Core Viewpoint - The company, Sairisi Group Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and confirming that the report has not been audited [1][2]. Financial Data Summary - The financial statements for the first quarter of 2025 have not been audited, and the company has provided key financial data in RMB [3][5]. - The consolidated balance sheet and profit and loss statement for the period from January to March 2025 have been prepared, with no net profit reported from merged entities [5]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the status of major shareholders, although there are no changes reported in the top ten shareholders due to share lending activities [4]. Other Important Information - The company has confirmed that there are no significant changes in the operational situation during the reporting period that need to be highlighted to investors [5].

赛力斯，一家近年来深陷亏损泥潭的汽车制造商，近日宣布了其进军港股市场的雄心壮志。4月28日，该公司正式提交了港股主板上市的申请，中金公司 和中国银河国际证券担任其联席保荐人，这一消息标志着赛力斯在资本市场的新征程。 其实，赛力斯的上市计划早已初露端倪。早在4月初，当公司公布2024年全年业绩时，就对外释放了即将上市的信号。据悉，此次IPO所募集的资金将主 要用于技术研发、海外市场的扩张以及产能的升级，为公司的未来发展注入强劲动力。 令人惊讶的是，赛力斯从释放上市信号到迈出实质性步伐，仅用了不到一个月的时间。这一速度之快，无疑让外界对这家公司的未来发展充满了期待。 回顾过去几年，赛力斯的发展之路可谓充满坎坷。从2020年至2023年，公司累计亏损近百亿元，前景一度黯淡无光。然而，自从去年凭借问界品牌的成功 推出，赛力斯终于迎来了业绩的曙光。数据显示，去年全年公司实现营收1451.76亿元，同比大幅增长305%，归母净利润更是达到了59.46亿元，成功摆脱 了多年的亏损困境。 问界品牌的成功，无疑成为了赛力斯业绩增长的核心引擎。去年，问界系列新能源汽车实现营收1354.9亿元，占总营收的93.3%。从销售端来看， ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥19,147,080,403.63, a decrease of 27.91% compared to ¥26,560,677,504.81 in the same period last year[3] - Net profit attributable to shareholders increased by 240.60% to ¥747,793,485.81 from ¥219,551,774.68 year-on-year[3] - The net profit after deducting non-recurring gains and losses rose by 244.34% to ¥393,854,971.81 compared to ¥114,379,377.77 in the previous year[3] - Basic and diluted earnings per share were both ¥0.50, reflecting a 233.33% increase from ¥0.15 in the same period last year[3] - The weighted average return on equity increased by 3.99 percentage points to 5.90% from 1.91% year-on-year[3] - The company reported a net loss of CNY 1.92 billion for Q1 2025, an improvement from a loss of CNY 2.67 billion in Q1 2024[13] - The total comprehensive income for the first quarter of 2025 was CNY 751,509,531.78, compared to CNY 92,267,333.40 in the same quarter of 2024, showing an increase of approximately 715%[18] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥7,630,293,915.39, a decline of 742.85% compared to ¥1,186,944,941.43 in the previous year[3] - The company reported a net cash outflow from operating activities of CNY -7,630,293,915.39 in Q1 2025, contrasting with a net inflow of CNY 1,186,944,941.43 in Q1 2024[21] - The net cash inflow from financing activities amounted to ¥9,139,985,383.31, compared to a net outflow of ¥320,048,561.31 in the previous period[22] - The total cash and cash equivalents at the end of the period reached ¥9,818,630,494.84, an increase from ¥2,678,895,535.67 in the previous period[22] - The net increase in cash and cash equivalents was ¥3,484,948,745.66, contrasting with a decrease of ¥1,800,823,312.79 in the previous period[22] - The cash inflow from financing activities totaled ¥9,520,604,600.00, while cash outflow was ¥380,619,216.69[22] - The beginning balance of cash and cash equivalents was ¥6,333,681,749.18, indicating a strong liquidity position[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥98,709,670,544.55, an increase of 4.61% from ¥94,363,958,922.89 at the end of the previous year[3] - Current assets decreased to CNY 56.12 billion as of March 31, 2025, from CNY 66.00 billion at the end of 2024, a decline of 14.1%[11] - Total liabilities decreased to CNY 75.83 billion as of March 31, 2025, from CNY 82.46 billion at the end of 2024, a reduction of 8.1%[13] - Shareholders' equity increased to CNY 22.88 billion, up from CNY 11.91 billion, reflecting a growth of 92.5%[13] - Long-term borrowings rose to CNY 4.43 billion from CNY 0.69 billion, indicating a significant increase[13] Operational Efficiency - Total operating costs for Q1 2025 were CNY 18.58 billion, down from CNY 26.40 billion in Q1 2024, reflecting a reduction of 29.7%[16] - The company's total operating expenses in Q1 2025 were CNY 36,514,063,432.33, compared to CNY 28,136,547,674.74 in Q1 2024, indicating an increase of approximately 29.7%[21] - The operating profit for the first quarter of 2025 was CNY 887,597,879.16, compared to CNY 313,458,934.70 in Q1 2024, reflecting an increase of approximately 183%[17] Strategic Initiatives - The company optimized its product structure, leading to an increase in sales gross margin and higher interest income from deposits during the reporting period[5] - The company is expanding its market presence through strategic investments, including acquiring equity in Chongqing Liangjiang New Area Longsheng New Energy Technology Co., Ltd.[5] - The company is focusing on new product development and market expansion strategies to enhance future growth prospects[16] Research and Development - Research and development expenses increased to CNY 1,050,811,251.11 in Q1 2025 from CNY 953,941,850.77 in Q1 2024, marking a rise of about 10.1%[17] Non-Recurring Gains - The company reported non-recurring gains totaling ¥353,938,514.00, primarily from government subsidies and asset disposals[5] Accounting and Management - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[22] - The company’s financial management is overseen by Zhang Zhengping, with Liu Lian responsible for accounting operations[22]

近期，港股市场迎来递表高峰。港交所官网显示，4月25日至28日，14家企业密集向港交所递交上市申 请，其中既有三只松鼠、晶澳科技、赛力斯等已在A股上市的行业龙头谋求"A+H"布局，也包括瑞博生 物、大医集团、宏业基等曾拟冲刺A股IPO未果的企业。 三只松鼠递表港交所，7成营收来自线上渠道 一、"A+H"阵容扩容，明星企业加速国际化 根据弗若斯特沙利文，晶澳科技于2024年以光伏组件出货量计全球排名第三，市场份额为12.3%，且自 2015年以来光伏组件出货量连续10年位列全球前四位。尽管市场地位较为稳固，但受行业波动影响，晶 澳科技业绩承压。2024年，公司实现营收701.21亿元，同比下滑14.02%；归母净利润亏损46.56亿元， 同比下滑166.14%。 从业绩表现来看，谋求"A+H"两地上市的赛力斯，在2024年成功扭亏。财务数据显示，2020年至2023 年，赛力斯曾连续4年出现亏损。2024年，公司实现营收1451.76万元，同比增长305.04%；归母净利润 59.46亿元，同比增长342.72%。 造成晶澳科技四季度巨亏的原因主要是资产减值损失。2024年，该公司资产减值准备共计减少利润 33 ...

赛力斯（601127）公告，2025年第一季度营业收入191.47亿元，同比下降27.91%。净利润7.48亿元，同 比增长240.60%。 ...

今年一季度，赛力斯新能源汽车累计销量56225辆，同比下滑42.49%，核心品牌问界系列跌幅更甚，3 月同比下降45.19%，与行业整体增长形成鲜明对比。 实际上，这一颓势在前两个月已显现。今年2月，问界新M7交付量仅5204辆，被奇瑞与华为合作的智界 R7以8748辆反超，华为生态内"兄弟品牌"的竞争分流效应显著。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月28日，赛力斯正式向香港联交所递交H股上市申请，计划募资缓解资金压力。这家曾凭借华为光环 实现市值突破2000亿元的"造车新贵"，在赴港上市的节点上，却因销量暴跌、负债高企、技术依赖等问 题引发市场对其风险的深度审视。 为解决资金困扰，赛力斯近几年数次推进定增进行融资，但无法缓解负债高企问题。2024年财报显示， 赛力斯资产负债率高达87.38%，远超比亚迪74.64%、理想56.07%等可比公司，应付账款同比激增127% 至685亿元。 赛力斯的核心技术高度依赖华为，三电系统、智能驾驶等关键技术自主率不足30%，需为每辆售出车辆 支付华为销售服务费，业内推测比例约8.3%。2024年，赛力斯斥资25亿元收购"问界"商 ...

2024&1Q25 业绩符合我们预期 盈利预测与估值 公司公布2024&1Q25 业绩：2024 年实现收入79.14 亿元，同比+98%；归母净利润为6.70 亿元，同比大 幅增长。4Q24 实现收入23.82 亿元，同比+46%，环比+13%；归母净利润为2.32 亿元，同比+202%，环 比+27%。 由于核心新能源客户销量增速放缓，我们下调2025 年净利润9.3%至8.06亿元，首次引入2026 年净利润 10.15 亿元。当前股价对应2025/2026 年17.3 倍/13.7 倍市盈率。维持跑赢行业评级，我们同步下调目标 价9.7%至42.00 元，对应22.7 倍2025 年市盈率和18.1 倍2026 年市盈率，较当前股价有31.4%的上行空 间。 1Q25 实现收入15.43 亿元，同比+1%，环比-35%；归母净利润为0.93 亿元，同比-8%，环比-60%。 2024&1Q25 业绩符合我们预期。 发展趋势 新能源驱动收入高增，新项目量产逐步爬坡。分业务看，2024 年公司成套线束/发动机线束/其他线束业 务收入分别为68.78/1.72/6.58 亿元，同比分别+129.5%/+17 ...

◆国内新闻 国家发展改革委：针对长期摇号家庭和无车家庭等重点群体，定向增发购车指标 4月28日，国家发展改革委副主任赵辰昕介绍，我国将出台实施稳就业稳经济推动高质量发展的若干举措，包括支持就业、 稳定外贸发展、促进消费、积极扩大有效投资、营造稳定发展的良好环境五方面内容。其中，在促进消费方面，主要包括扩大 服务消费，强化失能老年人照护，推动汽车消费扩容，构建技能导向的薪酬分配制度等举措；扩大投资方面，制定实施充电设 施"倍增"行动，支持超大特大城市和I型大城市建设停车位。赵辰昕表示，深入实施提振消费专项行动，将指导限购城市针对长 期摇号家庭和无车家庭等重点群体定向增发购车指标。 商务部部长王文涛：希望德国汽车企业把握机遇，坚定投资中国的信心 据商务部网站消息，4月27日，商务部部长王文涛会见德国汽车工业协会主席穆勒，双方就中德汽车产业合作、欧盟对华电 动汽车反补贴案等议题进行交流。王文涛表示，中德汽车产业合作基础深厚，德国汽车企业是中国改革开放的见证者、参与者 和受益者。中国对外开放的大门只会越开越大，利用外资的政策没有变也不会变，希望德国汽车企业把握机遇，坚定投资中国 的信心。希望德国汽车工业协会继续发挥积 ...

1. 报道：腾讯、阿里、字节跳动抢购算力资源。 2. OpenAI宣布将购物功能添加到ChatGPT中。 3. 联合包裹和Figure AI洽谈部署人形机器人。 4. 英伟达、礼来等公司的首席执行官周三将造访白宫。 5. 通义千问发布并开源Qwen3，旗舰版在基准评估中取得了有竞争力的结果。 6. 赛力斯向港交所提交IPO申请。 7. 亚马逊发射卫星互联网计划首批卫星。 8. 工信部发布2025年汽车标准化工作要点：加快自动驾驶系统安全要求强制性国家标准研制。 9. 古尔曼：苹果将在2027年推出两款20周年纪念版iPhone。 10. 我国科学家成功研制脑机接口柔性微电极植入机器人CyberSense。 金十数据整理：每日科技要闻速递（4月29日） ...

NO.1 赛力斯向港交所递交上市申请 4月28日，港交所文件显示，赛力斯集团股份有限公司向港交所提交上市申请书。今年3月底，赛力斯就宣布拟赴港上市，其彼时表示，发行H 股股票并上市是为了深入推进全球化战略布局，打造国际化资本运作平台，提高综合竞争力。H股募资将用于新能源汽车技术研发、海外市场 拓展及供应链优化。 点评：此次赴港上市旨在打造国际化资本运作平台，提高综合竞争力。H股募资将用于新能源汽车技术研发、海外市场拓展及供应链优化，这 将有助于赛力斯在全球新能源汽车市场中占据更有利的位置。 NO.2 昭衍新药一季度业绩同比扭亏为盈 4月28日，昭衍新药（HK06127，股价15.26港元）公布2025年第一季度业绩，公司实现营业收入约2.87亿元，同比减少11.54%；归属于上市公司 股东的净利润约4111.95万元，同比扭亏为盈；基本每股收益0.05元。公告称，净利增长主要系上年同期生物资产公允价值变动损失较多所致。 点评：尽管昭衍新药一季度营业收入有所下降，但净利润实现扭亏为盈，主要得益于上年同期生物资产公允价值变动损失的减少。这表明公司 在成本控制和运营效率方面取得了一定成效。 NO.3 耀才证券金融复 ...