转自：证券时报 人民财讯9月30日电，博俊科技9月30日在互动平台表示，公司是赛力斯问界M5、M7、M8、M9车型的 车身件供应商，为赛力斯供应车身件等相关产品，目前公司对所供货的问界车型车身件产品均为独供。 ...

Group 1 - The China Automotive Industry Association (CAAM) is preparing to establish a Software Defined Vehicle (SDV) Special Committee to focus on key tasks for SDVs by 2025, with participation from major automotive companies and tech firms [1] - The Ministry of Industry and Information Technology (MIIT) will publicly solicit opinions on standards for intelligent connected vehicle combination driving assistance systems, expected to be released by the end of this year [2] - XPeng Motors' first range-extended SUV, the XPeng G7, has been listed in the MIIT's new vehicle declaration directory, with a pure electric range of 430 kilometers and expected to launch in Q1 2026 [3] Group 2 - Neta Auto held its first creditors' meeting after announcing bankruptcy restructuring, confirming debts of approximately 5.1 billion yuan, with a total of over 26 billion yuan in claims filed by creditors [4] - Huawei's HarmonyOS is expected to have over 17 models available next year, with new vehicles targeting high-end markets while maintaining competitive pricing [5] - BYD's Yangwang U8L Ding Shi version has been launched with a price of 1.28 million yuan, reflecting a 20,000 yuan reduction from the pre-sale price [6] Group 3 - The Arcfox T1 model achieved 26,558 pre-orders within 12 hours of its launch, with a price range of 62,800 to 87,800 yuan and a maximum range of 425 kilometers [7] - Zhu Yan has been approved to serve as the chairman of Beijing Hyundai Automotive Finance Co., with a requirement to comply with financial regulatory standards [8] - Zhang Qun, general manager of Dongyan Automotive Technology Group, is under investigation for serious violations of discipline and law, with the case being transferred to judicial authorities [9] Group 4 - Toyota announced a voluntary safety recall of approximately 591,000 vehicles in the U.S. due to a potential issue with the instrument panel display [10] - Rivian is recalling over 24,000 vehicles in the U.S. due to a software defect affecting its highway assistance system [10] - VinFast has signed a memorandum of understanding with Vietmap to jointly develop integrated digital map solutions and smart traffic services for its electric vehicles [10]

Core Viewpoint - The article analyzes the market share trends of various automotive brands, particularly focusing on Li Auto and its competitors, highlighting fluctuations in market share from January 2023 to June 2025 [1][2]. Market Share Trends - Li Auto's market share increased from 6.97% in January 2023 to a peak of 13.14% in October 2023, before declining to 11.33% and 11.59% in November and December respectively [1]. - In 2024, Li Auto's market share fluctuated between 8.34% and 9.77% until June, when it rose to between 11.17% and 14.36% following the delivery of the L6 model [1]. - By June 2025, Li Auto's market share dropped to 9.35%, indicating a significant decline compared to the previous year [2]. Competitor Analysis - The article notes that while some readers perceive Seres/Wenjie as having a faster iteration speed compared to Li Auto, Seres' market share has not surpassed its peak since February 2024 [3]. - The market share of Seres reached a high of 10.66% in June 2024, but overall sales have not significantly increased despite a higher market share in the 400,000+ price segment [3]. - A comparison of market share changes from July 2024 to June 2025 shows declines for several brands, including Li Auto, NIO, and BMW, while Seres saw a slight increase of 0.38% [4]. Combined Market Share Insights - The combined market share of Li Auto and Seres reached a high of 25.49% in July 2024, suggesting that increases in one brand's share do not necessarily correlate with decreases in the other's [5]. - The expectation is that with the ongoing deliveries of new models, the combined market share of Li Auto and Seres could surpass the previous high of 25.49% [5].

Summary of Conference Call Company and Industry Overview - The discussion centers around the company "赛里斯" (Sirius) and its performance in the automotive industry, particularly in the context of new energy vehicles (NEVs) and market dynamics [1][2][3]. Key Points and Arguments - **Stock Performance**: Sirius's stock price has been fluctuating between 120 and 130, with a historical high of 149.89 reached on December 10, 2024. The stock has been in a consolidation phase due to concerns over new vehicle launches and sales performance [1]. - **Sales Performance**: Q1 sales were significantly impacted by a gap due to new vehicle launches, leading to a notable decline. However, the launch of the new M8 model in April has resulted in strong sales, alleviating concerns about the M9 model's performance [1][2]. - **Future Projections**: The company is expected to exceed Q2 performance expectations, with projected sales growth of approximately 101% compared to Q1, reaching around 180,000 units [4]. - **Profit Forecasts**: Q2 profits are estimated to be around 3 billion, with Q3 profits expected to approach 4 billion. The overall annual profit forecast is around 12 billion [5][7]. - **Production Capacity**: The company has indicated that production capacity is not an issue, with ongoing upgrades at the Phoenix factory to prepare for the M7 model launch [9]. - **Market Expansion**: Sirius is looking to accelerate its overseas expansion, particularly in markets where its models, such as the M9, are gaining popularity [10]. - **New Model Development**: There are expectations for new models to be launched in the future, with a focus on collaboration with Huawei for vehicle development [11][12]. Additional Important Insights - **Industry Context**: The overall automotive industry is experiencing a weak phase, which may impact sales and profitability across the sector. However, Sirius is positioned to capitalize on its unique offerings and market presence [2]. - **Investment Opportunities**: The current market conditions present a favorable investment opportunity for Sirius, given its strong product lineup and potential for growth in sales and profits [2][12]. - **Concerns Addressed**: Investor concerns regarding the future of new vehicle launches and collaboration with Huawei were addressed, emphasizing that new models are in the pipeline and that the partnership remains beneficial [11][12].

Core Viewpoint - Company Seres is preparing to list on the Hong Kong Stock Exchange to advance its global strategy and enhance its competitive edge [2] Financial Performance - Seres reported a revenue of 145.18 billion yuan for 2024, a 305% increase from 35.84 billion yuan in the previous year, primarily driven by a surge in electric vehicle sales [6] - The revenue from electric vehicles reached 135.5 billion yuan, marking a 368% increase year-over-year, while fuel vehicle revenue declined by 25% to 3.45 billion yuan [4] - The company recorded a net profit of 5.946 billion yuan in 2024, compared to a net loss of 2.45 billion yuan in the previous year [6] - The net profit after excluding non-recurring gains and losses was 5.573 billion yuan, recovering from a loss of 4.82 billion yuan in the previous year [6] - Government subsidies accounted for 210 million yuan in 2024 [5] Shareholder and Capital Strategy - The company will consider the interests of existing shareholders and market conditions when deciding on the timing and issuance window for the listing, which will be within 24 months of shareholder approval [2] - Seres has made significant payments to Huawei as part of a share transfer agreement, including a second payment of 5.75 billion yuan [7] - The total transaction amount for acquiring a 10% stake in Shenzhen Yingwang Intelligent Technology Co., Ltd. from Huawei is 11.5 billion yuan, with payments structured in three phases [7]

赛力斯（601127.SH） 优于大市 营收高速增长，净利润接近预告上限 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 35,842 | 145,176 | 180,023 | 200,275 | 224,953 | | (+/-%) | 5.1% | 305.0% | 24.0% | 11.2% | 12.3% | | 归母净利润(百万元) | -2450 | 5946 | 9425 | 12185 | 14904 | | (+/-%) | -36.1% | -342.7% | 58.5% | 29.3% | 22.3% | | 每股收益（元） | -1.62 | 3.94 | 6.24 | 8.07 | 9.87 | | EBIT Margin | -16.7% | 4.0% | 4.8% | 6.1% | 6.6% | | 净资产收益率（ROE） | -21.5% | 48.5% | 43.5% | 36.0% | 30.8% | | 市盈率（ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][29] Core Views - The company achieved a significant revenue growth of 305% year-on-year in 2024, with total revenue reaching 145.18 billion yuan and a net profit of 5.946 billion yuan, marking a turnaround from losses [1][9] - The fourth quarter of 2024 saw revenue of 38.549 billion yuan, a year-on-year increase of 101.18%, although it experienced a quarter-on-quarter decline of 7.29% [1][9] - The company maintains a high gross margin, with an annual gross margin of 26.15% and a fourth-quarter gross margin of 28.70% [1][9][13] - The company is focused on high R&D investment while gradually controlling sales expenses, with a fourth-quarter R&D expense ratio of 3.16% and a sales expense ratio of 13.52% [2][16] Financial Performance Summary - For 2024, the company reported total revenue of 145.18 billion yuan, with a gross profit of 37.97 billion yuan and a net profit margin of 4.10% [1][9] - The company expects revenue projections for 2025-2027 to be 1800 billion yuan, 2003 billion yuan, and 2250 billion yuan respectively, with net profits of 94.25 billion yuan, 121.85 billion yuan, and 149.04 billion yuan [3][29] - The earnings per share (EPS) are projected to be 6.24 yuan, 8.07 yuan, and 9.87 yuan for 2025, 2026, and 2027 respectively [3][29] Sales and Product Performance - The core product, the "Wenjie" series, is expected to achieve annual sales of 389,100 units in 2024, with fourth-quarter sales of 96,600 units [2][18] - The M9 model maintained a high sales ratio of 49.70% in the fourth quarter, with sales of 49,330 units [2][18] - The company reported an increase in single-vehicle revenue and gross profit, with fourth-quarter single-vehicle revenue at 399,100 yuan and gross profit at 114,500 yuan [20][2] Valuation and Market Position - The company is valued at a reasonable market capitalization of 216.8 billion to 235.6 billion yuan, with a corresponding share price valuation of 144 to 156 yuan [3][29] - The company is positioned in the luxury car market, benefiting from high gross margins and a strong competitive edge compared to mainstream manufacturers [26][27]

文丨赵宇 窦亚娟 曾兴 编辑丨宋玮 在第一款纯电旗舰车型 MEGA 发布并经历震荡之后，理想在短短两个月时间，启动组织大调整、裁 员，CEO 对内反思 "过度关注销量和竞争"。今天，理想又公布了一个重要变化：今年内不再发布新 的纯电车型。 这一消息是在理想今晚举行的业绩发布会上宣布的。2024 年一季度，理想比去年同期多卖了 2.8 万 辆车，总营收增长了 36.4 % 至 256 亿元，但净利润从 9.3 亿元降到了 5.9 亿元。 2024 年原本是理想的纯电大年。按照其去年年底的规划， 3 月发布 MEGA ，下半年发布 3 款纯电 SUV。其中，M9、M8 将在 2024 年内量产，M7 预计在 2025 年一季度量产。2 月，理想创始人、 CEO 李想信心满满的表示，今年将是理想汽车史无前例的产品大年，到年底，理想将有 4 款增程电 动和 4 款高压纯电车型在售。 以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 先建超充站，再发纯电车。 但变化在三个月内发生。据最新计划，理想纯电 SUV 车型的发布时间将推迟到明年上 ...