AutoBeta(AutoBeta.net)08/10 Report--

On the evening of August 9, the Cyrus Group announced that the company intends to acquire the 19.355% stake held by Chongqing Jinxin Equity Investment Fund Partnership (limited partnership), a holding subsidiary of Selis Automobile Co., Ltd. (hereinafter referred to as "Selis Automobile"), with a transaction value of about 1.329 billion yuan. After the completion of the transaction, the company's shareholding in Selis Motor increased from 80.645% to 100%. It is understood that Cyrus Group has signed an "equity transfer agreement" with Jinxin Fund on August 8, and the board of directors examined and approved the acquisition bill on the same day.

Chongqing Jinxin Equity Investment Fund Partnership (Limited Partnership) was established in June 2019, is a limited partnership, the actual control is the Chongqing State-owned assets Supervision and Administration Commission. According to the partners, the proportion of Chongqing strategic emerging industry equity investment fund partnership (limited partnership) is 65.87%, and the proportion of Chongqing Liangjiang New District equity investment fund partnership (limited partnership) is 33.93%.

Cyrus has been moving a lot in recent months.

On July 2, Cyrus Group announced that its holding subsidiary, Selis Motor, intends to acquire 919 written and graphic trademarks such as registered or applied trademarks held by Huawei Technology Co., Ltd. and 44 related design patents for a total of 2.5 billion yuan.

On the evening of July 28, Cyrus Group announced that the company intends to invest in Shenzhen Wang Intelligent Technology Co., Ltd. (referred to as "Pioneer"). If the transaction is completed, it will become a shareholding subsidiary of the company. Data show that Shenzhen Wangwang Intelligent Technology Co., Ltd. was established on January 16, 2024, with a registered capital of 1 billion yuan. It is a wholly owned subsidiary of Huawei Technology Co., Ltd. at present, it has set up subsidiaries in Dongguan, Hangzhou, Shanghai, Nanjing and Suzhou, engaged in the research and development, design, production, sales and service of automotive intelligent system and component solutions. The main business scope includes automobile intelligent driving solution, automobile intelligent cockpit, intelligent vehicle control, intelligent vehicle cloud, vehicle light and so on.

Relying on Huawei, Cyrus has become a leading domestic automaker. In the case of strengthening the separation between Huawei brand and automobile trademark, the AITO boundary brand jointly created by Huawei and Cyrus has been recognized by the market. It is understood that the current AITO question in the sale of cars including the new M7, new M5, M9. Retail data show that a total of 101631 vehicles were delivered in 2023, of which 67961 were for the new M7 and 33670 for the M5. A total of 180568 vehicles were delivered in the first half of 2024, including 106540 for the new M7, 15205 for the new M5 and 58823 for the M9.

On the evening of July 9, Cyrus issued an unaudited performance forecast for the first half of 2024, which is expected to achieve operating income of 63.9 billion yuan to 66 billion yuan in the first half, an increase of 479% to 498% over the same period last year, and a net profit of 1.39 billion yuan to 1.7 billion yuan, turning losses into profits. This means that Selis, which has been losing money for four years in a row, has finally crossed the threshold of "selling cars at a loss". According to the comprehensive annual report, Selis deducted non-net losses from 2019 to 2023 were 884 million yuan, 2.308 billion yuan, 2.793 billion yuan, 4.296 billion yuan and 4.817 billion yuan respectively, with a cumulative loss of more than 15 billion yuan.

Cyrus said that the reason for the pre-profit is that the company overfulfilled its doubling plan in the first half of the year, and the product structure was obvious, and the company ranked sixth in sales of luxury brands in the Chinese market in the first half of the year. In addition, the company firmly defines the automobile by software, adheres to cross-border integration, adheres to the business policy of technological innovation and cost contribution, and the new quality productivity leads the company to continuously improve its business quality, profit and tax growth and profitability.

Cyrus and Huawei signed a further joint business cooperation agreement, the two sides will give full play to the joint business advantages, will become a world-class new luxury car leading brand, and more new models will be launched one after another this year. It is understood that the M8 model will be launched in the second half of the year, which is located between M7 and M9 and competes with the ideal L8.

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