Mini Vehicle Market Analysis Report

Brand structure: Suzuki surpassed Chery to top the list Suzuki began to increase significantly in November after the release of the 2013 Big Dipper X5 at the end of October. In November 2012, Suzuki surpassed Chery to win the championship in the mini-car market, becoming the mini vehicle brand most concerned by the market; Changhe Suzuki, the manufacturer of the Big Dipper X5, ranked second in the list of manufacturers, and The gap between the first Chery Automobiles has further narrowed; and the Big Dipper, with the high attention of the 2013 Big Dipper X5, surpassed the QQ3 in the top of the cars list.

Report Highlights • Brand Concern: Suzuki leads the brand watch list with a ratio of 28.0%, ahead of Chery by 7.8 percentage points; BYD’s attention ratio drops by 2.9%, and rankings drop by two; it ranks fifth; Chang’an and Great Wall’s rankings are Both rose one.

• Product Focus: The Big Dipper ranks first in the auto industry, with a focus on 15.6%, followed by QQ3, Alto, and Haval M1. On the product list, the 2013 Alto 1.0L manual luxury model became the most favored product.

• Analysis of parametric features: Chery Automobile ranks among the top sellers in the list; product focus in the 5 to 80,000 price segment is increasing; 1.0L displacement is the most popular in the market, with a focus on 57.6%.

• Case study—Chang'an: From May to November 2012, Changan’s brand watched an overall increase; the Benben MINI’s number of products was 13 and occupied more than 80% of Chang’an’s market share, with a focus on 81.5%.

First, the brand focus on the pattern • Suzuki surpassed Chery to win the top spot on the brand In November 2012, Suzuki surpassed Chery as the most popular mini-car brand with a 28.0% interest rate. Chery retired to second place with a concern of 20.2%. Changan, Great Wall, and BYD's market attention ratios were 10.0%, 9.0%, and 7.9% respectively, ranking third to fifth in the list. The top ten brands have accumulated a 91.7% market share.

(Chart) Distribution of brand awareness in China's mini-vehicle market in November 2012 • Changes in the top five rankings Brands are on the list and the top five rankings have changed. Among them, Suzuki surpassed Chery to win the top spot in the brand list, and the advantage of leading Chery reached 7.8 percentage points. BYD has seen a large drop in the current period. The ratio of concern has fallen by 2.9 percentage points, and the rankings have dropped by two places. Chang'an and Great Wall's rankings have both risen, ranking third and fourth in the list.

Table October-November 2012 China's Mini Vehicle Market Brand Concern Contrast Ranking Ranked October 2012 November 2012 Brand Concern Ratio Brand Concern 1 Chery 22.5% Suzuki ↑1 28.0%

2 Suzuki 22.3% Chery ↓ 1 20.2%

3 BYD 10.8% Changan Hao 1 10.0%

4 Chang'an 10.3% Great Wall ↑1 9.0%

5 Great Wall 7.4% BYD 2 7.9%

6 Po Chun 5.0% Po Chun 4.5%

7 Geely Global Hawk 5.0% Geely Global Hawk 3.9%

8 Seahorses 3.7% Seahorses 3.8%

9 Lifan 2.9% Lifan 2.7%

10 Zotye 1.7% Zotye 1.7%

—Other 8.4% Other 8.3%

[Award survey] Office industry user attributes survey Product focus: Big Dipper led the sports car line two, product focus pattern (a) car rankings • Big Dipper led the sports car department concerned list in the car concerned about the list, due to the new car in October, The Big Dipper’s market share in November rose sharply. Its attention ratio rose by 2.9 percentage points to 15.6%. The ranking also surpassed QQ3 in the top of the auto list. QQ3's market share has declined slightly, ranking second with a percentage of attention of 15.0%. Alto, Haval M1 and Benben MINI ranked third to fifth, focusing on 12.4%, 8.9% and 8.1% respectively.

(Chart) November 2012 China's mini-vehicle market focus on the proportion of different car series • Suzuki four products on the list of products, 2013 models Alto 1.0L manual luxury type with 4.9% of the attention ratio of the top, becoming the most concerned about the market The mini car product, the market price is 50,900 yuan. The second and third places are the 2012 Chery QQ3 0.8 MT Summer Plan and the 2012 BYD F0 1.0L Cool Model respectively, with product offerings of RMB 26,800 and RMB 36,900, respectively.

Among the ten products on the list, Suzuki has four products on the list, becoming the brand with the largest number of products on the list; Chery and the Great Wall have two products on the list; the remaining two products are from BYD and Changan. From the perspective of the types of gearboxes on the list of products, nine of the ten products are manual transmission (MT). It can be seen that the products with manual transmission are more concerned by users in the mini-vehicle market.

Table No.10 Product Ranking and Main Parameters of China Mini-vehicle Market in November 2012 Product Name Brand Displacement (L) Transmission Quotation (million)

1 2013 Alto 1.0L Manual Deluxe Suzuki 1.0 MT 5.09

2 2012 Chery QQ3 0.8 MT Summer Edition Chery 0.8 MT 2.68

3 2012 BYD F0 1.0L 铉 Cool BYD 1.0 MT 3.69

4 2012 Big Dipper Venture 1.0 Practical Suzuki 1.0 MT 3.30

5 2012 Benben MINI 1.0L Manual Family Edition Changan 1.0 MT 3.69

6 2009 Haval M1 1.3 two-wheel drive comfortable Great Wall 1.3 MT 4.39

7 2013 Big Dipper X5 1.4L VVT Deluxe Suzuki 1.4 MT 5.39

8 2010 Haval M1 1.3 two-wheel drive distinguished Great Wall 1.3 MT 4.99

9 2013 Alto 1.0L Automatic Deluxe Suzuki 1.0 AT 5.99

10 2012 QQ3 Fashion Edition 1.0 MT Champion Chery 1.0 MT 3.29

Parameter characteristics: 1.0L displacement is the most favored (B) Manufacturers ranking • Chery Automobile is ranked No. 1 among the top manufacturers, Chery Automobile leads the way with 20.2%, but the advantage from No. 2 narrows to 9.8% from the previous period. 4.6% of the current period. Changhe Suzuki ranked second with a focus on 15.6%. Changan Suzuki and Changan Automobile ranked third and fourth respectively, with 12.4% and 10.0% respectively. Among the top ten vendors, the independent vendors accounted for seven seats. It can be seen that the independent manufacturers are more concerned by users in the mini-vehicle market.

(Chart) China's mini-vehicle market manufacturers' attention ratio ranking in November 2012 (III) Price structure structure • Increased attention to products above 50,000 yuan November 2012 In China's mini-vehicle market, product market attention for more than 50,000 yuan has increased significantly. Among them, the proportion of product attention of 5-8 million yuan rose 3.3 percentage points, reaching 23.1%, the new listing of the Big Dipper X5 has become an important factor to drive this price segment to focus on the increase; more than 80,000 yuan product attention ratio rose 0.4 percentage points, Up to 3.7%. The proportion of products concerned in the price segment below 30,000 yuan, 40,000 yuan and 4-5 million yuan has declined to varying degrees.

(Chart) Comparison of Product Concern Ratios in Different Price Segments of China's Mini-vehicle Market in October-November 2012 (IV) Displacement Structure • 1.0L Displacement Product Occupies Nearly 60% Attention In November 2012, China's mini-vehicle market, the displacement was 1.0L products accounted for more than half of the market's attention, with a focus on 57.6%. The second-ranked product is a 1.3-liter displacement product with a focus on 17.1%. The 1.4L and 0.8L displacement product concerns exceeded 10%, respectively 10.6% and 10.2%. The proportion of products with other emissions does not exceed 3%.

(Chart) November 2012 China's mini-vehicle market distribution of attention to the proportion of different product distribution Case study: Chang'an May-November trend rises III. Case study - Chang'an (1) Brand trends • Chang'an May-November concern about the trend up 2012 From May to November, the overall trend of the Changan brand in the Chinese mini-car market is rising. Among them, from May to September, Changan's brand trend continued to rise, and the attention ratio increased from 7.2% in May to 10.3% in September. The trend remained stable in October, and the trend of concern in November fell slightly, at 10.0%.

(Chart) May-November 2012 China's mini vehicle market Changan brand attention ratio trend (b) Product structure • Benben MINI favored by the market November 2012 China's mini-car market, Changan has a total of 31 models of three cars Sale of products. Among them, Benben MINI and Benben i have a total of 13 models, and Benben LOVE has a slightly smaller number of products.

From the perspective of different cars, the Benben MINI occupies more than 80% of Changan’s market share, with a focus on 81.5%; Benben’s LOVE is slightly lower, with a ratio of 14.4%; while Benben i has a lot of products. However, due to its pre-2008 models, market share is low, at 4.1%.