智通财经APP讯，零跑汽车(09863)发布公告，于2026年1月6日，本公司与金义高新订立金义高新内资股 认购协议，本公司已有条件同意向金义高新发行5996.4万股内资股，认购价为每股内资股认购股份人民 币50.03元(按截至金义高新内资股认购协议日期中国外汇交易中心受权公布的银行间外汇市场人民币汇 率中间价1港元兑人民币0.90161元的汇率计算，相当于55.49港元)。内资股认购股份将根据一般授权发 行。 此外，根据本公司日期为2025年12月28日的公告，于2025年12月28日，本公司与一汽股权订立一汽股权 内资股认购协议。据此，本公司已有条件同意分别向一汽股权发行7483.22万股内资股、向金义高新发 行5996.4万股内资股，本轮本公司合计向一汽股权和金义高新发行1.35亿股内资股。 本公司向一汽股权和金义高新发行的本轮内资股认购股份面值合共为人民币1.35亿元。一汽股权和金义 高新将予认购的1.35亿股内资股相当于截至本公告日期本公司已发行内资股总数及经内资股认购事项扩 大后本公司经扩大已发行内资股总数分别约46.36%及31.67%;及截至本公告日期本公司已发行股份总数 及经内资股认购事项扩 ...

长江商报消息 ●长江商报记者 黄聪 获得长安汽车（000625.SZ）全力托举的深蓝汽车，又获得了大笔增资。 12月25日，长安汽车公告，深蓝汽车开展增资扩股，募资规模约61亿元。 长江商报记者发现，深蓝汽车尚未盈利，近一年半累计亏损21.25亿元。截止到2025年上半年末，公司 资产总额达260.95亿元，负债总额达301.41亿元，资产负债率约为116%。 深蓝汽车董事长邓承浩曾介绍，公司2025年销量目标为36万辆。而前11个月，公司累计交付30.21万 辆，虽同比增长45.73%，但仅完成目标约84%。其中，公司11月交付量环比下滑约10%，同比下滑约 8%。 这也意味着，深蓝汽车12月交付量要达到5.79万辆才能达到目标，这显然并不现实。 长安汽车增资深蓝汽车 深蓝汽车成立于2018年5月，是长安汽车乘用车三大品牌之一，是长安汽车新能源"香格里拉"战略的核 心承载主体。 12月25日，长安汽车公告，公司此前召开董事会审议通过了《关于向控股子公司增资的议案》，同意深 蓝汽车开展增资扩股，预计募资规模约61.22亿元，包括重庆联合产权交易所集团股份有限公司公开挂 牌增资和非公开协议增资两部分，其中，公司 ...

作者丨彭鑫 编辑丨安安 近日，重庆长安汽车股份有限公司(以下简称"长安汽车")发布公告称，长安汽车之控股子公司深蓝汽车科技有限公司(以下简称"深蓝汽车") 拟开展增资扩 股，预计募资规模约61.22亿元。 图源：长安汽车官方公告 包括重庆联合产权交易所集团股份有限公司(以下简称"重庆产交所")公开挂牌增资和非公开协议增资两部分，交易价格以公开挂牌结果为最终增资价格，且 不低于经国资备案的评估值，募资对象包括原始股东、合格投资者。其中，长安汽车拟以非公开协议方式通过无形资产加自有资金合计增资不超过31.22亿 元。 公开资料显示，深蓝汽车成立于2018年5月，公司注册资本3.28亿元，其前身为重庆长安新能源汽车科技有限公司。 图源：深蓝汽车官网 目前，官网在售7款车型，产品矩阵包括轿车、SUV、硬派越野等。 历经多轮融资 对于此次增资，长安汽车方面称，系基于公司战略及业务需要，资金将用于新汽车研发，智能化、电动化核心技术创新，提升全球品牌力。作为年轻科技运 动品牌，深蓝汽车致力于打造世界一流电动车品牌，此次增资有助于提升公司整体竞争力。 此次增资完成后，长安汽车仍是其最大股东，持股比例为50.9959%。对深蓝 ...

【导读】长安汽车拟参与深蓝汽车增资，后者计划募资约 61.22 亿元 中国基金报记者 邱德坤 12 月 12 日晚间，长安汽车发布公告称，公司控股子公司深蓝汽车科技有限公司（以下简称深蓝汽车）拟以公开挂牌方式增资扩股，预计 募资规模约 61.22 亿元，其中公司拟参与增资不超过 31.22 亿元。 深蓝汽车是长安汽车新能源 " 香格里拉 " 战略的核心承载主体，截至 2025 年 3 月 31 日的估值达 145.51 亿元，但长安汽车此前一度 丧失对深蓝汽车的控股权。 截至 12 月 12 日收盘，长安汽车 A 股股价报 11.64 元 / 股，总市值为 1026 亿元。 长安汽车拟维持对深蓝汽车控股权 公告显示，深蓝汽车此次增资扩股预计募资约 61.22 亿元（最终以实际到账金额为准），包括重庆产交所公开挂牌增资和非公开协议增资 两部分。 长安汽车拟以非公开协议方式，通过无形资产及自有资金参与深蓝汽车此次增资，增资规模不超过 31.22 亿元，其中无形资产评估价值为 10.43 亿元，其余以现金方式进行增资，资金来源为自有资金。 长安汽车公告称，公司根据征集到的合格投资人实际出资金额，以及最终增资价格调整 ...

Core Insights - Deep Blue Automotive has officially launched a new round of financing at the Chongqing United Property Rights Exchange, with new shareholders holding no more than 20% of the company, and the transaction is expected to be completed by the end of December this year [2] Financial Overview - As of October 2025, Deep Blue Automotive is facing financial challenges, with total equity at -4.512 billion yuan, indicating insolvency. For the first ten months of 2025, the company reported revenue of 39.797 billion yuan and a net loss of 1.025 billion yuan, accumulating losses of 8.9 billion yuan over the past four years [5] - Despite the losses, there are signs of operational improvement, with the chairman stating that the company has achieved profitability in certain months. The management of Chang'an Automobile noted that selling 30,000 units per month would lead to breakeven, and Deep Blue has exceeded this figure multiple times in recent months [5] Sales Performance - Deep Blue Automotive's sales have shown stability, with a year-on-year increase of 57.1% in cumulative sales from January to October 2025. Since September, the company has achieved monthly sales exceeding 30,000 units for three consecutive months [5] - The Deep Blue S07 model has consistently sold over 10,000 units monthly, with total sales surpassing 300,000 units. The Deep Blue S05 topped the sales chart for pure electric compact SUVs in September, with nearly 20,000 units sold in a single month [5] - The company aims to achieve global sales of 2 million units by 2030 [5] Financing Purpose - The funds raised from this financing round will primarily be used for new vehicle research and development, innovation in smart and electric technologies, and enhancing global brand strength. The transition in the new energy sector from "price competition" to "value competition" will be crucial for the company's future development and its path to profitability [5]

Core Viewpoint - Changan Automobile is actively pursuing investment opportunities, with Avita submitting a Hong Kong stock application and Deep Blue Automotive Technology Co., Ltd. initiating a capital increase project [2] Group 1: Capital Increase Project - Deep Blue Automotive aims to raise funds through a capital increase project, with the total amount and corresponding shareholding ratio to be determined [3] - Existing shareholders will participate in the capital increase, and employee participation is set at 100% [3] - The new shareholders' stake will not exceed 20%, and the capital raised will be used for new vehicle R&D, core technology innovation in intelligence and electrification, and enhancing global brand strength [3][4] Group 2: Shareholder Structure - Changan Automobile holds a 50.9959% stake in Deep Blue Automotive, making it the largest shareholder, followed by Nanjing Runke Industrial Investment Co., Ltd. with 11.078% [5] - The remaining shareholders are primarily investment funds, including the Jiaoyun Boyu No.1 (Suzhou) Debt-to-Equity Investment Fund [5] Group 3: Financial Performance - Deep Blue Automotive has experienced significant losses, with net losses of 3.196 billion yuan, 3.107 billion yuan, and 1.571 billion yuan from 2022 to 2024 [14] - As of October 31, 2025, the company reported total assets of 314.74 billion yuan and total liabilities of 359.86 billion yuan, resulting in negative equity of 45.12 billion yuan [15] - Despite the losses, the company has seen a narrowing of losses and aims to achieve profitability with monthly sales exceeding 30,000 units [16][17] Group 4: Sales and Production Capacity - In the first ten months of this year, Deep Blue Automotive's cumulative sales reached approximately 269,000 units, with a goal of 360,000 units for the year [18] - The company has committed to investing no less than 10% of its sales revenue in R&D annually, with a total R&D investment exceeding 100 billion yuan by 2030 [18]

Core Viewpoint - Seres (601127) has successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization close to HKD 280 billion, making it the largest IPO of a car company in Hong Kong in 2023 [2] Group 1: IPO Details - The IPO price was set at HKD 131.50 per share, with a total global offering of approximately 109 million H-shares [3] - The Hong Kong public offering was oversubscribed by 132.68 times, while the international offering was oversubscribed by 8.61 times [4][5] - Over 20 cornerstone investors participated in the IPO, with Chongqing Industry Fund receiving the largest allocation of 16.55 million shares [6] Group 2: Fundraising and Utilization - The IPO raised approximately HKD 142.83 billion, with a net amount of about HKD 140.16 billion [8] - Around 70% of the net proceeds will be allocated to research and development, with 40% aimed at enhancing core technology capabilities and 30% for expanding product development [8] Group 3: Sales and Financial Performance - In October 2025, Seres sold 51,456 electric vehicles, marking a year-on-year increase of 42.89%, with cumulative sales for the year reaching 356,085 units, a 0.95% increase [11] - For the first three quarters of 2025, the company reported a net profit attributable to shareholders of CNY 5.31 billion, a year-on-year increase of 31.56% [12] - The total revenue for the reporting period was CNY 48.13 billion, reflecting a 15.75% increase compared to the same period last year [13]

Core Insights - BYD's revenue reached a record high of 566.27 billion yuan in the first three quarters of this year, marking a 13% year-on-year increase, while net profit decreased by 7.55% to 23.33 billion yuan [1] - The company achieved a net profit of 7.82 billion yuan in the third quarter, reflecting a quarter-on-quarter growth of 23% [1] - BYD's global sales reached 3.26 million units, an 18.64% increase year-on-year, completing 70.87% of its annual target of 4.6 million units [1] Overseas Market Expansion - The overseas market has become a significant growth engine for BYD, with overseas sales reaching 701,600 units, a staggering 132% increase year-on-year [2] - BYD's products are now available in 117 countries and regions worldwide [2] - The company has made substantial investments in overseas markets, including a strategic partnership with Veho Group in Finland to enhance its sales and service network [4] Manufacturing and R&D Investments - BYD's R&D expenditure reached 43.75 billion yuan in the first three quarters, a 31% increase year-on-year, surpassing Tesla's R&D spending by 10.9 billion yuan [6] - The company plans to establish over 2,000 stores in Europe by the end of 2026, with a focus on localizing operations and enhancing product offerings [5] - BYD's accounts payable decreased by 8% compared to the beginning of the year, indicating improved cash flow management [6] Product Development and Technology - BYD has introduced several groundbreaking technologies, including the Tian Shen Eye driver assistance system and the Super e-platform [6] - The company is accelerating its market expansion in Japan, launching the K-EV BYD RACCO and a plug-in hybrid model [5] - Citigroup's latest report forecasts BYD's sales to reach 4.67 million and 5.39 million units in the next two years, driven by high-end brand growth and strong overseas sales [7]

Core Viewpoint - BYD's third-quarter performance shows a decline in revenue and net profit, indicating challenges in maintaining growth momentum in the electric vehicle market [3][6]. Financial Performance - In the third quarter, BYD reported revenue of 194.99 billion yuan, a decrease of 3.05% year-on-year [3]. - The net profit attributable to shareholders was 7.82 billion yuan, down 32.6% compared to the same period last year [3]. - The net cash flow from operating activities was 40.85 billion yuan, reflecting a decline of 27.42% year-on-year [3]. - Basic and diluted earnings per share were both 0.85 yuan, a decrease of 36.09% year-on-year [3]. - The weighted average return on equity was 3.40%, down 4.08% from the previous year [3]. Sales and Production - In the first three quarters, BYD achieved cumulative sales of 3.26 million vehicles, an increase of 18.64% year-on-year [5]. - In September, BYD's new energy vehicle sales were 396,270 units, a year-on-year decline of approximately 5.52%, marking the first drop in sales for the year [2][5]. - The company has adjusted its annual sales target from 5.5 million to 4.6 million vehicles, achieving 70.87% of this target by the end of September [6]. Market Expansion and R&D - BYD's overseas sales reached 701,600 units in the first three quarters, a significant increase of 132% year-on-year, highlighting the importance of international markets for growth [6]. - The company maintained high R&D investment, with expenditures rising by 31% to 43.75 billion yuan, exceeding its net profit for the same period [6]. - BYD has introduced several new technologies, including advanced driver assistance systems and fast-charging platforms, as part of its ongoing innovation efforts [6]. Stock Performance and Management Actions - Following a peak in May, BYD's stock price has seen a decline of over 19%, closing at 103.61 yuan per share on October 30 [6]. - To instill market confidence, key executives at BYD collectively purchased 488,200 shares for a total of 52.33 million yuan between September 1 and September 9 [7].

Core Viewpoint - BYD's Q3 2025 financial results show a decline in revenue and net profit, indicating challenges in the competitive landscape and cost pressures [1][4]. Financial Performance - In Q3 2025, BYD reported revenue of 194.985 billion yuan, a year-on-year decrease of 3.05%, and a net profit of 7.823 billion yuan, down 32.60% [1]. - For the first three quarters of 2025, BYD's revenue reached 566.266 billion yuan, an increase of 12.75% year-on-year, while net profit was 23.333 billion yuan, a decline of 7.55% [3]. - Operating costs for the first three quarters were 465.054 billion yuan, up 14.76%, outpacing revenue growth by approximately 2 percentage points [4]. Research and Development - BYD's R&D expenses for the first three quarters amounted to 43.748 billion yuan, reflecting a growth of 31.30%, which exceeds the net profit of 23.333 billion yuan during the same period [4]. - Cumulatively, BYD has invested over 220 billion yuan in R&D [4]. Cash Flow and Assets - The net cash flow from operating activities for the first three quarters was 40.845 billion yuan, a decrease of 27.42% year-on-year [4]. - As of September 2025, BYD's total assets were 901.925 billion yuan, a 15.14% increase from the end of the previous year, with inventory rising to 152.973 billion yuan, up 31.83% [4]. Market Performance - BYD's global sales from January to September reached 3.26 million units, a year-on-year increase of 18.64%, achieving 70.87% of its annual target of 4.6 million units [5]. - The overseas market has been a significant growth driver, with sales reaching 701,600 units, a 132% increase year-on-year [5]. - BYD's intelligent models, particularly those equipped with the "Heavenly Eye" driver assistance system, have become key contributors to sales, with over 1.7 million units sold [5]. Strategic Developments - BYD has introduced several technologies this year, including the "Heavenly Eye" driver assistance system and the "MW Flash Charge" technology, contributing to stable sales growth [5]. - The company is expanding its market presence in Japan with the launch of the K-EV BYD RACCO and the introduction of its first plug-in hybrid model, the Sea Lion 06 DM-i [5]. - Citigroup's research predicts BYD's sales will reach 4.67 million and 5.39 million units in the next two years, driven by high-end brand growth and strong overseas sales [5].