本报记者 刘钊 "温州基地作为威马汽车重启后的核心生产枢纽，目前已下线十余台EX5与E5车型，这批车辆主要用于铺市场，验证渠道 流通与用户反馈，公司后续还将逐步开设新销售门店。"上述沟通联系人如是说。 据《证券日报》记者了解，从工厂运营来看，当前威马汽车温州基地已组建了400余人的生产团队，涵盖基础操作工、班 组长、车间主任等全岗位体系，完全按照正常汽车生产流程运转。 人员储备方面，威马汽车采取"召回老员工+新招聘"双轨模式。一方面，翔飞已向前威马汽车员工发送返岗通知，有前员 工在社交平台表示，两个月前就收到前领导的回归问询，只要有意愿返回，基本都能重新入职，薪资会根据当前市场水平重新 协商。另一方面，公司正通过线上招聘平台与线下招聘会大力扩招，生产线、质检、物流等各个岗位都在招，为后续产能提升 储备人力。不过，老员工回归意愿存在明显分化，部分老员工表示，原部门同事大多不愿回去，核心顾虑是担心企业稳定性， 由于之前经历过停产、欠薪，部分同事对公司重启后的发展信心不足，这也意味着威马汽车要完全重建员工信任仍需时间。 在供应链与资金支持方面，翔飞明确初期将投入10亿元用于设备升级、供应链恢复与产品开发，目前已完成 ...

以下为原文： 威马汽车重整投资人深圳翔飞汽车销售有限公司（简称"翔飞"）通过威马汽车官微发布《致供应商白皮书》， 称计划于2025年9月在温州 基地恢复EX5和E5车型的量产，同时宣布对供应商欠款的清偿计划。 翔飞 称，将对威马汽车科技集团有限公司等四家公司债务进行清偿，债权金额15万元（含）以下的普通债权人将在法院批准重整计划后6个 月内获得全额现金清偿；债权金额超过15万元的，除15万元现金清偿外，超出部分通过信托受益份额按比例清偿。 此外，威马汽车制定了2025年-2030年"三步走"发展规划。2025-2026年为复兴阶段，除9月复产EX5、E5车型并力争年产销2万辆外， 还将布局泰国KD工厂开拓东南亚及中东市场，2026年实现10万台产量；2027-2028年进入发展阶段，年销量目标25万-40万台，量产高 阶辅助驾驶车型并启动IPO筹备；2029-2030年冲刺跨越阶段，计划2030年产量100万辆、营收1200亿元，构建智慧出行生态圈。产品端 未来5年将推出10款以上新产品，覆盖A00级至C级多品类车型。 对于供应商合作，威马汽车2025年底保底生产1万辆EX5和E5车型，2026年实现10万辆 ...

对于供应商合作，威马汽车2025年底保底生产1万辆EX5和E5车型，2026年实现10万辆满产。公司承诺 同等条件下优先与现有供应商合作，推动其参与全球市场并共享成本优化成果，浙江及温州本地供应商 还将获得政府协调对接支持。 编辑 韦博雅 新京报贝壳财经讯（记者 白昊天） 9月6日，得到深圳翔飞汽车销售有限公司支持的威马汽车在公众号 发文称计划于2025年9月在温州基地恢复EX5和E5车型的量产，同时宣布对供应商欠款的清偿计划。 企业方面称，将对威马汽车科技集团有限公司等四家公司债务进行清偿，债权金额15万元（含）以下的 普通债权人将在法院批准重整计划后6个月内获得全额现金清偿；债权金额超过15万元的，除15万元现 金清偿外，超出部分通过信托受益份额按比例清偿。 此外，威马汽车制定了2025年-2030年"三步走"发展规划。2025-2026年为复兴阶段，除9月复产EX5、E5 车型并力争年产销2万辆外，还将布局泰国KD工厂开拓东南亚及中东市场，2026年实现10万台产量； 2027-2028年进入发展阶段，年销量目标25万-40万台，量产高阶辅助驾驶车型并启动IPO筹备；2029- 2030年冲刺跨越阶段， ...

Group 1: Industry Trends - The feedback from joint venture brands has evolved, with many adopting strategies similar to new energy vehicle (NEV) companies, indicating a shift in market approach [1] - There is a growing recognition among joint venture brands that to succeed in the electric vehicle market, they must embrace younger customers and ensure transparent pricing [4][5] Group 2: Company Insights - FAW-Volkswagen's ID4 has limited sales, averaging about 2 units per month, with a customer base primarily consisting of older, loyal Volkswagen owners [3] - Nissan's N7 is performing well, with a diverse customer demographic, including both young and older buyers, who appreciate its comfort and driving experience [6][7] - Buick's electric models, such as the Weilan 6 and E5, are primarily targeted at family and business users, with a strong emphasis on brand trust and safety [9][10] - GAC Toyota's electric models, particularly the Platinum 3X, are selling better than the 4X, with a focus on quality and safety appealing to a customer base aged 30-50 [15] - GAC Honda's P7 has recently introduced cash incentives for loyal customers, but struggles to convert interest into sales due to competition from other brands [17][18]

Core Viewpoint - WM Motor, once considered one of the "four little dragons" of new car-making forces, has announced a return to production after facing multiple crises, including self-ignition incidents and bankruptcy restructuring [1][2]. Group 1: Recovery Plan - WM Motor plans to resume production of the EX5 and E5 models starting in September 2023, with a target of producing 10,000 units by 2025 and striving for 20,000 units [1][3]. - The long-term goal is to achieve an annual production of 1 million vehicles and revenue of 120 billion yuan by 2030, structured into three phases: revival, development, and leap [1][3][4]. - The revival phase (2025-2026) aims for a production scale of 100,000 units and nearly 10 billion yuan in revenue, while also establishing a KD factory in Thailand to expand into Southeast Asia and the Middle East [3][4]. Group 2: Support and Collaboration - The new investor, Shenzhen Xiangfei, has strong ties to the Baoneng Group, which is crucial for WM Motor's recovery [2][5]. - Local government support from Wenzhou includes the establishment of a special task force to address historical issues and facilitate cooperation with local suppliers, along with potential subsidies for resumption of work and production [2][3]. Group 3: Product Strategy - WM Motor plans to diversify its product lineup with over 10 new models in the next five years, covering various vehicle categories from A00 to C-level [4][6]. - By the end of 2025, in addition to the EX5 and E5, the company aims to introduce an A00-level sedan and a small SUV, targeting a total production of 10,000 units [4][6]. Group 4: Challenges Ahead - Financial difficulties of the Baoneng Group pose a significant risk, with outstanding debts exceeding 500 billion yuan, raising concerns about funding for WM Motor's revival [5][6]. - The brand faces a trust crisis due to past incidents, including self-ignition cases and service failures during its bankruptcy period, which have damaged consumer confidence [5][6]. - The competitive landscape in the electric vehicle market is intensifying, with established players like BYD and Geely dominating, making WM Motor's ambitious sales targets challenging [5][6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][9]. Core Insights - The company achieved a 54% year-over-year increase in March automobile sales, selling 232,000 vehicles, which outperformed its peers. Cumulatively, from January to March, the company sold 704,000 vehicles, a 48% increase year-over-year. Electric vehicles accounted for 339,000 units sold, representing 48.2% of total sales, marking an 18.2 percentage point increase from the previous year [7][9]. - The company is accelerating its electrification transformation, with competitive products across various price segments. The integration of its brands is expected to reduce costs, and the company has a technological edge that may contribute to future profit growth. The impact of U.S. tariffs on the company is expected to be minimal as its products have not yet entered the U.S. market [7][9]. - The company anticipates significant improvements in its 2024 performance, with projected revenues of 240.2 billion RMB, a 34% increase year-over-year, and a net profit of 16.6 billion RMB, a 213% increase. The sales target for 2025 is set at 2.71 million vehicles, a 24.5% increase, with electric vehicle sales expected to reach 1.5 million units, a 69% increase [9][11]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current H-share price of HKD 13.42 and a market capitalization of 135.24 billion RMB. The stock has seen a 12-month high of HKD 18.98 and a low of HKD 7.47 [2][3]. Recent Performance - The company reported a significant increase in sales, with March sales showing a 54% year-over-year growth. The sales of electric and hybrid vehicles are gaining traction, contributing to the overall sales growth [7][9]. Financial Projections - The company forecasts net profits of 13.2 billion RMB, 17.5 billion RMB, and 21.8 billion RMB for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 44%, 32%, and 24.5% [9][11].