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 ...

Core Viewpoint - The stock price of Sais (Hong Kong stock code 09927.HK) closed at HKD 109.50, reflecting a decline of 4.95%, with a cumulative drop of 16.73% since its listing on November 5, 2025 [1] Group 1: IPO Details - Sais was listed on the Hong Kong Stock Exchange on November 5, 2025, opening below its initial offering price at HKD 128.9 [1] - The total number of shares offered globally was 108,619,000 H-shares, with 10,861,900 shares allocated for the Hong Kong offering and 97,757,100 shares for international offering [1] - The final offer price was set at HKD 131.50, raising a total of HKD 14,283.40 million, with net proceeds amounting to HKD 14,016.41 million after deducting estimated listing expenses of HKD 266.99 million [1] Group 2: Cornerstone Investors - Key cornerstone investors include Chongqing Industry Mother Fund, Linyuan Fund, Huatai Capital Investment, and several others such as New China Asset Management and BESS Broadway [2] - New China Asset Management is primarily owned by New China Life Insurance Co., holding 99.6% directly and indirectly [3] - Other notable investors include Sanhua (Hong Kong), which is wholly owned by Zhejiang Sanhua Intelligent Control Co., and Hichain Logistics HK, ultimately controlled by Jiangsu Haichen Logistics Co. [3]

Core Insights - The passenger car sector experienced a decline of 1.81% on November 21, with Haima Automobile leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Passenger Car Sector Performance - The following companies reported their closing prices and percentage changes: - BAIC Blue Valley: 7.66, -0.26% - BYD: 92.70, -0.97% - Great Wall Motors: 21.62, -1.28% - Changan Automobile: 11.79, -2.08% - SAIC Motor: 14.70, -2.13% - GAC Group: 7.60, -2.31% - Seres: 123.40, -2.58% - Haima Automobile: 9.45, -10.00% [1] Capital Flow Analysis - The passenger car sector saw a net outflow of 1.295 billion yuan from main funds, while retail funds had a net inflow of 1.161 billion yuan [1] - The following companies had notable capital flows: - BAIC Blue Valley: Main funds net inflow of 20.86 million yuan, retail net outflow of 32.04 million yuan - Great Wall Motors: Main funds net outflow of 24.80 million yuan, retail net inflow of 37.15 million yuan - GAC Group: Main funds net outflow of 51.97 million yuan, retail net outflow of 35.41 million yuan - SAIC Motor: Main funds net outflow of 91.90 million yuan, retail net inflow of 76.80 million yuan - Changan Automobile: Main funds net outflow of 248 million yuan, retail net inflow of 250 million yuan - Haima Automobile: Main funds net outflow of 27.80 million yuan, retail net inflow of 23.60 million yuan - BYD: Main funds net outflow of 281 million yuan, retail net inflow of 307 million yuan - Seres: Main funds net outflow of 34.12 million yuan, retail net inflow of 25 million yuan [2]

证券代码：601127 证券简称：赛力斯 公告编号：2025-095 2019 年 9 月 23 日，赛力斯集团股份有限公司（以下简称"公司"）参与共 同发起设立广东融创岭岳智能制造与信息技术产业股权投资基金合伙企业（有限 合伙）（以下简称"融创岭岳""合伙企业"），并由中新融创资本管理有限公 司（以下简称"中新融创"）担任基金管理人。具体内容详见公司于 2019 年 11 月 19 日披露在上海证券交易所网站（www.sse.com.cn）的《关于参与投资设立 股权投资基金的公告》（2019-130）。 二、基金管理人变更情况 公司于近日收到融创岭岳通知，根据合伙企业管理的实际需要，经合伙人大 会决议通过，融创岭岳的基金管理人由中新融创变更为天津融创私募股权投资基 金管理有限公司（简称"天津融创"），具体情况如下： 天津融创为中新融创全资子公司，两者均从事私募股权投资基金管理业务， 在管基金的投资方向存在重叠，为防范利益冲突，更好地维护投资人利益，中新 融创决定不再从事基金管理业务，并将其在管基金的管理人变更为天津融创，变 更后基金整体规模不变，合伙协议其他条款不变，其他合伙人的权利和义务不受 影响。 三、 ...

Core Viewpoint - The report from Guohai Securities indicates that Top Group's revenue has increased quarter-on-quarter due to the sales growth of core customers in Q3 2025 [1] Group 1: Company Performance - The newly operational Hangzhou Bay Phase 9 factory, covering an area of 90,000 square meters, significantly enhances the production capacity for the air suspension business [1] - The automotive electronics segment is expected to continue being a major driver of revenue growth for the company [1] - Revenue growth is primarily attributed to increased sales from several major customers [1] Group 2: Industry Trends - In Q3 2025, Tesla's global delivery volume reached 497,000 units, reflecting a quarter-on-quarter growth of 29% [1] - According to Marklines, the quarter-on-quarter sales changes for various companies are as follows: Seres +16%, Geely +9%, BYD -3%, and Xiaomi +33% [1] - The company is recognized as a leading platform-based automotive parts enterprise in China, with a positive outlook for steady growth due to ongoing customer and product category expansion [1]

赛力斯公告，公司参与投资的广东融创岭岳智能制造与信息技术产业股权投资基金合伙企业（有限合 伙）的基金管理人由中新融创变更为天津融创私募股权投资基金管理有限公司。天津融创为中新融创全 资子公司，变更后基金整体规模不变，合伙协议其他条款不变。本次基金管理人变更将优化基金管理， 不会对基金后续运作产生不利影响。 ...

Core Viewpoint - The launch of the Cyrus Magic Cube Technology Platform 2.0 at the Guangzhou International Auto Show marks a significant advancement in the AITO brand's technology system, aiming to establish itself as the "first brand in China's high-end and intelligent automotive sector" [1] Group 1: Technology and Innovation - The new platform emphasizes panoramic intelligence and intelligent safety, upgrading smart energy, intelligent chassis, EEA architecture, and smart space, positioning itself as an AI-driven smart electric vehicle platform [1][3] - Since 2021, Cyrus has collaborated with Huawei to develop a comprehensive suite of intelligent technologies, including the Qian Kun intelligent driving and Harmony cockpit, and has initiated full-dimensional networking with dual-card dual-communication and 360° satellite communication [3][4] - The platform integrates advanced technologies such as an 800V high-voltage architecture and 5C ultra-fast charging, ensuring efficient travel and rapid recharging experiences [3][4] Group 2: Safety and User Experience - The platform features a four-tier intelligent safety system focusing on life protection, vehicle body protection, health care, and privacy protection, utilizing aerospace-grade materials for a lightweight and strong vehicle body [4] - The AITO brand has launched multiple models, including the M9, M8, M7, and M5, with a cumulative user base exceeding 900,000, indicating strong market acceptance [4][5] - The M9 and M8 models have achieved significant sales milestones, leading their respective segments, while the vehicles' assisted driving systems have accumulated over 4.45 billion kilometers of driving distance [5] Group 3: Future Outlook - AITO plans to continue focusing on user-centric development through deep collaboration with strategic partners, promoting innovation and rapid iteration of products and technologies in the AI and automotive sectors [5]

Core Viewpoint - Seres (601127) officially launched the Magic Cube Technology Platform 2.0 at the Guangzhou International Auto Show, positioning it as an "AI-driven smart electric vehicle platform" focusing on five key areas: intelligent safety, smart energy, intelligent chassis, EEA architecture, and smart space [1] Group 1: Technology Features - The platform integrates Huawei's QianKun intelligent driving and HarmonyOS cockpit, supporting dual SIM dual communication, satellite communication, and Huawei's Star Flash technology [1] - It features an 800V high-voltage architecture and an eight-in-one electric drive design, supporting 5C ultra-fast charging with two range-extending power options of 1.5T and 2.0T [1] - The intelligent chassis system incorporates road preview and corner prediction technologies, along with XYZ fusion control and ADS response mechanisms, featuring dual backup steering and braking redundancy [1] Group 2: Safety and Reliability - Seres has established four safety systems covering life protection, body protection, health care, and privacy protection, validated through comprehensive testing and over 100,000 test cases [1] - The electronic architecture has transitioned from distributed to "central vehicle control + regional control," supporting large model deployment and end-to-end evolution [1] Group 3: Market Performance - The AITO series has surpassed 900,000 cumulative users, with the M9 and M8 models ranking first in their respective market segments, achieving sales of 500,000 and 400,000 units [1] - The total mileage for assisted driving has exceeded 4.45 billion kilometers [1]

Core Insights - The 2025 Guangzhou Auto Show has officially opened, showcasing the launch of the SIRUIS Magic Cube Technology Platform 2.0, marking a significant upgrade in the evolution from software-defined to AI-defined vehicles [1][3] Group 1: Technology Platform Upgrade - The new Magic Cube Technology Platform 2.0 is led by panoramic intelligence and is built on intelligent safety, featuring upgrades in smart energy, intelligent chassis, EEA architecture, and smart space [3] - The platform has transitioned from a "distributed regional control" electronic architecture to a "central vehicle control + regional control" model, supporting large model applications and end-to-end evolution [3] Group 2: Strategic Collaborations - Since 2021, SIRUIS has partnered with Huawei to co-develop and mass-produce a full-stack of Huawei's intelligent technology, including the Qian Kun smart driving and Harmony cockpit [3] - The company has initiated comprehensive network connectivity, including dual SIM dual communication, 360° satellite communication, and Huawei's Star Flash, ensuring real-time online capabilities [3] Group 3: AI Integration - The Magic Cube Technology Platform 2.0 emphasizes multi-domain integration and a service-oriented software architecture, enabling sharp perception, intelligent decision-making, and efficient execution [3]

Core Viewpoint - The article discusses the recent strategic shift of Li Auto, indicating a departure from its previous learning from Huawei's management practices, particularly the PBC performance model, towards a new focus on becoming a leading AI terminal company [5][10][12]. Group 1: Strategic Changes - Li Auto has recently made significant organizational changes, including the founder Li Xiang taking over HR responsibilities and several Huawei executives leaving the company [5][6]. - The company is moving away from the PBC performance model and is reintroducing the OKR management system, indicating a shift in management philosophy [5][6]. - The mission of Li Auto has evolved from being a car manufacturer to becoming a global leader in AI terminals, which has necessitated changes in its organizational structure and operational methods [10][12]. Group 2: Learning from Huawei - Initially, Li Auto aimed to learn from Huawei's Integrated Product Development (IPD) model to improve its product definition and management processes, especially after facing competition from the AITO M7 [7][8]. - The IPD model provided a structured approach to product development, ensuring high quality through rigorous checks, but it also introduced inefficiencies due to lengthy decision-making processes [8][9]. - Li Auto's adaptation of the IPD model was seen as a necessary step to stabilize its operations during a period of rapid product launches [8][9]. Group 3: Transition to AI-Native Organization - As the company's mission shifted towards AI, it recognized the need to restructure its organization to be more agile and responsive, moving away from the traditional IPD model [10][11]. - The new structure involves creating smaller, more flexible teams that can iterate quickly, akin to agile development practices in the software industry [11]. - This transformation reflects a broader understanding that the nature of AI development requires a different operational approach compared to traditional hardware manufacturing [10][12].