保荐人（主承销商）已根据相关制度规则制定了网下投资者的标准。具体标准及安排请见本公告"三、 （一）网下投资者的参与条件及报价要求"。只有符合发行人及保荐人（主承销商）确定的网下投资者 标准要求的投资者方能参与本次发行初步询价。不符合相关标准而参与本次发行初步询价的，须自行承 担一切由该行为引发的后果，保荐人（主承销商）将在上交所业务管理系统平台（发行承销业务）（以 下简称"业务管理系统平台"）中将其报价设定为无效，并在《上海友升铝业股份有限公司首次公开发行 股票并在主板上市发行公告》（以下简称"《发行公告》"）中披露相关情况。 2、网下投资者提交定价依据和建议价格或价格区间要求：网下投资者须于招股意向书刊登日（2025年9 月4日，T-6日）13:00后至初步询价日（2025年9月9日，T-3日）9:30前通过上交所互联网交易平台提交 定价依据及其给出的建议价格或价格区间。提交定价依据前，网下机构投资者应当履行内部审批流程， 网下个人投资者应由本人以书面形式签字或签章确认。定价依据一经提交，即视为网下投资者对其真实 性、准确性、完整性、独立性负责。未在询价开始前提交定价依据、建议价格或价格区间的网下投资 者， ...

（原标题：现代汽车：考虑到中国市场的竞争，盈利已不是帕里斯帝的首要目标） 21世纪经济报道记者 易思琳 成都报道 8月29日，成都车展，现代汽车携多款重磅车型亮相展台，其中包括新一代帕里斯帝以及N品牌的Elantra N TCR Edition等重磅产品。全面展示了现 代汽车在各个领域的产品实力。 值得一提的是，专为家庭用户打造的进口混动大六/七座旗舰SUV——新一代帕里斯帝也在本次展会中正式开启预售。 "更大、更强、更豪华"是公司对新款帕里斯帝主要升级的产品方向。 更大体现在，新车比老款长65mm、宽5mm、轴距1195mm； 更强则主要体现在动力系统上。在新款帕里斯帝上，官方称，该系统实现了同级别领先的输出功率，最大扭矩达到460Nm。"目前同级别SUV中， 包括丰田、福特等品牌，都还没有推出2.5T发动机。而我们不仅搭载了2.5T涡轮增压发动机，还结合了混动技术，无论在最大马力还是扭矩输出 上都显著优于竞品，性能相比上一代提升了30%。"现代汽车中国区销售品牌副总裁印庸壹告诉21世纪经济报道。 而更豪华则主要体现在内饰等大全面升级上。比如第一排配备双侧零重力座椅并带有腿托；第二排座椅在舒适之外，在功能上 ...

（原标题：零跑汽车完成26亿元内资股增发，引入多家地方国资战略投资??） 本次增发引入了四家具有地方国资背景的战略投资者，包括武义县金投产发控股集团有限公司、金华市 产业基金有限公司、湖州信创股权投资合伙企业（有限合伙）以及杭州禾合零跑股权投资合伙企业（有 限合伙）。募集资金中约75%将用于研发新电动车型及升级现有车型，25%将用于补充营运资金及一般 公司用途，以提升车型的综合性能、续航里程及智能化水平，并加快新车型推出。 9月3日讯，浙江零跑科技股份有限公司（零跑汽车，9863.HK）于近日顺利完成内资股定向发行，募集 资金总额合计26亿元人民币，中信证券担任本次发行的主办券商。 ...

Core Viewpoint - GAC Group has reported significant financial losses in the first half of 2025, with a notable decline in both revenue and net profit, primarily due to falling sales across its main brands and poor strategic decisions [1][2][4]. Financial Performance - In the first half of 2025, GAC Group achieved revenue of 42.61 billion yuan, a year-on-year decrease of 7.9%, and a net profit of -2.54 billion yuan, representing a decline of 267.4% [1]. - The second quarter revenue was 22.73 billion yuan, also down 7.9% year-on-year, with a net profit of -1.87 billion yuan, worsening from a profit of 300 million yuan in the same quarter of 2024 [1][3]. Sales Performance - GAC Group's total sales for the first half of 2025 reached 755,000 units, a year-on-year decline of 12.5%. Notably, GAC Honda, GAC Trumpchi, and GAC Aion saw sales drop by 25.6%, 22.6%, and 14.0% respectively [2]. - GAC Toyota was the only brand to show a slight increase in sales, up 2.6% [2]. Profitability Issues - The gross profit margin for GAC Group fell to -3.4% in the second quarter, a decrease of 10 percentage points year-on-year, while the half-year gross margin dropped to -1.7% [3]. Research and Development - GAC Group's R&D expense ratio has remained low, between 1% and 2%, indicating that a significant portion of R&D investments is not accounted for in current expenses [4][5]. - Despite high R&D spending historically, the company has faced multiple strategic missteps, particularly in the electric vehicle sector, leading to a delayed transition to electrification and smart technology [5]. Strategic Decisions - GAC Group's previous decision to terminate its partnership with Huawei has been criticized, especially as competitors who maintained such collaborations have seen success [6]. - The company has recently announced a renewed partnership with Huawei to establish a new automotive brand, but market skepticism remains regarding the potential success of this initiative [6]. Leadership Changes - The recent leadership change, with Feng Xingya taking over from Zeng Qinghong, raises questions about the company's ability to reverse its current downward trend [6].

Investment Rating - The report maintains a "Buy" rating for the company, upgraded from "Hold" due to significant reform achievements and positive outlook on profit growth [3][7]. Core Insights - The company's net profit attributable to shareholders decreased by 9.2% year-on-year to 6.02 billion yuan, but the net profit after deducting non-recurring items saw a substantial increase of 432.2% year-on-year to 5.43 billion yuan, driven by a recovery in vehicle sales [1][3]. - The joint venture segment has cleared risks, with notable profit recovery from SAIC-GM-Wuling, which reported a 492.4% increase in net profit to 580 million yuan [2][3]. - The company's self-owned brand sales increased by 21.1% year-on-year, accounting for 63.5% of total sales, indicating successful reforms and management integration [3]. Summary by Sections Financial Performance - In 1H25, the company's operating revenue increased by 6.2% year-on-year to 294.34 billion yuan, with a gross margin of 8.3%, up 0.4 percentage points [1]. - The second quarter of 2025 saw a 13.4% year-on-year increase in operating revenue to 156.66 billion yuan, with a gross margin of 8.5% [1]. Joint Venture Performance - SAIC-Volkswagen's sales decreased by 3.9% year-on-year to 492,000 units, while net profit increased by 2.3% to 88 million yuan [2]. - SAIC-GM-Wuling's sales surged by 32.2% year-on-year to 753,000 units, with net profit soaring by 492.4% to 580 million yuan [2]. Self-Owned Brand Development - The self-owned brand sales reached 1.304 million units in 1H25, with a focus on cost reduction and efficiency improvements [3]. - The collaboration with Huawei on the "SAIC Shangjie" brand is expected to open new growth avenues, with the first model set to launch in September [3]. Profit Forecasts - The report revises the net profit forecasts for 2025, 2026, and 2027 upwards by 57%, 11%, and 2% respectively, reflecting confidence in brand and technology advantages [3][5].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进入9月，各家上市乘用车企2025年中报陆续披露完毕。尽管行业整体业绩保持增长，但部分车企也出现掉队，其中广汽集团收利双降，降幅均位列进入统 计的13家车企之首。 | | | 2025H1上市乘用车企营收、净利及同比增速 | | | | --- | --- | --- | --- | --- | | 上市车企 | 营业总收入(亿元) | 営收増速 | 归母浄利润（亿元） | 净利润增速 | | 比亚迪 | 3,712.8 | 23.3% | 155.1 | 13.8% | | 上汽集团 | 2,971.5 | 5.2% | 60.2 | -9.2% | | 吉利汽车 | 1,502.8 | 26.5% | 92.9 | -13.9% | | 长城汽车 | 923.3 | 1.0% | 63.4 | -10.2% | | 长安汽车 | 710.2 | -5.3% | 22.9 | -19.1% | | 塞力斯 | 607.3 | -4.1% | 29.4 | 81.0% | | 理想汽车 | 561.7 | -2.0% | 17.4 | ...

（编辑 任世碧） 证券日报网讯 9月3日晚间，曙光股份发布公告称，截至本公告披露日，公司及下属子公司对其他下属 子公司实际使用的担保额度（含为下属子公司提供的反担保）为60，197.66万元，占公司最近一期经审 计净资产的44.88%，尚未偿还的担保债务余额为49，209.56万元，占公司最近一期经审计净资产的 36.69%；公司不存在对控股股东和实际控制人及其关联人提供的担保。无逾期对外担保情况。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The company continues to experience high growth in profitability, with a significant increase in net profit by 81.03% year-on-year for the first half of 2025, despite a 4.06% decrease in total revenue due to declining automobile sales and product mix [1][2] - The company's high-end product series, particularly the "Wenjie" models, have solidified its position in the premium market, with over 14.7 million units delivered in the first half of 2025 and an average selling price exceeding 400,000 yuan [1][2] Financial Performance Summary - For the first half of 2025, total revenue was 624.02 billion yuan, with a net profit of 29.41 billion yuan [1] - In Q2 2025, total revenue reached 432.55 billion yuan, marking a 12.4% year-on-year increase, while net profit grew by 56.09% to 21.93 billion yuan [1] - The company sold a total of 198,600 vehicles in the first half of 2025, including 172,100 new energy vehicles [1] Research and Development - The company has significantly increased its R&D investment by 154.9% year-on-year, resulting in a total of 6,826 authorized patents, a 19.8% increase [2] - The implementation of digital twin technology in the company's super factory has enhanced operational efficiency, covering 90% of business processes [2] Revenue and Profit Forecast - The company is projected to achieve revenues of 1925.3 billion yuan, 2211.4 billion yuan, and 2595 billion yuan for the years 2025, 2026, and 2027, respectively [2] - Expected net profits for the same years are 97.7 billion yuan, 129.7 billion yuan, and 155.5 billion yuan [2] Key Financial Metrics - The company is expected to have an EPS of 5.98, 7.94, and 9.52 for the years 2025, 2026, and 2027, respectively [4] - The projected P/E ratios for the same years are 24.6, 18.5, and 15.4 [4]

证券代码：600066 证券简称：宇通客车 编号：临 2025-048 宇通客车股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ?每股分配比例 A 股每股现金红利0.5元（含税） ?相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/9/10 － 2025/9/11 2025/9/11 ?差异化分红送转：否 一、通过分配方案的股东会届次和日期 了授权董事会制定 2025 年中期分红方案；2025 年 8 月 23 日， 公司召开第十一届董事会第十二次会议审议通过了本次利润分 配方案。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登 记结算有限责任公司上海分公司（以下简称"中国结算上海分公 司" ）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本2,213,939,223股 为基数，每股派发现金红利0.5元（含税），共计派发现金红利 三、相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/ ...

公司基本情况 全称：河北科力汽车装备股份有限公司 简称：科力装备 代码：301552.SZ IPO申报日期：2022年5月26日 上市日期：2024年7月22日 上市板块：深证创业板 所属行业：汽车制造业 IPO保荐机构：长江证券承销保荐 保荐代表人：尹付利，孔令瑞 IPO承销商：长江证券承销保荐 IPO律师：北京市康达律师事务所 IPO审计机构：中审众环会计师事务所（特殊普通合伙） 执业评价情况 信披情况： 被要求说明发行人是否符合创业板定位；被要求说明发行人核心技术达到国内领先水平的依据是否充分；被要求在招股说明书"业务与技术"章节补充披露相关内容；被要求说明发行人是否存在其 监管处罚情况：不扣分 舆论监督：不扣分 上市周期：扣分 2024年度已上市A股企业从申报到上市的平均天数为629.45天，科力装备的上市周期是788天，高于整体均值。 是否多次申报：不属于，不扣分。 发行费用及发行费用率 科力装备的承销及保荐费用为3717.92万元，承销保荐佣金率7.29%，低于整体平均数7.71% 。 上市首日表现 上市首日股价较发行价格上涨130.67 %。 上市三个月表现 上市三个月股价较发行价格上涨82.0 ...