在问界与蓝电之间，赛力斯（601127）坚定地选择了前者。 2月8日，赛力斯集团股份有限公司（下称"赛力斯"）发布公告，宣布与重庆市沙坪坝区人民政府签署 《合作协议》，计划剥离蓝电汽车相关存量资产，通过出资设立标的公司，引入沙坪坝区政府相关方、 其他投资人和经营团队现金增资。 增资完成后，赛力斯仅持有标的公司32%股权，转为参股股东并丧失控制权，蓝电汽车相关资产不再纳 入赛力斯合并报表范围，此次资产剥离标志着赛力斯启动战略聚焦。 根据公告披露，标的公司股权结构将呈现多元化布局，沙坪坝区政府相关方持股33.5%，成为第一大股 东；赛力斯及指定主体持股32%；其他投资人持股18.5%；员工持股平台持股16%。 赛力斯也在公告中称，本次合作剥离存量资产旨在优化公司资产结构。值得注意的是，这次合作仍存在 较大不确定性，包括投资人的最终出资金额、公司出资资产等。 作为赛力斯与华为深度合作的核心品牌，问界自推出后持续实现"量价双升"，成为赛力斯发展的核心引 擎，而蓝电品牌市场表现疲软，两者形成鲜明反差。 销量数据显示，问界品牌2025年全年累计交付量突破42万辆，单车成交均价达38.6万元，12月单月交付 超5.7万辆， ...

Core Viewpoint - The separation of Blue Electric Vehicles from Seres Group marks a strategic shift towards focusing on the high-end market, particularly the AITO brand, while the new entity will be managed by local government and private investors [3][4][7]. Group 1: Company Overview - Blue Electric Vehicles was established in March 2023 as a new brand under Seres Group, with its first model, the Blue Electric E5, launched in the same month, targeting the mainstream new energy vehicle market priced between 100,000 to 150,000 yuan [2][6]. - The market performance of the Blue Electric E5 has been underwhelming, with monthly sales remaining around 1,000 units for the first 11 months of 2025, and a slight increase to over 2,600 units in December [2][6]. Group 2: Strategic Decisions - Seres Group has officially relinquished control over Blue Electric Vehicles to concentrate resources on the AITO brand, which aims to achieve a second delivery target of 1 million vehicles within two years and has begun expanding into overseas markets [3][7]. - The divestiture of the low-volume and profit-challenged Blue Electric business is seen as a move to optimize Seres' financial structure and avoid the negative impact of low-end market competition on overall profit margins [3][7]. Group 3: Ownership Structure Post-Divestiture - Following the separation, the local government will lead the operation of the newly formed Blue Electric company, with employee stock ownership accounting for approximately 16%, and Seres will hold about 32% as a minority shareholder without control [4][8].

根据协议，赛力斯将以蓝电汽车相关存量资产剥离出资设立标的公司（名称待定）。沙坪坝区政府将组建或引入有限合伙企业（或基金），与其他投资人及 经营团队以现金对标的公司进行增资。各方出资后，沙坪坝区政府相关方持股约33.5%，赛力斯及其指定主体持股约32%，其他投资人持股约18.5%，标的公 司搭建员工持股平台持股约16%。 问界销售车型价格较高，为赛力斯财报增色不少。根据财报，赛力斯2025年前三季度实现营业收入1105.34亿元，归属于上市公司股东的净利润53.12亿元， 同比增长31.56%。随着蓝电剥离及"出表"，蓝电将不再拖累赛力斯财务表现，后者财务数据有望进一步改善。 接下来，蓝电将交由沙坪坝区政府主导发展。对于未来蓝电品牌的发展规划，上述赛力斯投资者热线工作人员表示，目前没有相关的信息可以披露，后续可 以参照其定期报告及相关公告。 2月9日，赛力斯集团股份有限公司（下称"赛力斯"，601127.SH）发布公告称，已于2026年2月8日与重庆市沙坪坝区人民政府（下称"沙坪坝区政府"）签署 《合作协议》，拟通过剥离蓝电汽车相关存量资产出资设立标的公司，并引入多方投资。 这意味着，随着新标的公司成立，赛力斯 ...

Group 1 - The core point of the article is that Seres (601127.SH) has signed a cooperation agreement with the Shapingba District Government of Chongqing to establish a new company by divesting its existing assets related to Blue Electric Vehicles [2] - The cooperation agreement indicates that after the investment, the Shapingba District Government will hold approximately 33.5% of the new company, other investors will hold about 18.5%, and Seres and its designated entities will hold around 32% [2] - The new company will have an employee stock ownership plan, accounting for about 16% of the shares, and Seres will not have control over the new company post-divestment, only holding a minority stake [2] Group 2 - Blue Electric Vehicles, a brand under Seres Group, was officially launched in March 2023, with its first model, the Blue E5, introduced to the market [3][4] - The current models available from Blue Electric Vehicles include the Blue E5, Blue E5 PLUS, and Blue E3, targeting the mainstream new energy vehicle market priced between 100,000 to 150,000 yuan [4] - Despite being a new entrant in the competitive new energy vehicle market, Blue Electric Vehicles has not performed outstandingly, with monthly sales of the Blue E5 averaging over 1,000 units, and December sales exceeding 2,600 units [4] Group 3 - Seres has not separately listed the financial status of Blue Electric Vehicles in its financial reports, but removing Blue Electric's financial data from the consolidated reports could optimize Seres' overall financial structure [5] - The cooperation with the Shapingba District Government follows a previous joint venture established in September 2025, named "Chongqing Blue Electric Vehicle Technology Co., Ltd." [5]

Core Viewpoint - The company, Seres, plans to divest its Blue Electric vehicle assets to optimize its asset structure and focus on its more profitable AITO brand, while ensuring that the divestment does not affect its robotics business [1][7]. Group 1: Agreement Details - On February 8, Seres signed a cooperation agreement with the Chongqing Shapingba District Government to divest Blue Electric's existing assets [2][4]. - The agreement is an intention-based contract, and specific agreements will be signed based on project progress [4]. - The divestment will involve the establishment of a new company funded by the divested assets, with the Shapingba District Government and other investors contributing capital [5]. Group 2: Ownership Structure - After the divestment, the new company will have approximately 33.5% ownership held by the Shapingba District Government's SPV, 18.5% by other investors, and 32% by Seres and designated entities, with 16% allocated for employee stock ownership [5][6]. - Seres will only appoint one member to the new company's five-member board, indicating a loss of controlling interest in Blue Electric [6]. Group 3: Market Reaction and Performance - Following the announcement, Seres' A-shares closed at 110.98 yuan per share, with a total market capitalization of 193.33 billion yuan, reflecting a 1.74% increase [1]. - The Hong Kong shares also saw a rise, closing at 99.4 HKD per share, with a market capitalization of 173.15 billion HKD, up by 2.68% [1]. Group 4: Strategic Focus - The divestment is part of Seres' strategy to focus on the AITO brand, which has shown strong performance, contrasting with the lower market recognition and sales of Blue Electric vehicles [6][7]. - Blue Electric has not received significant promotional investment from Seres, and its market presence has diminished compared to the AITO brand, which achieved significant sales milestones [6][7]. Group 5: Robotics Business - The divestment of Blue Electric assets will not include the robotics business, which remains a key area of focus for Seres [8][9].

Core Viewpoint - The company, Seres Group, has signed a cooperation agreement with the Shapingba District People's Government of Chongqing to strategically restructure its Blue Electric Vehicle assets through asset divestiture and capital increase, aiming for business focus and resource integration [1][3]. Group 1: Strategic Restructuring - Seres will contribute its existing Blue Electric Vehicle assets to establish a new company, with the Shapingba District Government leading the formation of a limited partnership or industry fund to attract external investors for capital increase [3]. - After the capital increase, the shareholding structure will change, with the Shapingba District Government holding approximately 33.5% and Seres and its designated entities holding about 32% [3]. - An employee stock ownership plan will be established, expected to hold around 16% of the new company's shares, with the remaining shares held by other investors [3]. Group 2: Market Performance and Sales - As of the end of 2025, Seres is projected to achieve cumulative sales of over 472,000 new energy vehicles, reflecting a growth of approximately 10% year-on-year, with December sales exceeding 60,000 units [3]. - The Blue Electric brand, launched in 2023, has seen relatively low sales, with the Blue E5 model fluctuating around the thousand-unit mark, failing to achieve significant scale compared to mainstream competitors [5]. - The company's stock performance has been volatile, with the H-shares debuting below the issue price and experiencing initial declines, indicating market caution regarding the company's growth potential and valuation [6]. Group 3: Implications of the Restructuring - The asset divestiture and introduction of local government and external capital are expected to help Seres shed non-core assets, reduce operational burdens, and enhance financial flexibility and resource allocation efficiency [6]. - The collaboration is viewed as a significant step for the local government to strengthen the regional new energy vehicle industry and improve the automotive industry cluster [6]. - The cooperation aims to leverage resources and industrial synergies to promote the sustainable development of the new company, with the specific financial impact to be determined after the completion of contributions and audits [6].

2月8日晚间，赛力斯（601127.SH）发布《关于签署合作协议的公告》，公告称，赛力斯于2026年2月8 日与重庆市沙坪坝区人民政府签署《合作协议》。 蓝电汽车业务"出表"。 第一财经记者发现，赛力斯并未在财报中提及"蓝电"作为独立产品线或独立业务板块的详细经营数据， 也未单独披露其营业收入、净利润或销量等财务指标，仅作为赛力斯下属子公司列示于企业集团构成表 中。 分析人士指出，作为年销量在2万至3万辆区间的新创品牌，蓝电汽车的财务数据若能"出表"（即不再并 入赛力斯上市公司主体的合并报表），或有助于提升赛力斯上市公司报表的利润率水平和盈利表现。 赛力斯也在公告中称，本次合作剥离存量资产旨在优化公司资产结构。值得注意的是，这次合作仍存在 较大不确定性，包括投资人的最终出资金额、公司出资资产和估值、对赛力斯经营业绩的影响等。 事实上，赛力斯与沙坪坝区政府的深度合作也早有端倪。2025年9月，赛力斯和重庆市沙坪坝区国资委 已经合资注册成立了重庆蓝电汽车科技有限公司，赛力斯持股比例为35%，重庆市沙坪坝区国资委控股 的两家企业合计持股65%。 这家合资公司100%持股重庆凤凰技术有限公司，后者业务范围涵盖人工智能 ...

Core Viewpoint - The partnership between Seres and Huawei has been crucial for Seres' survival, but it has come at the cost of losing its identity and independence in the automotive market [1][34]. Group 1: Financial Performance - Since its listing in Hong Kong, Seres has seen its stock price decline for three consecutive months, dropping 60% from its peak [2][35]. - Despite the stock decline, Seres' vehicle sales have reached historical highs for three consecutive months [3][36]. - Seres' revenue for 2024 is projected to reach 145.2 billion, a 305% increase year-on-year, with a 3.7% increase in the first three quarters of the current year [4][22][54]. Group 2: Relationship with Huawei - Seres has paid 75 billion to Huawei for procurement from 2022 to 2024, indicating a heavy reliance on Huawei for its operations [4][51]. - The collaboration with Huawei has led to Seres being perceived as a "contract manufacturer," with Huawei controlling key aspects of design, quality, and sales channels [14][48]. - Seres' financial struggles include a cumulative loss of 15.26 billion from 2018 to 2024, highlighting the cost of its dependence on Huawei [12][48]. Group 3: Market Position and Competition - The introduction of new competitors like SAIC, GAC, and BAIC has intensified competition for Seres, which previously enjoyed exclusive access to Huawei's resources [4][34]. - The success of the AITO brand has not translated into broader brand recognition for Seres, which remains overshadowed by Huawei's branding [14][62]. - Seres' attempts to develop its own brand, such as the Blue Electric series, have not gained market traction, indicating a lack of independent success [57][61]. Group 4: Future Challenges - As Huawei expands its automotive partnerships, Seres risks losing its unique position and may face challenges in maintaining its market share [30][65]. - The strategic importance of the AITO brand is diminishing as Huawei diversifies its partnerships, which could further complicate Seres' future [32][65]. - Seres' reliance on Huawei may limit its growth potential, as it has not successfully developed other brands to support its business [27][34].

Company Overview - Chongqing Blue Electric Automotive Technology Co., Ltd. was established on September 17, 2025, with a registered capital of 500 million yuan [2][3]. - The company is located in Shapingba District, Chongqing, and is registered under the Chongqing Shapingba District Market Supervision Administration [3]. Shareholder Information - The major shareholders include: - Seres Group Co., Ltd. with a 35% stake, contributing 175 million yuan [4][5]. - Chongqing Qingfeng Technology Development Co., Ltd. with a 33% stake, contributing 165 million yuan [4][5]. - Chongqing Yuantou Storage Service Co., Ltd. with a 32% stake, contributing 160 million yuan [4][5]. Business Scope - The company's business scope includes: - Sales of automobiles and new energy vehicles - Research and development of automotive parts - Manufacturing of automotive parts and accessories - Sales of new energy vehicle electrical accessories and battery swap facilities [5]. Sales Performance - In August, the sales of the Blue Electric E5 model reached 1,553 units, reflecting a year-on-year decline of 3.42% and a month-on-month decline of 10.39% [5].

以下文章来源于证券之星 ，作者于莹 01 去年扭亏为盈，今年销量下滑 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财经资讯。 来源：证券之星 近日，赛力斯集团(以下简称"赛力斯")正式启动港股上市计划，拟发行境外上市外资股(H股)登陆港交所主板，其当前A股市值已突破2000亿 元，有望成为2024年全球最大规模造车IP0。此次赴港上市，资金将用于技术研发、海外扩张及产能升级。 证券之星注意到，招股书发布的同日，赛力斯也发布了2024年财报，凭借与华为的紧密合作及产品线的优化，公司在2024年实现了营收与利润的双 丰收，成功扭亏为盈，成为全球第四家盈利的新能源车企。 然而，靠着华为光环"吃饭"的赛力斯，如今也面临着资源分流的尴尬，随着华为鸿蒙智行的版图不断扩张，赛力斯不再是华为的唯一宠儿。数据也显 示，进入2025年，其销量却如高台跳水一路下滑，与国内新能源汽车的增势形成鲜明反差。值得一提的是，其自有品牌销量也力不从心。 而此次IPO，赛力斯欲将发力海外市场，在上市前，其子公司赛力斯汽车同步引入工银投资、交银投资等战略投资者，增资额达50亿元，为IP ...