2025.11.14 "未来的收益你得实现才可以，但如果未来实现不了，你得把股份给我扣回来！"一位日照高新区相关人 士说。 "未来的东西怎么能评那么准？谁是神仙，出了责任要承担，吓住人家（评估机构）了。"中兴汽车总经 理肖伟反驳称。 这段正面交锋，是日照中兴汽车有限公司（下称"合资公司"）八年造车停摆的缩影。 本文字数：5544，阅读时长大约9分钟 2017年，河北中兴汽车制造有限公司（下称"中兴汽车"）终止了与广汽的合作，亟需将乘用车产品的生 产基地从宜昌转移；而日照高新区也正在寻觅合适的造车项目。 作者 |第一财经 武子晔 钱焜 2020年11月23日，日照高新区管委会的会议室里，积压已久的矛盾彻底爆发。 双方一拍即合，前者提供技术和产品，后者的金融平台日照高新发展集团有限公司（下称"高发集团"） 提供生产厂房及资金，合资合作协议很快便签订了下来，合资公司随之成立，目标则是打造"日照市第 一家整车制造厂"。 然而，合资项目的宏伟蓝图如今已沦为空壳。评估停滞、量产未果、管理模糊、研发失败等问题频发， 长达八年拉锯战，不仅耗尽了双方的资源与耐心，更是击碎了日照的乘用车造车梦。 争议初显 2017年年底，在合资 ...

Core Viewpoint - The company reported strong performance in 1H25, with significant revenue growth and a return to profitability, indicating a positive trend in its operational efficiency and market position [1][2]. Financial Performance - In 1H25, the company achieved revenue of RMB 24.25 billion, a year-on-year increase of 174.0%, and a net profit of RMB 0.3 billion, marking a return to profitability [1]. - In 2Q25, revenue reached RMB 14.23 billion, with a quarter-on-quarter increase of 165.5% and a year-on-year increase of 42.0%, while net profit was RMB 1.6 billion, also showing a turnaround [1]. - The gross margin improved significantly from 1.1% in 1H24 to 14.1% in 1H25, driven by increased sales volume, cost reduction efforts, and product mix optimization [1]. Sales and Product Development - The company sold 221,664 vehicles in 1H25, a year-on-year increase of 155.7%, leading the sales among new force brands in China [1]. - The introduction of new models based on the LEAP 3.5 architecture, including the B10 and B01, and upgrades to existing models on the C platform, have expanded the product matrix [1]. Operational Efficiency - The overall expense ratio decreased by 12.1 percentage points to 16.9% in 1H25, benefiting from rapid revenue growth [1]. - The net cash flow from operating activities reached RMB 2.86 billion, reflecting improved operational efficiency and financial health [1]. Strategic Initiatives - The company is advancing its high-end product strategy and plans to launch new models on the D platform to enter higher-end markets [2]. - In terms of globalization, the company exported 20,375 vehicles in the first half of the year, leading among new force brands, and has established a presence in approximately 30 international markets [2]. - A strategic partnership with Stellantis is progressing, with local assembly projects in Malaysia initiated and plans for a European production base by the end of 2026 [2]. Profit Forecast and Valuation - The company has raised its net profit forecasts for 2025 and 2026 by 70.4% and 50.7%, respectively, indicating a strong outlook for profitability [2]. - The target price has been adjusted upward by 11.5% to HKD 89.20, reflecting a potential upside of 30.9% based on the 2026 P/E valuation method [2].