Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 62.402 billion yuan and net profit at 2.941 billion yuan, marking a year-on-year increase of 81.03% [1] - The company's R&D investment surged to 5.198 billion yuan, reflecting a 154.9% increase, indicating a strong commitment to innovation and product development [1][3] - The sales of new energy vehicles reached 172,108 units in the first half of 2025, driven by the success of high-end intelligent electric vehicles [1] Sales Performance - The AITO brand's new models, including the M9 and M8, have achieved significant market success, with the M9 becoming the best-selling model in the 500,000-level luxury car market, delivering over 220,000 units [2] - The M8 has also performed well, with over 70,000 units delivered within four months of its launch, securing the top position in the 400,000-level sales category [2] - Cumulatively, the AITO brand has delivered over 750,000 vehicles as of August 2025, showcasing strong consumer demand and brand loyalty [2] Technological Innovation - The company emphasizes high-intensity R&D investment, with 6,984 R&D personnel, accounting for 36% of the total workforce, reflecting a focus on technological advancement [3] - The introduction of the intelligent safety system at the Shanghai Auto Show highlights the company's commitment to safety and innovation, establishing a new industry benchmark [3] - The establishment of the "factory within a factory" model in the super factory enhances product integration and innovation capabilities [3] Brand Value and Market Position - The company has significantly improved its brand value, ranking 169th in the 2025 Fortune China 500 list, a rise of 235 places from the previous year [4] - It also ranked 92nd in the TopBrand 2025 China Brand 500 list, with a brand value of 175.523 billion yuan, placing it among the top ten in the automotive sector [4] - The company is recognized as the fourth global new energy vehicle manufacturer to achieve profitability, indicating strong market confidence [4][5] Market Outlook - The capital market remains optimistic about the company's growth potential, with nearly 40 brokerage firms issuing "buy" ratings, anticipating continued high growth in the second half of the year [5]

Group 1 - The core point of the article is that Sairus (601127.SH) reported a significant increase in net profit for the first half of 2025, with a year-on-year growth of 81.03% [1] - The company achieved an operating revenue of 62.402 billion yuan in the first half of 2025 [1] - The net profit attributable to shareholders of the listed company reached 2.941 billion yuan, reflecting strong financial performance [1] Group 2 - The company's research and development investment increased by 154.9% year-on-year, indicating a strong commitment to innovation and growth [1]

证券代码：601127 证券简称：赛力斯 公告编号：2025-069 赛力斯集团股份有限公司 关于召开2025年半年度业绩说明会的公告 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： 会议召开时间：2025 年 10 月 9 日（星期四）15:00-16:00 （二）会议召开地点：上海证券交易所上证路演中心 投资者可于 2025 年 9 月 24 日(星期三)至 9 月 30 日(星期二)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 601127@seres.cn 进行提问，公司将在说明会上对投资者普遍关注的问题进行回 答。 赛力斯集团股份有限公司（以下简称"公司"）已发布公司 2025 年半年度 报告，为便于广大投资者更全面深入地了解公司的经营成果、财务状况，公司计 划于 2025 年 10 月 9 日 15:00-16:00 举行 2025 年半年度业绩说明会，就投资者 关心的问题进行交流。 一、说明会类型 本次投资者说 ...

赛力斯集团股份有限公司 关于对东风汽车财务有限公司的持续风险评估报告 赛力斯集团股份有限公司（以下简称"本公司"、"公司"）按照《上海 证券交易所上市公司自律监管指引第 5 号——交易与关联交易》的要求，通过 查验东风汽车财务有限公司（以下简称"东风财务公司"）《金融许可证》《营 业执照》等证件资料，并审阅东风财务公司的定期财务报告，对东风财务公司 的经营资质、业务和风险状况进行了评估，现将有关风险评估情况报告如下： 一、东风财务公司基本情况 东风财务公司于 1987 年 5 月 7 日由东风汽车集团出资并经同期国家银行业 监管机构批准设立，原名"东风汽车工业财务公司"，是国内成立的第一家企 业集团财务公司，最初登记注册的住所地在湖北省十堰市，初始注册资本为 2,500 万元人民币。2002 年东风集团开创性地引入境外战略投资，"东风汽车 工业财务公司"更名为"东风汽车财务有限公司"，成为全国第一家中外合资 的企业集团财务公司。经几次增资、股权结构调整，2006 年东风财务公司迁址 至湖北省武汉市；2013 年 3 月，由东风汽车集团股份有限公司 100%持股；2018 年 6 月，东风财务公司注册资本增加至 ...

赛力斯集团股份有限公司 公司坚持创新驱动，持续研发投入，加快创新成果转化，强化在整车架构、 电动化、智能化等关键领域的技术实力。2025 年上半年，公司研发支出 51.98 亿元，同比增长 154.86%。持续的研发投入推动了新技术与新产品的落地。2025 年上半年，公司申请专利 1,362 件，其中发明专利 1,024 件，实用新型专利 278 件；授权专利 618 件，其中发明专利 273 件，实用新型专利 272 件。依托技术创 新，公司上半年成功推出问界 M9 2025 款、问界 M8、问界新 M5 Ultra 多款高端 智能电动汽车产品，市场表现亮眼，进一步优化产品矩阵，强化市场竞争优势。 2025 年度"提质增效重回报"行动方案的半年度评估 报告 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步 提高上市公司质量的意见》要求，响应上海证券交易所《关于开展沪市公司"提 质增效重回报"专项行动的倡议》，2025 年 4 月 1 日赛力斯集团股份有限公司（以 下简称"公司"）基于公司发展战略、经营成果及财务状况制定并发布了《2025 年度"提质增效重回报"行动方案》（以下简称《行动方案 ...

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。 根据中国证券监督管理委员会发布的募集资金相关规定以及《赛力斯集团股 份有限公司募集资金管理制度》的有关规定，现将赛力斯集团股份有限公司（以 下简称"公司"或"本公司"）2025年半年度（以下简称"报告期"）的募集资 金存放与实际使用情况报告如下： 一、募集资金基本情况 证券代码：601127 证券简称：赛力斯 公告编号：2025-068 赛力斯集团股份有限公司 2025 年半年度募集资金存放与使用情况专项报告 （一）扣除发行费用后的实际募集资金金额、资金到账时间 1、2021 年非公开发行 A 股股票募集资金金额情况 2021 年 5 月 19 日，经中国证券监督管理委员会证监许可【2021】1656 号文 《关于核准重庆小康工业集团股份有限公司非公开发行股票的批复》核准，同意 公司非公开发行 A 股股票 56,368,913 股，发行价格 46.00 元/股，募集资金 2,592,969,998.00 元 ， 扣 除 不 含 税 的 发 行 费 用 后 募 集 资 金 净 额 ...

证券代码：601127 证券简称：赛力斯 公告编号：2025-066 赛力斯集团股份有限公司 第五届监事会第二十一次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 赛力斯集团股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日发出第 五届监事会第二十一次会议的通知，于 2025 年 8 月 29 日以现场与通讯表决的方 式召开。本次会议由监事会主席召集，会议应出席监事 3 名，实际出席监事 3 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、监事会会议审议情况 （一）审议通过《2025 年半年度报告及其摘要》 2、公司 2025 年半年度报告的内容和格式符合中国证监会和证券交易所的各 项规定，所包含的信息能从各个方面真实地反映出公司报告期内的经营管理和财 务状况等事项。 3、在公司监事会提出本意见前，未发现参与 2025 年半年度报告编制和审议 的人员有违反保密规 ...

证券代码：601127 证券简称：赛力斯 公告编号：2025-065 二、董事会会议审议情况 （一）审议通过《2025 年半年度报告及其摘要》 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 《2025 年半年度报告》及其摘要。本议案已经审计委员会审议通过，并同意提 交董事会审议。 （二）审议通过《2025 年度"提质增效重回报"行动方案的半年度评估报 告》 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 《2025 年度"提质增效重回报"行动方案的半年度评估报告》。 赛力斯集团股份有限公司 第五届董事会第二十四次会议决议公告 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 8 月 19 日发出第 五届董事会第二十四次会议的通知，于 2025 年 8 月 29 日以现场与通讯表决的方 ...

[Definitions](index=4&type=section&id=%E7%BB%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E7%BB%8A%E4%B9%89) This chapter provides definitions of common terms used in the report, including company names, subsidiaries, controlling shareholders, reporting period, and automotive industry terms, ensuring clear understanding of the report content - Seres/Seres Group/Company/The Company refers to Seres Group Co., Ltd[14](index=14&type=chunk) - Reporting Period/This Reporting Period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - New Energy Vehicles (NEVs), Electric Vehicles (EVs) refer to vehicles that use electric drive systems as power, unconventional fossil energy sources like lithium batteries, solid-state batteries, and fuel cells as energy systems, extensively apply advanced internet and IoT intelligent connected technologies, and achieve graded assisted driving and autonomous driving[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic information, including its Chinese name, abbreviation, foreign name, and legal representative Company Basic Information | Company's Chinese Name | Seres Group Co., Ltd | | :--- | :--- | | Company's Chinese Abbreviation | Seres | | Company's Legal Representative | Zhang Zhengping | [Contact Person and Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses Board Secretary Contact Information | | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Shen Wei | Ma Chengjuan | | Phone | 023-65179666 | 023-65179666 | | Email | 601127@seres.cn | 601127@seres.cn | [Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) Discloses the historical changes in the company's registered address, from "No. 61-1 Jinqiao Road, Shapingba District, Chongqing" to "No. 7 Wuyunhu Road, Shapingba District, Chongqing" - Company's registered address changed from "No. 61-1 Jinqiao Road, Shapingba District, Chongqing" to "No. 7 Wuyunhu Road, Shapingba District, Chongqing", approved by the third extraordinary general meeting of shareholders in 2022[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Lists the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the report custody location - The company's designated newspapers for information disclosure are "Shanghai Securities News", "China Securities Journal", "Securities Times", "Securities Daily", and the report website is www.sse.com.cn[19](index=19&type=chunk) [Brief Introduction to Company Stock](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) Introduces the company's A-share listing exchange, stock abbreviation, stock code, and former stock abbreviation Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Seres | 601127 | Sokon | [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Details the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in total profit, net profit attributable to shareholders, and non-recurring net profit, indicating enhanced profitability Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 62,401,722,813.80 | 65,044,468,013.30 | -4.06 | | Total Profit | 3,724,791,554.04 | 1,699,109,354.55 | 119.22 | | Net Profit Attributable to Shareholders of Listed Company | 2,940,890,216.11 | 1,624,558,336.35 | 81.03 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 2,474,494,986.00 | 1,437,469,749.42 | 72.14 | | Net Cash Flow from Operating Activities | 14,436,525,232.56 | 16,360,161,638.87 | -11.76 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period) | 26,761,103,422.09 | 12,264,245,429.40 | 118.20 | | Total Assets (End of Current Period) | 112,911,810,263.11 | 94,363,958,922.89 | 19.66 | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 1.87 | 1.08 | 73.15 | | Diluted Earnings Per Share (RMB/share) | 1.87 | 1.08 | 73.15 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | 1.57 | 0.95 | 65.26 | | Weighted Average Return on Net Assets (%) | 15.87 | 13.24 | Increase 2.63 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 13.35 | 11.72 | Increase 1.63 percentage points | - In the first half of 2025, the company's total profit, net profit attributable to shareholders of the listed company, and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses all significantly increased year-on-year, primarily due to new product launches, sales growth, increased gross profit margin, and enhanced profitability[23](index=23&type=chunk) - As of June 30, 2025, net assets attributable to shareholders of the listed company increased by **118.20%** compared to the end of the previous year, mainly due to the issuance of shares to acquire equity in Chongqing Liangjiang New Area Longsheng New Energy Technology Co., Ltd., capital increase by minority shareholders of Seres Automobile Co., Ltd., and increased net profit attributable to shareholders of the listed company[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **RMB 466,395,230.11** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Items | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 4,234,107.12 | | Government subsidies recognized in current profit or loss | 378,922,722.02 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 124,284,664.29 | | Other non-operating income and expenses apart from the above | -19,656,322.70 | | Less: Income tax impact | 456,650.00 | | Impact on minority interests (after tax) | 20,933,290.62 | | Total | 466,395,230.11 | [Net Profit After Deducting Impact of Share-Based Payments](index=7&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) Discloses that after deducting the impact of share-based payments, the company's net profit for the first half of 2025 was **RMB 3,131,960,039.73**, a year-on-year increase of **128.68%** Net Profit After Deducting Impact of Share-Based Payments | Key Accounting Data | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-Based Payments | 3,131,960,039.73 | 1,369,574,039.66 | 128.68 | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In the first half of 2025, China's automotive production and sales both exceeded **15 million units**, with NEV production and sales growing by **41.4%** and **40.3%** respectively, and the company achieved strong performance in the high-end intelligent electric vehicle market - In the first half of 2025, China's automotive production and sales both exceeded **15 million units** for the first time, with year-on-year growth of over **10%**; NEV production and sales were **6.968 million units** and **6.937 million units** respectively, with year-on-year growth of **41.4%** and **40.3%**[32](index=32&type=chunk) - The company's total vehicle sales in the first half of 2025 were **198,600 units**, with AITO vehicle deliveries exceeding **147,000 units**, and an average transaction price per vehicle exceeding **RMB 400,000**[32](index=32&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company achieved operating revenue of **RMB 62.402 billion** and net profit attributable to shareholders of **RMB 2.941 billion**, a year-on-year increase of **81.03%**, with AITO M9 and M8 becoming sales champions in their respective market segments - In the first half of 2025, the company achieved operating revenue of **RMB 62.402 billion**, and net profit attributable to shareholders of the listed company reached **RMB 2.941 billion**, a year-on-year increase of **81.03%**[32](index=32&type=chunk) - AITO M9 and AITO M8 became sales champions in the **RMB 500,000** and **RMB 400,000** market segments respectively[32](index=32&type=chunk) - Total AITO vehicle deliveries in the first half of the year exceeded **147,000 units**, with single-month deliveries in June exceeding **44,000 units**, setting a new monthly delivery record for AITO[35](index=35&type=chunk) - AITO M9 deliveries exceeded **62,000 units** in the first half, and AITO M8 deliveries exceeded **35,000 units**[35](index=35&type=chunk) - AITO has been ranked first in new energy vehicle brand new car quality performance for three consecutive years, and AITO M9 won first place in the NPS Net Promoter Score in J.D. Power's "2025 H1 New Energy Vehicle Brand Health Study"[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Magic Cube Technology Platform Supports Efficient Development of Series Models](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E9%AD%94%E6%96%B9%E6%8A%80%E6%9C%AF%E5%B9%B3%E5%8F%B0%E6%94%AF%E6%92%91%E7%B3%BB%E5%88%97%E8%BD%A6%E5%9E%8B%E9%AB%98%E6%95%88%E5%BC%80%E5%8F%91) The company has invested nearly **RMB 30 billion** in R&D for high-end intelligent electric vehicles, creating the Magic Cube technology platform to support efficient development of multi-level, multi-category, and multi-power models, leading to a positive cycle of technology breakthrough, sales growth, and profitability improvement - The company has invested nearly **RMB 30 billion** in R&D for high-end intelligent electric vehicles, creating the Magic Cube technology platform, which can cover the development needs of multi-level, multi-category, and multi-power models[33](index=33&type=chunk) - In the first half of this year, several models were successively launched, including the 2025 AITO M9 Extended Range, AITO M9 Pure Electric, AITO M8 Extended Range, and AITO M8 Pure Electric[33](index=33&type=chunk) - As of June 30, 2025, the company had a total of **6,984 R&D personnel**, a year-on-year increase of **26.6%**, accounting for **36%** of the company's total headcount; the company's R&D investment increased by **154.9%** year-on-year, and it has accumulated **6,826 authorized patents**, a year-on-year increase of **19.8%**[34](index=34&type=chunk) [Super Factory Achieves Rapid Vertical Ramp-up of New Vehicles](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E8%B6%85%E7%BA%A7%E5%B7%A5%E5%8E%82%E5%AE%9E%E7%8E%B0%E6%96%B0%E8%BD%A6%E5%BF%AB%E9%80%9F%E5%9E%82%E7%9B%B4%E4%B8%8A%E9%87%8F) Seres Super Factory, through digital manufacturing and supply chain management, achieved cumulative deliveries of over **147,000 AITO** full-series vehicles in the first half, with **100%** automation in key production processes and **12** core suppliers adopting a "factory-in-factory" model - In the first half of 2025, cumulative deliveries of AITO full-series vehicles exceeded **147,000 units**, with single-month deliveries in June exceeding **44,000 units**, setting a new monthly delivery record for AITO[35](index=35&type=chunk) - Seres Super Factory achieved **100%** automation rate in key production processes, **100%** automated AI online inspection for weld point quality, and **100%** automated inspection for static vehicle quality[35](index=35&type=chunk) - The company introduced **12** core suppliers to establish factories in Chongqing, embedding core component production into the vehicle manufacturing system through a "factory-in-factory" model[36](index=36&type=chunk) [Digital Intelligence Quality Assurance for Mass-Produced Excellent Quality](index=9&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%95%B0%E6%99%BA%E8%B4%A8%E9%87%8F%E4%BF%9D%E9%9A%9C%E6%89%B9%E9%87%8F%E5%8C%96%E7%9A%84%E5%8D%93%E8%B6%8A%E5%93%81%E8%B4%A8) The company, through deep integration of its intelligent manufacturing system, achieved high-quality stable deliveries, with AITO series products consistently leading in market quality performance and AI detection accuracy reaching **99.9%** - AITO series products consistently lead in market quality performance; according to the Frost & Sullivan report, AITO has been ranked first in new energy vehicle brand new car quality performance for three consecutive years[37](index=37&type=chunk) - The company continuously promotes digital intelligence quality construction, building a full-process automated digital intelligence quality management system, achieving **100%** automation in static vehicle quality inspection, and combining AI with deep learning algorithms to achieve an accuracy of **99.9%**[37](index=37&type=chunk) [New Luxury Service Continues to Ignite User Word-of-Mouth](index=9&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%96%B0%E8%B1%AA%E5%8D%8E%E6%9C%8D%E5%8A%A1%E6%8C%81%E7%BB%AD%E5%BC%95%E7%88%86%E7%94%A8%E6%88%B7%E5%8F%A3%E7%A2%91) The company consistently prioritizes user service, earning widespread user recognition and spontaneous recommendations through excellent service, with AITO M9 winning first place in NPS Net Promoter Score and launching significant service commitments - AITO M9 won first place in the NPS Net Promoter Score in J.D. Power's "2025 H1 New Energy Vehicle Brand Health Study"[38](index=38&type=chunk)[39](index=39&type=chunk) - The company has built a "quality reach, quality delivery, quality after-sales" three-in-one high-end service system, and was the first in the industry to launch significant service commitments such as "lifetime paint warranty, ten times compensation for fake parts, free basic maintenance if appointment is overdue, and compensation for alternative transportation if repairs are overdue"[39](index=39&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Guided by the "Seres Basic Program" strategy, the company continuously builds differentiated competitiveness in brand, technology, service, intelligent manufacturing, and culture, adhering to user-defined and software-defined vehicle principles - Guided by the "Seres Basic Program" strategy, the company adheres to the market orientation of user-defined vehicles and the technology roadmap of software-defined vehicles, continuously building differentiated competitiveness in brand, technology, service, intelligent manufacturing, and culture[40](index=40&type=chunk) - AITO targets the high-end intelligent electric vehicle main track, with AITO M9 maintaining its position as the sales champion in the **RMB 500,000** segment, and AITO M8 becoming the sales champion in the **RMB 400,000** segment after its launch in April 2025[41](index=41&type=chunk) - The company has partnered with Huawei and CATL, two industry leaders, for cross-industry integration and strategic cooperation, and holds a **10%** equity stake in Shenzhen Yinwang, upgrading strategic cooperation to "business cooperation + equity cooperation"[42](index=42&type=chunk)[43](index=43&type=chunk) - The company, through deep integration of its intelligent manufacturing system, builds a new paradigm of intelligent manufacturing with "industrial brain + future factory", continuously advancing the strategy of "product integration and intelligent manufacturing agglomeration"[45](index=45&type=chunk) - The company's senior management and core team actively increased their holdings of company shares twice in 2024 and 2025 through centralized bidding, totaling **RMB 222 million**[46](index=46&type=chunk) [Main Operating Conditions During the Reporting Period](index=12&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the changes in the company's main business financial statement items for the first half of 2025, showing a decrease in operating revenue and cost, an increase in selling, general and administrative, and R&D expenses, and a significant decrease in financial expenses due to increased interest income, with significant growth in net assets and total assets Financial Statement Items Change Analysis (Jan-Jun 2025) | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 62,401,722,813.80 | 65,044,468,013.30 | -4.06 | | Operating Cost | 44,345,837,363.43 | 49,395,348,148.46 | -10.22 | | Selling Expenses | 8,940,726,308.18 | 8,699,121,540.88 | 2.78 | | Administrative Expenses | 1,534,142,179.45 | 1,179,428,551.31 | 30.08 | | Financial Expenses | -277,273,155.34 | -22,531,062.31 | Not applicable | | R&D Expenses | 2,929,532,016.77 | 2,827,443,107.47 | 3.61 | | Net Cash Flow from Operating Activities | 14,436,525,232.56 | 16,360,161,638.87 | -11.76 | | Net Cash Flow from Investing Activities | -6,966,336,270.76 | -6,403,466,838.45 | Not applicable | | Net Cash Flow from Financing Activities | 7,861,633,432.95 | -552,243,126.51 | Not applicable | - Operating revenue and operating cost decreased primarily due to lower vehicle sales and changes in product structure[47](index=47&type=chunk)[48](index=48&type=chunk) - Financial expenses decreased primarily due to increased bank deposit interest income[48](index=48&type=chunk) - Net cash flow from financing activities significantly increased primarily due to the introduction of strategic investors by subsidiaries[48](index=48&type=chunk) - As of the end of the reporting period, net assets attributable to shareholders of the listed company increased by **118.20%** year-on-year, and total assets increased by **19.66%**[22](index=22&type=chunk) - Long-term equity investments at the end of the period were **RMB 13.413 billion**, a **577.83%** increase from the end of the previous year, primarily due to increased equity investments in associates[49](index=49&type=chunk)[50](index=50&type=chunk) - Fixed assets at the end of the period increased by **51.22%** year-on-year, and construction in progress increased by **372.83%**, primarily due to the acquisition of leased assets, leading to an increase in fixed assets and construction in progress[49](index=49&type=chunk)[50](index=50&type=chunk) - Trading financial assets at the end of the period decreased by **93.03%** year-on-year, primarily due to the redemption of matured cash management products[49](index=49&type=chunk) - Notes payable at the end of the period decreased by **33.77%** year-on-year, primarily due to the maturity and payment of bank acceptance bills[50](index=50&type=chunk) [Analysis of Main Business](index=12&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Both operating revenue and operating cost decreased in the current period, mainly affected by vehicle sales and product structure, while selling, administrative, and R&D expenses increased, and financial expenses significantly decreased due to increased interest income - Operating revenue and operating cost decreased primarily due to lower vehicle sales and changes in product structure[47](index=47&type=chunk)[48](index=48&type=chunk) - Explanation for change in selling expenses: primarily due to increased advertising and promotion expenses[48](index=48&type=chunk) - Explanation for change in administrative expenses: primarily due to increased depreciation and amortization expenses and low-value consumables[48](index=48&type=chunk) - Explanation for change in financial expenses: primarily due to increased bank deposit interest income[48](index=48&type=chunk) - Explanation for change in R&D expenses: primarily due to the company's continuous R&D investment and increased intangible asset amortization[48](index=48&type=chunk) - Explanation for change in net cash flow from operating activities: primarily due to increased cash paid for goods purchased and services received[48](index=48&type=chunk) [Analysis of Assets and Liabilities](index=12&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets reached **RMB 112.912 billion**, an increase of **19.66%** from the end of the previous year, with net assets attributable to shareholders increasing by **118.20%** Asset and Liability Status Changes (June 30, 2025 vs. Dec 31, 2024) | Item Name | Current Period End Amount (RMB) | % of Total Assets at Current Period End | Prior Year End Amount (RMB) | % of Total Assets at Prior Year End | YoY Change Ratio (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 47,931,031,498.45 | 42.45 | 45,955,437,989.80 | 48.70 | 4.30 | | | Trading Financial Assets | 282,073,984.50 | 0.25 | 4,048,748,397.65 | 4.29 | -93.03 | Primarily due to redemption of matured cash management products | | Receivables Financing | 460,138,303.87 | 0.41 | 214,158,827.04 | 0.23 | 114.86 | Primarily due to increased customer bank acceptance bills | | Prepayments | 1,379,338,570.86 | 1.22 | 994,282,143.06 | 1.05 | 38.73 | Primarily due to increased prepayments for key component materials | | Other Current Assets | 12,580,678,028.24 | 11.14 | 9,121,346,182.86 | 9.67 | 37.93 | Primarily due to increased cash management for improved fund returns | | Long-term Equity Investments | 13,413,182,238.90 | 11.88 | 1,978,847,491.62 | 2.10 | 577.83 | Primarily due to increased equity investments in associates | | Fixed Assets | 13,996,737,949.89 | 12.40 | 9,256,018,663.98 | 9.81 | 51.22 | Primarily due to acquisition of leased assets, increasing fixed assets | | Construction in Progress | 1,006,661,516.67 | 0.89 | 212,902,754.71 | 0.23 | 372.83 | Primarily due to acquisition of leased assets, increasing construction in progress | | Right-of-Use Assets | 1,007,771,544.13 | 0.89 | 2,659,293,722.05 | 2.82 | -62.10 | Primarily due to conversion of previously leased assets to direct company ownership | | Goodwill | 497,391,666.50 | 0.44 | | | | Primarily due to non-same-control business combination, where combination cost exceeded fair value share of identifiable net assets of acquiree | | Other Non-current Assets | 235,869,051.93 | 0.21 | 2,428,484,905.91 | 2.57 | -90.29 | Primarily due to prepayment for associate investment meeting delivery conditions, transferred to long-term equity investments | | Short-term Borrowings | 500,288,888.89 | 0.44 | | | | Primarily due to increased borrowings | | Notes Payable | 27,251,072,213.34 | 24.13 | 41,144,620,028.31 | 43.60 | -33.77 | Primarily due to maturity and payment of bank acceptance bills | | Accounts Payable | 35,512,703,279.29 | 31.45 | 27,306,788,121.64 | 28.94 | 30.05 | Primarily due to increased payables to suppliers | | Contract Liabilities | 5,196,055,812.81 | 4.60 | 2,991,531,622.52 | 3.17 | 73.69 | Primarily due to increased advances from customers | | Other Payables | 4,683,323,213.76 | 4.15 | 1,030,463,243.69 | 1.09 | 354.49 | Primarily due to increased payables for associate investments | | Long-term Borrowings | 4,362,892,900.00 | 3.86 | 687,000,000.00 | 0.73 | 535.06 | Primarily due to increased project borrowings | | Lease Liabilities | 837,556,073.27 | 0.74 | 2,217,781,622.08 | 2.35 | -62.23 | Primarily due to conversion of previously leased assets to direct company ownership | | Provisions | 1,728,850,310.98 | 1.53 | 1,149,655,700.47 | 1.22 | 50.38 | Primarily due to increased quality assurance provisions | - As of June 30, 2025, the company's overseas assets were **RMB 629.2686 million**, accounting for **0.56%** of total assets[51](index=51&type=chunk) [Analysis of Investment Status](index=14&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of June 30, 2025, the company's long-term equity investment balance was **RMB 13.413 billion**, a significant increase from the end of 2024, mainly due to increased investments in associates, with **91.21%** of the high-end electric vehicle electric drive system project cumulatively invested - As of June 30, 2025, the long-term equity investment balance was **RMB 13.413 billion**, an increase from **RMB 1.979 billion** at the end of 2024, primarily due to increased investments in associates[54](index=54&type=chunk) - The company's investment in Guangdong Rongchuang Lingyue Intelligent Manufacturing and Information Technology Industry Equity Investment Fund Partnership (Limited Partnership) distributed **RMB 9.2744 million** during the reporting period, including **RMB 6.8025 million** in principal and **RMB 2.4719 million** in income[58](index=58&type=chunk) Major Non-Equity Investment Status | Investment Project Name | Planned Investment Amount (RMB 10,000) | H1 2025 Investment Amount (RMB 10,000) | Cumulative Investment Amount (RMB 10,000) | Cumulative Investment Progress | | :--- | :--- | :--- | :--- | :--- | | High-end Electric Vehicle Electric Drive System Project | 106,629.00 | 9,045.00 | 97,258.62 | 91.21% | Major Equity Investment Status | Investee Company Name | Main Business | Investment Method | Investment Amount (RMB 10,000) | Shareholding Ratio | Progress as of Balance Sheet Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Liangjiang New Area Longsheng New Energy Technology Co., Ltd. | Production leasing services for new energy vehicle factories | Acquisition | 851,838.41 | 100% | Completed | | Shenzhen Yinwang Intelligent Technology Co., Ltd. | Intelligent vehicle solutions business | Acquisition | 1,150,000.00 | 10% | Paid progress payment of RMB 5.75 billion, cumulative payment of RMB 8.05 billion | Financial Assets Measured at Fair Value (Period End) | Asset Category | Period End Amount (RMB) | | :--- | :--- | | Stocks | 282,073,984.50 | | Others (Cash Management) | 3,809,854,656.25 | | Total | 4,091,928,640.75 | [Analysis of Major Holding and Participating Companies](index=16&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%90%A5%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Discloses the financial performance of the company's main subsidiaries, Seres Automobile Co., Ltd. and Seres Automobile (Hubei) Co., Ltd., with Seres Automobile Co., Ltd. achieving operating revenue of **RMB 57.786 billion** and net profit of **RMB 3.077 billion** in the first half Financial Performance of Major Subsidiaries (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Seres Automobile Co., Ltd. | Subsidiary | R&D, manufacturing, and sales of pure electric vehicles | 1,063,728.00 | 8,922,487.58 | 910,798.67 | 5,778,640.07 | 355,361.23 | 307,713.02 | | Seres Automobile (Hubei) Co., Ltd. | Subsidiary | Production and sales of automobiles and automotive parts | 80,000.00 | 1,324,415.93 | 327,875.17 | 546,917.90 | 49,929.13 | 32,389.81 | - During the reporting period, the company established 5 new subsidiaries, including Chongqing Fenghuang Technology Co., Ltd., Beijing Saihang Embodied Intelligent Technology Co., Ltd., SERES (Kazakhstan), SERES CA, and AITO DE MEXICO[62](index=62&type=chunk) - The company acquired Chongqing Liangjiang New Area Longsheng New Energy Technology Co., Ltd. through a non-same-control business combination, which did not have a significant impact on the listed company's operations and performance[62](index=62&type=chunk) [Other Disclosure Matters](index=17&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) [Potential Risks](index=17&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from intensifying industry competition, changes in market demand, shifts in international economic and political situations, and supply chain vulnerabilities, which it plans to address through increased R&D investment, international situation analysis, and supply chain stability - Intensifying industry competition: Traditional automakers' electrification transformation, new car manufacturers' innovation, and technology companies' cross-industry entry lead to rapid iteration of intelligent and electrified technologies, shortening product life cycles, and imposing higher demands on R&D investment and technological capabilities[64](index=64&type=chunk) - Risk of demand changes: A macroeconomic downturn could lead to decreased consumer purchasing power and insufficient market demand, while changes in consumer preferences for product performance, brand, and design will affect market demand[64](index=64&type=chunk) - Risk of changes in international economic and political situations: International trade frictions, tariff barriers, economic sanctions, policy restrictions, and geopolitical conflicts will increase the difficulty of entering overseas markets and raise trade costs; if global economic recovery falls short of expectations or global NEV penetration is lower than anticipated, it will affect overseas market demand[64](index=64&type=chunk) - Supply chain risks: The NEV supply chain involves raw materials, components, and other links. Affected by political and economic factors, it may face risks such as significant fluctuations in raw material prices (e.g., steel, rubber) and untimely supply of core components[64](index=64&type=chunk) - Company's response strategies: Closely monitor market dynamics, continuously increase R&D investment, focus on breakthroughs in key technologies and product innovation to enhance differentiated advantages; strengthen analysis of international situations, establish risk control mechanisms; strengthen supply chain stability, and build the company's risk prevention capabilities[65](index=65&type=chunk) [Corporate Governance, Environment, and Society](index=18&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company plans to issue H-shares and list on the Hong Kong Stock Exchange, with Mr. Wei Mingde approved as an independent director, his term commencing from the H-share listing date or an earlier date required by regulatory authorities - The company plans to issue overseas listed foreign shares (H-shares) and apply for listing on the Main Board of The Stock Exchange of Hong Kong Limited[67](index=67&type=chunk) - Mr. Wei Mingde serves as an independent director of the company's fifth board of directors, with his term commencing from the date of approval by the general meeting of shareholders and the listing of the company's H-shares on the Hong Kong Stock Exchange, or an earlier date required by regulatory authorities, until the expiration of the fifth board's term[67](index=67&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period - The profit distribution plan or capital reserve conversion to share capital plan approved by the board of directors for this reporting period is "none"[8](index=8&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) According to the "Company's 2024 Employee Stock Ownership Plan", the first lock-up period for the initial grant expired on May 29, 2025, with **197** eligible holders unlocking **50%** of their shares, corresponding to **1,707,050** shares - According to the relevant provisions of the "Company's 2024 Employee Stock Ownership Plan", the first lock-up period for the initial grant of this employee stock ownership plan expired on May 29, 2025[68](index=68&type=chunk) - A total of **197** holders met the unlocking conditions for the first lock-up period, with an unlocking ratio of **50%**, corresponding to **1,707,050** shares[68](index=68&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%83%85%E5%86%B5) The company has **7** subsidiaries included in the list of enterprises required to disclose environmental information by law, and provides inquiry indexes - The number of enterprises included in the list of enterprises required to disclose environmental information by law is **7**[70](index=70&type=chunk) - Inquiry indexes for environmental information disclosure reports include the Enterprise Environmental Information Disclosure System (Chongqing) and the Enterprise Environmental Information Disclosure System (Hubei)[70](index=70&type=chunk) [Specific Situation of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=19&type=section&id=%E4%BA%94%E3%80%81%E5%B7%B1%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) In the first half of 2025, the company engaged in consumption-based assistance for rural revitalization totaling **RMB 5.5424 million**, of which **RMB 4.4568 million** was used to purchase agricultural products in Wuxi County, Chongqing - In the first half of 2025, the company engaged in consumption-based assistance for rural revitalization totaling **RMB 5.5424 million**[71](index=71&type=chunk) - Of this, **RMB 4.4568 million** was used to purchase agricultural products for rural revitalization in Wuxi County, Chongqing, a key national rural revitalization assistance county and a target of the All-China Federation of Industry and Commerce's "Ten Thousand Enterprises Assisting Ten Villages" initiative[71](index=71&type=chunk) [Significant Matters](index=20&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=20&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Discloses the fulfillment of commitments by the company's actual controller, controlling shareholder, related parties, and the company's directors, supervisors, and senior management regarding major asset restructuring, resolution of related-party transactions, resolution of horizontal competition, share lock-up, and other matters, with all commitments strictly fulfilled - Controlling shareholder Sokon Holdings and actual controller Zhang Xinghai committed to avoiding and reducing related-party transactions with the company and its subsidiaries as much as possible, and for unavoidable or reasonably existing related-party transactions, they will sign agreements in accordance with fair, equitable, and arm's-length principles and strictly fulfill information disclosure obligations. Strictly fulfilled during the reporting period[73](index=73&type=chunk) - Shareholder Dongfeng Motor Group committed not to use its shareholder status to intentionally cause the company's general meeting of shareholders or board of directors to make resolutions that harm the legitimate rights and interests of the company and other shareholders, and not to illegally or improperly occupy company funds or require the company to provide guarantees in violation of regulations in any way. Strictly fulfilled during the reporting period[74](index=74&type=chunk) - Dongfeng Motor Group committed not to seek control of the company, not to actively seek the position of controlling shareholder or largest shareholder of the company, nor to individually or jointly with others actively seek the position of actual controller of the company in any way. Strictly fulfilled during the reporting period[74](index=74&type=chunk)[75](index=75&type=chunk) - All directors, supervisors, and senior management of the company committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, not to use company assets for investments or consumption activities unrelated to their duties, and committed to restricting their job-related consumption. Strictly fulfilled during the reporting period[76](index=76&type=chunk) - Chongqing Industrial Mother Fund, Liangjiang Investment Group, and Liangjiang Industrial Group committed that the listed company shares acquired in the asset acquisition through share issuance will be locked up for 12 months or 36 months, depending on the different capital contributions, from the end of this issuance. Strictly fulfilled during the reporting period[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) -

Group 1 - The core viewpoint of the article highlights that the company, Sairisi, reported a decline in revenue for the first half of 2025 while experiencing significant growth in net profit [2] Group 2 - Sairisi's operating revenue for the first half of 2025 was 62.402 billion yuan, representing a year-on-year decrease of 4.06% [2] - The net profit attributable to shareholders of the listed company was 2.941 billion yuan, showing a year-on-year increase of 81.03% [2]