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Anhui Jianghuai Automobile Group Co., Ltd. (JAC Motors, stock code: 600418), headquartered at No. 176 Dongliu Road, Hefei City, Anhui Province, is a provincial state-owned special large-scale comprehensive automotive enterprise group in Anhui Province. It is also a global comprehensive automotive enterprise group that integrates the research, production, sales, and service of full-series commercial vehicles and passenger cars, covering many fields such as automotive mobility and financial services. The company's predecessor was the Chaohu Automobile Parts Factory, established in 1964, and it was listed on the main board of the Shanghai Stock Exchange on August 24, 2001. At the beginning of 2026, the company completed the issuance of A-shares to specific investors, raising funds for the development project of its high-end intelligent electric platform. The current chairman and legal representative is Xiang Xingchu.
JAC Motors primarily focuses on four core sectors: traditional and new energy powertrain vehicle business, core components, automotive mobility, and automotive services. Adhering to the dual development paths of "independent development plus open cooperation," it is committed to building a comprehensive automotive service platform with a "full eco-chain, full industry chain, and full value chain." After more than sixty years of cross-sector development, JAC Motors has become an important force driving the rise of China's automotive industry.
On May 20, 1964, the predecessor of JAC Motors, Chaohu Automobile Parts Factory, was officially established, initially producing automotive parts for FAW Jiefang and Nanqi Yuejin, while also operating modified buses and repair businesses. In April 1968, the first 2.5-ton cargo truck was successfully tested and produced at Chaohu Automobile Parts Factory. This "First Car of Wan" filled the blank of Anhui's automotive industry and opened the prelude to the construction of Anhui as a major automotive province. In 1977, the enterprise was renamed Hefei Jianghuai Automobile Manufacturing Factory. In May 1990, JAC launched the R&D of the first generation of bus dedicated chassis, successfully producing China's first bus dedicated chassis, ending the history that Chinese bus chassis could only be modified from truck chassis. That year, light trucks were exported to Bolivia for the first time, taking the first step in internationalization. In 1993, the 10,000th whole vehicle rolled off the production line. In 2000, 380 JAC light trucks were exported to Turkey.
In 2001, JAC Motors listed on the Shanghai Stock Exchange. On March 18, 2002, through introducing H-1 model technology from South Korea, the first "JAC Refine" multi-function MPV officially rolled off the production line, marking that JAC Motors officially entered the passenger car market. Afterward, JAC passenger car product lines expanded rapidly, forming C, B, A, and A0 level sedans, SUV, and MPV six major series platforms. In 2004, JAC Shuai Ling high-end light truck launched in Beijing, and commercial vehicle business continued to deepen. In 2005, the company established an overseas design center in Italy, initiating global design layout. In 2011, the new generation of high-end light truck Shuai Ling III launched. In 2016, the company was renamed Anhui Jianghuai Automobile Group Co., Ltd..
Facing the historical transformation of new energy and intelligence, JAC Motors established the dual path of "Independent Development + Open Cooperation", engaging in deep collaboration with leading companies such as Volkswagen, Huawei, and NIO. In 2025, the million-level super luxury flagship Zunjie S800 jointly built by JAC and Huawei launched, creating a precedent for domestic million-level luxury sedans. As of the first quarter of 2026, nine months after the launch of Zunjie S800, cumulative deliveries exceeded 15,000 units, ranking as the champion of million-dollar luxury car sales for five consecutive months. In April 2026, JAC Motors and Huawei Terminal signed the "Joint Innovation Cooperation Agreement". The two sides, with technology co-research, industry chain co-integration, and brand co-shaping as core, promote the Zunjie brand to move towards the leader of China's ultra-luxury intelligent automobiles. For sixty years, JAC Motors has grown from a local small factory to a diversified comprehensive large state-owned automotive group.
JAC Motors is promoting a deep integration of passenger car business, constructing a tiered product structure with Maestro as the high-end flagship and retaining core independent brands.
Maestro is an ultra-luxury intelligent new energy brand jointly built by JAC Motors and Huawei, positioned in the million-RMB-plus high-end market. The first model Zunjie S800 launched on May 30, 2025, with pricing covering the range of 708,000 to 1.018 million RMB. It is equipped with HarmonyOS intelligent cockpit, ADS high-order intelligent driving system, Huawei electric drive, and full-stack self-developed chassis architecture. 2026 is a big year for the Maestro brand, with new MPV and SUV models to be launched successively.
JAC Passenger Cars is the core independent brand after JAC integration. JAC commercial vehicles have built a full-category, full-scenario, and full-power business system. Based on JAC light trucks, it forms four product lines: light trucks, heavy trucks, pickups, and buses. Among them, JAC light truck exports have ranked in the forefront of the industry for consecutive years. JAC Refine focuses on the MPV market and was once one of the pioneers in China's MPV market.
International Business has built a global business system covering more than 130 countries and regions. Mature sales and service networks have been established in Latin America, Eurasia, Gulf, Southeast Asia, and Africa regions. It possesses 27 global production bases and more than 5,000 global user centers. The company actively responds to the "Belt and Road Initiative", and exports to "Belt and Road" building countries account for 80% of total exports.
In 2025, JAC Motors achieved operating revenue of approximately 46.476 billion RMB, a year-on-year increase of 10.35%. However, the net profit attributable to shareholders was -1.703 billion RMB, remaining in a loss state. The reasons for the loss mainly include: the Volkswagen Anhui joint venture block continued to drag (holding 25% equity, its total loss reached 4.32 billion RMB in 2025, JAC confirmed investment loss of 1.08 billion RMB);
The early R&D and factory construction investments of the Maestro brand were relatively large; and sales expenses surged to 2.897 billion RMB, with R&D expenses reaching 4.179 billion RMB, a significant year-on-year increase. Whole vehicle and chassis sales volume reached 384,100 units for the year. Despite the pressure, marginal improvement signals were released in the fourth quarter, and the company's market value also stood at the 100 billion RMB threshold.
In terms of product structure, the passenger car business achieved operating revenue of about 17.996 billion RMB, a year-on-year significant increase of 46.99%, and gross margin increased by nearly 5 percentage points. The Maestro brand was the core engine for growth; the commercial vehicle business realized about 20.469 billion RMB, a slight year-on-year decline. Looking forward to 2026, JAC Motors plans to sell 424,000 whole vehicles, achieve total operating revenue of 65 billion RMB, a year-on-year increase of 39.58%.
JAC Motors continues to increase its R&D investment. In 2025, R&D expenses reached 4.179 billion RMB, with the R&D investment ratio approaching 9%. In the new energy field, the company has formed an internationally advanced and domestically leading pure electric technology platform. After nine generations of technology evolution and four generations of product iteration, it has mastered three core technologies: battery packaging, motors, and electronic controls.
Honeycomb Battery Technology is JAC's most representative safety achievement. As China's first industrial-grade battery system with zero thermal runaway safety technology, it has been equipped in more than 150,000 new energy vehicles, with 1.7 billion battery cells installed and cumulative mileage exceeding 8 billion km, achieving zero vehicle fires.
In the intelligent field, JAC built its own EEA3.0 architecture platform, realizing central computing and regional control, and reaching industry-leading levels in vehicle integration. It has also constructed a fully steerable intelligent chassis platform that supports Level 4 and above autonomous driving technology. Mass production of Level 2+ intelligent driving products has been realized, Level 3 intelligent driving function development is complete, and Level 4 autonomous driving operates regularly in specific scenarios. The torsional stiffness of the Zunjie S800 body-in-white also reaches industry-leading levels.
In terms of manufacturing, JAC created a world-class factory—the Maestro Super Factory—which integrates digital R&D, green low-carbon manufacturing, and brand experience services. Relying on digital twin technology, it collects more than 300,000 data points from the physical factory per second, shortening new vehicle debugging cycles by more than 40% and manufacturing cycles by more than 20%. The company has ranked among the top three on Anhui Province's Invention Patent Top 100 list, demonstrating its strength in technological innovation.
JAC Motors is firmly promoting organizational change and resource concentration. The company has announced the launch of a deep integration of its three passenger car business marketing sectors, unifying the construction of the "JAC Passenger Cars" brand system. With Maestro as the high-end strategic fulcrum, JAC is also promoting the integration of heavy truck R&D and marketing into its light truck business, prioritizing the implementation of its high-end and intelligent electrification strategy.
Looking ahead to the "15th Five-Year Plan" period, JAC has established the overall principles of "resource integration, strategic focus, technology leadership, open cooperation, and deep reform." The company is focusing on four key areas: Maestro-led leadership, passenger car high-end development, light commercial vehicle strengthening, and international advancement. It is also strengthening four technical breakthroughs: vehicle integration, application layer development, key core technologies, and green low-carbon intelligent manufacturing. The goal is to form a systematic pattern of breakthroughs on the path to becoming a technology enterprise.
JAC Motors adheres to the dual drivers of "high-quality open cooperation" and "high-quality global expansion," striving to take Chinese brands from "going out" to "going in," and then to "going up," making the Chinese automotive industry stronger, better, and larger. As of 2026, the company has more than 60 years of development experience and will continue to move toward even higher strategic goals as a global technology enterprise through the dual paths of independent innovation and open cooperation.
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