Group 1 - The A-share market saw a significant rally in the automotive sector during the afternoon session, with notable stocks such as Zotye Auto hitting the daily limit up [1] - Seres approached the daily limit up, continuing to set historical highs [1] - Other automotive companies including Dongfeng Motor, Haima Automobile, Shuguang Automobile, and BAIC Blue Valley also experienced gains [1]

北汽蓝谷所属申万行业为：汽车-乘用车-电动乘用车。所属概念板块包括：小红书概念、华为鸿蒙、国 资改革、整车、星闪概念等。 截至6月30日，北汽蓝谷股东户数27.14万，较上期减少0.18%；人均流通股17999股，较上期增加 0.18%。2025年1月-6月，北汽蓝谷实现营业收入95.17亿元，同比增长154.38%；归母净利润-23.08亿 元，同比增长10.24%。 机构持仓方面，截止2025年6月30日，北汽蓝谷十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股6771.38万股，相比上期增加359.56万股。信澳新能源精选混合A（012079）位居第六大流 通股东，持股4807.55万股，相比上期增加441.44万股。信澳星奕混合A（011188）位居第七大流通股 东，持股4083.07万股，相比上期增加1123.67万股。 责任编辑：小浪快报 9月30日，北汽蓝谷盘中上涨2.03%，截至13:04，报8.06元/股，成交6.19亿元，换手率1.59%，总市值 449.22亿元。 资金流向方面，主力资金净流出1790.87万元，特大单买入7759.99万元，占比12.53%，卖出8113. ...

Group 1 - The core issue raised by the Shanghai Stock Exchange is the competition and related party transactions between the company and its controlling shareholder, BAIC Group [1] - The company is required to explain the fulfillment of its commitment to avoid competition, the reasons for any delays, and whether there are significant obstacles to future compliance [1] - The exchange also inquired about the necessity and fairness of the significant related party transactions during the reporting period, including pricing mechanisms and whether these transactions affect the company's operational independence [1] Group 2 - In response to regulatory inquiries, the company stated that BAIC Group committed to resolving competition issues within six years from 2018, with a five-year extension to 2029 due to certain subsidiaries not meeting the conditions for injection into the listed company [2] - The company explained that its cooperation with Beijing Automotive is based on historical model platform technology and cost-effectiveness, with pricing following a 50-50 profit-sharing principle, indicating commercial logic and fairness [2] - The revenue from related party transactions has been decreasing, with projections indicating it will fall below 5% by the first half of 2025 [2]

Core Points - The company has received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific stock issuance [1][2] - The company has conducted a thorough review of the questions raised in the inquiry letter and has provided detailed responses [1] - The stock issuance is subject to approval from the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2] Group 1 - The company assures that the announcement content is free from any false records, misleading statements, or significant omissions [1] - The company will fulfill its information disclosure obligations based on the progress of the stock issuance application [2] - The board of directors of the company is responsible for the authenticity, accuracy, and completeness of the announcement [1][4] Group 2 - The inquiry letter is numbered as 上证上审（再融资）〔2025〕221号 [1] - The announcement was made on September 29, 2025 [4]

Core Viewpoint - The company is responding to the Shanghai Stock Exchange's inquiry regarding its fundraising plan, emphasizing its development strategy and business operations in the context of the growing electric vehicle market [1][6]. Fundraising and Project Focus - The company plans to raise up to 6 billion yuan through a private placement to no more than 35 specific investors, including its controlling shareholder, focusing on two key projects: the development of new energy vehicle models and an AI intelligent platform for smart driving systems [2]. - The total investment for the new energy vehicle model development project is approximately 742.55 million yuan, aimed at diversifying the product matrix with various models under the Arcfox and Xiangjie brands [2]. - The AI intelligent platform and smart driving system project has a total investment of about 137.18 million yuan, focusing on developing a scenario-based intelligent cockpit hardware and software platform, as well as a comprehensive smart driving platform [2]. Market Necessity and Outlook - The market for new energy vehicles in China is projected to see significant growth, with production and sales expected to reach 12.88 million and 12.87 million units respectively in 2024, marking year-on-year growth of 34.4% and 35.5% [3]. - The China Association of Automobile Manufacturers forecasts that sales will reach 16 million units in 2025, representing a 24.4% increase [3]. - The competitive landscape shows that the top ten manufacturers will account for 77.4% of sales in 2024, with BYD leading at a market share of 34.8% [3]. - The company anticipates overall sales of 111,000 units in 2024, with the Arcfox brand contributing 78,200 units [3]. - The company’s strategy to enhance its electric vehicle production capacity is well-founded, as the demand for intelligent and electric vehicles continues to rise [3]. Technological Development and Risk Management - The company has established a comprehensive innovation system for new energy vehicle technology and has capabilities in developing intelligent driving systems, having been included in the first batch of national L3 autonomous driving pilot programs [4]. - The project aims to develop a "dual-platform integration architecture" to achieve full-domain intelligence through a vehicle-cloud collaborative framework, addressing technical challenges in high-level intelligent driving and hybrid engine development [4]. - The company has developed corresponding technical solutions to mitigate risks associated with research and development, indicating a low level of uncertainty in project implementation [4]. Financial and Operational Analysis - The company has seen a year-on-year increase in revenue, but its overall gross margin remains negative and below that of comparable listed companies, with continuous losses in net profit attributable to non-recurring items [5]. - The primary reasons for the financial performance include late product launches and a competitive market environment, although profitability indicators are gradually improving with new product releases and cost-reduction measures [5]. - The company’s revenue from dealerships is high, aligning with industry characteristics, and the sales return rate is low, indicating stable customer and supplier relationships [5]. - The cash flow from operating activities shows discrepancies with net profit due to changes in operating receivables and payables, which aligns with actual business conditions [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China, with the net greenhouse gas emissions in the entire economic scope decreasing by 7%-10% from the peak, non-fossil energy consumption accounting for over 30% of the total energy consumption, and other goals to be achieved [1][109][118]. - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually stopped. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. The market share of independent brands continues to expand [3][120]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented in charts. For example, BYD's one - week price decline was 1.65%, while Seres' was 9.48% [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, exports, and sales of EV and PHV are presented in charts [16][21][23]. - **Inventory Changes**: Charts show the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory [24][25]. - **Delivery Volumes of Chinese New Energy Vehicle Enterprises**: Monthly delivery volumes of enterprises such as Leapmotor, Li Auto, XPeng, NIO, etc., are presented in charts [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to July, global new energy vehicle sales reached 9.233 million, a year - on - year increase of 25.9%. Except for China, Europe and other regions also had significant growth, with year - on - year increases of 29.5% and 53.4% respectively [2]. - **European Market**: Data on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented in charts [44][50][55]. - **North American Market**: In August, US new energy vehicle sales and penetration rate reached record highs. Due to the expiration of the federal electric vehicle tax credit on September 30, high market enthusiasm is expected to continue in September, followed by a sharp decline. Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are presented in charts [2][119]. - **Other Regions**: Data on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented in charts [62][70][72]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material costs, and the operating rates and prices of various battery materials are presented in charts [79][81][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented in charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China. From 2026, export license management will be implemented for pure - electric passenger vehicles [109]. 3.3.2 China: Industry Dynamics - From September 1 - 21, new energy vehicle retail sales increased by 10% year - on - year, and cumulative retail sales since the beginning of the year increased by 24%. In the 38th week (September 15 - 21), new energy passenger vehicle retail sales were 299,000, a year - on - year increase of 5.9%, and cumulative retail sales since the beginning of the year were 8.214 million, a year - on - year increase of 23.0% [111][112][113]. 3.3.3 China: Enterprise Dynamics - Chery Automobile was listed on the Hong Kong Stock Exchange, raising HK$9.14 billion. Li Auto and Sunwoda Power jointly established a battery company [114]. 3.3.4 Overseas: Policy Dynamics - Australia announced a 2035 emission reduction target, aiming to reduce emissions by 62 - 70% compared to 2005. The US lowered the import tariff on EU cars to 15%, and Turkey imposed new tariffs on imported passenger cars [114][116][119]. 3.3.5 Overseas: Enterprise Dynamics - BYD's Brazilian factory obtained an international green certificate. Porsche adjusted its product strategy, slowing down electrification and lowering its 2025 performance expectations [117][118]. 3.4 Investment Advice - Pay attention to new growth points such as countries along the Belt and Road and the Middle East. Focus on enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].

证券代码：600733 证券简称：北汽蓝谷 关于北汽蓝谷新能源科技股份有限公司 向特定对象发行股票 申请文件的审核问询函的回复 保荐机构（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 二〇二五年九月 上海证券交易所： 贵所于 2025 年 7 月 25 日出具的《关于北汽蓝谷新能源科技股份有限公司向 特定对象发行股票申请文件的审核问询函》（上证上审（再融资）[2025]221 号） （以下简称"审核问询函"或"问询函"）已收悉。北汽蓝谷新能源科技股份有 限公司（以下简称"北汽蓝谷"、"公司"或"发行人"）与中信建投证券股份 有限公司（以下简称"中信建投证券"或"保荐机构"）、北京市海问律师事务 所（以下简称"发行人律师"）、致同会计师事务所（特殊普通合伙）（以下简 称"申报会计师"）等相关方对审核问询函所列问题进行了逐项核查，现回复如 下，请予审核。 关于回复内容简称或名词释义、字体格式等事项的说明： 1、如无特别说明，本问询函回复使用的简称或名词释义与《北汽蓝谷新能 源科技股份有限公司向特定对象发行股票募集说明书（申报稿）》（以下简称"募 集说明书"）的释义相同； 2、本问询函回复除特别说明外所有 ...

北京市海问律师事务所 关于北汽蓝谷新能源科技股份有限公司 向特定对象发行人民币普通股的 补充法律意见书（二） 2025 年 9 月 海问律师事务所 HAIWEN & PARTNERS 北京市海问律师事务所 地址：北京市朝阳区东三环中路 5 号财富金融中心 20 层（邮编 100020） Address：20/F, Fortune Financial Center, 5 Dong San Huan Central Road, Chaoyang District, Beijing 100020, China 电话(Tel)：(+86 10) 8560 6888 传真(Fax)：(+86 10) 8560 6999 www.haiwen-law.com 北京 BEIJING 丨上海 SHANGHAI 丨深圳 SHENZHEN 丨香港 HONG KONG 丨成都 CHENGDU 目 录 7-3-1 北京市海问律师事务所 关于北汽蓝谷新能源科技股份有限公司 向特定对象发行人民币普通股的 补充法律意见书（二） 致：北汽蓝谷新能源科技股份有限公司 根据北汽蓝谷新能源科技股份有限公司（以下简称"发行人"或"公司"或 "北汽蓝 ...

证券代码：600733 证券简称：北汽蓝谷 公告编号：临 2025-062 北汽蓝谷新能源科技股份有限公司 关于向特定对象发行股票申请文件的审核问询函 回复的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北汽蓝谷新能源科技股份有限公司 董事会 2025 年 9 月 29 日 北汽蓝谷新能源科技股份有限公司（以下简称"公司"）收到上 海证券交易所（以下简称"上交所"）出具的《关于北汽蓝谷新能源 科技股份有限公司向特定对象发行股票申请文件的审核问询函》（上 证上审（再融资）〔2025〕221 号）（以下简称"审核问询函"）后， 公司会同相关中介机构对审核问询函所列问题进行了认真研究和逐 项回复，现根据要求对回复公开披露。具体内容详见公司同日在上 交所网站（http://www.sse.com.cn）披露的《关于北汽蓝谷新能源科 技股份有限公司向特定对象发行股票申请文件的审核问询函的回 复》。 本次向特定对象发行股票事宜尚需上交所审核通过、中国证券 监督管理委员会同意注册后方可实施，能否取得上交所审核通过、 中国证券监 ...

关于北汽蓝谷新能源科技股份有限公司 向特定对象发行股票申请文件的审核问询 函中有关财务会计问题的专项说明 致同会计师事务所（特殊普通合伙） 7-2-1 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 关于北汽蓝谷新能源科技股份有限公司 向特定对象发行股票申请文件的审核问询函中有关 财务会计问题的专项说明 上海市证券交易所： 根据贵所下发的《关于北汽蓝谷新能源科技股份有限公司向特定对象发行 股票申请文件的审核问询函》（上证上审（再融资）〔2025〕221 号）（以下简 称"审核问询函"）的要求，对审核问询函所提财务会计问题，致同会计师事务 所（特殊普通合伙）（以下简称"我们"或"会计师"）对北汽蓝谷新能源科技股 份有限公司（以下简称"北汽蓝谷"、"公司"、"申请人"或"发行人"）相关资料进 行了核查，现做专项说明如下（其中涉及 2025 年 1-6 月的财务数据未经审计）： 问题 1、关于本次募投项目必要性及发行方案 根据申报材料，1）本次募集资金拟用于"新能源车型开发项目"和"AI 智 能化平台及智驾电动化系统 ...