2024年赛力斯实现营业收入1451.76亿元，同比增长305.04%，创历史新高；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%。公司持续高强度研发投入，2024年研发 投入达70.53亿元，同比增长58.9%。 【#赛力斯通过港交所上市聆讯#，四月底已提交申请】 据IT之家报道，10月13日，据港交所今日文件，赛力斯集团股份有限公司通过港交所上市聆讯。 记者注意到，赛力斯早在今年4月就已经向港交所提交IPO申请，联席保荐人为中金公司、中国银河国 际。 ...

Group 1 - The 11th batch of national drug centralized procurement has its bid opening date postponed to October 27, 2025, with 55 varieties included in the procurement [1] - The procurement rules will adhere to principles of "stabilizing clinical use, ensuring quality, preventing collusion, and countering internal competition" [1] - This batch allows medical institutions to report quantities based on specific brands, enhancing the match between clinical demand and supply [1] Group 2 - The price of polysilicon remains stable over the weekend, with N-type polysilicon quoted at 50.1-55 yuan per kilogram [1] - October's polysilicon production is expected to reach approximately 132,500 tons, exceeding previous market expectations [1] Group 3 - Following the National Day and Mid-Autumn Festival, air ticket prices have dropped significantly, with some routes seeing reductions of nearly 90% [2] - The lowest ticket prices for certain routes can be as low as 1.1% of the original price [2] Group 4 - Polestar has closed its last direct store in China, located in Shanghai, as part of a strategic adjustment to better align with the diverse and rapidly changing consumer demands in the market [3] - The company will primarily adopt an online sales model moving forward [3] Group 5 - Over 20 brokerage firms have announced the closure of more than 100 offline outlets, focusing resources on core areas and high-potential businesses [2] - This trend is driven by the rise of internet finance, declining trading commissions, and the need for cost control in a competitive environment [2] Group 6 - Century Jiayuan was fined 280,000 yuan for providing false matchmaking information, violating consumer rights [5] - The company misrepresented membership information and guarantees of finding a partner, leading to the penalty [5] Group 7 - Kangtai Medical received a warning letter from the FDA regarding non-compliance with medical device quality system regulations, affecting its exports to the U.S. [6] - The company is taking corrective actions and plans to submit a response report to the FDA [6] Group 8 - Sairisi Group has passed the listing hearing for its IPO on the Hong Kong Stock Exchange [7] - The joint sponsors for the IPO are CICC and China Galaxy International [7] Group 9 - Meili Ecology's subsidiary won a bid for an EPC project worth 2.375 billion yuan [7] - The project involves urban renewal in Shenzhen [7] Group 10 - Jianglong Shipbuilding won a bid for a 72.99 million yuan fishery enforcement vessel project [8] - This project represents 4.22% of the company's audited revenue for 2024 [8] Group 11 - Sifang New Materials reported a 15.94% year-on-year decline in concrete production for the first three quarters [9] - The third quarter production decreased by 16.69% compared to the previous year [9] Group 12 - Bojun Technology expects a net profit increase of 50% to 80% for the first three quarters of 2025 [10][11] - The projected net profit for this period is between 552 million and 662 million yuan [11] Group 13 - Longyuan Technology anticipates a net profit increase of 50.11% to 71.55% for the first three quarters [12] - The expected net profit ranges from 35 million to 40 million yuan [12] Group 14 - Naipu Mining forecasts a net profit decline of 45.16% to 49.32% for the first three quarters [13] - The projected net profit is between 61 million and 66 million yuan [13] Group 15 - Xinhua Insurance expects a net profit increase of 45% to 65% for the first three quarters [15] - The anticipated net profit is between 29.986 billion and 34.122 billion yuan [15] Group 16 - Dongfang Tower expects a net profit increase of 60.83% to 93% for the first three quarters [16] - The projected net profit is between 750 million and 900 million yuan [16] Group 17 - Shenzhen Gas reported a net profit of 918 million yuan for the first three quarters, a year-on-year decline of 13.08% [17] - The company's revenue for this period was 22.528 billion yuan, an increase of 8.63% year-on-year [17] Group 18 - The ChiNext 50 Index opened lower but closed up 1.4%, with strong performances in rare earth permanent magnets and semiconductor stocks [18] - The market saw a total turnover of 2.35 trillion yuan, a decrease of 160.9 billion yuan from the previous trading day [18]

Core Viewpoint - Seres Group has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step in its strategic transformation and expansion in the electric vehicle market [2][4]. Company Overview - Founded in 1986, Seres Group, formerly known as Xiaokang Co., has undergone a strategic transformation in 2021 through a deep collaboration with Huawei, launching the AITO brand [3][4]. - The company has established a complete industrial chain centered on electric vehicles, including research and development of the three electric systems, vehicle manufacturing, and sales services [3]. Financial Performance - In 2024, Seres Group achieved a revenue of 145.176 billion yuan, representing a year-on-year growth of 305.04%, marking a historical high [4]. - The company reported a net profit attributable to shareholders of 5.946 billion yuan, turning profitable and becoming the fourth global electric vehicle company to achieve profitability [4]. - The gross margin for electric vehicles increased to 26.21% in 2024 [4]. - For the first half of 2025, Seres Group recorded a revenue of 62.402 billion yuan, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders surged by 81.03% to 2.941 billion yuan [4]. - The gross margin further improved to 28.93% in the first half of 2025 [4]. IPO Details - Seres Group submitted its IPO application to the Hong Kong Stock Exchange in April 2025, with CICC and China Galaxy International as joint sponsors [4]. - The company plans to issue no more than 331 million H-shares, accounting for 18.7% of the expanded share capital, with 70% of the raised funds allocated for R&D, focusing on intelligent driving and an 800V high-voltage platform [4]. - Additionally, 20% of the funds will be used to expand overseas markets and charging networks, while 10% will supplement working capital [4].

Core Viewpoint - A recent incident involving a Xiaopeng P7i 702pro owner raised concerns about the performance of the vehicle's intelligent driving system (NGP) and automatic emergency braking (AEB) system, which failed to respond during a collision on the highway [1][2]. Group 1: Incident Details - The incident occurred on October 9, when the vehicle, traveling at approximately 95 km/h with the NGP system activated, collided with debris and a stationary vehicle without the AEB system triggering [1]. - The collision resulted in significant damage to the left side of the vehicle, including deformation of both left doors [1]. Group 2: System Functionality - NGP, part of the XPILOT 3.0 system, is designed to assist with various driving tasks, including intelligent lane changes and obstacle avoidance, but its effectiveness in emergency situations is under scrutiny [2]. - The AEB system's limitations have been highlighted, as it did not activate during the collision, raising questions about its operational speed range and ability to recognize static objects [2][3]. Group 3: Industry Response - Industry experts noted that current AEB systems primarily function effectively at speeds below 60 km/h and have limited capabilities in recognizing static obstacles [3]. - Xiaopeng's customer service emphasized that the auxiliary driving features are not a substitute for driver control, and drivers must remain vigilant and ready to take over in unexpected situations [3].

Core Viewpoint - Seres Group Co., Ltd. (赛力斯) is advancing its position in the electric vehicle (EV) market, having achieved profitability as the fourth global EV manufacturer, and is preparing for its main board listing on the Hong Kong Stock Exchange with joint sponsors from CICC and China Galaxy International [1][3]. Company Overview - Seres focuses on the research, development, manufacturing, sales, and services of electric vehicles and core components, leveraging nearly 40 years of industry experience [3]. - The company transitioned from its initial business in springs and shock absorbers to motorcycles in 1986, then to vehicle manufacturing in partnership with Dongfeng Motor in 2003, and fully shifted to the EV sector in 2016 [3]. Product Milestones - Seres has launched several models under the "Wenjie" brand, including the Wenjie M5, M7, M8, and M9, achieving significant sales milestones [3][4]. - The Wenjie M5 set a record for the fastest delivery of over 10,000 units for a new brand in its launch year, while the Wenjie M7 became the best-selling model in the 300,000 RMB price range in China, with projected deliveries of approximately 200,000 units in 2024 [3][4]. - The Wenjie M9 is the top-selling model in the 500,000 RMB category, with expected deliveries exceeding 150,000 units in 2024 [3][4]. Market Performance - The Wenjie brand achieved an 82% Net Promoter Score (NPS) in the second half of 2024, ranking first in the EV market for customer satisfaction, with total deliveries projected to reach 387,100 units, a year-on-year increase of 268% [3][4]. Financial Performance - Revenue increased from 34.1 billion RMB in 2022 to 35.8 billion RMB in 2023, with a forecasted surge to 145.1 billion RMB in 2024, driven by a 182.84% increase in EV sales to 426,900 units [4][5]. - The company recorded net losses of 5.2 billion RMB in 2022 and 4.2 billion RMB in 2023, but is expected to achieve a net profit of 4.7 billion RMB in 2024, attributed to technological advancements and increased sales [4][5]. Cost Structure - The cost of sales as a percentage of revenue remained relatively stable, with gross profit margins improving significantly from 8% in 2022 to an anticipated 23.8% in 2024 [5]. - Research and development expenses accounted for 3.9% of revenue in 2022, increasing to 4.7% in 2023, with a projected 3.8% in 2024, indicating a focus on innovation [5].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [6] Core Views - The automotive industry is expected to benefit from supportive policies for vehicle consumption and increasing sales of new energy vehicles [4][16] - The report suggests focusing on leading companies in vehicle intelligence, technological cycles, and model cycles, such as SAIC Motor, Xpeng Motors, Xiaomi Group, and Leap Motor [4][17] - For the parts sector, the report highlights the potential in electric intelligence and the AIDC liquid cooling supply chain, recommending companies like Huguang Co., Chuanhuan Technology, Yinlun Co., and Horizon Robotics [4][17] Summary by Sections Market Review - In the week from September 29 to October 10, 2025, the automotive sector declined by 1.26%, underperforming the overall A-share market, ranking 26th among all primary industries [18][21] - The automotive services sector saw the highest increase of 1.70%, while automotive parts experienced the largest decline of 1.71% [21] Industry Data Tracking - In August 2025, total automotive sales reached approximately 2.857 million units, with a month-on-month increase of 10.1% and a year-on-year increase of 16.4% [28] - The retail sales of passenger vehicles in September 2025 were about 2.239 million units, showing a year-on-year increase of 6% and a month-on-month increase of 11% [38] - The market share of new energy vehicles in August 2025 was approximately 48.8% [36] Industry News and Company Announcements - Geely Auto plans to implement a share repurchase program of up to HKD 2.3 billion [3] - The Wanjie M8 model has surpassed 100,000 deliveries as of September 29 [3] Investment Recommendations - The report suggests an "Overweight" rating for the automotive industry, emphasizing the importance of intelligent vehicle manufacturers and the electric intelligence parts sector [4][17]

Core Insights - The company, Seres Group Co., Ltd. (601127), has been recognized as a respected enterprise for the 2024-2025 period by Economic Observer, highlighting its excellent performance in quality operations, innovative breakthroughs, and social contributions [1] Financial Performance - The company has achieved positive growth in key financial metrics including operating revenue, total assets, R&D expenses, and employee compensation for three consecutive years [1]

(责任编辑：宋政 HN002) 格隆汇10月13日｜据港交所文件，赛力斯集团股份有限公司通过港交所上市聆讯。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Core Viewpoint - Bojun Technology (300926) expects significant growth in net profit and non-recurring profit for the first three quarters of 2025, driven by the booming electric vehicle industry and increased orders [1] Financial Performance - The company anticipates net profit between 552 million to 662 million yuan, representing a year-on-year increase of 50% to 80% [1] - For the third quarter, net profit is projected to be between 244 million to 285 million yuan, reflecting a year-on-year growth of 80% to 110% [1] - In the first half of the year, Bojun Technology achieved operating revenue of 2.512 billion yuan, net profit of 352 million yuan, and non-recurring net profit of 351 million yuan, with year-on-year growth rates of 45.77%, 51.95%, and 51.66% respectively [2] Business Operations - Bojun Technology specializes in the research, design, production, and sales of precision automotive components and molds, offering a one-stop solution for various automotive systems [2] - The company has established strong partnerships with major automotive manufacturers such as Geely, Changan, BYD, and Xpeng, enhancing its market presence [2] Production Capacity and Expansion - The main production bases are located in Jiangsu and Chongqing, strategically positioned near major automotive industry clusters [3] - The company is expanding its production capacity with new facilities planned in Changzhou and Jinhua to support lightweight and modular automotive components [3] - A new production base in Chengdu focuses on high-pressure aluminum die-casting products, catering to the Southwest automotive industry cluster [3] Customer Relationships and Sales Strategy - The company has improved its accounts receivable management by adjusting payment terms with major clients to 60 days, enhancing operational efficiency and profitability [4] - Sales to BYD have significantly increased, and supply to Leap Motor is expected to ramp up in the second half of the year [4] - The company is not a direct supplier to Xiaomi Automotive but supplies some products indirectly through Tier 1 customers [4]

10月13日，赛力斯大宗交易成交9.23万股，成交额1490.65万元，占当日总成交额的0.18%，成交价161.5 元，较市场收盘价161.5元持平。 | 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 类出管业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-10-13 | 赛力斯 | 601127 | 161.5 | 600.78 | 3.72 | 公司是需求公司服 | 有限公司正通的行 | 图 | | 2025-10-13 | 赛力斯 | 601127 | 161.5 | 366.61 | 2.27 | | 期 - 1 | 문 | | 2025-10-13 | 赛力斯 | 601127 | 161.5 | 274.55 | 1.7 | 公司是商量具备签 | 有魔公司上演剧片 | 播 | | 2025-10-13 | 赛力斯 | 601127 | 161.5 | 248.71 | 1.54 | | 发布时间： | Ka | ...