Core Insights - The company reported a Q3 2025 revenue of 7.767 billion yuan, a year-on-year increase of 12.77% but a quarter-on-quarter decrease of 9.6% [1][2] - The net profit attributable to shareholders for Q3 2025 was 1.132 billion yuan, reflecting a year-on-year increase of 43.81% and a quarter-on-quarter decrease of 6.1% [1][2] - The company maintains a strong global leadership position in refrigeration and automotive parts, benefiting from high win rates and valuation premiums due to upcoming production orders [1][4] Revenue Performance - For the first three quarters of 2025, the company achieved a revenue of 24.03 billion yuan, up 16.86% year-on-year [2] - The refrigeration business is expected to generate approximately 4.58 billion yuan in Q3, a year-on-year increase of 9.8%, while the automotive parts business is projected to reach around 3.2 billion yuan, a year-on-year increase of 17% [3][4] Profitability Analysis - The gross margin for Q3 was approximately 28.02%, a slight decrease of 0.15 percentage points year-on-year [4] - Profitability improvements were driven by effective control of operating expenses, increased interest income, and a reversal of credit impairments [4] Future Outlook - The company expects revenues for 2025 to reach approximately 32.18 billion yuan, with year-on-year growth rates of 15.13%, 17.71%, and 18.77% projected for 2026 and 2027 [5] - The net profit forecast for 2025 is approximately 4.208 billion yuan, with significant growth anticipated in subsequent years [5]

Core Insights - The Guangzhou Auto Show marks the end of 2025 and the beginning of a new year for the automotive market, showcasing a diverse range of domestic automakers with innovative strategies and products [1] Group 1: Electric Vehicle Developments - Seres, the first new energy vehicle company listed on both A-shares and Hong Kong stocks, announced over 900,000 deliveries and introduced the Seres Magic Cube Technology Platform 2.0, which includes upgrades in smart energy and intelligent chassis [2] - BYD remains a leading player in the Chinese automotive industry, showcasing luxury models like the U9 Xtreme supercar and plans to promote the "Yangwang" brand globally starting in early 2026 [2] - In October, new energy vehicle sales surpassed 50% of total new car sales for the first time, reaching 51.6%, indicating a significant shift towards electric vehicles [2] Group 2: Hybrid and Traditional Vehicles - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" emphasizes that internal combustion engines will remain a key power source, with a projected one-third of new passenger car sales still involving internal combustion engines by 2040 [3] - The strategy of "oil-electric synergy" is gaining traction, with a focus on enhancing user experience through intelligent upgrades in traditional vehicles [3] Group 3: Traditional Automaker Strategies - Great Wall Motors is implementing a multi-brand strategy centered on "oil-electric synergy," featuring models like the Tank 500 with impressive performance metrics [4] - The Haval brand has developed a comprehensive product matrix based on hybrid technology, while the 2026 Great Wall Cannon series includes smart cockpit features [4] Group 4: New Energy Vehicle Startups - New energy vehicle startups like Huawei's Aito, Xiaomi, and others are increasingly prominent, with Aito achieving over 1 million cumulative deliveries and launching new models at the auto show [5] - Leap Motor introduced the A10 model, completing its product matrix and aiming for mainstream market coverage by mid-2026 [5] - Xiaopeng Motors is set to launch multiple super-range models in early 2026, while Li Auto plans to enhance its models with advanced features [6]

Core Insights - The 2025 Guangzhou International Auto Show, themed "New Technology, New Life," showcases the automotive industry's innovations and trends as it enters a new phase [2][10] - The exhibition covers an area of 220,000 square meters, featuring 1,085 vehicles, with 93 new car launches, and nearly 58% of the vehicles being new energy vehicles [2][4] Group 1: Domestic Brands - BYD and GAC Group prominently featured their products in a "pavilion-style" display, highlighting their latest achievements and innovations [3][4] - BYD's Han L and Tang L models received a significant OTA upgrade, enhancing their driving assistance capabilities and integrating with smart home devices [4][5] - GAC Group reported a 50% improvement in business efficiency and a reduction in new car development cycles from 26 months to 18-21 months due to the implementation of new systems [5] Group 2: Joint Venture Brands - Joint venture brands are signaling a push towards localization and increased investment in smart electric vehicles, aiming to regain consumer attention [3][9] - Dongfeng Nissan launched the new Teana with advanced smart features, positioning it as a leading intelligent fuel vehicle [9] Group 3: New Energy Vehicles - The exhibition highlighted the dominance of new energy vehicles, with significant participation from both domestic and joint venture brands [3][10] - Xpeng Motors showcased its new X9 extended-range MPV, which features advanced charging capabilities and a significant range, marking a milestone with the production of its one-millionth vehicle [8][9] Group 4: Safety and Technology - Changan and Seres emphasized safety at their presentations, with Seres unveiling its upgraded technology platform aimed at enhancing vehicle safety and performance [7] - Changan introduced a comprehensive safety value system that extends beyond physical protection to include proactive and intelligent safety measures [7] Group 5: Smart Mobility - GAC's subsidiary, Qiji Mobility, demonstrated its full-chain layout for autonomous driving, showcasing its Robotaxi services and AI data solutions [6] - The event provided opportunities for attendees to experience autonomous driving firsthand, bridging the gap between concept and reality [6]

Core Insights - The Guangzhou International Auto Show is showcasing advancements in embodied intelligence, with companies like GAC Group and XPeng Motors presenting their latest humanoid robots [3][4][7] - The automotive industry is increasingly integrating embodied intelligence, with traditional manufacturers exploring this new field to create growth opportunities [3][10] - The demand for humanoid robots is expected to rise, with projections indicating that global annual production could reach 50 million units by 2050, generating significant revenue [9][10] Company Highlights - XPeng Motors unveiled its new humanoid robot, IRON, which features a highly human-like design and advanced capabilities, including 22 degrees of freedom in its hands and a total computational power of 2250 TOPS [7][8] - GAC Group's GoMate Mini robot is designed for practical applications, featuring 27 degrees of freedom and the ability to switch between different mobility modes, with a goal to achieve commercial viability by 2025 [4][6] - Both XPeng and GAC are focusing on the commercialization of humanoid robots, with XPeng planning to mass-produce IRON by the end of 2026 and GAC aiming for a robot industry chain value exceeding 10 billion yuan by 2030 [6][8] Industry Trends - The integration of embodied intelligence in the automotive sector is seen as a natural progression due to the similarities in technology and supply chains between electric vehicles and humanoid robots [10][11] - Major automotive companies, including Tesla, are heavily investing in humanoid robotics, with Tesla's Optimus robot expected to reach an annual production of 50,000 units by 2026 [9][10] - The market for humanoid robots is projected to be a $20 trillion opportunity, with significant growth anticipated as technology matures and production scales up [11]

Core Insights - The article discusses the significant upgrade of the Seres Magic Cube Technology Platform to version 2.0, transitioning from software-defined to AI-defined, aimed at enhancing smart electric vehicles [2][4]. Group 1: Technology Platform Upgrade - The new Magic Cube Technology Platform 2.0 emphasizes panoramic intelligence and intelligent safety, with upgrades in smart energy, intelligent chassis, EEA architecture, and smart space [2]. - The platform's architecture has evolved from "distributed regional control" to "central vehicle control + regional control," supporting large model applications and end-to-end evolution, enabling sharp perception, smart decision-making, and efficient execution [4]. Group 2: Modular and Flexible Design - The platform's modular design allows it to support multiple vehicle types (sedans, SUVs, MPVs, off-road vehicles) and sizes (B-D class), facilitating flexible production [4]. - It also enhances support for active suspension, steer-by-wire, and multi-motor systems, allowing for more flexible spatial layouts and covering nine travel scenarios, including commuting and outdoor activities [4]. Group 3: Testing and Collaboration - The company has established an advanced intelligent testing system driven by scenarios, combining full-scene testing with simulation testing, utilizing over 100,000 test cases to deliver high-reliability products [5]. - Seres is actively collaborating with industry partners to build an automotive industry brain, achieving full-chain collaboration and innovative integration [5]. Group 4: Partnership with Huawei - The collaboration with Huawei since 2021 has been pivotal, leading to the development of comprehensive Huawei smart technologies, including advanced driver assistance systems that have attracted many users [5]. - As of now, the total mileage for the assisted driving feature has exceeded 4.45 billion kilometers, with an average daily increase of 11.75 million kilometers [5]. Group 5: Product Launch and User Base - The Wanjie brand has launched four major product series since its inception, with the Wanjie M9 and M8 leading in their respective sales categories [6]. - The cumulative user base for Wanjie has surpassed 900,000, indicating strong market acceptance and popularity [6].

Core Viewpoint - GAC Group and Huawei's new brand Qijing aims to fill a gap in the market for stylish, safe, and intelligent vehicles, targeting young consumers in a competitive electric vehicle landscape [1][4]. Group 1: Brand Launch and Strategy - Qijing, as the first brand under Huawei's "Jing" series, was unveiled on November 20, with plans to differentiate itself through smart technology and product quality [1]. - The brand will launch two new models by 2026, with the first model, a shooting brake, set to be delivered in June 2024 [2]. - Qijing will operate through independent sales channels, avoiding Huawei's existing store model, and will recruit dealers across 30 new cities [2]. Group 2: Collaboration Dynamics - The collaboration between GAC and Huawei involves a deep integration of teams, with Huawei's product development and marketing processes being utilized to enhance Qijing's offerings [2][3]. - The partnership has been characterized by intense discussions, with both teams expressing strong opinions, indicating a dynamic and potentially innovative working relationship [2]. Group 3: Market Positioning and Challenges - Qijing is positioned as a high-end intelligent electric vehicle brand aimed at young consumers, differentiating itself from Huawei's previous collaborations that targeted business and high-end family users [4]. - GAC is undergoing significant reforms due to declining performance, with a 10.49% revenue drop and a net loss of 4.312 billion in the first three quarters of 2025, making the success of Qijing critical for its future [4]. - The brand faces stiff competition in the market segment above 300,000, where established players like Tesla and NIO dominate, necessitating a strong first impression with its initial model [5].

Core Viewpoint - GAC Group and Huawei's QianKun have launched a new automotive brand, Qijing, aimed at filling a market gap for stylish, safe, intelligent, and controllable vehicles targeting young consumers [1][2][4]. Market Context - The Chinese automotive market is becoming increasingly competitive, with the introduction of Qijing raising questions about the necessity of another brand amidst existing offerings [2][14]. - Qijing aims to differentiate itself in the crowded electric vehicle market, which includes strong competitors like Tesla and NIO, by focusing on intelligent features and product quality [17]. Brand Strategy - Qijing is positioned as a high-end intelligent electric vehicle brand, with a focus on appealing to younger consumers, a demographic previously overlooked by Huawei's other automotive collaborations [12][14]. - The brand's name, Qijing, was chosen to reflect a youthful and technological image, as suggested by Huawei's founder Ren Zhengfei [4][12]. Product Development - Qijing plans to launch two new models by 2026, with the first model, a shooting brake, set to be delivered in June 2024 [5][11]. - The brand has adopted Huawei's Integrated Product Development (IPD) and Integrated Product Marketing System (IPMS) to enhance product development and marketing processes [9]. Sales and Distribution - Unlike Huawei's previous sales strategies, Qijing will operate through independent sales channels and will not be sold in Huawei stores, with plans to recruit dealers across 30 new cities [6][8]. - The sales strategy includes a "1 (user center) + N (experience center)" model for network layout [6]. Collaboration Dynamics - The collaboration between GAC and Huawei has been described as intense, with discussions sometimes leading to heated debates, reflecting the different corporate cultures of the two companies [10]. - The partnership has accelerated the development timeline for new models, with significant milestones achieved in a short period [11]. Financial Context - GAC Group is currently undergoing significant reforms due to declining performance, with a 10.49% drop in revenue and a net loss of 4.312 billion yuan in the first three quarters of 2025 [15]. - The company is betting on the success of Qijing as a breakthrough strategy to improve its market position and achieve its goal of having 60% of total sales from its own brands by 2027 [16][17].

Core Insights - The article highlights the latest advancements and product showcases of the AITO brand and Seres at the Guangzhou Auto Show, emphasizing the launch of the Seres Cube Technology Platform 2.0, which is designed for AI-driven smart electric vehicles [1][3]. Group 1: Product Showcase - AITO's full range of models, including the M9, M8, new M7, and new M5, were displayed at the auto show, achieving over 900,000 total deliveries [2]. - The AITO M9 has surpassed 260,000 cumulative deliveries, setting a new record for vehicles priced over 500,000 yuan, while the M8 has exceeded 130,000 deliveries, maintaining its position as the best-selling model in the 400,000 yuan category [2]. - The new M7 received over 90,000 pre-orders within 41 days, with total deliveries exceeding 350,000 units, marking it as a phenomenon in the market [2]. Group 2: Technological Advancements - The Seres Cube Technology Platform 2.0 was officially launched, featuring upgrades in smart energy, intelligent chassis, EEA architecture, and smart space, all underpinned by panoramic intelligence and smart safety [3]. - The platform integrates AI capabilities, connecting with the HarmonyOS ecosystem and enhancing the vehicle's ability to interact intelligently with its environment [3]. - The intelligent chassis has been upgraded to provide better handling, comfort, and safety, while the electronic architecture has evolved to support large model applications and end-to-end development [3]. Group 3: Safety and User Experience - Seres emphasizes that "safety is the greatest luxury," implementing a comprehensive intelligent safety system that has prevented potential collisions 2.39 million times [4]. - The company collaborates with industry partners to create a more efficient and precise smart operation system, enhancing the overall user experience [4]. - AITO has achieved a total of 90 million users, with smart range-extended electric vehicles accumulating over 21.4 billion kilometers, of which 70% are electric driving [5]. Group 4: Service and Brand Recognition - AITO has established a comprehensive smart service system that addresses user needs throughout the entire vehicle lifecycle, with 266,000 proactive service interactions recorded [7]. - The brand has been recognized for its high-quality service, ranking first in the brand development confidence index for the first half of 2025, with the M9 achieving the highest net promoter score among new energy vehicles [7]. - Continuous technological advancements and service optimizations position Seres as a leader in the high-quality development of the automotive industry, focusing on safety, quality, reliability, performance, and value [7].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [1][43]. Core Insights - In October 2025, the penetration rate of new energy vehicles (NEVs) reached 51.6%, with production and sales of NEVs at 1.772 million and 1.715 million units respectively, marking year-on-year growth of 21.1% and 20% [1][39]. - The overall automotive production in China for October was 3.359 million units, a year-on-year increase of 12.1%, while sales reached 3.226 million units, up 8.8% year-on-year [1][39]. - The report anticipates a surge in NEV purchases before the policy changes in 2026, which will reduce tax incentives, leading to a potential buying frenzy at the end of 2025 [1][39]. Summary by Sections Automotive Industry Trends and Valuation Review - As of November 20, 2025, the Shenyin Wanguo automotive sector index increased by 2.02% over the past two weeks, outperforming the CSI 300 index by 0.13 percentage points [11]. - Year-to-date, the automotive sector has risen by 23.72%, surpassing the CSI 300 index by 4.44 percentage points [11]. Industry Data Tracking - In October, the automotive export volume was 666,000 units, reflecting a year-on-year increase of 22.9% [19]. - The dealer inventory warning index stood at 52.6%, indicating a slight increase year-on-year but a decrease month-on-month [19]. Industry News - The Ministry of Finance and the Ministry of Industry and Information Technology released a draft for public consultation on the "Government Procurement Demand Standards for New Energy Vehicles" [26]. - The National Energy Administration reported that as of the end of October, there were 18.645 million electric vehicle charging facilities in China, a 54% increase year-on-year [29]. Corporate News - The new model, the Xiangjie S9, was launched with a starting price of 309,800 yuan, featuring advanced technology and design [33]. - Xiaopeng Motors reported a third-quarter revenue of 20.38 billion yuan, a 102% year-on-year increase, with a total vehicle delivery of 116,007 units [36]. Investment Recommendations - The report suggests focusing on companies that enhance brand competitiveness through intelligent processes, such as Seres (601127) [39]. - It also highlights the smart driving industry chain, including Fuyao Glass (600660) and Junsheng Electronics (600699), as potential beneficiaries of increased smart driving configuration penetration [39].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Seres Group Co., Ltd. 賽力斯集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9927） 海外監管公告 证券代码：601127 证券简称：赛力斯 公告编号：2025-095 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列賽力斯集團股份有限公司在上海證券交易所網站刊登的《賽力斯集團股份 有限公司關於參與投資設立的股權投資基金變更基金管理人的公告》，僅供參閱。 承董事會命 賽力斯集團股份有限公司 董事長兼執行董事 張正萍先生 香港，2025年11月21日 於本公告日期，本公司董事為：(i)執行董事張正萍先生、尹先知先生、申薇女士 及張正源先生；(ii)非執行董事張克邦先生、尤崢先生、李瑋先生及周昌玲先生； 及(iii)獨立非執行董事李開國先生、張國林先生、景旭峰先生、黎明先生及魏明 德先生。 赛力斯集团股份有限公司 关于参与投资 ...