changan Automobile may know that as early as 2017, Changan Automobile put forward the "Shangri-La Plan" strategy, announcing that it would completely stop selling traditional fuel vehicles in 2025 and invest 100 billion yuan in the whole new energy vehicle field. By then, Changan will launch 21 new pure electric vehicles and 12 plug-in hybrid vehicles.

　　In the following 2018, Changan Automobile set a new sales target: in 2020, the sales volume of new energy vehicles was 350,000, entering the first echelon of the industry; By 2025, 1.16 million new energy vehicles will be sold, making China the first brand.

　　At present, Changan Automobile is unlikely to achieve this goal. In 2021, the sales volume of new energy vehicles in Chang ‘an was 108,900, far below the target of 2020 (350,000). From January to May this year, Changan Automobile’s new energy sales volume was 51,000 vehicles, with a market share of 3%, ranking eighth among manufacturers in terms of sales volume.

　　Therefore, although Changan Automobile seems to have ambitious goals in the field of new energy, it still gives people a feeling of "old wine in new bottles". In other words, Changan Automobile, an old tree, is trying to sprout, but its spring is far from coming.