赛力斯表示，本次交易有利于公司进一步提高整体经营决策效率，提升子公司之间的协同效应，实现公司经营效益最大化，为股东创造更多的价 值。本次交易有助于公司增强在新能源汽车领域的研发实力，提升综合优势，实现公司总体经营目标。 （校对/黄仁贵） 资料显示，金康动力成立于2018年1月5日，注册资本为10.3亿元，是一家集研、产、供、销于一体的新能源汽车动力系统方案解决商，主营产品为 新能源汽车电机、电控系统。报告称，金康动力在新能源汽车核心部件领域有深厚的技术积累与研发实力，自持电机、电控核心技术，自主研发和 应用能力均处于行业领先地位。目前，金康动力电机制造车间已建成22条生产线，电控制造车间已建成6条生产线，具备年产100万台整车动力总成 的能力。此外，金康动力2024年度营业收入主要源于其旗下重庆问界汽车销售有限公司及其子公司的汽车整车、汽车零部件销售收入408.71亿元。 8月16日，赛力斯集团发布公告称，公司控股子公司赛力斯汽车通过公开摘牌方式收购其控股子公司金康动力少数股东科学城城市运营集团持有的 金康动力48.54%股权，交易价格为6.63亿元。本次交易事项完成后，赛力斯汽车持有金康动力股权由51.46 ...

Group 1 - The company held its 23rd meeting of the 5th Board of Directors on August 14, 2025, with all 12 directors present, confirming the legality and validity of the meeting procedures [2][3] - The Board approved the proposal to acquire 48.54% equity of its subsidiary, Chongqing Jinkang Power New Energy Co., Ltd., from a minority shareholder for a price of RMB 66,345 million [6][8] - The acquisition will increase the company's ownership in Jinkang Power from 51.46% to 100%, enhancing operational efficiency and synergy among subsidiaries [8][25] Group 2 - The transaction does not constitute a related party transaction or a major asset restructuring, and it does not require approval from the shareholders' meeting [7][10] - The transaction is expected to improve the company's decision-making efficiency and maximize operational benefits, contributing to shareholder value [25] - Jinkang Power specializes in the research, production, supply, and sales of new energy vehicle power systems, holding 401 domestic patents, including 128 invention patents [14]

Transaction Overview - The company is acquiring 48.54% equity of Chongqing Jinkang Power New Energy Co., Ltd. from its minority shareholder, Chongqing Science City Urban Operation Group Co., Ltd., for a total price of RMB 66,345 million [1][2] - This transaction aims to enhance operational decision-making efficiency and improve synergy among subsidiaries, maximizing overall business effectiveness [2][15] - After the transaction, the company's subsidiary, Seres Automotive, will hold 100% equity in Jinkang Power, with no changes to the consolidated financial reporting scope [1][15] Board Approval - The transaction was approved by the company's board during the 23rd meeting of the fifth board on August 14, 2025, with unanimous support (12 votes in favor, 0 against, 0 abstentions) [3][4] Payment Arrangement - The payment will be made in full, with an initial deposit of RMB 19,903.5 million, followed by the remaining amount of RMB 46,441.5 million to be paid within five working days after the contract becomes effective [12][14] Seller Information - The seller, Chongqing Science City Urban Operation Group Co., Ltd., was established on January 29, 2021, and is wholly owned by Chongqing High-tech Development and Construction Investment Group Co., Ltd. [7][9] Target Company Overview - Jinkang Power specializes in the research, production, supply, and sales of new energy vehicle power systems, holding 401 domestic patents and 74 overseas patents as of June 30, 2025 [10][11] - The company has a production capacity of 1 million complete vehicle powertrains annually, with advanced manufacturing capabilities recognized as "Chongqing Digital Workshop" [10][11] Financial Impact - The acquisition is expected to enhance the company's research and development capabilities in the new energy vehicle sector, contributing to the overall strategic goals and shareholder value [15]

Investment Rating - The report indicates a positive investment outlook for the electric vehicle export industry, highlighting growth potential and strategic opportunities in emerging markets [4]. Core Insights - The report emphasizes that in 2024, China's electric vehicle exports reached 1.284 million units, marking a year-on-year increase of 6.7%, driven by technological innovation, industry chain integration, and government support [4][17]. - Key players like BYD and NIO have made significant technological breakthroughs, enhancing their competitiveness in the global market [4]. - The report outlines a shift from "product export" to "standard export," indicating a maturation of the industry as Chinese companies expand their global footprint [5]. Summary by Sections Industry Definition - The electric vehicle export industry involves the sale of vehicles produced in China to overseas markets, encompassing complete vehicles, components, and related services [5]. - The industry is driven by global green transportation goals and domestic overcapacity, with a focus on internationalization strategies by leading manufacturers [5]. Industry Characteristics - The industry features diverse business models, including complete vehicle exports, component exports, and local production through investments and acquisitions [6][7]. - The concentration of the market is increasing due to technological and cost advantages held by leading companies [8]. Development History - The industry has evolved through several stages: initial exploration (2010-2015), formation (2016-2020), rapid growth (2021-2023), and current adjustments (2024-present) [10][11]. - The rapid growth phase saw exports surge, with 2023 witnessing a 345% increase in exports compared to 2021 [15]. Current Market Dynamics - In 2024, the export volume reached 1.284 million units, with a focus on diversifying markets beyond Europe and North America to regions like Southeast Asia and Latin America [9][44]. - The report notes that over 40% of China's electric vehicle exports are directed towards the Asian market, reflecting a strategic pivot in response to changing global policies [9]. Supply Chain Analysis - The supply chain is characterized by upstream material suppliers, midstream vehicle manufacturers, and downstream sales channels, with a focus on optimizing each segment for better market penetration [19][30]. - The report highlights the importance of local production and service networks to enhance competitiveness and reduce trade barriers [21]. Market Size and Growth Forecast - The electric vehicle export market is projected to grow significantly, with exports expected to reach 1.4 million units in 2025, reflecting a nearly 10% annual growth rate [39]. - The market size is anticipated to exceed $40 billion by 2029, driven by continued demand and technological advancements [39][43]. Competitive Landscape - The competitive landscape is increasingly concentrated, with leading companies like BYD and SAIC dominating the market, accounting for over 50% of total exports [50]. - The report identifies a tiered structure in the industry, with top-tier companies leveraging technology and brand recognition to maintain their market positions [50][53].

Core Viewpoint - The rapid development of China's new energy vehicle (NEV) components industry is driven by domestic economic growth, the fast expansion of the vehicle market, supportive national policies, and increased global sourcing efforts, with projected revenue reaching approximately 1.903 trillion yuan in 2024 [1][14]. Industry Overview - NEV components are essential units that make up various parts of new energy vehicles, playing a critical role in vehicle performance, safety, and reliability [3][12]. - The main components include the drive system, brake system, suspension system, body and interior/exterior parts, lighting system, air conditioning system, safety system, network communication system, and auxiliary systems, with the "three electric systems" (battery, motor, and electronic control) being the core [3][4]. Policy Support - The Chinese government has introduced multiple policies to support the NEV components industry, aligning with the "dual carbon" strategy to promote sustainable development [5][7]. - Key policies include the promotion of new power batteries and critical materials, as well as the establishment of standards for key components and intelligent network technologies [5][7]. Industry Chain - The NEV components industry chain consists of upstream raw material supply, midstream production, and downstream manufacturers, including vehicle manufacturers and repair shops [8]. Cost Structure - The cost structure of NEV components shows significant characteristics of electrification and intelligence, with the battery system accounting for 30% to 45% of the total vehicle cost [10][12]. - The electric drive system constitutes about 10% to 15% of the total cost, while the body and chassis account for 15% to 25% [10]. Market Growth - The production of NEVs in China has grown from 340,500 units in 2015 to an estimated 12.888 million units in 2024, with a compound annual growth rate (CAGR) of 49.74% [12]. - In the first quarter of 2025, NEV production and sales reached 3.182 million and 3.075 million units, respectively, marking year-on-year growth of 50.4% and 47.1% [12]. Key Enterprises - Major players in the NEV components industry include CATL, BYD, and others, with CATL projected to generate 253 billion yuan in revenue from battery systems in 2024 [23]. - BYD is also a significant player, with projected revenue of 617.4 billion yuan from its automotive and related products in 2024 [25]. Development Trends - The industry is experiencing a shift towards high-tech areas, with advancements in solid-state batteries and intelligent driving technologies [27][28]. - Regional industrial clusters are reshaping the components industry landscape, enhancing supply chain resilience and reducing logistics costs [28][29].

Group 1: Business Performance Overview - The material handling segment's revenue increased by approximately 56.1% in 2024 due to a rise in orders influenced by global supply chain adjustments [2][3] - The new energy equipment segment's revenue grew by about 35.4% in 2024, driven by significant fixed asset investments [4] - The metallurgy equipment segment's revenue saw a 10.7% increase in 2024, despite a slowdown in the steel industry [5] Group 2: Profitability Insights - The material handling segment's gross margin decreased by 5.3 percentage points in 2024, but the company aims to enhance profitability through smart product technologies [3] - The new energy equipment segment's gross margin fell by 4.3 percentage points in 2024 due to intense competition [4] - The metallurgy equipment segment's gross margin improved by 0.53 percentage points in 2024, supported by strong product competitiveness [5][6] Group 3: Order and Demand Trends - In Q1 2025, the company received new orders worth 5.14 billion yuan, marking an 11.02% year-on-year increase [6][7] - The material handling segment's new orders in Q1 2025 decreased by 22% year-on-year, while the new energy equipment segment saw a 17.4% increase [7] - The metallurgy equipment segment's new orders fell by 6.8% in Q1 2025 due to weak market demand [7][8] Group 4: Future Outlook - The company plans to increase casting production by over 20% in 2025, with a focus on market demand [8] - The wind power gearbox product shipments are expected to rise significantly in 2025, driven by policy support and market demand [8] - The engineering contracting segment's revenue is projected to improve through international market expansion, particularly in Southeast Asia and along the Belt and Road [6][8] Group 5: Cost Reduction and Efficiency Measures - The company is focusing on expanding operational scale and enhancing customer management to improve value creation [10][11] - Efforts are being made to implement lean management practices and integrate supply chain operations to reduce costs [11][12] - The company aims to achieve significant breakthroughs in core technologies and increase patent applications [11][12] Group 6: Corporate Governance and Reforms - The company is actively pursuing state-owned enterprise reforms and enhancing quality management initiatives [12][13] - A new lean operational management model has been established, leading to improved production efficiency [13][14] - Organizational restructuring is underway to optimize governance and align with market-oriented reforms [14]