标签： 武汉夜生活论坛

From glory to loneliness, from pride to disappointment, it doesn’t take an era at all, a few years is enough. Just like the automotive industry in recent years, it is difficult for anyone at the card table to "win in a breeze".

On July 25, Dongfeng Group shares (HK: 00489) set a 52-week intraday low of HK $2.19/share. As the chairperson of the group, Yang Qing, an old Dongfeng man who is responsible for the group’s performance and market performance, should be under a lot of pressure.

Its shares fell more than 40 per cent in the first half of the year, while the Hang Seng index closed up nearly 4 per cent over the same period, as the group’s chill in capital markets reflected weakness in sales fundamentals that underpin Dongfeng.

Longitudinal point of view, in the first half of this year, the cumulative sales of Dongfeng Group shares increased by 2.2% year-on-year, stopping at one million vehicles for the second consecutive year; recall the same period in 2017/2018, half a year to reach 1.50 million vehicles, the gap is not big.

1 Recognize the reality

In 2024, Dongfeng Group’s share sales target is 2.70 million vehicles, which is the first time in five years that the group has adjusted the annual target to below 3 million vehicles.

But unfortunately, in the three years from 2020 to 2022, the group’s sales target has been higher and higher, but the actual sales achieved have been less and less. Looking at the data in recent years, Dongfeng Group shares reveal a sense of helplessness and unwillingness that "my life is up to me" but cannot be fought.

In 2023, Dongfeng Group’s shares contracted for the first time, lowering the target to 3 million vehicles, but finally reached 2.0882 million vehicles, with a completion rate of less than 70% for the whole year. In 2024, Dongfeng Group shares, which recognized the reality, lowered their expectations again, and this time the annual target was only 2.70 million vehicles.

90.8%, 84.3%, 71.0%, and 69.6% are the target completion rates of Dongfeng Group from 2020 to 2023. The decreasing sales volume and completion rate year by year are like a basin of cold water, which ruthlessly wakes up this old automobile central enterprise with a glorious history.

From Shiyan in northwestern Hubei to Wuhan, the capital of Hubei province, Dongfeng Motor is facing another critical moment.

2 "days" fade away

The most sobering thing for Dongfeng Group’s shares should be the "not what it used to be" of its two major Japanese joint ventures.

During its heyday (about the past 10 years), the two Japanese joint ventures contributed more than 70% of the group’s sales, making them a veritable sales pillar and profit cow.

In the first half of 2018, Dongfeng Nissan (including Venutian and Infiniti) sold 620,000 vehicles, and now only 330,000 vehicles; compared with the monthly average sales may be more impactful. In five years, its monthly average sales have plummeted from 100,000 vehicles to 50,000 vehicles, reaching the level of "halving".

Weak sales will inevitably be transmitted to the production side, inhibiting the release of production capacity.

According to public information, Dongfeng Nissan’s Guangzhou, Xiangyang, Zhengzhou, Dalian, Changzhou and Wuhan production bases reached 1.60 million vehicles, while last year’s capacity utilization rate was less than 50%. As of the first half of this year, its capacity utilization rate was only 20.6%.

Not long ago, it was reported that Dongfeng Nissan’s Wuhan Yunfeng factory would be used to produce Lantu car soulmates.

Although it is the height of summer, it feels chilling. The era of Japanese brands in full swing has come to an end. The decision to introduce three-cylinder engines may be the historic beginning of Dongfeng Nissan’s decline.

In the face of the strong counterattack of Chinese brands, the "Huohuo Sickle" of the price war, and Dongfeng Nissan, which is lagging behind in the transformation of new energy, have lost their "combat power" and have become the first Japanese brands to bear the brunt.

It is worth mentioning that on June 16, Dongfeng Nissan ushered in 16 million vehicle production and sales milestones on its 21st birthday. General Manager of Dongfeng Nissan, Sekiguchi, released the "Dongfeng Nissan New Struggle · 100 Action Plan". He called on all Dongfeng Nissan employees to strengthen their confidence, anchor their goals, fight with all their fun, and win with all their fun, and jointly open a "new era of enjoyment" for Dongfeng Nissan.

Dongfeng Nissan plans to launch 7 new new energy products by the end of 2026, and the R & D investment will exceed 10 billion yuan in the next three years. The medium and long-term goal is to increase the size of the R & D team to more than 4,000 people…

However, can the grand plan bring Dongfeng Nissan back to the glory of the fuel age?

Compared with Dongfeng Nissan’s cumulative negative sales performance, Dongfeng Honda sold 237,900 vehicles in the first half of this year, up 4.79% year-on-year, outperforming the group’s growth rate. However, as mentioned above, its current sales scale is also facing a serious contraction.

Under the rolling tide of new energy and intelligent transformation, Dongfeng Honda’s meritorious models CR-V and CR-V, even if the price is significantly reduced, it is difficult to return to the previous market position. BYD, Geely Automobile, and Chery’s competing models are on the rise.

In the face of the overall monthly sales of about 30,000 vehicles, the annual sales target of "Dongfeng Honda’s impact on 1 million vehicles" may never be mentioned again.

According to Honda China’s latest news, it will implement capacity optimization in China to accelerate electrification transformation. Among them, Dongfeng Honda plans to suspend production of the second production line with an annual capacity of 240,000 vehicles in November 2024; its new electric factory under construction will be put into operation in September this year, and plans to launch more than 10 pure electric models by 2030.

It is worth mentioning that on July 16, Dongfeng Honda also just celebrated its 21st birthday, only a month away from Dongfeng Nissan.

The transformation is lagging behind, sales are shrinking, overcapacity, and layoffs are causing Japanese brands to face unprecedented challenges.

3 "Dharma" is difficult to apply

In the first half of this year, Shenlong Automobile sold a total of 37,700 vehicles, with an average monthly sales of more than 6,000 vehicles, and the performance was very "stable". It’s just that the market presence is minimal.

In 2022, the monthly sales volume of this French joint venture company can still exceed 10,000 vehicles, but since 2023, it has basically missed 10,000 vehicles, not to mention the easy monthly sales of 50,000 vehicles at its peak.

A year later, he went to the FAW Group to follow the old leader, but the situation of Shenlong Automobile was far from optimistic. In the current extremely rolled-in car market, it was difficult to survive with a sales volume of several thousand vehicles; especially for Shenlong Automobile, new brands and new products emerged one after another.

The current Shenlong Automobile has mainly focused on the user brand "bosom friend" and implemented the "Five Hearts Guardian Action 2.0", including the recent launch of the "Longjing Plan" with JD.com.

For product-level innovation or new actions, Shenlong Automobile has little voice. In the first half of this year, Shenlong Automobile mainly launched the new 408 model of Dongfeng Peugeot, and Dongfeng Citroen 2024 Versailles C5 X & a new version of Travel Extraordinary, nothing more.

If the Japanese joint venture is lagging behind in the new energy track, then Shenlong Automobile can be considered a laggard. It is understood that Shenlong Automobile’s first new energy model will not be officially put into production until 2025.

On July 15, Shenlong Automobile made adjustments to its management. Chen Bin, an "old Dongfeng man", was transferred to FAW and no longer held the position of general manager of the company; Song Hanming was recommended to serve as general manager. Chen Bin was also ordered to take over at the lowest point of Shenlong Automobile and start a disaster. However, the current Shenlong Automobile still makes everyone feel that the stamina is insufficient.

The sales target of 100,000 cars this year may be difficult to achieve.

4 "Self" is constantly strong

Perhaps realizing the "powerlessness" of the joint venture sector, Dongfeng Group shares have poured more effort into their own business.

Dongfeng Yipai, Dongfeng Nano, Dongfeng Fengshen, the three major brands have joined forces to improve the production and sales performance of Dongfeng passenger cars.

Among them, Dongfeng Yipai, which is the core of Dongfeng Motor’s strategic transformation, has launched two models in the first half of this year, namely eπ 007 and eπ 008. It is understood that the second factory in Wuhan mainly produces Dongfeng Yipai. The output of eπ 007 will stabilize at around 3,000 units in July, and will increase to 5,000 units in August as orders grow. The eπ 008, which was officially launched and delivered in June, is also climbing production. The current monthly output has increased to about 5,000 units.

According to the plan, in the next three years, Yipai, Fengshen and Nano will launch 11 new products; and by 2025, the three major product series of the "Dongfeng" brand will break through 700,000 new energy vehicles.

700,000, which is equivalent to the sales of Dongfeng Nissan and Dongfeng Honda last year. Is this going to be "independent and joint venture"?

The answer lies in 2025.

After Dreamer and Chaser, the fourth model of Lantu Automobile will also be launched this year.

In 2023, Lantu Automobile successfully achieved its annual sales target of 50,000 vehicles; in 2024, its sales target is the same as Shenlong Automobile, and it is also 100,000 vehicles. With the addition of new models of Huawei Empower, this goal is not far away.

5 Views of AutosKline

The failure of the joint venture brand in the Chinese market is not the only one affected by Dongfeng Group. However, it has two major Japanese automakers and a legal system. Dongfeng Motor Group has been hit more strongly, which also led to its first net profit loss in 2023.

Dongfeng Motor Group’s "bug-catching" operation has also continued. Even at the DONGFENG MOTOR CORPORATION’s mid-year 2024 work conference on July 16, Yang Qing, chairperson and party secretary of the company, emphasized that in the second half of the year, the company must insist on the central inspection and rectification, and put it in a prominent position.

As the saying goes, everything is man-made, and only when people are correct can they do things correctly.

Dongfeng Automobile Group, a central automobile enterprise that often talks about "family and country feelings" and "industry serving the country", carries a heavier mission.

Now that the glory of the joint venture era is in the past, there is no need to miss it. The automotive industry is a marathon, self-improvement, and there are still opportunities in the second half. The national team should be very excited.

The old man is on the verge of a thousand miles. If you don’t fight at this time, when will you wait?!

Recently, Lantu Automobile received credit of 15 billion yuan from several banks. On June 13, Lantu Automobile officially signed a bank-enterprise strategic cooperation agreement with Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, Bank of Communications, China CITIC Bank, and China Merchants Bank. At the same time, Lantu Automobile also signed a strategic contract with Wuhan Economic Development Investment Group. The two parties will give full play to their own advantages and carry out extensive cooperation in various fields such as park development, asset management, and green travel, and jointly seek greater development opportunities. This strategic cooperation further reflects the market’s confidence in the development of Lantu, and is a full affirmation of Lantu’s hard and soft power. It will also provide stable resources and strong support for Lantu’s high-quality development.

It’s not a good idea.Landmap Auto Bank-Enterprise Strategic Cooperation Signing Ceremony

At the signing ceremony, You Zheng, member of the Standing Committee of the Party Committee of Dongfeng Company, deputy general manager, and chairperson of Lantu Automobile, said that this strategic cooperation is not only an important practice for Lantu and financial partners to work together to build automobile marketing innovation, but also a practical action to actively promote the high-quality development of the new energy automobile industry. It marks the opening of a new chapter of cooperation between Lantu and financial partners, which will further help Lantu make breakthroughs in innovation and provide stable resources for the development of Lantu’s business.

Qiu Shijie, a representative of the bank partners, Vice President of Industrial and Commercial Bank of China Hubei Branch and President of Wuhan Branch, said that Lantu Automobile integrates Dongfeng’s more than 50 years of vehicle manufacturing technology and superior resources, and is a user-centered technology enterprise. With this signing as an opportunity, Industrial and Commercial Bank of China will closely focus on the development planning of Lantu Automobile, further increase its support for investment and financing, cash management, and supply chain innovation, and continue to deepen strategic partnerships to help Lantu Automobile’s sustainable and high-quality development.

It’s not a good idea.Lantu Automobile and Wuhan Economic Development Investment Group signed a strategic cooperation agreement

Lu Fang, CEO of Lantu Automobile, said that after more than three years of development, Lantu has established a solid development system, forming an independent and controllable full-link system of research, production, supply and marketing, an advanced and complete high-end new energy vehicle production and intelligent manufacturing system, a core technology full-stack self-research system with global competitiveness, and a talent team and organizational system that is determined to reform. Lantu Automobile has obtained bank credit and signed a strategic contract with Wuhan Economic Development Investment Group, showing that the market is optimistic about Lantu’s corporate strength, anti-risk ability and development potential. In the future, Lantu will further increase investment in Product Research & Development and marketing, accelerate the transformation of technology, launch more extreme products, and go down on the new track of new energy vehicles.

It’s not a good idea.Full-stack self-research to create a leading technological advantage with global competitiveness

Lantu insists on positive research and development, builds its own "moat" with technological innovation, and firmly holds the development initiative in its own hands. Lantu strengthens original and leading scientific and technological research, aims to continuously improve the technical level of intelligent cockpit, intelligent driving, new energy and other fields, and uses technological innovation as traction to create an efficient R & D system and institutional mechanism, driving continuous breakthroughs in the fields of electrification, intelligence, modularization, and generalization. A number of industry-leading innovative technologies have been formed, including ESSA native intelligent electric architecture, central centralized SOA electronic and electrical architecture, intelligent driving and cloud platform, developer platform, 800V fast charging, and integrated thermal management module. The core technology has basically realized full-stack self-research. Lantu’s self-developed ESSA native intelligent electric architecture is a multi-power architecture under positive development, shortening the development cycle by at least 12 months. Lantu’s central centralized SOA electronic and electrical architecture is a leading "software-defined vehicle" architecture, which integrates vehicle control, power, intelligent driving, and intelligent cockpit into one, bringing a higher-order intelligent driving experience and more diverse vehicle to everything. Facing the future, Lantu actively develops cutting-edge technologies such as hydrogen power, solid-state batteries, asynchronous motors, and hub motors, and conducts multi-technology roadmap layout to enhance the enterprise’s technical reserve.

It’s not a good idea.Landmap’s first centralized SOA electronic and electrical architecture

Since 2020, Lantu has filed an average of nearly 600 patents per year in less than three years. As of May 2023, Lantu has applied for 2,197 patents in China and more than 50 patents overseas, including 1,820 invention patents. At the same time, it actively participates in major provincial and ministerial-level scientific research projects, such as the research and application development projects of the next generation of autonomous driving, and the results are gradually being applied to Lantu’s mass-produced models. With complete and leading R & D capabilities, Lantu not only guarantees the development plan of one model to be put into production every year, but also helps partners to develop together in new generation information technology, artificial intelligence, new energy, green environmental protection and other aspects through technology sharing.

It’s not a good idea.High-end intelligent manufacturing, building an independent and controllable manufacturing and supply chain system

Due to Dongfeng’s half-century of vehicle manufacturing accumulation and control of cutting-edge production technologies, Lantu has built its own intelligent manufacturing factory, built an automated, flexible, intelligent, and green production system, and relied on Dongfeng’s strong resource integration capabilities to create a complete and high-quality supply chain system, ensuring that production capacity and supply chain safety are firmly in its own hands.

Lantu Automotive Intelligent Manufacturing Base

Lantu’s efficient and intelligent stamping workshop, fully automatic welding workshop, dust-free intelligent and environmentally friendly coating workshop, fully automatic resin workshop and digital final assembly workshop can simultaneously meet the collinear random mixed flow production of 5 models such as cars, MPVs, and SUVs. The automation and flexibility capabilities are industry-leading. Among them, stamping, welding, resin and other workshops achieve 100% automated production. Using 5G and big data technology to integrate production and manufacturing, Lantu builds a digital twin of production that integrates digital workshop and physical workshop. Through technologies such as AVI radio frequency identification, MES system, and key process visualization and key equipment online monitoring, lean production is realized to ensure "zero defect rate" of products.

In terms of supply chain, Lantu focuses on the whole life cycle of automobile production, uses a large number of Chinese ** suppliers, and collaborates with enterprises in Hubei Province and Wuhan to help the transformation and upgrading of high-end new energy automobile industry in Hubei Province, and coexists and evolves with suppliers. Lantu integrates digitization and big data to create an efficiently managed smart supply chain. Through a one-stop service platform, it establishes a lean ordering model and a "networked big logistics" system to build a fast, safe and stable logistics network.

Lantu dust-free intelligent environmentally friendly painting workshop

In the context of the green transformation of the automotive industry, Lantu practices the low-carbon concept, implements green manufacturing throughout the life cycle of the industrial chain, and creates green products. Lantu owns the largest distributed photovoltaic project in Wuhan, and is a pilot unit of the "Pilot Implementation Plan for Extended Producer Responsibility of Automotive Products" jointly issued by MIIT, the Ministry of Science and Technology, the Ministry of Finance, and the Ministry of Commerce. In terms of products, Lantu adopts green materials and manufacturing processes, and establishes a recycling system for scrap cars to realize high-value utilization of scrap car dismantling products, reduce carbon emissions throughout the life cycle of automobiles, and build green ecological solutions.

It’s not a good idea.We are committed to reform to build a high-quality talent team and an efficient organizational system

Since its establishment, Lantu has carried the dual mission of Dongfeng’s brand upward and exploring new systems and mechanisms. It is an important force for Dongfeng Group to promote the in-depth development of state-owned enterprise reform and the high-quality development of state-owned enterprises. In February 2022, Lantu was selected as the "Double 100 Enterprises" of the State-owned Assets Supervision and Administration Commission of the State Council, assuming the important responsibility of pioneering the reform of state-owned enterprises, and playing a demonstration and breakthrough driving role in reform. At present, Lantu builds an agile organization from decision-making to management to execution with systematic capabilities, supports differentiated system construction, and makes the governance structure more scientific and perfect, the operation mechanism more flexible and efficient, and the innovation ability and market competitiveness are significantly improved.

Lantu has developed the advantages of "people" in the planting industry, giving full play to the dynamic role and pioneering spirit of people, and adopting the market-oriented "selection" and "employment" mechanism to create a "golden talent" gathering place. In the construction of R & D talent team, Lantu takes electrification and intelligence as the core direction, gathers high-end fuel vehicle brands, new forces in car manufacturing, Internet companies and other industry cutting-edge talents, and the talent team has been growing year after year; in the construction of marketing talent team, Lantu formulates a special project training plan for marketing talents, and builds an efficient marketing team that supports high-end brand perception and trinity operation capabilities; in the construction of skilled talent team, Lantu vigorously cultivates and promotes the spirit of craftsmen, and emerges national youth job experts, outstanding youth job experts in Hubei Province, Wuhan Yellow Crane talents, Wuhan model workers and other typical grassroots employees; in the construction of management talent team, Lantu closely combines the improvement of system and mechanism reform, and focuses on building a full-cycle evaluation mechanism to effectively improve the management team The quality and vitality.

It’s not a good idea.Lantu Auto has completed the strategic layout of "three cars in three years"

In the face of enterprise digital transformation, Lantu has formed a "6 + N + 1" full value chain digital twin system, which drives business efficient decision-making with data. Focusing on new products and new retail, Lantu has built six digital management platforms, including digital marketing platform, intelligent office platform, technology mid-platform, and enterprise big data mid-platform, to open up internal management links, promote the popularization of visual management mode, create a data-driven, agile and efficient operation and management system, and empower business decision-making for the whole value chain of R & D, supply, marketing and service.

As a user-oriented technology enterprise, Lantu Automobile has always adhered to the development strategy of "brand linkage, co-creation and sharing", and established a system of more than 300 strategic partners, forming a development trend of open development and win-win cooperation. Starting from this round of credit, Lantu will work with more partners to build an innovation highland in the automotive industry, promote the high-quality development of the new energy and intelligent connected automobile industry, and help China’s new energy automobile industry run out of "acceleration".

　 　 　Movie Network News Recently, the second phase of Marvel’s masterpiece has frequently exposed various heavy promotional materials. There are still more than 5 months before the film is released in North America, and the publicity is so close. It is not difficult to see that Marvel has deep hopes for this film. Judging from the various trailers recently exposed, "Guardians of the Galaxy" shows that it is unusual. These bizarre guards do their best to do strange things. They are handsome and powerful in battle one second, and they are embarrassed in the next second, which is really surprising.

　 　 When explaining why the trailer was so slow, director James Gang said earlier that it was because Marvel and Disney had a long-term plan for the film, because these superheroes were all untouched by most fans before, so they would choose the best time to let as many viewers as possible access to the story. Now it seems that the above reasons are on the one hand, it is important to let this "Galaxy Funny Team" hide a little deeper to whet the appetite of fans.

　 　 So, what exactly is the Guardians of the Galaxy? Recently, the rocket raccoon acting cute everywhere, the giant dryad, the evil charm Gamara, the "big man" destroyer, and the most important founder "Star Lord" Peter Quill What are the origins? [Movie Network] The editor investigated the background and dug out the "account book" of the five members of the Guardians for everyone. Let’s start with Marvel’s new screen heroes.

　"Rocket Raccoon" is a highly intelligent genetically modified animal made by aliens

★ acting cute member ★ rocket raccoon

　 　 The first starting point is everyone’s favorite cute raccoon. After Marvel released the first trailer for "Guardians of the Galaxy", the biggest complaint among fans was that the rocket raccoon in the trailer didn’t speak. Especially the loyal fans of Bradley Cooper complained even more. This time Marvel released the latest 28-second character, behind- the-scene, to meet the requirements of fans, and see this little raccoon with a gun more closely. Does the hot temper remind you of the popular teddy bear the year before last?

　 　 The "Rocket Raccoon" was a batch of highly intelligent genetically modified animals that had been modified by highly intelligent aliens. It was used to take care of and record the psychopaths among the aliens. Its sense of smell and perception is very sharp, its hair is thick, and it has strong adaptability to the environment. It has a very strong strategic mind and can change tactics in time according to the changing situation of the battlefield.

Click to watch "Guardians of the Galaxy" character promotion: Cooper Roar dubbed Rocket Raccoon

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