Group 1: Company Filings - 16 companies submitted applications for listing on the Hong Kong Stock Exchange from April 28 to May 4, with 3 companies launching their IPOs [1] - Companies seeking dual listings include Seres Group and JA Solar Technology [1][3] - Seres Group focuses on engines and new energy vehicles, having launched the "Wenjie" brand and achieved a 268% year-on-year increase in total deliveries in 2024 [2] - JA Solar Technology is a leading global supplier of photovoltaic solutions, ranking third in global market share with 12.3% in 2024 [3] - Shenzhen Hongye Geotechnical Technology, a major non-state-owned geotechnical engineering company in South China, also submitted an application [4] Group 2: Upcoming IPOs - Boreton plans to list on May 7, 2025, with a global offering of 13 million H shares priced at 18 HKD each [20] - JunDa Co. and HuShang Ayi are set to list on May 8, 2025, with share prices expected between 20.4 and 28.6 HKD for JunDa and between 95.57 and 113.12 HKD for HuShang Ayi [21] Group 3: Market Trends - 23 A-share listed companies are planning to list or have submitted applications for listing in Hong Kong as of early May [22] - The Hong Kong Securities and Futures Commission is considering increasing the position limits for derivatives based on major stock indices [22]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is strong, supported by high-end product offerings, despite a significant decline in total sales volume and revenue in Q1 2025 [4][6] - The company is expected to benefit from the growing market for high-end autonomous vehicles, with a projected increase in sales in the premium segment [6] - The company is focusing on expanding its robotics business, which is seen as a key growth area for the year [6] Financial Performance Summary - In Q1 2025, the company achieved total sales of 68,000 vehicles, a year-on-year decrease of 40.1%, with total revenue of 19.15 billion yuan, down 27.9% year-on-year [4][5] - The net profit attributable to the parent company was 750 million yuan, a significant increase of 240.6% year-on-year [4][5] - The gross margin improved to 27.6% in Q1 2025, up 6.1 percentage points year-on-year, despite a decline in sales volume [6] Revenue and Profit Forecast - Revenue projections for 2025 have been adjusted down from 184.3 billion yuan to 168.6 billion yuan, with net profit forecasts also reduced from 9.3 billion yuan to 8.7 billion yuan [6] - The company is expected to maintain a strong return on equity (ROE) of 44.1% in 2025, despite the competitive pressures in the automotive industry [5][6]

Core Viewpoint - The announcement details the implementation of the 2024 annual profit distribution plan by the company, which includes a cash dividend of 0.97 yuan per share for all shareholders [2][4]. Distribution Plan - The cash dividend of 0.97 yuan per share (including tax) was approved at the company's annual general meeting on April 22, 2025 [2]. - The total cash dividend distribution amounts to approximately 1.58 billion yuan, based on a total share capital of 1,633,366,086 shares [4]. Distribution Recipients - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration [3]. Implementation Method - Cash dividends for unrestricted circulating shares will be distributed through the clearing system of the China Securities Depository and Clearing Corporation, while specific entities will receive dividends directly from the company [5]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [5]. Taxation Details - For individual shareholders holding unrestricted circulating shares for over one year, the cash dividend of 0.97 yuan per share is exempt from personal income tax [9]. - For shares held for one year or less, the tax will be calculated upon transfer, with a maximum effective tax rate of 20% for shares held for one month or less [9]. - For limited circulating shares, a 10% withholding tax applies, resulting in a net dividend of 0.873 yuan per share [10]. - For qualified foreign institutional investors (QFII), a 10% withholding tax is also applicable, leading to a net dividend of 0.873 yuan per share [10][11]. Production and Sales Data - The company reported cumulative sales of 36,439 units for the Wanjie M9 model from January to April 2025, reflecting a year-on-year growth of 41.19% [14].

Group 1 - The core viewpoint of the news is that Seres (601127.SH) has shown significant growth in both production and sales of its electric vehicles, indicating a strong performance in the market [2][4][7] - In April 2025, Seres reported a production of 34,283 electric vehicles, a year-on-year increase of 32.03%, and sales of 31,488 vehicles, up 12.99% [2] - The company's first-quarter revenue for 2025 reached 19.147 billion yuan, with a net profit of 748 million yuan, reflecting a substantial year-on-year growth of 240.6% [4] Group 2 - The AITO brand, developed in collaboration with Huawei, has seen impressive sales, with the AITO M9 model achieving cumulative sales of 23,290 units in the first quarter, a year-on-year increase of 117.83% [4] - Seres is positioned as the fourth global electric vehicle manufacturer to achieve annual profitability, with a projected net profit of 5.946 billion yuan for 2024, marking a turnaround from previous losses [7] - The company anticipates a total of 426,900 electric vehicle sales in 2024, representing a remarkable year-on-year growth of 182.84% [7]

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, ...

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].

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].

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 ...