登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600178 证券简称：东安动力 编号：临2025-071 哈尔滨东安汽车动力股份有限公司 关于2025年三季度业绩说明会 召开情况的公告 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。 哈尔滨东安汽车动力股份有限公司（以下简称"公司"）于2025年11月25日（星期二）在上海证券交易所 上证路演中心（http://roadshow.sseinfo.com/）召开了2025年三季度业绩说明会，现将业绩说明会召开情 况公告如下： 一、2025年三季度业绩说明会召开基本情况 1.会议召开时间：2025年11月25日下午15:00-16:00 2.会议召开地点：上证路演中心 3.会议召开方式：上证路演中心网络互动 4.会议出席情况：公司董事长陈笠宝先生、总会计师王向坤先生、董事会秘书王江华先生、独立董事韩 东平女士出席了业绩说明会，与投资者进行了互动交流和沟通，就投资者关注的问题进行了回复。 董事会秘书王江华答：投资者您好，中国兵器装备集团有限公司实施分立，公司间接控股股东 ...

东安动力（600178）11月25日召开2025年第三季度业绩说明会，公司管理层主要成员与投资者进行交 流。 东安动力拥有自然吸气、增压直喷和新能源增程动力三大发动机产品平台以及手动变速器、自动变速器 和DHT三大变速器产品平台，致力于为高端乘用车、轻型和中型商用车、新能源汽车等提供发动机、 变速器及动力总成一体化解决方案。 该公司制定的2025年经营目标为整机销售60万台，实现营业收入52亿元。 公司此前介绍，目前新能源产品中，增程器主要匹配东风岚图、江淮汽车（600418）等，DHT产品主 要配套郑州日产，正在逐渐上量。公司未来市场主要包括三个方面，即传统市场、出口市场及增程和混 动市场，目标规模各占整体业务三分之一。公司持续加大产品创新及市场开拓力度，正在合作研发转子 发动机。公司2026年挑战整机销量100万台，2027年挑战收入100亿元。 2025年前三季度，公司实现营业收入37.66亿元，归属于上市公司股东的净利润-328.45万元。 东安动力介绍，2025年1月至9月，公司进一步加强市场开拓力度，新市场立项达65项，其中新能源市场 项目16项，同比增长130%，传统市场项目35项，特品市场项目 ...

Core Viewpoint - The article discusses the rapid progress of Seres in its Hong Kong IPO process, highlighting its potential to become the first "A+H" listed new energy vehicle company, driven primarily by its AITO brand, which has become a significant revenue contributor [4][5][8]. Group 1: IPO and Market Position - Seres has accelerated its Hong Kong listing process, with the board approving the global offering shortly after passing the Hong Kong Stock Exchange hearing [4]. - If successful, Seres is expected to surpass Chery Automobile, which currently holds a market capitalization of HKD 176.2 billion, making it the largest car IPO in Hong Kong this year [5]. - As of October 17, 2023, Seres has a market capitalization exceeding RMB 250 billion in the A-share market [5]. Group 2: AITO Brand Performance - The AITO brand has become the main performance driver for Seres, with sales projected to grow from 78,000 units in 2022 to 389,000 units by 2024 [8]. - In the first half of 2023, AITO's sales reached 152,000 units, solidifying its market presence [8]. - AITO has successfully covered the SUV market from RMB 200,000 to RMB 600,000, with four models launched: M5, M7, M8, and M9 [9]. Group 3: Revenue Structure - AITO's revenue contribution is expected to rise dramatically, with projections indicating it will account for over 90% of Seres' total revenue by 2024, up from 60% in 2022 [10][12]. - Other brands under Seres are being strategically reduced, with the Blue Electric brand showing weak sales of only 11,000 units in the first half of 2023 [11]. Group 4: Strategic Partnerships and Risks - Seres has a deep partnership with Huawei, which has significantly influenced its product development and market positioning [16][17]. - The company's reliance on Huawei is substantial, with procurement payments to Huawei expected to reach RMB 42 billion in 2024, constituting about 30% of total revenue [21][22]. - This dependency poses risks, as any disruption in the relationship could adversely affect Seres' business and financial performance [18][22]. Group 5: Future Growth and Diversification - Seres is diversifying its business model beyond vehicle sales, including a recent acquisition of Longsheng New Energy for RMB 8.164 billion to enhance its production capabilities [25]. - The company is also expanding its charging network, with over 12,000 charging stations established nationwide, contributing to a second growth curve [25]. - A partnership with ByteDance's Volcano Engine aims to integrate AI technologies into its offerings, enhancing its market differentiation [26]. Group 6: Valuation and Market Outlook - Analysts suggest that Seres' valuation could reach a PE ratio of 31 times by 2025, significantly higher than traditional automotive parts companies [26]. - The company's ability to maintain its sales momentum for the AITO brand will be crucial for its overall valuation and growth prospects [27].

Core Viewpoint - The company, Seres, is accelerating its Hong Kong IPO process, aiming to become the first "A+H" listed new energy vehicle company, with a significant portion of the raised funds allocated for R&D to enhance its technological capabilities and reduce external dependencies [1][2]. Group 1: IPO and Funding Allocation - Seres has received approval for its Hong Kong IPO and plans to use 70% of the net proceeds for research and development, signaling a focus on strengthening its core technologies [2]. - The company aims to support and exceed its current market valuation of over 260 billion RMB by presenting a compelling narrative to investors, focusing on its existing market presence and future growth potential through new business ventures [2]. Group 2: Sales and Revenue Structure - The Aito brand, which contributes 90% of Seres' revenue, is projected to see sales increase from 78,000 units in 2022 to 389,000 units by 2024, solidifying its role as the main growth driver for the company [3][6]. - In 2022, Aito's revenue accounted for 60% of total revenue, expected to rise to over 90% by 2024, indicating a deep reliance on the Aito brand for financial performance [6][9]. Group 3: Strategic Focus and Market Position - Seres is strategically narrowing its focus on the Aito brand while reducing resources allocated to other brands, such as the Blue Electric brand, which has seen minimal sales [7][9]. - The company has established a robust distribution network for Aito, with over 310 user centers and 670 experience centers across more than 210 cities in China, enhancing sales capabilities [9]. Group 4: Dependency on Huawei - Seres has a significant dependency on Huawei, with approximately 30% of its revenue directed towards Huawei for various components and services, raising concerns about potential risks associated with this reliance [11][16]. - The partnership with Huawei has been crucial for Seres' transformation into a competitive player in the high-end new energy vehicle market, but it also poses risks if the relationship were to deteriorate [12][16]. Group 5: Future Growth and Diversification - Seres is expanding its business narrative beyond vehicle manufacturing by investing in the new energy supply chain and diversifying into intelligent robotics through partnerships with companies like ByteDance [19][21]. - The acquisition of Longsheng New Energy for approximately 8.164 billion RMB is expected to enhance operational efficiency by eliminating rental costs for production facilities [20]. Group 6: Valuation and Market Perception - Analysts project a 31x PE ratio for Seres in 2025, significantly higher than the traditional automotive parts sector, reflecting the market's expectation for growth driven by innovative business models [22]. - The company's ability to maintain stable vehicle sales while exploring new growth avenues will be critical for its valuation transition [22].

Core Viewpoint - The company, Seres, is accelerating its Hong Kong IPO process, aiming to become the first "A+H" listed new energy vehicle company, with 70% of the raised funds allocated for R&D to enhance its technological capabilities and reduce external dependencies [1] Group 1: Business Strategy and Market Position - The Wanjie brand has become the main performance driver for Seres, with annual sales projected to rise from 78,000 units in 2022 to 389,000 units by 2024, contributing over 90% of total revenue by 2025 [2] - Seres is adopting a "big single product" strategy, significantly reducing resources allocated to other brands like Blue Electric, which sold only 11,000 units in the first half of 2023 [2] - The company has established a dense terminal network for Wanjie, with approximately 310 AITO user centers and 670 experience centers across over 210 cities in China by the end of 2024 [3] Group 2: Financial Performance and Revenue Structure - Seres' overseas revenue has been declining, with figures of RMB 3.922 billion in 2022 and dropping to RMB 1.422 billion in the first half of 2025, leading to a decrease in overseas revenue contribution from 11.5% in 2022 to 2.9% in 2024 [4] - The company has a high dependency on its largest supplier, identified as Huawei, with procurement amounts increasing from RMB 5.8 billion in 2022 to RMB 42 billion in 2024, representing nearly 30% of total revenue [7][8] Group 3: Strategic Partnerships and Risks - The partnership with Huawei has been crucial for Seres' transformation into a high-end new energy vehicle player, with Huawei's involvement in product design, technology development, and marketing [6] - The increasing reliance on Huawei poses risks, as any disruption in their business relationship could significantly impact Seres' operations and financial performance [7] - Seres has taken steps to deepen its ties with Huawei, including acquiring a 10% stake in a Huawei subsidiary and purchasing trademark rights related to the Wanjie brand [9][10] Group 4: Future Growth and Innovation - Seres is diversifying its business model by expanding into the new energy industry chain and enhancing its charging network, with over 12,000 charging stations established nationwide [10] - The company is also exploring opportunities in "new energy vehicles + embodied intelligence" through a partnership with ByteDance's Volcano Engine, aiming to leverage AI technology for industrial applications [11] - The ability to maintain a stable core business while opening new growth avenues will be critical for Seres' valuation transition [12]

Core Viewpoint - The company is set to begin mass production of a high-efficiency range extender engine for Xiaopeng Huotian flying cars, which is the only vehicle globally capable of providing mobile supercharging for "aircraft" [1] Group 1: Company Developments - The company has been designated as the fixed-point unit for the range extender of the Xiaopeng Huotian flying car project, indicating a strategic partnership [1] - The project is expected to meet mass production conditions by next year, although the specific timeline is subject to Xiaopeng Huotian's schedule and carries some uncertainty [1] Group 2: Market Orders - In November 2024, Xiaopeng Huotian is anticipated to receive its largest annual order of 2008 land carriers, which may significantly impact the company's performance [1] - The company is expected to provide insights into the order's contribution to its annual performance in the sales report for August 2025 [1]

Core Viewpoint - Dong'an Power is focusing on the development of range extenders in the new energy sector, with increasing production and sales expected in the fourth quarter, primarily serving clients like Dongfeng Lantu and Jianghuai Automobile [2] Product Development and Market Expansion - The company has diversified its product offerings across five dimensions: light commercial vehicles, medium and heavy trucks, passenger cars, new energy vehicles, and specialty markets, achieving comprehensive coverage in various fields including air, ground, water, and underwater [2] - The operational goal for 2024 is to achieve total machine sales of 600,000 units, with a target of 1 million units by 2026 and revenue of 10 billion yuan by 2027 [2] Production Capacity and Utilization - Current production capacity stands at 300,000 units for the main plant and 440,000 units for the subsidiary Dong'an Qifa, with both capacities based on a dual-shift, 250 working days standard [2] - The main plant's capacity utilization is relatively high, while some engine production at the subsidiary requires improvement in utilization rates [2] Financial Performance and Profitability - The overall gross margin for engines is low and has been declining year-on-year due to intense industry competition, underutilization of capacity, and poor profitability in commercial vehicles [2] - There is no significant difference in the engines for commercial and passenger vehicles, and the decline in gross margin is also attributed to increased depreciation following production line construction and adjustments in expenses under new accounting standards [2]

Core Viewpoint - Dong'an Power aims to enhance its market position and profitability through strategic product development and market expansion, targeting significant sales and revenue growth by 2025 and beyond [1][2][3] Group 1: Financial Performance - In the first half of 2025, Dong'an Power achieved revenue of 2.479 billion yuan and a net profit of 3.9212 million yuan, marking a turnaround from losses [1] - For the period from January to July, the company sold 258,100 engines, a year-on-year increase of 23.88%, and 97,600 transmissions, a significant increase of 119% [2] - The company set a sales target of 600,000 complete vehicles and revenue of 5.2 billion yuan for 2025, with expectations to reach 1 million vehicle sales by 2026 and 10 billion yuan in revenue by 2027 [2] Group 2: Product Development and Market Strategy - Dong'an Power has three major engine platforms and three transmission platforms, allowing it to cater to various markets, including light and medium commercial vehicles, new energy vehicles, and clean energy applications [1] - The company has developed 60 new market projects, including 14 in the new energy sector, with a planned lifecycle sales volume of 3 million units [1] - The company is focusing on improving product profitability by expanding market reach and reducing costs, as its overall gross margin has been declining due to competitive pressures [2] Group 3: Corporate Governance and Shareholder Returns - Following the restructuring in July 2025, Dong'an Power's indirect controlling shareholder became China Changan Automobile, aiming to enhance corporate governance and optimize the shareholding structure [3] - The company has consistently paid cash dividends for four consecutive years, with a dividend payout ratio of 62.42% of net profit for the 2024 fiscal year, indicating a commitment to returning value to shareholders [3]

Core Viewpoint - Dong'an Power aims to expand its market presence across three main areas: traditional market, export market, and range extender and hybrid market, with each segment targeting one-third of the overall business [2] Group 1: Future Goals and Market Strategy - The company plans to achieve a total sales volume of 1 million units by 2026 and aims for revenue of 10 billion yuan by 2027 [2] - For 2025, Dong'an Power has set a target of selling 600,000 units and achieving a revenue of 5.2 billion yuan [2] Group 2: Sales Performance - From January to July, the company sold 258,100 engines, representing a year-on-year increase of 23.88%, and sold 97,600 transmissions, which is a significant year-on-year increase of 119% [2] - In the first half of the year, Dong'an Power reported a revenue of 2.479 billion yuan, a year-on-year growth of 25.72%, and a net profit attributable to shareholders of 3.9212 million yuan, recovering from a loss of 6.7898 million yuan in the same period last year [2] Group 3: Product Development - The company is currently collaborating on the development of rotary engines and is undergoing a technical transformation of its range extender production line, expected to be completed by the end of Q1 next year to meet the growing demand for range extenders [2]

Core Viewpoint - Dong'an Power has shown significant growth in revenue and profitability in the first half of 2025, driven by increased orders for AT transmissions and successful asset transitions following relocation [1][2]. Group 1: Financial Performance - In the first half of 2025, Dong'an Power achieved operating revenue of 2.479 billion yuan, a year-on-year increase of 25.72% [1]. - The company reported a net profit of 3.9212 million yuan, reversing a loss of 6.7898 million yuan in the same period last year [1]. - Basic earnings per share stood at 0.02 yuan [1]. Group 2: Production and Market Position - Dong'an Power's total machine output reached 330,700 units, reflecting a year-on-year growth of 33.95% [2]. - The market share of the gasoline engine sector increased to 2.39%, up by 0.38 percentage points year-on-year [2]. - The company has a current production capacity of 300,000 units at its headquarters and 440,000 units at its subsidiary, with the headquarters operating at a high capacity utilization rate [2]. Group 3: Strategic Goals and Innovations - The company aims to sell 600,000 units and achieve operating revenue of 5.2 billion yuan by 2025 [2]. - Dong'an Power is undergoing technical upgrades to its range extender production line, expected to be completed by the end of Q1 next year to meet growing demand [3]. - Future market focus includes traditional markets, export markets, and range extender and hybrid markets, each targeting one-third of overall business [3].