证券代码：601127 证券简称：赛力斯 公告编号：2025-073 赛力斯集团股份有限公司 第五届董事会第二十五次会议决议公告 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。 一、董事会会议召开情况 赛力斯集团股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日发出第 五届董事会第二十五次会议的通知，于 2025 年 9 月 29 日以现场与通讯表决的方 式召开。会议由董事长召集并主持，会议应出席董事 12 名，实际出席董事 12 名。本次会议的召集、召开及表决程序符合《中华人民共和国公司法》等法律、 法规、规范性文件以及《赛力斯集团股份有限公司章程》的有关规定，会议决议 合法、有效。 二、董事会会议审议情况 （一）审议通过《关于修订<公司章程>及相关议事规则的议案》 表决结果：12 票同意，0 票弃权，0 票反对。 具体内容详见公司同日披露在上海证券交易所网站（www.sse.com.cn）的《关 于取消监事会并修订<公司章程>及制定、修订、废止部分公司治理制度的公告》。 本议案需提交公司 2025 年第二次 ...

赛力斯集团股份有限公司 证券代码：601127 证券简称：赛力斯 公告编号：2025-077 关于 2025 年半年度利润分配预案的公告 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。 重要内容提示： 分配比例：每 10 股派发现金红利 3.10 元（含税）。 本次利润分配以实施权益分派股权登记日登记的 A 股总股本为基数，具 体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前，赛力斯集团股份有限公司（以下简称 "公司"、"上市公司"）A股总股本发生变动的，拟维持每股分配金额不变，相应 调整分配总额，并将在相关公告中披露。 本次利润分配预案已经公司第五届董事会第二十五次会议审议通过，尚 需提交公司2025年第二次临时股东大会审议。 一、2025年半年度利润分配预案 根据公司2025年半年度报告（未经审计），上半年实现归属于上市公司股东 的净利润为人民币2,940,890,216.11元。截至2025年6月30日，公司母公司报表 中期末未分配利润为人民币897,455,190.51元。 为进一步提高分红水平、增加分 ...

赛力斯9月29日发布2025年半年度利润分配预案，拟向全体A股股东每10股派发现金红利3.10元（含 税），合计拟派发现金红利5.06亿元（含税），占公司2025年上半年归属于上市公司股东的净利润的 17.22%。 ...

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].

Core Viewpoint - The company, Seres, is advancing towards its Hong Kong IPO, having received approval from the China Securities Regulatory Commission to issue up to 331 million H-shares, with the funds primarily allocated for R&D, marketing diversification, overseas sales, and operational expenses [1][10]. Group 1: Financial Performance and Strategy - Seres plans to utilize the funds from the IPO for R&D investments, new marketing channels, overseas sales, and charging network services to enhance global brand recognition [1]. - The company has shown a significant disparity in R&D spending compared to competitors, with R&D expenditures of 3.106 billion, 4.438 billion, and 7.053 billion yuan from 2022 to 2024, which are notably lower than those of Li Auto [3][4]. - Sales and management expenses for Seres are approximately three times higher than its R&D spending, indicating a "heavy marketing, light R&D" approach [5][6]. Group 2: Sales Performance and Market Challenges - In the first eight months of the year, Seres' total sales decreased by about 10%, with the new model, the AITO Wenjie M8, averaging less than 20,000 units sold per month, which is below expectations [7]. - The launch of the M8 has negatively impacted the sales of the M9 and M7 models, with the latter experiencing a year-on-year sales decline of around 70% [7][8]. - The company's overseas revenue has dropped to less than 3% of total revenue, with a year-on-year decline of approximately 15.5% expected in 2024 [9].

Core Viewpoint - Seres has announced its plan to issue H-shares for an IPO in Hong Kong, marking a significant step in its market expansion efforts. The funds raised will primarily be allocated for R&D, marketing diversification, overseas sales, and charging network services to enhance global brand recognition [2][3]. Group 1: Financial Performance and Market Position - In the first eight months of this year, Seres' cumulative sales decreased by approximately 10%, with the new model, the AITO M8, averaging less than 20,000 units sold per month, falling short of previous expectations [2][11]. - The launch of the M8 has negatively impacted the sales of the M9 and M7 models, with the latter experiencing a year-on-year sales decline of around 70% [11][13]. - Seres' revenue from overseas markets has dropped to less than 3% of total revenue, raising concerns about the company's valuation in the upcoming IPO [3][13]. Group 2: R&D and Marketing Expenditure - Seres' R&D expenditures for 2022 to 2024 are projected to be 3.106 billion, 4.438 billion, and 7.053 billion yuan, respectively, which are significantly lower than those of competitors like Li Auto [6][7]. - The company's sales and management expenses are notably high, with a sales expense rate that is approximately twice that of Li Auto, indicating a "heavy marketing, light R&D" approach [4][12]. - From 2022 to 2024, Seres' sales expenses are expected to be 4.820 billion, 5.465 billion, and 19.184 billion yuan, with sales expense rates of 14.13%, 15.25%, and 13.21%, respectively [12]. Group 3: Brand Perception and Market Challenges - Seres has been heavily reliant on Huawei for core technologies, leading to concerns about the company's technological independence and the perception of being a "contract manufacturer" [9][5]. - Over 70% of AITO consumers are drawn to the brand due to "Huawei technology," rather than Seres' own brand value, which complicates the company's efforts to establish a distinct identity [9]. - The recent decline in Huawei's brand appeal has also affected consumer interest, with 32% of potential buyers citing decreased attraction to the Huawei brand as a reason for not purchasing AITO vehicles [13].

Group 1: Industry Dynamics - In the last week of September, the domestic automotive market saw significant developments including policy releases, market sales, quality supervision, and corporate actions [1] - The Ministry of Industry and Information Technology reported that the penetration rate of passenger cars equipped with combined driving assistance systems exceeded 60% [1][3] - From January to July, the sales of new passenger cars with combined driving assistance systems reached 7.76 million units, marking a penetration rate of 62.6%, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021 [3] Group 2: Policy and Standards - The Ministry of Industry and Information Technology is soliciting public opinions on the mandatory national standard for "Automotive Door Handle Safety Technical Requirements" and three amendments to existing standards, with a deadline for feedback set for November 22, 2025 [4] - The Ministry of Commerce and eight other departments issued guidelines to promote the development of digital consumption, including trials for the access and road use of intelligent connected vehicles [3] Group 3: Market Performance - The China Passenger Car Association reported that retail sales of passenger cars from September 1 to 21 reached 1.191 million units, a year-on-year increase of 1% and an 8% increase compared to the previous month [6] - During the same period, retail sales of new energy vehicles reached 697,000 units, a year-on-year increase of 10% and an 11% increase compared to the previous month, with a cumulative retail of 8.267 million units for the year, up 24% year-on-year [6] Group 4: Quality Supervision - The State Administration for Market Regulation announced its first special inspection of the quality of new energy vehicle products to prevent low-price and low-quality risks in the industry [6] Group 5: Corporate Actions - Seres announced that it received approval from the China Securities Regulatory Commission for the issuance of H-shares, planning to issue up to 331,477,235 shares for listing on the Hong Kong Stock Exchange [8][9] - Mercedes-Benz and Momenta announced a collaboration to develop a new generation of intelligent driving assistance systems, which will debut in the new electric CLA model this autumn [11]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [11]. Core Insights - Recent communications with overseas investors reveal a difference in perception compared to domestic investors, with overseas investors focusing more on the long-term global competitiveness of Chinese automotive companies rather than short-term domestic market fluctuations. They view investments in companies like BYD as a hedge against their local automotive industry [4][5]. - There is a strong interest from overseas investors in new technological trends within the Chinese automotive industry, particularly in smart driving and robotics. Positive feedback has been noted regarding the advanced driving assistance features from brands like Xpeng and Li Auto, suggesting potential valuation growth for companies with core technologies and global capabilities [5]. - The report suggests a positive outlook for strong automotive manufacturers capable of successful international expansion and component manufacturers with product and cost advantages [5]. Summary by Sections Overseas Investors - Overseas investors are more concerned with the long-term competitiveness and globalization strategies of Chinese automotive companies, particularly BYD, which is expected to maintain a market cap above 750 billion RMB unless there are significant changes in its global strategy [4]. Technological Trends - The report highlights the growing interest in smart driving technologies among overseas investors, who have provided positive feedback on the driving assistance technologies of brands like Xpeng and Li Auto. This trend is expected to create new valuation opportunities for companies with strong technological capabilities [5]. Investment Recommendations - The report recommends focusing on two main themes: technology and state-owned enterprise reform. Specific recommendations include: 1. Strong domestic manufacturers like BYD, Geely, and Xpeng [5]. 2. Companies aligned with the trend of smart technology, such as Jianghuai Automobile and Seres, with a focus on Li Auto, Kobot, Desay SV, and Jingwei Hirun [5]. 3. State-owned enterprise consolidations, recommending attention to SAIC Motor, Dongfeng Motor, and Changan Automobile [5]. 4. Component manufacturers with strong performance growth and overseas expansion capabilities, recommending Fuyao Glass, New Spring, Fuda, Shuanghuan Transmission, and Yinlun [5].

Core Insights - The passenger car sector experienced a 0.67% increase on September 29, with Haima Automobile leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Passenger Car Sector Performance - The following companies showed notable performance: - Haima Automobile (Code: 000572) closed at 5.73, up 6.11% with a trading volume of 1.4786 million shares and a transaction value of 8.42 billion [1] - BAIC Blue Valley (Code: 600733) closed at 7.90, up 1.80% with a trading volume of 1.0784 million shares and a transaction value of 8.45 billion [1] - BYD (Code: 002594) closed at 108.61, up 1.23% with a trading volume of 1.6140 million shares and a transaction value of 6.622 billion [1] - Great Wall Motors (Code: 601633) closed at 24.40, up 0.74% with a trading volume of 179,100 shares and a transaction value of 4.33 billion [1] Fund Flow Analysis - The passenger car sector saw a net outflow of 8.12 billion from main funds, while retail investors contributed a net inflow of 4.83 billion [1] - Specific fund flows for key companies include: - BYD had a main fund net inflow of 98.09 million, but a retail net outflow of 103 million [2] - Haima Automobile experienced a main fund net inflow of 2.22 million, with both retail and speculative funds showing net outflows [2] - Great Wall Motors had a main fund net inflow of 2.26 million, but a significant speculative fund outflow of 45.73 million [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company is taking a significant step in its internationalization strategy by planning to issue up to 331 million H shares, which has been approved by the China Securities Regulatory Commission. The funds raised will be used for R&D, diversified marketing channels, overseas sales, charging network services, working capital, and general corporate purposes [6][5] - The company achieved a historic turnaround in 2024, with annual sales of new energy vehicles reaching 426,900 units, a year-on-year increase of 182.84%. Revenue exceeded 145.176 billion yuan, and net profit reached 5.946 billion yuan. In the first half of 2025, net profit was 2.941 billion yuan, up 81.03% year-on-year, demonstrating strong profitability resilience [5][6] - The company has established a solid product matrix with the launch of the M9 model, which leads the luxury car market priced above 500,000 yuan, and the M8 model, which became the sales champion in the 400,000 yuan SUV segment [5][6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 186 billion yuan, 248.4 billion yuan, and 279.2 billion yuan, respectively. The expected earnings per share (EPS) for the same years are 5.25 yuan, 7.55 yuan, and 8.61 yuan, with corresponding price-to-earnings (P/E) ratios of 29.9, 20.8, and 18.3 [7][10]