Core Viewpoint - Haima Automobile announced an expected net profit loss of 120 million to 180 million yuan for 2025, compared to a loss of 140 million yuan in the same period last year [1] Financial Performance - The company anticipates a non-recurring net profit loss of 180 million to 260 million yuan for 2025, down from a loss of 406 million yuan in the previous year [1] - During the reporting period, the company's automobile sales and operating revenue showed slight growth compared to the same period last year [1] - The company has effectively reduced costs and expenses, leading to a significant narrowing of the non-recurring net profit loss margin [1]

单位：万元 证券代码：000572 证券简称：海马汽车 公告编号：2026-1 海马汽车股份有限公司 控股子公司海马财务有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据相关规定，现将公司控股子公司——海马财务有限公司未经审 计的 2025 年度主要财务指标披露如下： | 项 目 | 本报告期 | 上年同期 | 增减变动幅度(%) | | --- | --- | --- | --- | | 营业总收入 | 5,561 | 8,079 | -31.17% | | 利润总额 | 3,007 | 6,008 | -49.95% | | 归属于上市公司股东的净利润 | 1,100 | 2,203 | -50.07% | | | 本报告期末 | 本报告期初 | 增减变动幅度(%) | | 总资产 | 255,094 | 278,513 | -8.41% | | 归属于上市公司股东的所有者权益 | 73,324 | 72,224 | 1.52% | 公司 2025 年度报告将于 2026 年 4 月 21 日披露，敬请投资者留意。 特此 ...

Group 1 - The passenger car sector experienced a decline of 0.81% on January 28, with Seres leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - BYD's stock price increased by 1.67% to 93.34, while several other major automakers like Great Wall Motors and SAIC Motor saw declines of 1.04% and 1.25% respectively [1] Group 2 - The passenger car sector saw a net outflow of 1.029 billion yuan from institutional investors, while retail investors contributed a net inflow of 762 million yuan [1] - Specific stocks like SAIC Motor and Great Wall Motors experienced significant net outflows from institutional investors, with amounts of -12.24 million yuan and -24.21 million yuan respectively [1] - In contrast, Haima Automobile and BYD saw net inflows from retail investors of 40.35 million yuan and 28.6 million yuan respectively [1]

Group 1 - The passenger car sector experienced a decline of 0.89% on January 27, with Seres leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Notable stock performances included Beiqi Blue Valley, which rose by 4.59% to a closing price of 8.43, while BYD fell by 0.89% to 91.81 [1] Group 2 - The passenger car sector saw a net outflow of 8.12 billion yuan from main funds, while retail investors contributed a net inflow of 6.36 billion yuan [1] - Beiqi Blue Valley had a main fund net inflow of 220 million yuan, while Great Wall Motors experienced a net outflow of 320.82 thousand yuan [2] - BYD faced a significant main fund net outflow of 5.937 billion yuan, with retail investors contributing a net inflow of 4.33 billion yuan [2]

Group 1 - The passenger car sector experienced a decline of 1.75% on January 26, with Beiqi Blue Valley leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Major companies in the passenger car sector saw varying declines in their stock prices, with BYD down 1.09% to 92.63, and Beiqi Blue Valley down 4.62% to 8.06 [1] Group 2 - The passenger car sector saw a net outflow of 1.451 billion yuan from main funds, while retail investors contributed a net inflow of 905 million yuan [1] - Specific companies like GAC Group and Great Wall Motors experienced significant net outflows from main funds, with GAC Group at -28.73 million yuan and Great Wall Motors at -46.11 million yuan [2] - BYD had a net outflow of 52.2 million yuan from main funds, while retail investors showed a net inflow of 55.37 million yuan [2]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing significant negative growth, with retail sales of passenger vehicles dropping by 28% year-on-year in the first half of January 2026, and wholesale sales declining by 35% [1][19] - The report emphasizes the need for supportive policies to stimulate market recovery and highlights the potential for growth in the overseas electric vehicle market due to favorable policies in countries like Canada and Germany [3][4] - The report suggests that the domestic market may rebound following the implementation of supportive policies, which could positively impact leading brands [4] Summary by Sections Market Overview - As of January 1-18, 2026, retail sales of passenger vehicles in China reached 679,000 units, a decrease of 28% compared to the same period last year, while wholesale sales totaled 740,000 units, down 35% year-on-year [1][19] - In the same period, retail sales of new energy vehicles were 312,000 units, reflecting a 16% decline year-on-year, and wholesale sales were 348,000 units, down 23% [1][19] Policy Developments - Canada announced plans to import 49,000 electric vehicles from China, significantly reducing tariffs from 100% to 6.1% [3] - Germany introduced a new subsidy program for electric vehicles, offering up to 6,000 euros to families purchasing new electric cars, effective from January 1, 2026 [3][44] - The UK government has launched a substantial subsidy program for electric trucks, with a total budget of 318 million pounds [48] Investment Opportunities - The report highlights the potential for Chinese new energy vehicles to expand into overseas markets, driven by favorable international policies [4] - It suggests that the recovery of the domestic automotive market could benefit leading brands significantly [4]

Investment Rating - The industry investment rating is "Positive" [3] Core Insights - The retail sales of passenger cars in China from January 1 to 18 reached 679,000 units, representing a year-on-year decline of 28% compared to the same period last year and a 37% decrease from the previous month [20] - The actual shipment of humanoid robots by Yushu Technology is expected to exceed 5,500 units in 2025, with over 6,500 units of the main body expected to be mass-produced [20] - The A-share automotive sector outperformed the market, with a weekly increase of 2.51%, while the CSI 300 index fell by 0.62% [4][10] Market Performance - The automotive sector in A-shares outperformed the broader market, ranking 14th among the Shenwan first-level industries [4][10] - The passenger vehicle segment saw a decline of 1.60%, with Jianghuai Automobile and Haima Automobile leading the gains [4][7] - The commercial vehicle segment increased by 3.69%, with Weichai Power and King Long Automobile leading the gains [4][18] - The automotive parts segment rose by 3.85%, with New Coordinates and Tieliu Co. leading the gains [4][19] Key Industry News - The Ministry of Industry and Information Technology has outlined the next steps for humanoid robots, focusing on breakthroughs in large models and joint technology [20] - Tesla announced its new mission to build a world of amazing abundance [20] - GAC Aion and Didi Autonomous Driving have jointly launched the Robotaxi R2, which has officially been delivered [20] - Canada has reduced tariffs on electric vehicles imported from China to 6.1%, allowing a quota of 49,000 vehicles in the first year, gradually increasing to 70,000 over five years [21] Recommendations - For complete vehicle manufacturers, it is recommended to pay attention to BYD, Geely Automobile, Great Wall Motors, and others [4] - For commercial vehicles, focus on China National Heavy Duty Truck Group, FAW Liberation, and Weichai Power [4] - For automotive parts, consider companies like Songyuan Safety, Fengmao Co., and Ningbo Gaofa [4]

Core Viewpoint - The passenger car sector experienced a slight increase of 0.49% on January 23, with Beijing Blue Valley leading the gains. The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1]. Group 1: Market Performance - Beijing Blue Valley (600733) closed at 8.45, up 3.17% with a trading volume of 1.565 million shares and a transaction value of 1.311 billion yuan [1]. - Haima Automobile (000572) closed at 7.32, up 2.52% with a trading volume of 832,500 shares and a transaction value of 606 million yuan [1]. - Seres (601127) closed at 118.00, up 2.50% with a trading volume of 334,700 shares and a transaction value of 3.903 billion yuan [1]. - GAC Group (601238) closed at 8.35, up 1.71% with a trading volume of 448,400 shares and a transaction value of 372 million yuan [1]. - Changan Automobile (000625) closed at 11.70, up 0.78% with a trading volume of 908,200 shares and a transaction value of 1.059 billion yuan [1]. - Great Wall Motors (601633) closed at 21.59, up 0.42% with a trading volume of 186,000 shares and a transaction value of 400 million yuan [1]. - BYD (002594) closed at 93.65, down 0.50% with a trading volume of 383,300 shares and a transaction value of 3.598 billion yuan [1]. - SAIC Motor (600104) closed at 14.82, down 0.94% with a trading volume of 1.853 million shares and a transaction value of 2.758 billion yuan [1]. Group 2: Fund Flow Analysis - The passenger car sector saw a net outflow of 1.147 billion yuan from institutional investors, while retail investors contributed a net inflow of 718 million yuan [1]. - The main fund inflow for Seres (601127) was 118 million yuan, accounting for 3.02% of the total, while retail investors had a net outflow of 11.6 million yuan [2]. - Beijing Blue Valley (600733) had a main fund inflow of 108 million yuan, representing 8.26% of the total, with retail investors contributing a net inflow of 35.217 million yuan [2]. - Changan Automobile (000625) experienced a main fund inflow of 43.554 million yuan, accounting for 4.11%, while retail investors had a net inflow of 19.761 million yuan [2]. - Haima Automobile (000572) saw a main fund inflow of 26.734 million yuan, representing 4.41%, with a retail net outflow of 9.9696 million yuan [2]. - GAC Group (601238) had a main fund inflow of 18.375 million yuan, accounting for 4.94%, while retail investors experienced a net outflow of 26.513 million yuan [2]. - Great Wall Motors (601633) had a main fund inflow of 12.320 million yuan, representing 3.08%, with a retail net outflow of 35.988 million yuan [2]. - BYD (002594) experienced a significant net outflow of 686 million yuan from institutional investors, while retail investors had a net inflow of 51 million yuan [2]. - SAIC Motor (600104) faced a substantial net outflow of 788 million yuan from institutional investors, while retail investors had a net inflow of 34.2 million yuan [2].

证券日报网讯1月21日，海马汽车（000572）在互动平台回答投资者提问时表示，截至2026年1月20日， 公司股东人数为207367户。 ...

Core Viewpoint - The company, Haima Automobile, clarifies that its Haima 7X-H is a hydrogen fuel cell vehicle, which operates through a hydrogen-oxygen chemical reaction to generate electricity for driving the motor, differing from traditional hydrogen fuel engines [1] Group 1: Technology and Partnerships - The company has established a strategic partnership with Toyota to jointly develop fuel cell systems [1] - The hydrogen vehicles produced by the company are designed specifically for pure hydrogen fuel, and their fuel cell technology is fundamentally different from the internal combustion engine principles that use methane (natural gas) [1] - The company emphasizes that methane cannot be directly used as fuel for its hydrogen fuel cell vehicles [1] Group 2: Disclosure and Collaboration - Currently, there are no collaborations related to the Hainan rocket launch base [1] - The company commits to fulfilling its information disclosure obligations in a timely manner if any collaboration reaches the disclosure standards [1]