Core Points - Avita Technology, a joint venture of Changan Automobile, has made significant progress in acquiring shares of Shenzhen Yingwang Intelligent Technology Co., Ltd. from Huawei, completing a total payment of 11.5 billion yuan [1] - The partnership between Avita and Huawei is solidified through both business and capital commitments, marking Avita as the strategic investor and second-largest shareholder of Yingwang [1] - The transaction is not expected to impact Changan Automobile's consolidated financial statements or operational results significantly in the short term [1] Summary by Sections - **Investment Details** - On October 9, 2025, Avita completed the third payment of 3.45 billion yuan to Huawei, bringing the total investment to 11.5 billion yuan [1] - The acquisition involves a 10% stake in Yingwang, with the share transfer agreement signed on August 20, 2024 [1] - **Strategic Partnership** - The collaboration began with a memorandum of investment cooperation signed on November 25, 2023, between Changan Automobile and Huawei [1] - The target company, Shenzhen Yingwang Intelligent Technology Co., Ltd., was officially registered on January 16, 2024 [1] - **Impact on Changan Automobile** - Changan Automobile has stated that this transaction will not change its consolidated financial reporting scope and will not have a significant short-term impact on its financial condition or operational results [1]

Core Viewpoint - The company announced that its wholly-owned subsidiary, Seres Automotive, plans to acquire a 10% stake in Shenzhen Yingwang Intelligent Technology Co., Ltd. from Huawei Technologies Co., Ltd. for a cash payment of 11.5 billion yuan [1]. Group 1 - The transaction amount for the acquisition is 11.5 billion yuan [1]. - As of the date of the announcement, the conditions for the third payment stipulated in the equity transfer agreement have been met, and Seres Automotive has completed the payment of the third transfer price of 3.45 billion yuan [1][2]. - Seres Automotive has paid the entire consideration for this transaction [1][2].

Core Viewpoint - The company, Seres (601127.SH), announced that its wholly-owned subsidiary, Seres Automotive, intends to acquire a 10% stake in Shenzhen Yingwang Intelligent Technology Co., Ltd. from Huawei for a total cash consideration of RMB 11.5 billion [1] Group 1 - The transaction involves a cash payment for the acquisition of the stake [1] - As of the announcement date, the conditions for the third payment stipulated in the share transfer agreement have been met [1] - The subsidiary has completed the payment of RMB 3.45 billion for the third installment of the transfer price, fulfilling the total consideration for this transaction [1]

Core Viewpoint - The company, Seres, announced the acquisition of a 10% stake in Shenzhen Yingwang Intelligent Technology Co., Ltd. from Huawei Technologies Co., Ltd. for a total cash consideration of 11.5 billion yuan [1] Group 1 - The acquisition is being executed through Seres' wholly-owned subsidiary, Seres Automotive [1] - As of the announcement date, the third payment condition stipulated in the share transfer agreement has been met, and the buyer has completed the payment of the third transfer price of 3.45 billion yuan [1] - The buyer has fully paid the total consideration for this transaction [1]

Group 1 - China CRRC's Datong Electric Locomotive Company increased its registered capital from 656 million RMB to 1.14 billion RMB, with some executive changes [2] - Huawei's subsidiary, Shenzhen Yiwang Intelligent Technology Co., announced a patent for a vehicle travel companion method that allows remote users to experience the driving process in real-time [2] - Kubota showcased a hydrogen fuel cell-powered autonomous tractor at the Osaka Expo, featuring a power output equivalent to a 100-horsepower diesel engine and equipped with sensors and AI cameras for remote operation [2] - The 2026 Volvo EX90 was officially unveiled, featuring a significant upgrade to an 800V architecture that enhances charging efficiency and optimizes motor power output and range [3]

Core Insights - GAC Group and Huawei have officially announced the launch of a new high-end intelligent electric vehicle brand named "Qijing" [1][4] - The brand aims to integrate advanced smart technologies from Huawei into all models, focusing on creating a superior intelligent travel experience [4] Group 1 - The Qijing brand is a strategic collaboration between GAC Group and Huawei, with both companies aiming to leverage their strengths in smart technology and automotive manufacturing [4] - Huawei's rotating chairman, Xu Zhijun, expressed the ambition for Qijing to become a high-end brand that enhances safety and quality of life through intelligent features [4] - GAC Group's chairman, Feng Xingya, emphasized the importance of the Qijing project, stating it will be prioritized and supported with significant resources for long-term development [4] Group 2 - The Qijing project represents a new strategic partnership in the evolving automotive landscape, highlighting the shift towards smart and electric vehicles [4] - The collaboration is expected to yield innovative results by combining GAC's automotive expertise with Huawei's advanced technology [4]

责任编辑：王翔 今年7月，冯兴亚曾透露，他专程前往深圳拜访了华为的创始人任正非先生，针对当下汽车产业发展趋 势、营销创新、客户洞察、公司改革治理及合作项目推进等进行了深入学习和交流。未来，广汽与华为 将进一步深化全面战略合作，共同推动行业高质量发展。 据广汽集团官方微博，近日，在华为轮值董事长徐直军，广汽集团董事长、总经理冯兴亚的共同见证 下，"启境"品牌正式官宣。"启境"品牌由广汽集团与华为乾崑联合打造，定位为高端智能新能源汽车品 牌。 据悉，根据双方的规划，启境汽车将全系搭载华为乾崑最先进的智能技术。华为在辅助驾驶、智能座 舱、用户生态和品牌营销方面的强大实力，结合广汽在三电技术与整车制造领域的专长，双方优势互 补、紧密协作，共同为启境品牌注入强大竞争力。 ...

Core Viewpoint - The "Strategic Entrepreneur Cultivation Plan" launched in Guangzhou aims to enhance the comprehensive strength of enterprises through strategic vision, innovation capabilities, and overall management skills [1][3]. Group 1: Plan Overview - The plan is based on a "1+4" cultivation system, where "1" refers to the "Entrepreneur Community" growth system, and "4" includes four key areas: identification, cultivation, empowerment, and evaluation of strategic entrepreneurs [3]. - The initiative will integrate resources from the government, market, and professional institutions to support high-growth private enterprises by selecting multiple CEOs or chairpersons for systematic support [3][5]. - The cultivation cycle is set for three years, with goals to achieve results in three years, elevate levels in six years, and establish a climate in nine years [3]. Group 2: Selection Criteria and Participants - The selection criteria for entrepreneurs include patriotism, forward-looking vision, strategic insight, entrepreneurial passion, leadership, resilience, and growth potential [5]. - The first batch selected 108 promising private entrepreneurs, with an average age of 48, possessing expertise in fields such as computer science, artificial intelligence, and business management [7]. Group 3: Resource Integration and Collaboration - A signing ceremony was held with ten organizations, including banks, investment institutions, and research institutes, to provide various forms of support such as intellectual, financial, and talent empowerment [10][12]. - The collaboration aims to create a virtuous cycle of "talent-resource-industry" through the integration of technology and economy, enhancing the overall ecosystem in Huangpu District [12]. Group 4: Industrial Context - Guangzhou Development Zone and Huangpu District are key areas for the real economy, hosting significant industrial clusters in automotive, new displays, green energy, new materials, and health sectors, with a total industrial output exceeding 820 billion yuan [14].

对于公司资产构成及存量应收账款区域分布问题，公司虽未在此次公告中详细阐述，但强调了对运营资 金安全和现金流稳定的重视。 在应收账款回款方面，自2024年中央出台相关政策支持地方化解债务风险后，对建筑企业应收账款回收 起到积极作用。公司应收账款多为政府、国企、地方平台公司的应付工程款，若能加速收回，坏账计提 有望冲回，增厚公司利润，改善财务状况。2025年上半年，公司在化债政策支持下，通过各方努力收到 信托分配资金1.12亿元，对本期税前利润产生积极影响。 智能技术合作与矿业投资布局 9月16日，成都市路桥工程股份有限公司迎来林锐基金、变力投资等8家机构及相关个人投资者的特定对 象调研。此次调研于当日15:30 - 17:00在成都市武侯区天府大道北段1777号中国太平金融大厦37楼举 行，公司董事会秘书陈丽竹、证券事务代表杨天天等相关人员参与接待。 订单规模显著增长 在调研中，关于公司2025年新增订单规模的问题备受关注。公司方面表示，持续夯实路桥基建主业，全 力推进"抓订单、抢业务、拓市场"工作。2025年上半年，公司（含分子公司）中标总金额合计约9.52亿 元，较去年同期增长98.68%。其中，母公司中标 ...

Core Viewpoint - Chengdu Road and Bridge Engineering Co., Ltd. held an online performance briefing on September 12, 2025, addressing various investor inquiries regarding stock price, payment collection, restructuring, and valuation enhancement [1][2]. Group 1: Stock Performance and Market Confidence - The company's stock price has increased by approximately 7.51% since the beginning of the year, influenced by macroeconomic conditions and fluctuations in the secondary market. The company aims to strengthen its core business competitiveness, diversify its business areas, enhance financial management, optimize asset structure, and improve investor returns to boost market confidence [3]. Group 2: Financial Performance and Future Goals - The company indicated that due to macroeconomic downturns, revenue decline, delayed project payments, and losses from trust investments, it will focus on securing orders and increasing revenue from multiple business segments in 2025, with the goal of achieving profitability. The final results will be disclosed in the company's announcements [3]. Group 3: Restructuring and Strategic Planning - The management will develop strategic plans based on market and industry trends, and will carefully evaluate any high-quality targets and cooperation opportunities that align with its development strategy, ensuring timely information disclosure as required [3]. Group 4: Valuation Enhancement and Business Development - The company is implementing a phased approach to its valuation enhancement plan, which will be aligned with operational conditions. It is currently focused on securing main business orders, upgrading technical qualifications, and expanding into diversified business areas [3]. Group 5: Business Expansion and Strategic Partnerships - The company’s wholly-owned subsidiary, Sichuan Chenglu Zhihui Technology Co., Ltd., has jointly established Jincheng Zhixing (Chengdu) Intelligent Technology Co., Ltd. with Shenzhen Youbixun Technology Co., Ltd. The company is actively seeking orders and expanding its market presence, with a total bid amount of approximately 952 million yuan in the first half of 2025, representing a 98.68% increase year-on-year. Additionally, it is strategically extending into various fields through partnerships and cash acquisitions [4].