8月25日，鸿蒙智行在成都举行的智界及问界秋季新品发布会上发布了多款新车。智界品牌方面，智界R7与S7迎来改款，售价区间为24.98万至30.98万 元、22.98万至28.98万元，相较预售价均下调了两万元。 据悉，新款智界R7与新S7主要针对内外细节、辅助驾驶，以及其他配置进行了升级，且配备了全新智界品牌LOGO，全系车型搭载HUAWEI ADS 4辅助驾 驶系统。其中，新款智界R7拥有纯电和增程两种动力形式，新S7则只有纯电版车型。"新车诚意满满，让尹总（奇瑞董事长尹同跃）下'血本'了。"华为常 务董事、终端BG董事长余承东在现场两次表示。 图片来源：每经记者 孙磊 摄 此外，此次新品发布会还发布了问界M8的纯电版车型，起售价与增程版一致。据悉，新车全系标配宁德时代100度电池，CLTC综合续航里程最高 705km。得益于取消增程器，问界M8纯电版拥有149L的智能电动前备箱。 图片来源：每经记者 孙磊 摄 问界品牌方面，问界M8纯电版迎来上市，将入门款车型改为Max+版，推出五、六座两种座椅布局，售价区间为35.98万至44.98万元；问界新M5 Ultra版则 发布了新配色跃影红，该款售价22.98 ...

乘用车企业25Q2业绩表现亮眼自主高端化催化密集。本周，新势力整车催化密集，小 米、小鹏、零跑发布25Q2业绩，小米汽车业务毛利率从Q1的23.2%提升至26.4%，经营亏损 从5亿元收窄至3亿元，单车毛利达6.7万元；小鹏25Q2毛利率创新高，达17.3%，同比 +3.3pct；零跑25Q2毛利率升至14.1%，创半年度毛利率新高，业绩整体表现亮眼。此外，蔚 来全新ES8正式发布并开启预售，BaaS方案售价30.88-45.68万元；控股股东何小鹏增持小鹏 汽车310万股港股（每股作价80.49港元，总金额约2.5亿港元），强化发展信心。展望后续， 问界M8/坦克500将于8月25/27日上市，问界M7、上汽尚界H5、蔚来ES8、吉利极氪9X将于9 月上市，魏牌旗舰SUV（搭载元戎启行VLA模型）将于25Q3上市，预计后续伴随新车密集 上市、交付上量，自主高端化车型有望加速上量。 NVIDIA携手富士康布局机器人具身智能催化可期。本周，NVIDIA携手富士康布局人工 智能机器人市场，人形机器人量产在即；智元机器人宣布具身智能迈入商用元年，计划今年 出货数千台，并在未来几年实现年产几十万台。全年来看，1）客户 ...

要闻提示 NEWS REMIND 1.苹果起诉！前员工跳槽OPPO，用U盘拷走63份机密文件，OPPO回应 2. 网传奇瑞应届生员工发邮件反对周六培训开会，当事人发帖称"已离职" 3. 深耕算力行业二十载，居静如今All in大同做全产业链玩家 4. 美团客服回应"退款问题"：系订单信息滞后，"不查询就不退款"等系误会 8. Meta冻结AI部门招聘，暂停对外扩编并限制内部人员流动 今日头条 HEADLINE NEWS 苹果起诉！前员工跳槽OPPO，用U盘拷走63份机密文件，OPPO回应 5. 8月生产出了9月的车？问界M8被曝出现"预制车" 6. 周鸿祎谈OpenAI开源：被中国大模型厂家逼得无路可走了 7. 马斯克旗下"巨硬"公司开始招人，公司名字疑似内涵微软 近日，苹果向加州北区法院提交诉讼，指控前Apple Watch传感系统架构师Chen Shi窃取了与Apple Watch开发相关的商业机密，并将这些信息提供给了OPPO，以便OPPO开发竞争可穿戴设备。苹果在诉 状中写道，Chen Shi在离职前的数周时间里，从公司下载了63份机密文件转存至U盘，并与多位同事进行 一对一会面套取信息。这些文件涉及 ...

摘要 ► 本 周数据： 2025年8月第3周（8.11-8.17）乘用车销量43.7万辆，同比+8.2%，环比+14.2%；新能源乘用车销量24.8万辆，同比+15.1%，环比+13.0%；新能源渗透率 56.7%，环比-0.6pct。 ► 本周行情 ：汽车板块本周表现强于市场 本周（8月18日-8月22日）A股汽车板块上涨7.2%，在申万子行业中排名第6位，表现强于沪深300（4.8%）。细分板块中，商用载货车、汽车零部件、乘用 车、摩托车及其他、汽车服务、商用载客车分别上涨8.7%、7.7%、6.9%、6.1%、3.7%、3.1%。 ► 本周观点： 摩托车 ： 推荐中大排量龙头车企 【春风动力、隆鑫通用】 。 本月建议关注核心组合 【 吉利汽车、小鹏汽车、理想汽车、比亚迪、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力 】 。 ► 乘用车企业 25 Q2 业绩表现亮眼 自主高端化催化密集 本周，新势力整车催化密集，小米、小鹏、零跑发布 25Q2业绩，小米汽车业务毛利率从Q1的23.2%提升至26.4%，经营亏损从5亿元收窄至3亿元，单车毛利达 6.7万元；小鹏25Q2毛利率创新高，达17.3%， ...

0 1 事 件 概 述 公司披露2025年半年度报告，2025H1营收36.30亿元，同比+6.20%；归母净利润2.76亿元，同比+8.40%；扣非归母净利2.68亿元，同比+9.48%。 0 2 分 析 判 断 ► 2025Q2业绩符合预期 问界销量表现亮眼 1）营收端： 2025Q2营收20.87亿元，同比+10.71%，环比+35.28%。2025Q2公司客户赛力斯问界品牌销量为109,181辆，同比+8.92%，环比+141.13%，带动 公司营收环比增长。 2）利润端： 2025Q2公司 实现 归母净利润1.83亿元，同比+18.87%，环比+96.94%，符合预期。公司2025Q2毛利率为16.63%，同环比分 别+0.12pct/+2.25pct，净利率为8.79%，同环比分别+0.61/+2.76pct，同环比均提升系产能利用率提升所致。 3）费用端： 2025Q2销售/管理/研发/财务费用率 分别为 0.34%/2.58%/3.22%/0.57% ，同比分别 -0.33/+0.12/-1.02/-0.31pct ，环比分别 -0.27/-0.56/-0.24/-0.28pct ，研发费 用 ...

Core Insights - The company reported a revenue of 3.63 billion yuan for the first half of 2025, representing a year-on-year increase of 6.20% [1] - The net profit attributable to shareholders for the same period was 276 million yuan, up 8.40% year-on-year, while the non-recurring net profit was 268 million yuan, reflecting a 9.48% increase [1] Revenue Performance - In Q2 2025, the company achieved a revenue of 2.09 billion yuan, marking a year-on-year growth of 10.71% and a quarter-on-quarter increase of 35.28% [2] - The sales volume of the company's brand, Seres, reached 109,181 vehicles in Q2 2025, which is an 8.92% increase year-on-year and a 141.13% increase quarter-on-quarter [2] Profitability Metrics - The net profit attributable to shareholders in Q2 2025 was 183 million yuan, showing an 18.87% year-on-year increase and a significant 96.94% quarter-on-quarter rise [2] - The gross margin for Q2 2025 was 16.63%, with year-on-year and quarter-on-quarter increases of 0.12 percentage points and 2.25 percentage points, respectively [2] Cost Management - The expense ratios for sales, management, R&D, and finance in Q2 2025 were 0.34%, 2.58%, 3.22%, and 0.57%, respectively, with notable reductions in R&D expense ratio due to the completion of prior projects [2] Business Expansion - The company successfully launched the Seres M8 model, with over 60,000 units delivered by August 1, 2025, indicating strong demand [3] - New business segments have been added, including low-voltage and high-voltage wiring harnesses for various automotive clients, enhancing the company's product offerings [3] Innovation and New Ventures - The company is actively expanding into new applications for wiring harnesses, particularly in robotics, with significant progress in humanoid robot projects and the establishment of a new subsidiary focused on intelligent robotics [4] - The company is also pursuing opportunities in the drone and autonomous vehicle sectors, with ongoing product trials and deliveries [4] Future Outlook - The company anticipates robust growth, projecting revenues of 9.56 billion yuan, 11.56 billion yuan, and 14.11 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to reach 780 million yuan, 940 million yuan, and 1.17 billion yuan [4]

2025 年 08 月 22 日 沪光股份(605333.SH) 25Q2 业绩环比翻倍增长，加码机器人线束 事件：公司发布上半年业绩，上半年公司实现营收 36.3 亿元，同比+6.2%， 实现归母净利 2.76 亿元，同比+8.4%；25Q2 单季度实现营收 20.87 亿元， 同比+10.71%，实现归母净利 1.83 亿元，同比+18.87%。 收入端:Q2 环比增长 35%、主要为赛力斯贡献 25Q2 单季度实现营收 20.87 亿元，同比+10.71%，环比+35.28%，主要由于问界 等客户销量增长，其中问界 25Q2 销量 10.7 万辆，环比+135.8%，其中 M9 2025 款在 3 月上市销量提升，问界 M9 销量 3.9 万辆，环比+68.6%；问界 M8 在 4 月 上市，25Q2 销量 4.1 万辆；其他客户理想 25Q2 销量 11.1 万辆，环比+19.6%； 特斯拉中国 25Q2 销量 19.2 万辆，环比+11%；小米 25Q2 销量 8.2 万辆，环比 +8.2%；乐道 25Q2 销量 1.7 万辆，环比+15.6%；展望下半年，收入将随着小米、 乐道的交付以及问界的改款 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company reported a revenue of 2.8 billion yuan for H1 2025, a decrease of 8.88% year-on-year, and a net profit attributable to shareholders of 13 million yuan, down 83.98% year-on-year. The Q2 2025 revenue was 1.53 billion yuan, a decline of 4.0% year-on-year but an increase of 20.6% quarter-on-quarter [1][2]. - The performance of the company's main operations remained stable, with a revenue of 1.599 billion yuan in H1 2025, roughly unchanged from the previous year. The revenue from body structure components increased by 13.43% year-on-year, driven by the release of large integrated body component orders. However, the French subsidiary's revenue decreased due to reduced orders from European and American clients [2]. - The company is focusing on high-end customer and product strategies, with significant breakthroughs in core business areas. The production capacity for large integrated body components was released in June, and the company is accelerating its global capacity layout [3]. Summary by Sections Financial Performance - In H1 2025, the company's net profit attributable to shareholders was 13 million yuan, a decline of 83.98% year-on-year, primarily due to losses from the French subsidiary. The main operations achieved a net profit of 80 million yuan, up 9.95% year-on-year, supported by cost reduction and efficiency improvement measures [2]. - The company’s expenses were optimized, with sales, management, R&D, and financial expense ratios at 4.9%, 3.8%, 5.1%, and -1.0% respectively, showing a continuous improvement in expense structure [2]. Strategic Developments - The company is a pioneer in integrated die-casting and is actively engaging with leading new energy vehicle manufacturers. The order backlog continues to grow, and production for core customer projects is expected to ramp up starting in 2025, which may drive gradual improvement in performance [4]. - The company has established itself as a core supplier for Huawei's Seres, with significant vehicle delivery numbers expected to drive capacity utilization and performance recovery [3]. Earnings Forecast - The report adjusts the earnings forecast, estimating revenues of 6.42 billion, 7.80 billion, and 9.54 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 127 million, 288 million, and 435 million yuan for the same years. The EPS is projected to be 0.40, 0.92, and 1.38 yuan [4][5].

Core Viewpoint - The AITO M8 has demonstrated exceptional performance by passing seven tests under extreme temperatures exceeding 60°C in Turpan, showcasing the confidence of the company in its product and intelligent safety capabilities [1][4]. Group 1: Product Performance - The AITO M8 successfully completed the 2025 China Automotive Summer Test, highlighting its robust performance in extreme conditions [1]. - The vehicle's cabin maintained low levels of harmful substances, with formaldehyde at 0.017 mg/m³ and TVOC at 0.042 mg/m³, while achieving a UV isolation rate of 99.9% [4]. Group 2: Intelligent Safety System - The company has developed an intelligent safety system based on four key areas: "Life Protection," "Body Protection," "Health Care," and "Privacy Protection" [3]. - The AITO M8 features a 720° safety protection framework and the world's largest integrated die-cast magnesium alloy rear body, along with a five-layer battery defense system and a 24/7 cloud safety service [6]. Group 3: User Engagement and Future Outlook - The launch of the "2025 User Co-Creation Summer Test Journey" invites car owners to experience the product firsthand, reinforcing the company's commitment to user engagement [1]. - The company aims to continuously upgrade its intelligent safety features, setting a new benchmark for safety in the electric vehicle industry [6].

Group 1 - The Chinese imported automobile market is experiencing a continuous decline, with total imports expected to be only 220,000 units in the first half of 2025, a year-on-year decrease of 32% [1] - Since reaching a peak of 1.43 million imports in 2014, the market has been on a downward trend, with a 12% year-on-year decline in 2024, bringing imports down to 700,000 units [1] - The decline is attributed to the rise of the domestic automotive industry and the wave of electrification [1] Group 2 - Traditional luxury car brands, particularly the German trio (BMW, Mercedes-Benz, Audi), are facing significant challenges, with BMW deliveries down 15.5% to 317,900 units, Mercedes-Benz down 19% to 293,200 units, and Audi down 10.2% to 287,600 units [3] - In contrast, domestic new energy luxury vehicles are rising sharply, with Li Auto delivering 204,000 units and NIO delivering 74,000 units in the same period [3] - In the 300,000-400,000 yuan market, new energy vehicles achieved a market share of 52.5% in July, surpassing traditional fuel vehicles for the first time [3] Group 3 - Despite the challenges, traditional luxury brands still maintain a loyal customer base, with a market share of 58.7% in July, down from 60.2% in March [4] - The slow pace of electrification among traditional luxury brands is evident, with imported new energy passenger vehicles accounting for only 2% of the market in the first half of 2025, an 80% year-on-year decline [4] - Policy changes, such as the adjustment of luxury car tax thresholds, have led to a significant drop in sales for some models, with declines exceeding 20% [4] Group 4 - The future of the Chinese imported automobile market will be characterized by both challenges and opportunities, with the competition between traditional luxury and domestic luxury brands unlikely to end soon [5] - Domestic brands are leading in electrification, making it difficult for traditional ultra-luxury brands to catch up [5] - The market feedback indicates that high-end positioning now relies on technological strength and ecosystem development rather than solely on brand prestige [5]