（编辑 楚丽君） 证券日报网讯 2月9日，赛力斯在互动平台回答投资者提问时表示，公司高度重视每一位投资者的反馈 与诉求，并致力于提供优质的沟通服务。除电话咨询外，投资者也可通过公司投资者关系邮箱 （601127@seres.cn）、上证e互动与公司交流。 ...

公告指出，本次签署的协议为意向性协议，后续双方将根据项目进展情况另行签订具体投资协议。协议自各方签字盖章后成立，并在履行内部审批 程序后生效。 2月9日，赛力斯发布公告称，公司于2026年2月8日与重庆市沙坪坝区人民政府正式签署《合作协议》，双方拟围绕蓝电汽车相关存量资产开展合 作，共同推动业务发展。 根据协议，赛力斯集团将以蓝电汽车相关存量资产剥离出资设立标的公司（名称暂未确定）。沙坪坝区人民政府方面将组建或引入有限合伙企业 （或基金），并联合其他投资人及经营团队以现金方式对标的公司进行增资。出资完成后，预计沙坪坝区政府相关主体持股约33.5%，其他投资人 持股约18.5%，赛力斯及其指定主体持股约32%，标的公司员工持股平台持股约16%。标的公司董事会计划由5名董事组成，其中赛力斯委派1名。 赛力斯集团在公告中表示，此次合作旨在优化公司资产结构，符合公司战略发展方向，有利于公司的长远发展。出资完成后，公司将作为标的公司 的参股股东，对其不具有控制权。 ...

根据协议，赛力斯将以蓝电汽车相关存量资产剥离出资设立标的公司（名称待定）。沙坪坝区政府将组建或引入有限合伙企业（或基金），与其他投资人及 经营团队以现金对标的公司进行增资。各方出资后，沙坪坝区政府相关方持股约33.5%，赛力斯及其指定主体持股约32%，其他投资人持股约18.5%，标的公 司搭建员工持股平台持股约16%。 问界销售车型价格较高，为赛力斯财报增色不少。根据财报，赛力斯2025年前三季度实现营业收入1105.34亿元，归属于上市公司股东的净利润53.12亿元， 同比增长31.56%。随着蓝电剥离及"出表"，蓝电将不再拖累赛力斯财务表现，后者财务数据有望进一步改善。 接下来，蓝电将交由沙坪坝区政府主导发展。对于未来蓝电品牌的发展规划，上述赛力斯投资者热线工作人员表示，目前没有相关的信息可以披露，后续可 以参照其定期报告及相关公告。 2月9日，赛力斯集团股份有限公司（下称"赛力斯"，601127.SH）发布公告称，已于2026年2月8日与重庆市沙坪坝区人民政府（下称"沙坪坝区政府"）签署 《合作协议》，拟通过剥离蓝电汽车相关存量资产出资设立标的公司，并引入多方投资。 这意味着，随着新标的公司成立，赛力斯 ...

Group 1 - The core point of the article is that Seres (601127.SH) has signed a cooperation agreement with the Shapingba District Government of Chongqing to establish a new company by divesting its existing assets related to Blue Electric Vehicles [2] - The cooperation agreement indicates that after the investment, the Shapingba District Government will hold approximately 33.5% of the new company, other investors will hold about 18.5%, and Seres and its designated entities will hold around 32% [2] - The new company will have an employee stock ownership plan, accounting for about 16% of the shares, and Seres will not have control over the new company post-divestment, only holding a minority stake [2] Group 2 - Blue Electric Vehicles, a brand under Seres Group, was officially launched in March 2023, with its first model, the Blue E5, introduced to the market [3][4] - The current models available from Blue Electric Vehicles include the Blue E5, Blue E5 PLUS, and Blue E3, targeting the mainstream new energy vehicle market priced between 100,000 to 150,000 yuan [4] - Despite being a new entrant in the competitive new energy vehicle market, Blue Electric Vehicles has not performed outstandingly, with monthly sales of the Blue E5 averaging over 1,000 units, and December sales exceeding 2,600 units [4] Group 3 - Seres has not separately listed the financial status of Blue Electric Vehicles in its financial reports, but removing Blue Electric's financial data from the consolidated reports could optimize Seres' overall financial structure [5] - The cooperation with the Shapingba District Government follows a previous joint venture established in September 2025, named "Chongqing Blue Electric Vehicle Technology Co., Ltd." [5]

2月9日，赛力斯（601127.SH）发布《关于签署合作协议的公告》，详细披露了公司于2026年2月8日与重庆市沙坪坝区人民政府（下称"沙坪坝区政府"） 签署的《合作协议》。 根据《合作协议》约定，赛力斯将以蓝电汽车相关存量资产作价出资，设立标的公司（名称待定，下称"标的公司"）；沙坪坝区政府将组建或引入有限合 伙企业（或基金），联合其他投资人及经营团队，以现金方式对标的公司进行增资。 赛力斯在公告中表示，本次剥离存量资产旨在优化公司资产结构，符合公司整体战略发展方向，有利于企业长远稳健发展。 有市场观点认为"优化公司资产结构"更多是为集中精力发展问界品牌。 对此，时代周报记者向赛力斯方面进行求证，相关人员回应表示："一切事项以公告为准，暂无更多信息可以披露。" 华汽研究院院长何芳在接受时代周报记者采访时表示，赛力斯剥离蓝电汽车相关存量资产，可视为一次"主动减负"与"资源重组"，核心目的是更专注地发 展核心高端业务，同时以全新模式孵化未来潜在业务机会。 2月9日，赛力斯收报110.98元/股，上涨2.43%，市值1933.4亿元。 国资控股，赛力斯转为参股 根据《合作协议》，各方完成出资后，沙坪坝区政府持股约 ...

Core Viewpoint - Seres is attempting to clarify its market positioning by spinning off its budget electric vehicle brand, Blue Electric, into a separate company, thereby enhancing its high-end label in the capital market [1][2]. Group 1: Company Strategy - On February 9, Seres announced a cooperation agreement with the Shapingba District government in Chongqing to establish a new independent company by spinning off assets related to its electric vehicle brand, Blue Electric [1]. - The new company's ownership structure reveals that the Shapingba District government will hold approximately 33.5%, while Seres and its designated entities will hold about 32%, with an employee stock ownership plan accounting for 16% [1]. - This move allows Seres to transition from a controlling shareholder to a minority shareholder, effectively "off-balance-sheet" for Blue Electric [1]. Group 2: Financial Performance - Blue Electric, launched in March 2023, targets the budget market segment priced between 100,000 to 150,000 yuan, but has not been reported as a separate division in Seres' financial statements [2]. - In the first half of 2025, the sales figures for the Aito series reached approximately 152,000 units, while Blue Electric only sold about 20,000 units, highlighting a significant performance gap [2]. - Seres' gross margin reached a historical high of 28.93% in the first half of 2025, driven by the high average selling prices of the Aito models, while Blue Electric is likely operating at a loss or minimal profit due to intense price competition [2]. Group 3: Market Challenges - The electric vehicle market is experiencing intense competition, particularly in the low-price segment, which is suppressing the valuation of listed companies [3]. - Seres has seen a dramatic increase in sales expenses, rising from 4 billion yuan in 2022 to 18.1 billion yuan in 2024, with sales expenses accounting for nearly one-third of revenue in the first half of 2025 [3]. - Concerns about Seres' independence and long-term value have persisted, with over 75 billion yuan paid to Huawei from 2022 to the first half of 2025, representing over 30% of total procurement [3]. Group 4: Future Outlook - The spin-off of Blue Electric is viewed as a resource reallocation strategy, allowing Seres to focus on core technology research and strategic planning amid increasing internal competition within Huawei's ecosystem [4]. - Seres has established a production base in Indonesia with an annual capacity of about 20,000 units, but the utilization rate was only 4% in the first half of 2025, indicating challenges in converting brand potential into actual sales [4]. - The company is also venturing into the "mobile intelligent body" sector, with the establishment of a new subsidiary focused on smart robotics and AI model development [5]. Group 5: Innovation and Growth - The appointment of a key executive responsible for developing a super-range extension system as the legal representative of the new company signals Seres' intent to leverage its hardware and software capabilities in the next generation of smart terminals [5]. - Seres is actively collaborating with institutions like ByteDance and Beihang University, and is intensively recruiting in the field of embodied intelligent models, aiming to transition beyond mere vehicle manufacturing [5]. - The ability of Seres to independently achieve global delivery and breakthroughs in embodied intelligence, without Huawei's direct support, will be crucial for its future market valuation [5].

赛力斯独立品牌"蓝电"或将被剥离。 2月8日晚，赛力斯（601127.SH）发布签署合作协议公告，计划剥离蓝电汽车存量资产，优化公司资产 结构。值得一提的是，赛力斯通过蓝电汽车布局机器人业务，2月9日，赛力斯回复投资者提问明确表 示，剥离的资产不涉及机器人业务。 对上述消息，二级市场反应较为积极。截至2月9日收盘，赛力斯A股报收110.98元/股，总市值1933.3亿 元，涨1.74%；港股（9927.HK）报收99.4港元/股，总市值1731.5亿港元，涨2.68%。 计划剥离蓝电汽车 据公告，2月8日，赛力斯与重庆市沙坪坝区人民政府（以下简称"沙坪坝区政府"）签署《合作协议》。 证券代码:601127 证券简称:赛力斯 公告编号:2026-005 赛力斯集团股份有限公司 关于签署合作协议的公告 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。 重庆市沙坪坝区人民政府与公司不存在关联关系。 (二)协议签署的时间、地点、方式 重要内容提示: ● 本次签署的合作协议为意向性协议,双方将根据项目进展情况另行签署 具体协议。 ● 本协 ...

Core Insights - The official announcement from AITO reveals that the new AITO M7 has surpassed cumulative deliveries of 100,000 units since its launch in September last year, establishing a benchmark in the 300,000-level SUV market [1] - The success reflects both the product strength and user reputation of AITO, highlighting the correctness of Seres' dual technology route of "range extender + pure electric" [1] - Seres has positioned itself as a pioneer and leader in range extender technology, having started research and development in 2016, leading to the launch of the next-generation Seres Super Range Extender System [1] Product and Technology Highlights - The next-generation Seres Super Range Extender System is built on the "Saiyi (C2E) range extender architecture" and "RoboREX intelligent control technology," featuring three industry-leading advantages: quiet operation, high integration, and high efficiency [1] - The system has achieved a 15% reduction in comprehensive fuel consumption, with an actual oil-electric conversion efficiency of 3.65 kWh/L and a maximum thermal efficiency of 44.8%, placing it among the top tier in the industry [1] User Experience and Market Position - In terms of NVH performance, the noise perception frequency during range extender operation has decreased by 90%, providing users with a near-library level of quiet driving experience, effectively achieving "electric vehicle-like smoothness with gasoline vehicle-like worry-free range" [2] - Seres has transitioned its range extender business from "self-research and self-use" to "technology output," having established deep cooperation with 25 industry enterprises [2] - The company aims to achieve sales of over 200,000 range extenders by the first half of 2025, maintaining a leading position in the market and becoming a significant representative of China's core technology output in the new energy sector [2] - Seres is expected to drive the transition of China's new energy vehicles from "product output" to "technology output," leading the industry towards a new stage of higher quality development through continuous technological innovation and product iteration [2]

Domestic News - Hubei Province has released the implementation details for the 2026 automobile trade-in subsidy, offering up to 20,000 yuan for consumers purchasing new energy and small-displacement fuel vehicles [3] - Xi'an has also announced its 2026 automobile trade-in subsidy details, with similar subsidy amounts and conditions as Hubei, aimed at reducing consumer costs and upgrading the automotive market [4] - During the Spring Festival holiday, the charging volume for new energy vehicles is expected to reach a historical high, with a peak daily charging volume exceeding 34 million kWh, a 17% year-on-year increase [5] - The International Energy Agency predicts that by 2030, renewable energy and nuclear power will account for 50% of global electricity supply, driven by rising electricity demand from industrial use, electric vehicles, and data centers [6][7] - Seres has signed a cooperation agreement with the Chongqing Shapingba District government to establish a new company focused on electric vehicles [8] - BYD has officially entered the Egyptian market, launching three models, and plans to sell 1.3 million vehicles outside China in 2026, a 25% increase from 2025 [9] - NIO has achieved a milestone of 100 million battery swaps, with plans to waive service fees during the Spring Festival holiday [10] - Li Auto has established 4,000 supercharging stations, enhancing its charging infrastructure across major routes [11] International News - Canada is planning to establish a joint venture with China to produce electric vehicles for global export, involving local automotive parts companies [12][13] - Japan's new car sales in January 2026 decreased by 2.3% year-on-year, totaling 367,748 units [14] - The UK saw a 3.4% increase in new car sales in January 2026, with electric vehicles' market share dropping to 20.6% [15] - Vietnam's automotive market is projected to reach a record sales volume of 604,134 vehicles by 2025 [16] Commercial Vehicles - Yuchai has made significant progress in the national key R&D project for ammonia internal combustion engines, focusing on low-carbon technologies [19] - XCMG's new energy heavy-duty truck has received a dual five-star rating for its range performance under extreme temperatures [20] - FAW Jiefang and Cainiao Group have signed a strategic cooperation agreement to enhance their global e-commerce platform for automotive parts [21][22] - The new version of Jiangling's Dadao plug-in hybrid pickup has been announced, featuring a 2.0T gasoline engine and dual electric motors [23]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing a significant shift with new energy vehicle brands showing varied sales performance, highlighting the advantages of brand recognition [1][22] - Over twenty provinces and cities in China have introduced subsidy policies to stabilize the automotive market amid downward pressure [2][26] - Internationally, Canada is opening up to cooperation with Chinese electric vehicle manufacturers, indicating a trend towards collaborative ventures in the automotive sector [3][42] Summary by Sections Market Overview - In January 2026, several new energy vehicle brands reported their delivery volumes, with significant year-on-year growth for some, such as Hongmeng Zhixing, which delivered 57,915 vehicles, a 65.6% increase [1][20] - The overall market is characterized by a "year-on-year increase, month-on-month decrease" trend, with many companies launching attractive financing options to stimulate demand [22][23] Policy Developments - The Chinese government has rolled out various consumer incentives, including trade-in and purchase subsidies, to support automotive consumption [2][26] - The Canadian government is set to announce new fuel efficiency standards and reintroduce purchase subsidies for electric vehicles, reflecting a shift in policy towards supporting the automotive industry [3][42] Investment Recommendations - The report suggests focusing on companies with strong brand recognition and systematic capabilities, as they are likely to present long-term investment opportunities [4] - The anticipated positive impact of government policies on the automotive market is highlighted, along with the potential for Chinese automotive companies to expand internationally [4]