Market Overview - The passenger car sector experienced a decline of 0.28% on August 28, with Haima Automobile leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Great Wall Motors (601633) closed at 25.51, with an increase of 1.39% and a trading volume of 271,700 shares, totaling a transaction value of 689 million [1] - BAIC BluePark (600733) closed at 8.72, up 0.58%, with a trading volume of 1.504 million shares and a transaction value of 1.299 billion [1] - SAIC Motor (600104) closed at 18.93, up 0.11%, with a trading volume of 897,300 shares and a transaction value of 1.684 billion [1] - GAC Group (601238) remained unchanged at 7.88, with a trading volume of 381,400 shares and a transaction value of 297 million [1] - Seres (601127) closed at 131.38, down 0.33%, with a trading volume of 301,200 shares and a transaction value of 393.5 million [1] - Changan Automobile (000625) closed at 12.70, down 0.39%, with a trading volume of 1.6576 million shares and a transaction value of 2.093 billion [1] - BYD (002594) closed at 109.32, down 1.23%, with a trading volume of 762,500 shares and a transaction value of 8.278 billion [1] - Haima Automobile (000572) closed at 4.64, down 2.11%, with a trading volume of 885,800 shares and a transaction value of 412 million [1] Fund Flow Analysis - The passenger car sector saw a net outflow of 2.4 billion from institutional investors, while retail investors had a net inflow of 2.116 billion [1] - The detailed fund flow for individual stocks indicates that GAC Group had a net outflow of 14.42 million from institutional investors, while retail investors contributed a net inflow of 19.16 million [2] - Great Wall Motors experienced a net outflow of 18.49 million from institutional investors, with a net inflow of 62.04 million from retail investors [2] - SAIC Motor had a net outflow of 18.53 million from institutional investors, with a net inflow of 117 million from retail investors [2] - Haima Automobile faced a significant net outflow of 47.76 million from institutional investors, while retail investors contributed a net inflow of 16.60 million [2] - BYD saw a substantial net outflow of 1.145 billion from institutional investors, with a smaller net inflow of 99.71 million from retail investors [2]

Core Viewpoint - Haima Automobile reported an increase in revenue and a reduction in losses for the first half of 2025, indicating a potential recovery in financial performance [1] Financial Performance Summary - Total revenue reached 669 million yuan, a year-on-year increase of 7.74% [1] - Net profit attributable to shareholders was -74.52 million yuan, showing a year-on-year improvement of 50.85% [1] - In Q2, total revenue was 394 million yuan, a significant year-on-year increase of 122.31% [1] - Q2 net profit attributable to shareholders was -44.52 million yuan, up 32.25% year-on-year [1] - Gross margin stood at 3.74%, a decrease of 60.64% year-on-year [1] - Net margin was -22.62%, an increase of 32.97% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 145 million yuan, accounting for 21.66% of revenue, down 21.71% year-on-year [1] - Earnings per share were -0.05 yuan, reflecting a year-on-year increase of 50.87% [1] Cash Flow and Investment Summary - Accounts receivable decreased by 88.79% due to the collection of export receivables [2] - R&D expenses dropped by 52.33% as hydrogen vehicles had already achieved demonstration operations last year [2] - Net cash flow from operating activities decreased by 976.83% due to reduced deposits from related parties [2] - Net cash flow from investing activities fell by 105.11% due to prior receipts from escrow deposits and the first payment for the transfer of subsidiary equity [2] - Net cash flow from financing activities increased by 73.05% due to the repayment of related party loans in the previous period [2] Cash Position Analysis - The net increase in cash and cash equivalents decreased by 286.92% due to prior receipts from escrow deposits and the first payment for the transfer of subsidiary equity [3] - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 19.13% and the average operating cash flow over the past three years to current liabilities at just 4.98% [6]

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 小幅上涨。 2025年8月26日，海马汽车(000572.SZ)发布2025年半年度报告。截至2025年8月25日，共有4个机构投资 者披露持有海马汽车A股股份，合计持股量达5.90亿股，占海马汽车总股本的35.85%。其中，机构投资 者包括海马(上海)投资有限公司、海马投资集团有限公司、香港中央结算有限公司、嘉实基金-农业银 行-嘉实中证金融资产管理计划，机构投资者合计持股比例达35.85%。相较于上一季度，机构持股比例 合计上涨了0.04个百分点。 ...

Group 1 - On August 25, Haima Automobile recorded a financing purchase amount of 0.41 billion yuan, ranking 1219th in the two markets [1] - The financing repayment amount for the same day was 0.33 billion yuan, resulting in a net purchase of 7.9179 million yuan [1] - Over the last three trading days (August 21-25), Haima Automobile had financing purchases of 0.31 billion yuan, 0.17 billion yuan, and 0.41 billion yuan respectively [1] Group 2 - On the same day, there were no shares sold short, with a net short sale of 0.00 shares [1]

Group 1 - The company has not made any changes to its controlling shareholder during the reporting period [5] - The actual controller of the company has not changed during the reporting period [5] - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves [3] Group 2 - All directors attended the board meeting to review the report [2] - There are no preferred shareholders or related information during the reporting period [5] - The company does not require retrospective adjustments or restatements of previous accounting data [4]

Core Insights - Haima Automobile (000572.SZ) reported a revenue of 655 million yuan for the first half of 2025, representing a year-on-year growth of 9.89% [1] - The net profit attributable to shareholders of the listed company was -74.5191 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -104 million yuan [1] - The basic earnings per share were -0.0453 yuan [1]

智通财经APP讯，海马汽车(000572.SZ)发布2025年半年度报告，该公司营业收入为6.55亿元，同比增长 9.89%。归属于上市公司股东的净亏损为7451.91万元，同比收窄50.85%。归属于上市公司股东的扣除非 经常性损益的净亏损为1.04亿元，同比收窄41.11%。基本每股亏损为0.0453元。 ...

面对行业快速变化，公司须立足自身条件和资源，寻求适合公司特点的细分市场。此外，公司还将以更 加开放的姿态寻求外部合作机会，争取合作共赢。 北京商报讯（记者 蔺雨葳）8月25日，海马汽车发布2025年上半年财报。报告期内，公司营业收入6.55 亿元，同比增长9.89%。归属于上市公司股东的净亏损7451.91万元，同比收窄50.85%。公司计划不派发 现金红利，不送红股，不以公积金转增股本。 财报指出，近年来，依托于新能源技术及智能网联技术的快速发展，汽车行业迭代速度不断加快，市场 竞争进一步加剧，车企运营压力持续加大。 ...

法定代表人： 主管会计工作负责人： 会计机构负责人： | 非经营性资金占用 | | 占用方与上市公司 | 上市公司核算的会 | 2025 年期初占用 | 2025 年半年度占用 | 2025 年半年度 | 2025 年半年度偿 2025 | 年半年期末占 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金占用方名称 | 的关联关系 | 计科目 | 资金余额 | 累计发生金额（不含 利息） | 占用资金的利 息（如有） | 还累计发生金额 | 用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制 | | | | | | | | | | | | | | | | | | | | | | 非经营性占用 | | 人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控 | | | | | | | | | | 非经营性占用 | | 制人及其附属企业 | | | | | | | | | | | | 小计 ...

海马汽车股份有限公司 2025 年半年度财务报告 社会信用代码：9146000028407924XP 组织形式：股份制 地址：海南省海口市金盘工业区金盘路 12-8 号 会计机构负责人： 主管会计工作负责人： 公司负责人： 海马汽车股份有限公司 财务报表 （2025 年 01 月 01 日至 2025 年 6 月 30 日止） | 目录 | 页次 | | --- | --- | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-120 | 海马汽车股份有限公司 合并资产负债表 2025年6月30日 （除特别注明外，金额单位均为人民币元） | 资产 | 附注 | 期末余额 | 上年年末余额 | | --- | --- | --- | --- | | 流动资产： | | | | | 货币资金 | （一） | 346,021,399.04 | 364,543,676.48 | | 结算备付金 | | ...