证券代码：601127 证券简称：赛力斯 公告编号：2025-056 赛力斯集团股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.97元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/12 | － | 2025/5/13 | 2025/5/13 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 22 日的2024年年度股东大会审议通过。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,633,366,086股为基数，每股派 发现金红利0.97元（含税），共计派发现金红利1,584,365,103.42元。 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/5/12 － 2025/5/13 ...

证券代码：601127 证券简称：赛力斯 公告编号：2025-055 赛力斯集团股份有限公司 2025年4月份产销快报 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。 赛力斯集团股份有限公司2025年4月产销数据如下： 注：1、本表为产销快报数据，最终数据以2025年审计数据为准。 2、2025年1-4月问界M9累计销量36,439辆，累计同比增长41.19%。 特此公告。 赛力斯集团股份有限公司董事会 2025 年 5 月 7 日 单位：辆 产品名称 产量 销量 本月 本月同比 本年累计 累计同比 本月 本月同比 本年累计 累计同比 新能源汽车 34,283 32.03% 90,508 -26.85% 31,488 12.99% 86,040 -29.87% 其中：赛力斯汽车 29,024 23.89% 76,207 -30.88% 27,203 9.35% 72,338 -33.60% 其他车型 4,505 -23.18% 16,839 -31.42% 4,253 -29.07% 18,069 -28.61% 合计 38, ...

Group 1 - The company reported Q1 2025 revenue of approximately 5.768 billion yuan, a year-on-year increase of about 1.40% but a quarter-on-quarter decrease of about 20.43%. The net profit attributable to the parent company was approximately 565 million yuan, a year-on-year decrease of about 12.39% and a quarter-on-quarter decrease of about 26.23% [1] - Customer demand experienced fluctuations, leading to short-term performance pressure. In Q1 2025, Tesla's production was approximately 373,200 units, a year-on-year decrease of about 20.45%. In contrast, BYD's production increased by approximately 73.54% year-on-year to about 1,062,600 units [2] - The company's gross margin was approximately 19.89%, a year-on-year decrease of about 2.54 percentage points, while the net profit margin was approximately 9.81%, a year-on-year decrease of about 1.58 percentage points. The total expense ratio for Q1 2025 was approximately 10.52%, a year-on-year increase of about 1.21 percentage points and a quarter-on-quarter increase of about 2.16 percentage points [3] Group 2 - The company is expanding its customer base and product categories, with traditional businesses progressing steadily. The automotive electronics segment is accelerating, and the robotics business is opening new growth opportunities. Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of approximately 24.7%, 21.5%, and 25.6% respectively [4] - The net profit projections for the same period are approximately 3.64 billion yuan, 4.49 billion yuan, and 5.62 billion yuan, with year-on-year growth rates of approximately 21.2%, 23.4%, and 25.1% respectively. As of April 30, 2025, the stock price corresponds to a PE ratio of approximately 25.0 times, 20.2 times, and 16.2 times for 2025 to 2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Views - The company reported Q1 2025 revenue of 19.147 billion yuan, a year-on-year decrease of 27.9%, while achieving a net profit attributable to shareholders of 748 million yuan, a significant increase of 240.6% year-on-year [2][4]. - The launch of new vehicles is expected to accelerate, with the company pushing for a listing in Hong Kong, leading to continuous marginal improvements [10]. - The projected net profit attributable to shareholders for 2025-2027 is 10.423 billion, 12.660 billion, and 14.886 billion yuan, respectively, with current market capitalization corresponding to valuations of 20.42, 16.81, and 14.30 times [2][10]. Summary by Sections Financial Performance - Q1 2025 revenue was 19.147 billion yuan, down 27.9% year-on-year and down 50.3% quarter-on-quarter. Vehicle sales reached 68,000 units, down 40.1% year-on-year and down 46.4% quarter-on-quarter. The average revenue per vehicle was 280,100 yuan, an increase of 4,740 yuan year-on-year [10]. - The gross margin for Q1 2025 was 27.6%, up 6.10 percentage points year-on-year, while the net profit margin was 3.9%, up 3.08 percentage points year-on-year [10]. - The company’s expense ratio was 22.1%, with stable cost control across sales, management, R&D, and financial expenses [10]. Market Outlook - The company is set to launch several new models, including the M5/M9 facelift in March and the M8 in April, which is expected to alleviate the current market hesitation and boost sales [10]. - The M8 has already received over 60,000 pre-orders, and total sales are anticipated to exceed 120,000 units in Q2, enhancing the company's annual sales outlook [10]. - The upcoming M7 facelift and the rollout of Huawei's ADS 4.0 version are expected to further strengthen the company's competitive edge in smart vehicles [10].

5月6日，针对有车主反映的问界M8车型宣传三元锂电池，装车却变成磷酸铁锂电池的问题，问界汽车官方小助手 回应称："经核实，部分问界M8 Max+和Ultra出厂合格证中电池类型一栏印制错误，由此带来的困扰我们深表歉 意。" 问界方面表示，问界M8 Max+和Ultra出厂标配三元锂电池，与车辆准入公告信息及官方参数配置表一致，可以放 心使用。如仍有疑虑，可前往用户中心查验实车电池包名牌信息。 此前有车主在问界APP上发文质疑称："问界M8的MAX+版本电池不是说是三元锂电池么？怎么合格证上面是磷 酸铁锂电池了，这是什么情况！" 三元锂电池和磷酸铁锂电池是当前新能源汽车动力电池所采用的两大主流技术路线，二者各有优缺点。 三元锂电池能量密度相对较高，搭载该电池的电动车型拥有更长的续航里程，一般用于中高档车型。三元锂电池 也存在热稳定性差、循环寿命较短等缺点，而且依赖稀缺金属钴、镍，成本较高。 磷酸铁锂电池虽然能量密度较低，但安全性和循环寿命相对较优，更重要的是成本更低，广泛应用于储能、商用 车及入门级电动车。 问界官网显示，问界M8 Max+和Ultra版这两款车配的是宁德时代53度三元锂电池，问界M8 Max版 ...

近日，宁德时代河南洛阳基地圆满完成项目一期一季度全线投产目标，累计产值突破50亿元。按照"灯塔工厂+零碳工厂"标准建设的宁德时代 洛阳基地，项目一期占地850亩，年产能为30GWh。 在年初运行1条电芯产线、5条PACK产线的基础上，宁德时代洛阳基地一期所有产线已全部进入生产状态，生产设备超95%实现联网，生产节 拍为每1秒下线1个电芯，每2.5分钟下线一个电池包。除了项目一期全面达产，宁德时代2024年5月开工洛阳基地项目二期建设也在有序推进 中，其中，电芯厂房已完成主体施工。 宁德时代洛阳基地项目一期全线投产 宁德时代成为首家通过动力电池新国标的企业 4月27日，宁德时代获得两张GB 38031-2025《电动汽车用动力蓄电池安全要求》检测报告，成为国内首家通过新国标的企业。 其中，通过 检测的产品含电池单体与电池包。此次送检产品是麒麟电池，检测报告由权威 第三方认证机构 中汽中心新能源检验中心颁发。 GB 38031-2025新版动力电池安全强制性国家标准于2025年3月28日发布，将于2026年7月1日正式实施。 楚能新能源与华创新材达成合作 4月27日， 楚能新能源官方宣布，与 华创新材在储能 全球 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing strong order performance for the Wanjie M8 model as a key factor for the rating adjustment [4]. Core Viewpoints - The company is expected to achieve robust performance in 2024, with a projected revenue growth of 305.0% year-on-year to 145.18 billion yuan and a return to profitability with a net profit of 5.95 billion yuan, compared to a loss of 2.45 billion yuan in 2023 [1][5]. - The first quarter of 2025 shows a decline in sales due to seasonal factors and model transitions, but the gross margin remains strong at 27.6%, benefiting from the increasing sales proportion of high-end models like the Wanjie M9 [2][3]. - The company is initiating a Hong Kong stock listing to support its global expansion, with funds aimed at enhancing R&D, diversifying marketing channels, and improving operational efficiency [3]. Summary by Sections Financial Performance - In 2024, the company’s revenue is expected to reach 145.18 billion yuan, with a year-on-year growth of 305.0%. The net profit is projected at 5.95 billion yuan, recovering from a loss of 2.45 billion yuan in 2023 [1][5]. - For 1Q25, revenue is forecasted to decline by 27.9% year-on-year to 19.15 billion yuan, while net profit is expected to increase by 240.6% year-on-year to 750 million yuan [1]. Sales and Market Position - The company’s vehicle sales in 2024 are projected to grow by 97.0% to 497,000 units, with the Wanjie model sales increasing by 281.3% to 386,000 units [2]. - The first quarter of 2025 shows a significant decline in sales, with a 40.1% year-on-year drop to 68,000 units, attributed to the transition between old and new models [2]. Strategic Initiatives - The company is focusing on production, R&D, and channel development, with plans to enhance smart manufacturing and expand its global footprint through a Hong Kong listing [3]. - The funds raised from the Hong Kong listing will be used for R&D in new models and technologies, as well as for operational expenses and marketing [3].

| 黄细里 刘力宇 | GMT - 1 | | --- | --- | | 高路 | | | 郭雨蒙 | 1970 | | 孙仁昊 | | | 赖闊旭 | סוגים | 未经许可，不得转载或者引用。 | 投资要点 | | --- | 事件： 公司发布2025年一季报，2025Q1公司营收达57.68亿元，同比+1.40%/环比-20.43%；归母净利 润达5.65亿元，同比-12.39%/环比-26.23%。从盈利能力看，公司25Q1毛利率达19.89%，同 比-2.53pct/环比+0.08pct；25Q1净利率达9.80%，同比-1.54pct/环比-0.77pct。25Q1公司期间费用 率达10.51%，同比+1.18pct/环比+2.15pct。其中销售费用/管理费用/财务费用/研发费用率分别 达1.19%/3.30%/0.10%/5.93%，同比分别-0.19pct/+0.55pct/-0.61pct/+1.44pct。 2025Q1业绩下滑主要受下游部分大客户影响，预计25Q2将得到改善： 从主要下游客户2025Q1表现来看：1）特斯拉全球销量为33.7万辆，同比-13.0%；2）吉利销量 为7 ...

Core Viewpoint - The company reported its Q1 2025 performance, showing significant fluctuations in revenue and net profit, while new product launches are expected to drive future growth [1][2][3] Group 1: Financial Performance - The company achieved revenue of 19.147 billion, with year-on-year and quarter-on-quarter declines of 27.9% and 50.3% respectively [1] - The net profit attributable to shareholders was 750 million, reflecting a year-on-year increase of 240.60% but a quarter-on-quarter decrease of 60.81% [1] - The adjusted net profit was 390 million, with a year-on-year increase of 244.34% and a quarter-on-quarter decrease of 78.24% [1] Group 2: Product and Sales Performance - The company experienced sales fluctuations in Q1 due to a wait-and-see effect regarding new products, with total sales of 45,300 units for the Wanjie brand [1] - Sales for the new M9 and M8 models have shown promising early results, with M9 deliveries exceeding 10,000 units within 25 days and M8 pre-orders surpassing 60,000 units as of April 29 [1] Group 3: Profitability and R&D Investment - The gross margin for Q1 was 27.6%, representing a year-on-year increase of 6.1 percentage points, significantly higher than the average gross margin of 14.7% for comparable companies [2] - The R&D expense ratio was 5.49%, with year-on-year and quarter-on-quarter increases of 1.9 percentage points and 2.3 percentage points respectively, supporting the development of core technologies [2] Group 4: Strategic Initiatives - The company submitted an application for an H-share listing on April 28, aiming to accelerate its international expansion [3] - The company plans to use the net proceeds from the IPO to enhance R&D investment, diversify its product offerings, and expand its international market presence [3] Group 5: Future Outlook - The company is expected to capture the luxury market with the launch of the M8 and 2025 M9 models, and forecasts revenues of 191.9 billion, 228.6 billion, and 255.7 billion for 2024-2026, with net profits of 9.8 billion, 12 billion, and 13.6 billion respectively [3]

文 / 大力财经 其中，问界M7、M9车型表现亮眼，合计交付35万辆，新能源车毛利率更是达到26.21%，展现出强劲的市场竞争力。然而，进入2025年第一季度，赛力斯遭 遇发展瓶颈，营收同比下滑27.91%，销量下降42.47%。值得关注的是，问界M9凭借出色的产品力实现逆势增长，销量同比激增117.83%，为企业发展注入 新的活力。 作者 / 魏力 在新能源汽车产业加速变革的时代浪潮中，赛力斯集团（前身为小康股份）于2025年4月28日正式向港交所递交主板上市申请，计划通过发行H股实现融 资。若成功登陆港股，赛力斯有望跻身近年来港股市场规模最大的新能源汽车企业IPO行列。 回溯赛力斯的发展轨迹，堪称一部跌宕起伏的奋斗史。自1986年以零部件业务起步，历经多年市场锤炼，于2016年敏锐捕捉新能源汽车发展趋势，毅然开启 转型之路。2021年，与华为达成战略合作，联合推出问界品牌，成为其发展的关键转折点。凭借双方在技术与渠道上的协同优势，问界系列迅速打开市场局 面。2024年，赛力斯迎来高光时刻，全年营收达1451.76亿元，同比增长305%；净利润实现59.46亿元，成功扭亏为盈。 此次港股上市，赛力斯选择中金 ...