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].

机构指出，目前市场处于修复阶段，预计大盘仍可能延续盘整。 【财经日历】 中国4月制造业PMI； ►►央行召开落实金融"五篇大文章"总体统计制度动员部署会议。会议要求，金融机构要认真落实金融"五篇大文章"相关统计制度，统筹协调本单位资源， 加强相关部门的协调配合，严格落实数据质量主体责任，强化源头数据质量管理，形成从业务到统计的全链条工作保障。 ►►央行数据显示，2025年第一季度全国新发放商业性个人住房贷款加权平均利率为3.11%。 国内成品油将开启新一轮调价窗口； 美国4月ADP就业人数。 | 树 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | 40527.62 | 300.03 | 0.75% | | 纳斯达克指数 | 17461.32 с | 95.19 | 0.55% | 美股周二震荡上扬，财报季进入密集期，多家蓝筹公司业绩优于预期，提振市场信心。道指上涨300.03点，涨幅0.75%，报40527.62点；标普500指数上涨 32.08点，涨幅0.58%，报5560.83点；纳 ...

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， ...

一大批A股公司业绩暴增！ 上市公司一季报正在密集披露中。截至4月29日20：50，两市又有近1000家上市公司披露一季报。其中，不少 公司业绩大幅增长。 有研新材 一季报显示，公司一季度营收为18.4亿元，同比下降18.67%；净利润为6738万元，同比增长 14698%。公司净利润增长主要是报告期子公司有研亿金和控股子公司有研稀土净利润增加。其中，有研亿金 净利润同比增加67%；有研稀土净利润同比减亏64%。 北方稀土 的业绩也实现大幅增长。公告显示，一季度实现营业收入92.87亿元，同比增长61.19%；净利润4.31 亿元，同比增长727.3%。报告期内，公司以镨钕产品为代表的主要稀土产品一季度均价同比升高，原料成本 同比降低，毛利同比增加。 新黄浦公告， 一季度营业收入为2.32亿元，同比增长47.75%；净利润为7759万元，同比增长2123%。公司净利 润增长主要为报告期内投资收益增加所致。 4月29日晚间，又有不少公司披露了不错的业绩。一季度净利润方面，有研新材同比暴增14698%，新黄浦同比 增长2123%，中船防务同比增长1099.85%，北方稀土同比增长727.3%，国泰海通同比增长391 ...

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]

Group 1: A+H Listing Expansion - The Hong Kong stock market is experiencing a surge in listing applications, with 14 companies submitting applications between April 25 and 28, including industry leaders seeking A+H listings [1] - Three Squirrels aims to become the first A+H snack brand, reporting a projected revenue of 10.622 billion yuan and a net profit of 408 million yuan for 2024, with 70% of revenue coming from online channels [2] - JA Solar has submitted its application for an A+H listing, reporting a projected revenue of 70.121 billion yuan for 2024, but facing a net loss of 4.656 billion yuan due to asset impairment losses [3][4] - Seres has successfully turned a profit in 2024, with a revenue of 1.45176 billion yuan and a net profit of 5.946 billion yuan, driven by increased sales of electric vehicles [5][6] Group 2: Companies Transitioning to Hong Kong - Rebio Biotech has submitted its application to the Hong Kong Stock Exchange after previously attempting to list on the A-share market, reporting a net loss of 437.3 million yuan in 2023 [8][9] - Daji Group, which focuses on innovative radiation surgery solutions, has also shifted its listing application to Hong Kong after previously applying for the Sci-Tech Innovation Board [10][11] - Hongyeji has submitted its application to the Hong Kong Stock Exchange after previously attempting to list on the Shenzhen Stock Exchange, reporting revenues of approximately 1.228 billion yuan in 2022 [12]

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%。 ...

苹果正在开发 20 周年纪念款 iPhone。 消息来自知名科技记者 Mark Gurman，预计将于 2027 年发布，具体包含两个新型号，包括首款折 叠屏 iPhone 和一款一体化玻璃设计的 iPhone Pro。尽管苹果正在努力将更多产能迁至印度，但 Gurman 预计这两款需要新零部件和新生产工艺的机型，一开始不在中国生产的可能性不大。 赛力斯向港交所提交 IPO 申请。 4 月 28 日，赛力斯申请港股主板上市，中金公司和中国银河国际证券为联席保荐人。此次 IPO 拟 募资，70% 用于研发，20% 用于营销渠道、海外销售及充电网络，10% 用于运营资金。 2024 年赛力斯实现营业收入 1451.76 亿元，同比增长 305.04%；归属于上市公司股东的净利润达 59.46 亿元，同比扭亏；新能源汽车毛利率提升至 26.21%。2024 年研发投入达 70.53 亿元，同比增 长 58.9%。 沪上阿姨预计募资 2.7 亿港元。 沪上阿姨今天公告称拟全球发售约 241 万股 H 股，每股 95.57 港元 / 股至 113.12 港元 / 股，募资 2.3 - 2.7 亿港元，市值约为 100. ...

Core Viewpoint - Seres has submitted an application for an H-share listing on the Hong Kong Stock Exchange to alleviate financial pressure, but faces significant scrutiny due to declining sales, high debt levels, and reliance on technology from Huawei [1][2][3] Group 1: Financial Performance - In Q1, Seres' total sales of electric vehicles reached 56,225 units, a year-on-year decline of 42.49%, with the core brand, the Wanjie series, experiencing a 45.19% drop in March compared to the previous year [1] - The company's net profit for 2024 is projected at 5.946 billion, but net cash outflow from investment activities has expanded to 16.509 billion, with financing activities also showing a net outflow of 4.166 billion [1][2] Group 2: Debt and Liabilities - Seres' asset-liability ratio stands at 87.38%, significantly higher than comparable companies like BYD at 74.64% and Li Auto at 56.07%, with accounts payable surging 127% year-on-year to 68.5 billion [2] - The company has attempted multiple rounds of financing through private placements in recent years, but has not been able to alleviate its high debt situation [2] Group 3: Technology and Market Position - Seres' core technology is heavily dependent on Huawei, with less than 30% self-sufficiency in key technologies such as the three-electric system and intelligent driving, incurring an estimated service fee of 8.3% per vehicle sold [2] - The company is investing 2.5 billion to acquire the "Wanjie" trademark and 11.5 billion to purchase equity from a Huawei subsidiary to deepen its ties with Huawei [2] Group 4: Competitive Landscape - The competitive landscape is intensifying, with Seres' Wanjie M5 struggling in the mid-range market, selling less than 2,000 units in a month, while competitors like Xiaomi's SU7 achieved over 100,000 orders in its first month [1][2] - The expansion of Huawei's ecosystem, introducing new brands like Zhijie and Xiangjie, has diluted Seres' unique market position, leading to a decline in brand premium [2][3] Group 5: Future Outlook - Seres is attempting to enhance its technological independence through a 5 billion investment in a research center and the development of an 800V high-voltage platform, but its R&D investment of 7.053 billion in 2024 is only 11% of BYD's 63.6 billion [3] - The upcoming IPO may provide short-term financial relief, but the company faces significant risks due to its over-reliance on Huawei, imbalanced product structure, and weak technological independence [3]

Group 1 - Xiaomi's smartphone shipment reached 13.3 million units in Q1 2025, a 40% year-on-year increase, regaining the top position in market share at 19% after ten years [1] - The company attributes its success to government subsidies and a strategic focus on integrated products across vehicles and home appliances [1] Group 2 - Seres is applying for a Hong Kong IPO, projecting a revenue of 145.1 billion yuan in 2024, representing a 305.5% year-on-year growth, with a gross margin of 23.8% and a net profit of 5.9 billion yuan [3] - The IPO aims to raise funds, with 70% allocated for R&D, 20% for marketing and overseas sales, and 10% for operational expenses [3] Group 3 - Douyin has introduced regulations to combat "malicious marketing accounts," targeting ten types of violations and implementing a "health score" system for account management [4] Group 4 - Pop Mart's app topped the US App Store shopping chart, with significant demand in various international locations, leading to a market capitalization of 231.39 billion HKD, surpassing luxury brand Kering [5] Group 5 - Several small and medium-sized banks have lowered their fixed deposit rates, with some rates falling below those of larger banks, indicating a trend of interest rate inversion for different deposit terms [6] Group 6 - In Q1 2025, China's gold ETF holdings increased by 23.47 tons, a 327.73% year-on-year growth, bringing the total holdings to 138.21 tons by the end of March [8]