Group 1 - The core point of the article is that Seres Automotive Co., Ltd. has applied for the registration of trademarks "Wenjie Home" and "Wenjie Car Family" [1] - The trademarks are classified under rubber products, lighting and air conditioning, and kitchen cleaning supplies, currently in the status of awaiting substantive examination [1] - Seres Automotive Co., Ltd. was established in September 2012, with a registered capital of approximately 10.637 billion RMB [1] Group 2 - The legal representative of the company is Cen Yuanchuan [1] - Shareholder information indicates that the company is jointly held by Seres (601127), the National Development Manufacturing Transformation and Upgrade Fund (Limited Partnership), and ICBC Financial Asset Investment Co., Ltd. [1]

赛力斯所属申万行业为：汽车-乘用车-电动乘用车。所属概念板块包括：固态电池、宁德时代概念、智 能汽车、高派息、百元股等。 9月9日，赛力斯盘中下跌2.02%，截至13:58，报140.26元/股，成交30.48亿元，换手率1.42%，总市值 2290.96亿元。 资金流向方面，主力资金净流出2.22亿元，特大单买入4.32亿元，占比14.17%，卖出5.47亿元，占比 17.95%；大单买入8.17亿元，占比26.81%，卖出9.24亿元，占比30.30%。 赛力斯今年以来股价涨5.92%，近5个交易日跌4.55%，近20日涨7.98%，近60日涨8.01%。 资料显示，赛力斯集团股份有限公司位于重庆市沙坪坝区五云湖路7号，成立日期2007年5月11日，上市 日期2016年6月15日，公司主营业务涉及汽车整车及其发动机、零部件的研发、生产、销售和服务。主 营业务收入构成为：汽车整车94.72%，汽车零部件及其他5.28%。 机构持仓方面，截止2025年6月30日，赛力斯十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股5483.17万股，相比上期增加1394.71万股。华夏上证50ETF（5100 ...

值得关注的是，随着4月问界M8正式上市，问界M5、M7、M8、M9四大产品序列全面成型，高端产品 矩阵直接推动了"量价齐升"的良性循环，二季度赛力斯单车成交均价高达41万元，车均净利润达2.07万 元，这种规模交付与高端定价的双向赋能，进一步夯实了其盈利基础。 截至目前，问界系列累计交付量已突破75万辆，不仅刷新中国新能源豪华品牌交付速度纪录，更在细分 市场持续保持领先地位。 此外，亮眼的业绩离不开技术研发的持续支撑。赛力斯坚持以技术创新驱动长期发展，持续加码电动 化、智能化核心技术，构筑长期竞争壁垒。数据显示，赛力斯上半年研发投入达51.98亿元，同比增长 154.9%。依托公司在新能源汽车领域的长期技术沉淀，实现魔方技术平台、超级增程系统、智能安全 体系等行业领先技术量产装车，从底层架构到应用场景全面夯实公司技术底座。 交银国际研报认为，下半年赛力斯将在"问界高端矩阵+M8纯电首轮交付"强周期驱动下延续量价齐升。 看好赛力斯在高端市场的进一步拓展及其潜在的盈利能力增长，维持目标价180.5元人民币，维持买入 评级。 2025年上半年，赛力斯（601127）在新能源汽车市场表现亮眼，交出了一份令人瞩目的成绩 ...

齐鲁晚报•齐鲁壹点记者 戚淑军 9月8日，问界M8纯电版用户在工厂验收交付仪式于重庆赛力斯超级工厂圆满举办。来自全国各地的多组问界M8纯电 版用户一同参观了赛力斯超级工厂，并亲自参与自己车辆的工厂终检验收，赛力斯集团董事长（创始人）张兴海向用 户交付新车钥匙，将用户"认可才提车"模式持续常态化，实现高品质、高质量交付。 张兴海在交付仪式上表示："感谢大家从全国各地来参加交付仪式。问界对每一个用户，都会做到购车省心，用车贴 心，售后放心。买到一台问界，就是买到一份放心，感到一份自豪。从用户中来、到研发中去、再交付给用户，问界 始终用实际行动，提升用户体验！" 用户认可才提车，实力彰显品质自信 问界M8自上市以来持续热销，累计交付超8万辆，蝉联40万级销量冠军。问界M8纯电版延续热销势能，上市24小时大 定超10000台，市场反响热烈，成为40万级纯电SUV热门首选。 为高效兑现交付承诺，问界M8纯电版上市不到半个月即开启交付，以领先行业的交付效率，让用户第一时间享受到新 豪华纯电出行体验。同时，问界将用户"认可才提车" 模式执行到底，车主深度参与赛力斯超级工厂的动态路试环节， 通过AEB测试、涉水测试等多项测试 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33]. Core Views - The company achieved a significant increase in profits in Q2 2025, with a pre-sale of the revamped M7 model exceeding 100,000 units within one hour, indicating strong market demand [3][25]. - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 173.1 billion, 211.5 billion, and 247.1 billion yuan respectively, while maintaining a net profit forecast of 9.437 billion, 13.533 billion, and 16.992 billion yuan for the same years [3][34]. Financial Performance Summary - In H1 2025, the company reported revenues of 62.402 billion yuan, with a net profit of 2.941 billion yuan. Q2 2025 saw revenues of 43.255 billion yuan, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 125.91% [1][7]. - The gross margin for H1 2025 was 28.93%, and the net profit margin was 4.71%, both reaching record highs. In Q2 2025, the gross margin increased to 29.52%, and the net profit margin rose to 5.07% [1][12]. - The company maintained high investment in R&D and sales, with sales, management, and R&D expense ratios of 14.33%, 2.46%, and 4.69% respectively in H1 2025 [18]. Sales Performance Summary - The core product, the Wanjie series, sold 152,100 units in H1 2025, with Q2 sales reaching 106,800 units, reflecting a year-on-year growth of 8.09% and a quarter-on-quarter growth of 135.81% [2][19]. - The revamped M9 model has consistently sold over 10,000 units monthly since its relaunch, while the M8 model, launched in April, has also seen strong sales, exceeding 22,000 units in June and July [19][25]. Future Outlook - The company is expected to benefit from the strong pre-sale performance of the revamped M7 model, which is anticipated to significantly boost sales in Q4 2025 and into 2026 [3][25]. - The company has revised its profit margin expectations upward due to improved product structure and economies of scale, with projected gross margins increasing to between 28.5% and 30% [33][34].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [13]. Core Insights - The new AITO M7 has initiated pre-sales with a starting price of 288,000 yuan, featuring comprehensive upgrades in appearance, chassis, body dimensions, wheelbase, and intelligent driving capabilities [4][7]. - The pricing strategy for the new M7 reflects a brand value enhancement, as it is positioned at a higher price point compared to its predecessor, indicating a shift towards high-end market positioning [7][10]. - The report highlights the formation of a high-end brand strategy for AITO, supported by a close partnership with Huawei, which has established a brand barrier in the premium vehicle segment [10]. Financial Projections - Revenue projections for the company show significant growth, with expected revenues of 145.176 billion yuan in 2024, increasing to 258.398 billion yuan by 2027, reflecting a year-over-year growth rate of 305.0% in 2024 [6]. - Net profit is projected to turn positive in 2024, reaching 5.946 billion yuan, and is expected to grow to 16.793 billion yuan by 2027, with a year-over-year growth of 342.7% in 2024 [6]. - The gross margin is anticipated to improve from 10.4% in 2023 to 26.2% in 2024, while the net margin is expected to shift from -6.8% to 4.1% in the same period [6]. Product Development - The new AITO M7 features a wheelbase of 3030 mm, which is an increase of 210 mm from the previous model, providing more interior space [7][9]. - The M7 is equipped with Huawei's advanced driving assistance system (ADS 4), enhancing its competitive edge in the market [11]. Market Positioning - AITO's M9 and M8 models have maintained high price points, with the M9 priced around 500,000 yuan, demonstrating the brand's ability to achieve high sales volumes despite premium pricing [7][10]. - The report notes that AITO's pricing strategy allows it to achieve a unique market position, with its models priced higher than competitors while still achieving strong sales [10].

证券之星消息，9月8日乘用车板块较上一交易日下跌0.91%，赛力斯领跌。当日上证指数报收于 3826.84，上涨0.38%。深证成指报收于12666.84，上涨0.61%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600733 | 北汽蓝谷 | 8.46 | 0.36% | 128.27万 | a 10.76 Z | | 600104 | 上汽集团 | 18.95 | -0.37% | 62.82万 | 11.95 Z | | 000625 | 长安汽车 | 12.41 | -0.40% | 112.07万 | 13.93 Z | | 601633 | 长城汽车 | 25.95 | -0.46% | - 20.69万 | 5.35亿 | | 601238 | 广汽集团 | 7.78 | -0.51% | 37.05万 | 2.88亿 | | 000572 | 海马汽车 | 4.82 | -0.62% | 67.00万 | 3.26亿 | | 002594 | 比 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33]. Core Views - The company achieved a significant increase in profits in Q2 2025, with a pre-sale of the revamped M7 model exceeding 100,000 units within one hour, indicating strong market demand [3][25]. - The company has adjusted its revenue forecasts for 2025-2027, now expecting revenues of 173.1 billion, 211.5 billion, and 247.1 billion yuan respectively, while maintaining the "Outperform the Market" rating [3][34]. Financial Performance Summary - In H1 2025, the company reported revenues of 62.402 billion yuan, with a net profit of 2.941 billion yuan. Q2 2025 saw revenues of 43.255 billion yuan, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 125.91% [1][7]. - The gross margin for H1 2025 was 28.93%, and the net profit margin was 4.71%, both reaching record highs. In Q2 2025, the gross margin increased to 29.52%, and the net profit margin rose to 5.07% [1][12]. - The company maintained high investment in R&D and sales, with sales, management, and R&D expense ratios of 14.33%, 2.46%, and 4.69% respectively in H1 2025 [18]. Sales Performance Summary - The core product series, the "Wenjie" models, sold 152,100 units in H1 2025, with Q2 sales reaching 106,800 units, reflecting a year-on-year growth of 8.09% and a quarter-on-quarter growth of 135.81% [2][19]. - The revamped M9 model has consistently sold over 10,000 units monthly since its relaunch, while the M8 model, launched in April, has also seen strong sales, exceeding 22,000 units in June and July [19][25]. Future Outlook - The company is expected to see significant sales growth with the revamped M7 model, which has already shown strong pre-sale performance. The anticipated launch in Q4 2025 and 2026 is expected to contribute significantly to revenue growth [3][25]. - The company has revised its profit forecasts, now projecting net profits of 9.437 billion, 13.533 billion, and 16.992 billion yuan for 2025-2027, respectively [34].

平安证券研报指出，全新问界M7开启预售，预售价28.8万元起，全新问界M7在外观、底盘、车身尺 寸、轴距、智驾等方面进行了全方位升级。M7是问界此前的爆款车型，2023年9月发布的改款M7成为 问界发展过程中的重要转折点之一，其单月销量曾一度达到约3万台。其他车企推出改款车型大多采 取"增配降价"的策略，而此次问界M7起售价（预售）比老款反而有提升，这体现了问界在高端新能源 市场的品牌价值。"9"系车型售价、销量均高于竞品，凸显问界品牌溢价。问界之于华为依然具备特殊 价值。且公司入股引望，后续升值潜力大。新款问界M7有望成为30万元级价格带的一款重磅车型，且 售价中枢相比此前有提升，有望带来赛力斯销量与盈利的进一步提振。依然维持公司"推荐"评级。 ...

Group 1 - The core viewpoint of the article highlights that Chongqing Sailis Phoenix Intelligent Technology Co., Ltd. has obtained a patent for a method and device related to electromagnetic compatibility issues, indicating innovation in technology [1] - The company was established in 2023 and is primarily engaged in technology promotion and application services, reflecting its focus on the tech industry [1] - The registered capital of Chongqing Sailis Phoenix Intelligent Technology Co., Ltd. is 122.225 million RMB, showcasing its financial foundation [1] Group 2 - The company has participated in one bidding project and holds 2,470 patent records, indicating active engagement in research and development [1] - Additionally, the company possesses one administrative license, which may facilitate its operations within regulatory frameworks [1]