Core Viewpoint - The company is focusing on hydrogen energy as a long-term strategic plan, indicating a commitment to green transformation and development in the automotive sector [1] Group 1: Hydrogen Energy Business - The company has made progress in the hydrogen vehicle sector, exploring a full industry chain from "photovoltaic power generation → electrolysis of water to produce hydrogen → high-pressure hydrogen filling → hydrogen vehicle operation" [1] - The company plans to leverage the resource endowment and policy advantages of Hainan Free Trade Port to advance its green transformation and layout in the hydrogen vehicle field [1]

Core Viewpoint - The company is focusing on hydrogen energy as a long-term strategic plan, indicating a commitment to green transformation and development in the automotive sector [1] Group 1: Hydrogen Energy Business - The company has made progress in the hydrogen vehicle sector, achieving a full industry chain exploration from "photovoltaic power generation → electrolysis of water to produce hydrogen → high-pressure hydrogen filling → hydrogen vehicle operation" [1] - The company plans to leverage the resource endowment and policy advantages of Hainan Free Trade Port to advance its green transformation and layout in the hydrogen vehicle field [1]

Core Viewpoint - The A-share market in Hainan Free Trade Zone showed strong performance at the beginning of trading, with several stocks reaching their daily limit up [1] Group 1: Stock Performance - Haima Automobile and Xinlong Holdings hit the daily limit up [1] - Jinpan Technology, Hainan Development, Luoniushan, Hainan Ruize, and Haixia Shares also experienced gains [1]

Core Viewpoint - Haima Automobile has experienced a consecutive two-day trading limit increase, indicating strong market interest and potential growth in the context of its strategic positioning in the new energy vehicle sector [1] Company Summary - Haima Automobile's stock reached a trading limit increase at 9:34 AM, with a transaction volume of 7.92 billion yuan and a turnover rate of 6.77% [1] - The company is actively involved in the development of pure electric and hydrogen fuel cell vehicles, aligning with the growing demand for new energy solutions [1] Industry Context - The market is particularly focused on Haima's development prospects under the policies related to the Hainan Free Trade Port, which may enhance its competitive edge in the region [1] - The linkage of related concepts has contributed to the stock price performance, reflecting broader trends in the new energy vehicle market [1]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - In October 2025, the penetration rate of new energy vehicles is expected to reach 60%, with approximately 1.32 million units sold, despite a 2% month-over-month decline in total retail sales of narrow-sense passenger vehicles [22] - Jiushi Intelligent has completed a $100 million B4 round of financing, marking it as the largest single-round financing in the Robovan sector in China [22] - Major automotive manufacturers are advancing in autonomous driving technology, with plans for L3 level and above by 2027-2030 [22] Market Performance - The A-share automotive sector outperformed the broader market, with a weekly increase of 0.92%, while the CSI 300 index fell by 0.43% [3][9] - The passenger vehicle segment saw a decline of 1.88%, while commercial vehicles increased by 3.11% [3] - Key players in the passenger vehicle sector include BYD, Great Wall Motors, and Li Auto, while commercial vehicle focus includes China National Heavy Duty Truck Group and FAW Liberation [3] Industry News - Notable developments include NIO's ES8 model surpassing 10,000 deliveries and a recall of 11,411 units of the 2024 MEGA model by Li Auto [22] - Partnerships are forming, such as Changan Automobile collaborating with JD.com to develop new energy unmanned intelligent vehicles [22] - Bosch has indicated potential production disruptions due to disputes with semiconductor manufacturer Anshi [22] Upstream Data Tracking - Key material prices are being monitored, including steel, aluminum, and lithium carbonate, which are critical for automotive manufacturing [24][25][27]

Group 1 - The Hainan Free Trade Zone concept rose by 3.20%, ranking 9th among concept sectors, with 26 stocks increasing in value, including Haima Automobile and Xinlong Holdings hitting the daily limit, and Kangzhi Pharmaceutical, Hainan Development, and Caesar Travel showing significant gains of 17.47%, 8.38%, and 7.55% respectively [1][2] - The concept sector saw a net inflow of 927 million yuan, with 21 stocks receiving net inflows, and 10 stocks exceeding 50 million yuan in net inflow, led by Haima Automobile with a net inflow of 272 million yuan [2][3] - The top stocks by net inflow ratio included Xinlong Holdings, Haima Automobile, and Hainan Haiyao, with net inflow ratios of 33.88%, 28.32%, and 16.73% respectively [3][4] Group 2 - The top gainers in the Hainan Free Trade Zone concept included Haima Automobile, which increased by 10.00% with a turnover rate of 9.05%, and Hainan Development, which rose by 8.38% with a turnover rate of 19.04% [3][4] - The stocks with the largest declines included Jinpan Technology, which fell by 6.52%, and Jingliang Holdings, which decreased by 0.29% [1][4] - The overall performance of the Hainan Free Trade Zone concept indicates strong investor interest and capital inflow, suggesting potential growth opportunities in the sector [2][3]

Core Viewpoint - Haima Automobile's stock reached a closing price of 6.6 yuan on October 31, with a significant increase attributed to breakthroughs in hydrogen energy vehicle business, favorable policies from Hainan Free Trade Port, successful overseas market expansion, and visible effects of the company's strategic transformation [1]. Group 1: Business Developments - The hydrogen energy vehicle business has made significant progress, with the Haima 7X-H hydrogen energy vehicle demonstrating over 800,000 kilometers of operation and obtaining production qualifications, alongside 30 patent applications [1]. - The company is the only new energy passenger vehicle manufacturer in Hainan Free Trade Port, benefiting from tax exemptions and other policy supports as the port enters a critical operational phase [1]. - Overseas sales accounted for 74.53% of total sales in the first half of 2025, with the Haima 7X-E receiving EU certification and achieving a 6.17% year-on-year increase in export revenue [1]. Group 2: Financial Performance - The company's losses narrowed by 50.85% year-on-year in the first three quarters, indicating a positive trend in financial performance [1]. - On October 31, the net inflow of main funds was 252 million yuan, representing 26.23% of the total trading volume, while retail investors experienced a net outflow of 118 million yuan, accounting for 12.32% of the total trading volume [2].

Core Insights - Haima Automobile, established in 1993 and listed in 1994, is one of the early players in hydrogen fuel cell vehicles in China, with a focus on R&D, manufacturing, sales, and services in the automotive sector [1] Financial Performance - For Q3 2025, Haima Automobile reported a revenue of 1.254 billion yuan, ranking 5th in the industry, significantly lower than the top player SAIC Motor's 461.224 billion yuan and Great Wall Motor's 153.582 billion yuan, with the industry average at 159.452 billion yuan [2] - The company's net profit for the same period was -159 million yuan, ranking 4th in the industry, again trailing behind SAIC Motor's 11.999 billion yuan and Great Wall Motor's 8.635 billion yuan, with the industry average at 3.37 billion yuan [2] Financial Ratios - As of Q3 2025, Haima Automobile's debt-to-asset ratio was 53.10%, down from 58.00% year-on-year and below the industry average of 55.83%, indicating relatively good debt repayment capability [3] - The gross profit margin for Q3 2025 was 6.47%, lower than the previous year's 8.17% and below the industry average of 9.25%, suggesting a need for improvement in profitability [3] Management and Shareholder Information - The chairman, Jing Zhu, has a stable annual salary of 900,000 yuan for 2024, unchanged from 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 1.83% to 91,000, while the average number of circulating A-shares held per shareholder increased by 1.86% to 18,000 [5]

Market Overview - The passenger car sector experienced a decline of 0.46% on October 30, with Haima Automobile leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Beiqi Blue Valley (600733) closed at 8.35, down 0.97% with a trading volume of 1.33 million shares and a turnover of 1.1 billion [1] - SAIC Motor (600104) saw a slight increase of 0.36%, closing at 16.75 with a trading volume of 416,200 shares [1] - GAC Group (601238) closed at 7.76, down 0.26% with a trading volume of 298,000 shares [1] - Great Wall Motors (601633) closed at 22.71, down 0.26% with a trading volume of 163,100 shares [1] - XD Seres (601127) closed at 162.94, down 0.45% with a trading volume of 272,200 shares [1] - BYD (002594) closed at 103.61, down 0.87% with a trading volume of 359,000 shares [1] - Changan Automobile (000625) closed at 12.38, down 0.88% with a trading volume of 845,400 shares [1] - Chery Automobile (000572) closed at 6.00, down 1.80% with a trading volume of 1.26 million shares [1] Capital Flow Analysis - The passenger car sector saw a net outflow of 713 million yuan from main funds, while retail funds experienced a net inflow of 517 million yuan [1] - The following stocks had notable capital flows: - Beiqi Blue Valley: Main funds net inflow of 82.19 million yuan, retail net inflow of 6.06 million yuan [2] - SAIC Motor: Main funds net inflow of 48.37 million yuan, retail net outflow of 37.73 million yuan [2] - GAC Group: Main funds net inflow of 3.47 million yuan, retail net inflow of 1.92 million yuan [2] - Great Wall Motors: Main funds net outflow of 4.58 million yuan, retail net outflow of 1.58 million yuan [2] - Chery Automobile: Main funds net outflow of 71.47 million yuan, retail net inflow of 64.56 million yuan [2] - Changan Automobile: Main funds net outflow of 128 million yuan, retail net inflow of 1.33 million yuan [2] - XD Seres: Main funds net outflow of 230 million yuan, retail net inflow of 91.61 million yuan [2] - BYD: Main funds net outflow of 413 million yuan, retail net inflow of 26 million yuan [2]

Core Viewpoint - Haima Automobile's stock has experienced fluctuations, with a year-to-date increase of 43.06%, despite recent declines in trading volume and net outflows of funds [1][2]. Group 1: Stock Performance - On October 30, Haima Automobile's stock price fell by 2.13%, trading at 5.98 CNY per share, with a total market capitalization of 9.835 billion CNY [1]. - The stock has seen a year-to-date increase of 43.06%, with a 4.91% rise over the last five trading days, 7.75% over the last 20 days, and 31.72% over the last 60 days [1]. Group 2: Financial Metrics - For the period from January to September 2025, Haima Automobile reported a revenue of 1.274 billion CNY, reflecting a year-on-year growth of 17.53%. However, the net profit attributable to shareholders was -74.437 million CNY, a decrease of 232.68% compared to the previous year [2]. - The company has cumulatively distributed 153 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of October 20, 2025, Haima Automobile had 116,000 shareholders, an increase of 29.52% from the previous period, with an average of 14,155 circulating shares per shareholder, down by 22.79% [2]. - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 25.3185 million shares, an increase of 9.4238 million shares from the previous period [3].