东风柳州汽车有限公司聚焦新能源赛道，携旗下自主研发的Forthing品牌S7 REEV增程轿车、T5 HEV轻混SUV两款车型亮相，吸引超3000人次客流互动，累计达成13个意向订单。 桂林明富金属股份有限公司则携便携式伸缩臂多功能机器人、便携式折臂吊机器人等产品参展，凭 借创新设计吸引巴西等目标市场的客商重点关注。（许丹婷） 10月19日，第138届广交会第一期迎来收官日。展会期间，广西交易团持续释放"出海"活力，从开 幕首日的热度攀升到后续洽谈的成果落地，新能源、高端装备、特色制造等领域企业多点开花，为广西 外贸高质量发展注入强劲动力。 首次参展的广西企业亦交出精彩答卷。"广交会首日，我们就与埃塞俄比亚达成200台电梯意向订 单，金额约900万美元，同时还接待了马里、印度、印度尼西亚等国客商的咨询洽谈。"西西里电梯有限 公司负责人难掩激动。 作为广西制造的"排头兵"，广西玉柴机器股份有限公司与东风柳州汽车有限公司此次携核心产品参 展，以硬核技术征服全球客商。玉柴专门组织多家子公司联合参展，携发电动力、工程机械、汽车零部 件三大类核心产品集中亮相，尤其受到东南亚、中东等核心市场多个国家客商的青睐。开展首日， ...

机构：天风证券 分部业务表现：核心业务稳固，动力系统扭亏，商用车创新驱动。 研究员：吴立/孙潇雅 截至2025 年6 月30 日止中报，公司实现营业收入40.3 亿元，同比+2.0%；盈利能力显著增强，净利润达 到8580.9 万元，同比+306.2%；归母净利润为3941.6 万元，同比+2385.2%。我们认为，公司整体业绩表 现亮眼，盈利能力的提升主要得益于产品结构优化、成本管控成效以及研发投入的增加，未来伴随产品 结构的继续优化，公司有望实现业绩的进一步提升。 盈利能力与费用控制：毛利率提升，费用结构优化。 2025 年上半年，公司毛利率提升至12.0%，同比增加1.2 个百分点，显示出产品附加值和成本控制能力 的增强。销售及管理费用率同比下降1.3 个百分点至5.4%，体现了公司运营效率的提升。研发费用率同 比上升1.3 个百分点至4.6%。我们认为，公司持续加大在技术升级和新产品开发上的投入，为长期发展 注入动力。 新能源与智能化：联营公司快速成长，母公司战略清晰。 联营公司"菱势汽车"品牌表现出色，2025 上半年销量同比增长9%，并与货拉拉、顺丰等头部企业达成 合作，市场认可度不断提升。 母公 ...

Core Viewpoint - Tianfeng Securities predicts that Wuling Motors (00305) will continue to grow in performance due to its research capabilities in the new energy sector and ongoing investments in building a complete autonomous industrial chain [1][2] Financial Performance - For the first half of 2025, the company reported revenue of 4.03 billion yuan, a year-on-year increase of 2.0%; net profit reached 85.81 million yuan, up 306.2%; and attributable net profit was 39.42 million yuan, a significant increase of 2385.2% [2] - The forecast for total revenue from 2025 to 2027 is expected to reach 8.866 billion yuan, 9.724 billion yuan, and 10.672 billion yuan, representing year-on-year growth of 12%, 10%, and 10% respectively [1] Business Segments Performance - The core business of automotive parts and other industrial services generated revenue of 2.84 billion yuan, a year-on-year increase of 5.2%, with 46 customers and 125 projects secured [3] - The automotive power system business turned a profit with an adjusted EBIT of 6.61 million yuan, attributed to improved product structure and rapid growth in high-value-added products [3] - The commercial vehicle business saw an adjusted EBIT increase of 6.2% to 27.97 million yuan, with successful developments in niche markets such as fire trucks and vending vehicles [3] Profitability and Cost Control - The company's gross margin improved to 12.0%, an increase of 1.2 percentage points year-on-year, indicating enhanced product value and cost control [4] - The sales and management expense ratio decreased by 1.3 percentage points to 5.4%, reflecting improved operational efficiency [4] - R&D expense ratio increased by 1.3 percentage points to 4.6%, showing the company's commitment to technology upgrades and new product development [4] New Energy and Intelligentization - The joint venture "Ling Shi Automobile" saw a 9% year-on-year increase in sales in the first half of 2025 and established partnerships with leading companies like Huolala and SF Express [5] - The parent company, Guangxi Automobile Group, has launched the "Ling Shi Project" strategy to develop the "Ling Shi" vehicle brand and aims to excel in hybrid systems, drive axles, and chassis [5] - The strategic partnership with Huawei has been upgraded to enhance collaboration in areas such as assisted driving, intelligent cockpits, and smart manufacturing, supporting the company's long-term competitiveness [5]

Group 1 - The report highlights a slight adjustment in the A-share market post-National Day, with the ChiNext index dropping by 3.86% [2] - The central bank's net withdrawal of funds amounted to 426.3 billion yuan after the holiday, indicating a return to liquidity in the market [2] - The report anticipates a more proactive fiscal policy and moderately loose monetary policy in the fourth quarter to address potential geopolitical risks and economic targets [2] Group 2 - The convertible bond market is experiencing a TACO trading phenomenon again, with a significant decrease in the scale of convertible bonds held by insurance institutions [4][32] - The report suggests maintaining a neutral to low position in convertible bonds in the short term while focusing on low-priced bonds with favorable terms [4][32] - The domestic micro-enterprise performance recovery is gaining consensus, with a focus on sectors like AI, semiconductors, and military electronics for potential growth [4][32] Group 3 - The public REITs market in China has undergone several phases, with the current stage focusing on normalizing issuance and addressing structural differentiation [6][34] - The cash flow discounting method is the primary valuation method for public REITs, with differences in valuation based on the type of underlying assets [6][36] - The report emphasizes the importance of macroeconomic conditions, regulatory changes, and liquidity in influencing the performance of public REITs [6][36] Group 4 - The report on Wuling Motors indicates a steady revenue growth of 2.0% year-on-year, with a significant increase in net profit by 306.2% [19][37] - The company has improved its gross margin to 12.0%, reflecting enhanced product value and cost control [19][39] - Wuling Motors is strategically focusing on new energy and intelligent vehicle layouts, with its joint venture brand showing a 9% increase in sales [19][40]

港股公司报告 | 公司点评 五菱汽车（00305） 证券研究报告 业绩稳健增长，新能源及智能化布局开启新篇章 截至2025年6月30日止中报，公司实现营业收入40.3亿元，同比+2.0%； 盈利能力显著增强，净利润达到 8580.9 万元，同比+306.2%；归母净利 润为 3941.6 万元，同比+2385.2%。我们认为，公司整体业绩表现亮眼， 盈利能力的提升主要得益于产品结构优化、成本管控成效以及研发投 入的增加，未来伴随产品结构的继续优化，公司有望实现业绩的进一 步提升。 分部业务表现：核心业务稳固，动力系统扭亏，商用车创新驱动。 汽车零部件及其他工业服务作为公司核心收入来源，实现收入 28.4 亿 元，同比+5.2%。该业务稳步开拓市场，上半年累计获得 46 个客户的 125 个项目定点。在稳固上汽通用五菱、长城汽车等存量客户的同时， 成功开拓了上汽乘用车、郑州宇通等新客户。 汽车动力系统业务实现重大突破，经调整 EBIT 扭亏为盈，实现 661 万 元。主要系公司改善产品结构，铸造件等高附加值产品收入实现快速增 长。 盈利能力与费用控制：毛利率提升，费用结构优化。 2025 年上半年，公司毛利率提 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00305 | 說明 | 五菱汽車 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 25,380,350,000 | HKD | | 0.004 HKD | | 101,521,400 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 25,380,350,000 | HKD | | 0.004 HKD | | 101,521,400 | 本月底法定/註冊股本總額： HKD 101,5 ...

Core Insights - The article highlights a unique marketing strategy where two devices, the 8849 smartphone and tablet, were purchased for 9000 yuan, emphasizing their durability by demonstrating a car running over them, resulting in the tablet being crushed while the smartphone remained intact [1] Group 1 - The 8849 smartphone and tablet are marketed as "absolutely unbreakable" devices, showcasing their resilience through extreme testing [1] - The demonstration involved a car crushing the devices, which created a strong and engaging unboxing atmosphere [1] - The price point of 9000 yuan for both devices suggests a premium positioning in the market, targeting consumers looking for high durability [1]

Core Viewpoint - Liu Zhou Wuling Automobile Industrial Co., Ltd. Power Division was fined 510,000 RMB due to safety violations leading to a fatal electric shock incident, highlighting the company's inadequate safety management practices [1][2]. Summary by Relevant Sections Incident Details - On May 1, 2025, at 8:21 AM, an electric shock accident occurred at Liu Zhou Zhu Tong Auto Parts Co., Ltd., resulting in one death and direct economic losses of approximately 1.4 million RMB [1][2]. Company Responsibility - Liu Zhou Wuling Automobile Industrial Co., Ltd. Power Division failed to enforce safety production regulations and did not ensure that employees wore insulated gloves during the maintenance of a 10KV high-voltage circuit breaker, which contributed to the accident [1][2]. Legal Violations - The company's actions violated multiple provisions of the Production Safety Law of the People's Republic of China, specifically Articles 41, 44, and 45 [1][2]. Penalty Details - The administrative penalty of 510,000 RMB was imposed based on Article 114 of the Production Safety Law and relevant regulations regarding penalties for general accidents [1][2].

Group 1 - SAIC-GM-Wuling Automobile Co., Ltd. and Huawei Technologies Co., Ltd. have upgraded their strategic partnership through a signing ceremony in Liuzhou, Guangxi, focusing on the "AI + Manufacturing" initiative [1] - Liuzhou is promoting digital transformation for 435 small and medium-sized enterprises (SMEs) in industries such as automotive, steel, and engineering machinery, leveraging AI and advanced technologies [1] - During the 14th Five-Year Plan period, Liuzhou emphasizes key core technology breakthroughs in intelligent networking and green low-carbon initiatives, particularly in smart connected vehicles [1] Group 2 - New industries in Liuzhou are thriving, with the first industrial humanoid robot produced in the region and participating in the manufacturing process of commercial vehicles [2] - The first batch of low-speed autonomous vehicle road testing licenses has been issued in Liuzhou, marking a significant step forward for the smart connected vehicle industry [2] - The AI industry in Liuzhou generated a value of 5.7 billion yuan in the first seven months of the year, with a year-on-year growth of 23.7% [2]

茲提述本公司截至二零二三年十二月三十一日及二零二四年十二月三十一日止之年度報 告（「前年度報告」）。 除上文定義另有所指外，本公告所用詞彙與前年度報告所界定者具有相同涵義。 除前年度報告「董事及行政總裁薪酬」章節所披露之資料外，本公司董事會（「董事會」） 謹此就本公司前任行政總裁宋偉先生的薪酬提供以下補充資料： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 本公司截至二零二三年及二零二四年十二月三十一日止之年度報告 就行政总裁薪酬及本集團五名最高薪人士之補充公告 | | 截至二零二四年 | 截至二零二三年 | | --- | --- | --- | | 項目 | 十二月三十一日 | 十二月三十一日 | | | （人民幣千元） | （人民幣千元） | | 袍金 | -- | -- | | 薪金及其他福利 | 856 | 734 | | 退休福利計劃供款 | 139 | 120 | | 以權益結算以股份為基礎的付款交易 | -- | 18 | | 合計 ...