中创新航2025年中期报告

中創新航科 技集團股份有限公司CALB Group Co., Ltd. 股份代號 :3931( 於中華人民共和國註冊成立的股份有限公司 ) 致力於新能源領域的開拓創新和技術引領，持續塑造新能源產業健康生態，為人類能源安全及可持續發展切實履行責任 中期報告2025 2 3 20 27 28 31 32 33 54 1 1 24840 H 1617 FCCACPA FCCACPA 3931 www.calb-tech.com 2025 1 SNE Research2025946.931.8%2025504.4GWh37.3% 2025693.740.3%44.3%40.266.5%2025299.6GWh47.3% (ACEA)202586.915.6%22%CoxAutomotiveKelleyBlue Book202560.71.5% 2 2025InfoLink2025240.2GWh106.1%2025460.0GWh 2025101.3GW/240.3GWh110%/123%202523.03GW/56.12GWh68% 16,418.8831.7%752.9980.4% 1 430Wh/kgBMS20256304,983 (1) 1800V5C10%80%12P7P7243,971km2310Wh/kgR46eVTOL3400Wh/kg400Wh/kg (2) 1R462800V5C10%80%1220255C3210Wh/kg10%80%15 (1)20%80%1810%2026134KWh350km90-600KWh8-162025 (2)1 0 0 K W h200-600KWh200KWh202633KWh2025800V 5C2026(CTB)284-426KWh2026 (1) 1)314Ah314Ah15,00096%1,0002392Ah6.25MWh3600Ah+440Wh/L206.8MWh2,000V0.58%20254)588Ah10,00096.5%2025 (2)261KWh153KWh200KWh(EMS)AI15KWh2MWh (3)2.7-15KWh140Wh/L40%15%98%5%~8%10TCOTotal Cost of Ownership20%OTAOver-The-Air60%DC/DC KWhMWhCCSABSRINA40%10%50% 2 2025202521.8GWh22.7%4.7GWh2025 202567.4%202578.25%OEM (1)800V5C2OEMBZ3X (2)10 (3) 310%23033% (1)(2)(3) (1)(2)(3) (4) (5)5MWh eVTOL TCOTotal Cost of Ownership 2025+ 202463012,469.24202563016,418.8831.7%2024630417.312025630752.9980.4%20246300.140520256300.262987.1% 202463015.6%1.9202563017.5% 20246303.3%1.320256304.6% 202463012,469.24202563016,418.8831.7% 1) 20246309,723.98202563010,662.359.7% 20246302,745.2620256305,756.53109.7% 202463012,238.05202563016,092.4531.5%2024630231.192025630326.4341.2% 1) 2 0 2 41 23 11 2 2 , 4 7 3 . 3 82 0 2 563 0130,540.146.6%2024123186,868.00202563091,887.815.8%2024123135,605.39202563038,652.338.6% 2) 2024123174,419.46202563081,728.939.8%2024123145,584.30202563050,012.919.7%2024123128,835.16202563031,716.0210.0% 20256302,557.9920246301,254.971,303.02 202563010,977.722024123112,435.96 202563052,437.292024123146,116.3822,631.4229,805.87 20256307.6% 202563062.6%2024123160.8%90.7%2024123177.5% 20256307,417.7020246307,815.55 202563010,715.732024123114,620.08 202563015,618.452,680.181,300.0010,768.67869.60 2025630 2025630 20255687,620,380A5.83510,826,815.40(155,725,311A 202556119,482,337AA5.63672,685,557.31 2025562025618 23 C1 2025630C.2.1 C3 3.213.22D.3.333.10(2)3.21 202563010,080 2025630 2025630 H 2025414149,831,290HHHH202594149,831,290HH2025951,010,802,463761,499,395H202541420258142025819202594 2025630 202563013.51B (1) 2025630 2025630XV(a)XV78(b)352(c) (1)(2)20256301,160,633,753611,668,105H(3)20256301,772,301,858 2025630XV(a)XV78(b)352(c) 2025630XV23336 (1)(L)(S)(P)(2)20256301,160,633,753611,668,105H(3)20256301,772,301,858(4)(5)90%(6) (7)26.02% (8)2.12%10.13% (9)1.35%0.72%2.12%14.32% (10)0021900.55%0.09%0.08%9.25% 336 2025630XV23336 2025630 2025630 2025630 2025630 2025630 1. H20221061 2. 34 2024123120242024 3. A. 20251121 3. B. 18 181181818(i)(ii)(iii) 18 4. 4. (a) 4. 4. (c) 5. 6. 2024 6. 7. 2025630890202463024820244(z) 8. 9. 9. 25% 15%15% 10. 11. 2025630 12. (a) 20256302024630465,957,000248,987,0001,772,302,0001,772,302,000 (b) 13. 20256306,161,697,00020246306,533,777,000 14. 2025630202463015,184,000 2025630227,453,0002024630 15. 2025630131,955,0002024630112,017,000 90 16. 2025630 18. 18. (i)180(ii)(iii) 19. 18 20256302024123114,0002,563,969,000202412313,315,497,000 0180181365122 20. 20191231620192019 101,500 10 (a) (b)(a)6%(c)(a)(b)20%80% 2019 20. –2027730–1.02–3.69%––53.72% 163 202463020,2272025630– 21. 22. (a) 2021362,50080%2,000 2022162,50080%2,000 (b) 18 22. (c) 23. 20247(2024)01543ZL201720968992.62024726 20251(2025)1(2024)01138ZL202210514746.9202513 20251(2025)052ZL201621122034.92025117 23. 20251(2024)1ZL202011086325.82025128 2025630 2025630 24. 25. 20258149,831,290H 2025630 26. 2025827 中創新航科 技集團股份有限公司CALB Group Co., Ltd.