VALA2025年中期报告

Contents目錄 Management Discussion and Analysis管理層討論及分析 業務回顧 BUSINESS REVIEW The Group has created a WeChat Mini Program named “valalife” for valavehicles, which aims to provide various ordering and cooperation plans forcustomerspurchasing vala’s vehicles.As at 30 June 2025,the valalifeWeChat Mini Program had approximately 67 thousand cumulative registeredusers, up from approximately 37 thousand as at 31 December 2024. TheGroup operates a widely-used credit card management platform, 51 CreditCard Manager App (the “51 Credit Card Manager”). As at 30 June 2025,the number of registered users of 51 Credit Card Manager and the numberof credit cards we had managed cumulatively remained basically the same asthoseas at 31 December 2024,at approximately 88.8 million andapproximately152.5 million respectively.The Group’s commercialinformation searching tool, Little Blue Book App (the “Little Blue Book”),aims to provide users with valuable commercial information. As at 30 June2025, the Little Blue Book had approximately 7.0 million registered users. 本集團為vala汽車開設了微信小程序「valalife」，旨在為客戶購買vala汽車提供各類訂購及合作方案。於2025年6月30日，valalife小程序的累計註冊用戶從2024年12月31日的約3.7萬名增長至約6.7萬名。本集團運營一款廣泛使用的信用卡管理平台51信用卡管家應用程序（「51信用卡管家」）。於2025年6月30日，51信用卡管家的註冊用戶數、累計管理信用卡數量與截至2024年12月31日的數量基本持平，分別為約88.8百萬名及約152.5百萬 張。本 集 團 之 商 業 信 息 搜 索 工 具 小 藍 本 應 用 程 序（「小 藍 本」）旨 在 為 用 戶 提 供 有 價 值 的 商 業 信 息。於2025年6月30日，小藍本的註冊用戶數約為7.0百萬名。 本集團的Valalife業務依託vala汽車在產品定義、聯合研發、整車銷售網絡及售後用戶運營社區的多維度佈局，於2025年上半年實現持續拓展。本集團於2024年推出的vala汽車，作為國內首款原廠升頂式新能源多功能車，承載著「重新定義汽車生活方式」的核心理念，致力於推動汽車從單一交通工具向複合型、可移動的多功能空間轉型。vala汽車開創性地融合帳篷式斜頂結構、樂高式模塊化設計及高品質娛樂系統三大核心要素，構建了獨特的移動複合場景空間。 The Group’s Valalife business has continued to expand in the first half of2025, supported by the multi-dimensional strategy for the vala vehicle acrossproduct definition, joint R&D, the vehicle sales network, and the after-salesusercommunity.The vala vehicle,launched by the Group in 2024,isChina’s first new-energy multi-purpose vehicle with a factory-installed pop-uproof. It embodies the core philosophy of “redefining the vehicle lifestyle”,and is dedicated to transforming cars from mere transport tools into multi-functional, mobile spaces. The vala vehicle pioneers the integration of threecore elements: a tent-like sloping roof structure, a Lego-style modular design,anda high-quality entertainment system,creating a unique,mobile,composite-scenario space. 作為生活平台，vala汽車為用戶打造了高度個性化的移動生活空間。用戶可在其中實現辦公洽談、商務會議、親子娛樂、用餐休憩、好友聚會、觀影K歌、戶外露營及旅行等多種生活場景，顯著延伸了城市生活方式的邊界與可能性。 Asa lifestyle platform,the vala vehicle provides users with a highlypersonalized mobile living space. Within it, users can engage in a variety oflife scenarios such as office negotiations, business conferences, parent-childentertainment, dining and resting, social gatherings, watching movies, karaoke,outdoor camping and travel, thereby significantly extending the boundariesand possibilities of urban lifestyles. 作為生產工具，vala汽車能夠靈活切換為移動商店、咖啡車、美容艙、集市店舖等多元商業形態，有效拓展用戶的經營場景與服務能力，成為賦能移動商業活動的創新生產工具。 As a production tool, the vala vehicle can be flexibly converted into a rangeof commercial spaces such as a mobile store, a coffee truck, a beauty salon,or a market stall, which effectively expands users’ business scenarios andservice capabilities, making it an innovative production tool that empowersmobile commerce. Management Discussion and Analysis管理層討論及分析 vala真正的核心競爭力，還來自其構建的共創人體系。每一位車主不只是用戶，更是城市中的「移動商業主理人」。他們可以在營地開設咖啡車、烘焙坊、快閃店，或在景區打造主題露營空間，也可以參與本地文旅項目共建，實現「車就是生意」的創業模式。截至2025年6月30日 止 六 個 月，本 集 團 已 成 功 招 募131名vala共 創人，透過他們使用vala的親身體驗，及在各社交平台及線下的影響力，推廣和銷售vala汽車。隨著共創人不斷與本集團攜手合作和交付數量逐步增加，vala的移動門店模式已初步形成規模。為更好地滿足潛在客戶的看車需求，我們的共創人已在全國範圍內累計開設vala體驗中心共計13家。這些體驗中心均依託於共創人自有營業場地，並由共創人自主經營，具有開設成本低，佈局靈活等優勢，能夠快速提升vala品牌的市場覆蓋面和影響力。 Vala’strue core competitive advantage also comes from the co-creatorsystemit has built.Each car owner is more than just a user;they’re a“mobilebusiness operator”in their city.They can set up coffee carts,bakeries, or pop-up shops at campsites, create themed camping spaces atscenic areas, or participate in local cultural and tourism projects. This allowsthem to operate on a “your car is your business” entrepreneurship model.Forthe six months ended 30 June 2025,the Group had successfullyrecruited131 co-creators for vala.These individuals use their firsthandexperience with vala’s vehicles and their influence on social platforms andoffline to promote and sell vala vehicle. As more co-creators collaboratewiththe Group and delivery volumes gradually increase,vala’s mobileshowroom model is beginning to take shape. To better meet the vehicleviewingneeds of potential customers,our co-creators have collectivelyopened 13 vala experience centres nationwide. These centres are operatedindependently by co-creators at their own business premises. They benefitfrom low setup costs and flexible layouts, which helps vala quickly expandits market coverage and brand influence. 目前，我們與北京汽車製造廠合作開發的vala Pro車型已實現批量交付；此外，本集團已與賽力斯集團股份有限公司旗下的重慶瑞馳汽車實業有限公司及河南省汽車產業投資集團有限公司簽訂合作協議，共同研發新