Seres 赛力斯
14 significant filings since 30 May 2026: 5 on buyback, 4 on major holder buying and 2 on share issue, and 3 other kinds. The latest, on 25 Sep 2026: 关于控股股东权益变动触及1%刻度的提示性公告. On 13 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to fall by 151.00% to 161.20% from the same period a year earlier.
自 30 May 2026 起有 14 份重大公告：buyback 5 份、major holder buying 4 份、share issue 2 份，另有 3 类。最新一份（25 Sep 2026）：关于控股股东权益变动触及1%刻度的提示性公告。13 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期下降 151.00% 至 161.20%。
As of 25 Sep 2026 截至2026年9月25日
Seres 赛力斯 is a passenger vehicle company listed on the Shanghai Stock Exchange since 15 Jun 2016. The company reported revenue of RMB165.05bn and attributable net profit of RMB5.96bn in 2025, with a net margin of 3.7% and ROE of 23.5%. Operating cash flow per share was RMB16.60, ahead of net profit. However, for the six months to 30 Jun 2026, it posted a loss of -RMB1.72bn, down 158.4% year-on-year, with operating cash flow per share at -RMB7.10. The share price fell 67.3% over one year, from RMB141.68 to RMB46.33. Two risks are present: a pre-announced profit drop of more than 50% and a share price decline exceeding 40% in a year.
赛力斯是一家乘用车公司，于2016年6月15日在上海证券交易所上市。2025年公司实现营业收入1,650.54亿元，归母净利润59.57亿元，净利率3.7%，净资产收益率23.5%。每股经营现金流16.60元，高于净利润。但截至2026年6月30日的六个月内，归母净利润为-17.17亿元，同比下滑158.4%（由盈转亏），每股经营现金流为-7.10元。过去一年股价下跌67.3%，从前复权141.68元降至46.33元。存在两项风险：业绩预告中归母净利润同比下降超50%，以及股价一年内跌幅超40%。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Pre-announced profit fall of more than 50% 预告净利润降幅超过50% | The company pre-announced a drop in attributable net profit of more than 50% for the period to 30 Jun 2026. 公司业绩预告显示，截至2026年6月30日归母净利润同比下降超50%。 | A sharp decline in profitability may signal weakening operating performance or rising costs. This could pressure future cash flows and investor confidence. 盈利能力大幅下滑可能反映经营表现减弱或成本上升，可能影响未来现金流与投资者信心。 |
| Share price down 40% or more in a year 股价一年下跌40%或以上 | The share price has fallen more than 40% over the past year. 公司股价在过去一年内下跌超40%。 | A steep share price decline reduces market capitalisation and may limit financing options. The change is based on F2. 股价大幅下跌会降低市值，可能限制融资能力。该变动依据F2。 |
- Attributable net profit for the full year 2026, to see if the loss narrows or turns to profit.
2026全年归母净利润，观察亏损是否收窄或转为盈利。 - Operating cash flow per share for the full year 2026, to assess cash generation recovery.
2026年每股经营现金流，评估现金流生成能力是否恢复。 - Liabilities to assets ratio at year-end 2026, to monitor financial leverage.
2026年末资产负债率，监测财务杠杆水平。 - Revenue change in the second half of 2026, to evaluate sales recovery.
2026年下半年营业收入变化，评估销售恢复情况。 - Whether the controlling shareholder pledges or sells shares in upcoming disclosures.
控股股东是否在后续公告中质押或出售股份。 - Next distribution announcement, to assess dividend continuity.
下一次分红公告，评估股息持续性。
- Company: Seres 赛力斯, Shanghai Stock Exchange 601127; industry Passenger Vehicles; listed 15 Jun 2016.
公司：赛力斯，上海证券交易所 601127；行业：乘用车；上市日期：2016年6月15日。 - Close on 24 Sep 2026 RMB46.33; close on 24 Sep 2025 RMB143.35, RMB141.68 in today's terms; one-year change, adjusted for distributions and share changes -67.3%.
2026年9月24日收盘价46.33元；2025年9月24日收盘价143.35元（前复权141.68元）；一年涨跌幅（复权）-67.3%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB45.46 to RMB169.58.
52周区间（前复权）45.46元至169.58元。 - In the last 12 months 1 trading days closed 9% or more above or below the day before (all days, not only this year). The 1 most recent of them: 13 Jul 2026 -10.0%.
近12个月共有1个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近1个：2026年7月13日 -10.0%。 - Market capitalisation RMB80.71bn; P/E TTM 62.1; price to book 2.15x.
总市值807.06亿元；市盈率（TTM）62.1；市净率2.15倍。 - Revenue 2025 RMB165.05bn; 2024 RMB145.18bn; change +13.7%.
营业收入2025年1,650.54亿元；2024年1,451.76亿元；同比+13.7%。 - Attributable net profit 2025 RMB5.96bn; 2024 RMB5.95bn; change +0.2%.
归属于母公司股东的净利润2025年59.57亿元；2024年59.46亿元；同比+0.2%。 - Net profit excluding non-recurring items, 2025 change -7.8%.
2025年扣除非经常性损益后的净利润同比-7.8%。 - Basic EPS 2025 RMB3.68; 2024 RMB3.94.
基本每股收益2025年3.68元；2024年3.94元。 - Operating cash flow per share 2025 RMB16.60; 2024 RMB14.91; operating cash flow to net profit 4.70x.
每股经营现金流2025年16.60元；2024年14.91元；经营现金流与净利润之比4.70倍。 - 2025 gross margin 29.1%; net margin 3.7%; ROE 23.5%.
2025年毛利率29.1%；净利率3.7%；净资产收益率23.5%。 - At 30 Jun 2026: liabilities to assets 68.3%; current ratio 1.05; quick ratio 1.02; receivable days 5; inventory days 10.
截至2026年6月30日：资产负债率68.3%；流动比率1.05；速动比率1.02；应收账款周转天数5；存货周转天数10。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB57.49bn, change -7.9%; attributable net profit -RMB1.72bn, change -158.4% (from a profit to a loss); operating cash flow per share -RMB7.10.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入574.93亿元，同比-7.9%；归母净利润-17.17亿元，同比-158.4%（由盈转亏）；每股经营现金流-7.10元。 - Pre-announcement of 13 Jul 2026 for the period to 30 Jun 2026: attributable net profit change -161% to -151%.
2026年7月13日发布的截至2026年6月30日业绩预告：归母净利润同比-161%至-151%。 - Ownership: controlling shareholder 重庆小康控股有限公司; actual controller 张兴海; largest holder at 30 Jun 2026: 重庆小康控股有限公司, 20.98%.
股权：控股股东：重庆小康控股有限公司；实际控制人：张兴海；2026年6月30日第一大股东：重庆小康控股有限公司，持股20.98%。 - Latest distribution: ex-date 3 Jun 2026, cash RMB0.80 per share.
最近一次分配：除权除息日2026年6月3日，每股现金0.80元。 - Aurelian Grade D, score 30.3 of 100, graded within a peer group of 8 companies in its industry; no rank among peers is given.
金源评级D，得分30.3（满分100），于行业同业8家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。