Core Insights - The AITO brand, co-created by Seres and Huawei, celebrated the production of its one millionth vehicle, the AITO M9, in Chongqing, achieving a significant milestone in just 46 months since its first model launch [2] - The brand aims to reach a second million vehicles within two years, indicating strong growth ambitions and a commitment to the high-end smart vehicle market [2] - AITO's sales performance has positioned it among the top three new force brands in China, with a monthly sales target of over 50,000 units by December 2025 [2] Industry Analysis - The success of AITO reflects the evolving competitive landscape of the automotive industry, driven by the integration of traditional manufacturing capabilities with cutting-edge technology and software ecosystems [3] - The collaboration between traditional automakers and tech companies is fostering new product forms and cooperative paradigms, particularly in the context of electrification and intelligent transformation [3]

Core Viewpoint - The article highlights the ambitious goal set by Zhang Xinghai, the founder and chairman of Seres, to achieve the next one million vehicle deliveries within two years, following the milestone of one million deliveries reached by the AITO brand [1][4]. Group 1: Company Performance and Strategy - Seres has established a deep partnership with Huawei, which has significantly influenced its business model and growth trajectory [3][6]. - The financial data reveals that Seres has paid Huawei a total of 75 billion yuan in procurement fees over three and a half years, with 20 billion yuan paid in the first half of 2025 alone, representing 33% of Seres' revenue during that period [6]. - Despite high procurement costs, Seres maintained a gross margin of 26.5% in the first half of 2025, which increased to 29.4% by the third quarter, positioning it as a leader among new energy vehicle manufacturers [6]. Group 2: Market Position and Competition - The AITO M9 has dominated the luxury car market, with 70% of sales in its segment, indicating the effectiveness of the investment made in the partnership with Huawei [6]. - There is a growing concern in the market regarding Seres' dependency on Huawei, as competition increases with other brands entering the "Hongmeng Intelligent Driving" ecosystem [9][10]. Group 3: Future Plans and Investments - Zhang Xinghai's urgency to achieve the two-million delivery goal reflects a strategic move to secure Seres' future position and independence within the automotive industry [12]. - The company has ramped up its R&D spending to 5.06 billion yuan in the first three quarters of 2025, nearly matching the total for 2024, to strengthen its technological capabilities beyond Huawei's influence [11]. - Seres is also exploring diversification by investing in areas outside of automotive, such as intelligent robotics, to reduce reliance on Huawei and enhance its market presence [11][12].

Core Insights - Hong Kong Stock Exchange (HKEX) regained the top position globally in IPO fundraising in 2025, completing 119 listings with a total fundraising amount of HKD 285.8 billion [1] Group 1: Factors Driving IPO Success - The resurgence of Hong Kong's IPO market is attributed to multiple factors, including strong capital market performance, increased attractiveness of Chinese assets, and rising international allocation demand [1] - Mainland enterprises played a crucial role, with 111 companies successfully listing in Hong Kong, raising a total of HKD 228.6 billion, accounting for 94% of new listings and 88% of total fundraising [2] - Improved market liquidity, enhanced domestic asset attractiveness, and a favorable policy environment contributed to the IPO boom, as noted by UBS executives [2] Group 2: International Investor Engagement - Increased attention from international investors significantly impacted the IPO landscape, with many re-entering as cornerstone investors and forming teams to study Chinese market opportunities [3] - Hong Kong's unique capital market positioning, backed by China and its connectivity mechanisms, serves as a vital gateway for international capital entering China and for domestic companies connecting with global investors [3] Group 3: Outlook for 2026 - The momentum in the Hong Kong IPO market is expected to continue into 2026, with 11 companies already listed in early January 2026, raising HKD 33.1 billion [4] - HKEX aims to leverage its advantages, such as the unique connectivity with mainland markets and a diverse, liquid market, to attract more listings and meet global investor needs [4] - The IPO market in 2026 is anticipated to exhibit characteristics of globalization, diversification, and high-quality reforms, driven by the rapid development of Chinese enterprises and global investor demand [5] Group 4: Market Trends and Innovations - Globalization of Chinese enterprises is evolving from product export to comprehensive brand and capital structure strategies, which will drive IPOs and cross-border mergers [5] - The Hong Kong market is witnessing a diversification of industries, including new consumption, AI technology, and healthcare, along with a mix of established and emerging companies seeking listings [5] - Innovations in financing, such as convertible bonds, are expected to become more flexible, while the focus on fundamental company performance and governance is leading to lower IPO failure rates [5]

Core Insights - The Chongqing smart connected new energy vehicle market is gaining significant attention as companies report impressive sales figures for 2025, indicating a strong growth trajectory in the industry [1][2][3] Group 1: Company Performance - Changan Automobile reported a total sales volume of 2.913 million units in 2025, marking an 8.5% year-on-year increase, achieving the highest sales in nearly nine years [1] - Seres announced a total sales volume of 472,269 units for the year, reflecting a 10.63% year-on-year growth [1] - The AITO brand, under Seres, delivered over 420,000 vehicles in 2025, leading the high-end new energy vehicle market [1][3] Group 2: Technological Advancements - Changan has made significant technological strides with its self-developed "Golden Shield" battery and the industry’s first multi-in-one electric drive technology, which have entered mass production [4] - The company has also launched the "Tianshu Intelligent" brand, leveraging its technological advantages to enhance market competitiveness [4] - Seres is focusing on a "software-defined vehicle" approach, introducing several industry-leading technologies to strengthen its market position [4] Group 3: Global Expansion - Changan's overseas sales reached 637,000 units in 2025, up 18.9% year-on-year, with plans to establish 20 factories in countries like Brazil and Indonesia [6] - Seres successfully listed on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company to achieve an "A+H" listing, facilitating global resource integration and technological collaboration [6] Group 4: Autonomous Driving Development - Chongqing has introduced L3-level autonomous driving vehicles, with Changan receiving the first official license plate for such vehicles in China [8][9] - The city’s complex geographical environment serves as a testing ground for autonomous driving technologies, enhancing their development and validation [10] Group 5: Industry Ecosystem - Chongqing has developed a robust automotive industry ecosystem, led by Changan, Seres, and Qianli Technology, with over a thousand supporting parts manufacturers [11] - The region has established a cluster advantage in software and system capabilities necessary for intelligent driving, with numerous digital workshops and smart factories [12] Group 6: Green Initiatives - In 2025, Chongqing produced nearly 1.3 million new energy vehicles, supported by intelligent manufacturing and carbon reduction initiatives [12] - Financial innovations, such as the establishment of a 1 billion yuan fund, are driving the green transformation of the new energy vehicle industry [14]

Core Insights - The milestone of reaching one million vehicles is a vivid practice of cross-industry integration, demonstrating rapid growth in both speed and scale, as well as achieving new heights in the high-end market and quality [1] - The rapid development of the AITO brand is attributed to the close collaboration between Seres and Huawei, which has created a new paradigm for cooperation in the Chinese automotive industry since 2021 [1][2] - The AITO series, including models M5, M7, M8, and M9, has gained the trust of one million users within just 46 months, covering a price range from 200,000 to 600,000 yuan [1] Company Performance - The AITO M9 has been the sales champion in the 500,000 yuan segment for 21 consecutive months, with a total of 270,000 units delivered since its launch [2][3] - The AITO M8 has maintained its position as the sales champion in the 400,000 yuan segment for six months, while the M7 has surpassed 400,000 cumulative deliveries [2] Future Outlook - AITO plans to continue focusing on three core values: serving users wholeheartedly, prioritizing user pride and safety, and adhering to the philosophy that "safety is the greatest luxury" [4] - The brand aims to deepen its strategic cooperation with Huawei and expand its global market presence, with plans to develop and launch new models tailored to different regions [4] - AITO is committed to transforming into an "AI-driven vehicle" and leveraging advanced production capabilities at the Seres Super Factory to continuously produce high-end smart electric vehicles [4]

Core Viewpoint - The article discusses the recent patent application by Seres Automotive Co., Ltd. for a method related to in-vehicle intelligent agent control, which aims to enhance stability and reliability in automotive environments [1] Group 1: Patent Details - The patent titled "Method, Device, System, Electronic Equipment, and Storage Medium for In-Vehicle Intelligent Agent Control" was published on January 13 [1] - The method involves obtaining sensor measurement data and vehicle motion state information to estimate the state of the intelligent agent [1] - It calculates the centroid position adjustment based on the state estimation results and adjusts the intelligent agent accordingly to achieve a stable state [1] Group 2: Technical Significance - The method utilizes a real-time posture control algorithm based on dynamic centroid compensation, which improves the stability and reliability of the intelligent agent in the vehicle environment [1]

Core Insights - The company has achieved ISO14068-1:2023 certification for carbon neutrality, marking a significant recognition of its green manufacturing practices and providing a replicable model for sustainable development in the industry [1][4]. Group 1: Green Manufacturing Practices - The factory aims to create a "zero-carbon" and "green factory," integrating green principles into every operational aspect [2]. - The factory has installed distributed photovoltaic power stations with a total capacity of 50 megawatts, generating an average of 38 million kilowatt-hours annually, which reduces carbon dioxide emissions by approximately 30,000 tons each year [2]. - The factory employs innovative practices such as the "in-plant" model, bringing core suppliers like CATL directly into the park to facilitate seamless logistics and significantly reduce carbon emissions during transportation [2]. Group 2: Intelligent Manufacturing - The factory integrates nine advanced manufacturing processes, including die-casting, stamping, welding, painting, and assembly, supported by over 3,000 robots achieving 100% automation in key processes [3]. - Digital twin technology creates a virtual production system that synchronizes with the physical factory, enabling intelligent fault warnings, precise production scheduling, and remote operation and maintenance [3]. - An AI visual inspection system monitors the entire production process with high precision, enhancing quality control and energy efficiency [3]. Group 3: Industry Leadership and Sustainable Development - The certification serves as a milestone for the company and sets a benchmark for the automotive industry's green transformation [4]. - The company is initiating a collaborative effort with its supply chain to build a green industrial chain and promote carbon reduction across the entire industry [4]. - By 2025, the company aims to achieve cumulative sales of 472,000 electric vehicles, with its high-end models leading in their respective market segments [4]. Group 4: Future Goals - The company plans to leverage the ISO14068 certification to further deepen its "green + intelligent" manufacturing transformation, aiming for comprehensive carbon neutrality in production operations by 2045 [5]. - The company will continue to play a leading role in the industry, collaborating with global partners to drive technological innovation and promote sustainable future mobility solutions [6].

Core Insights - AITO Wenjie has surpassed the milestone of one million vehicles sold in just 46 months, significantly faster than competitors like Li Auto, which took 58 months [1] - The Wenjie M9 model has become a dominant player in the high-end electric vehicle market, with 70% of sales in the 500,000+ yuan segment attributed to it [1] - The partnership between Seres and Huawei has evolved over five years, leading to a deeper collaboration and a focus on innovative product launches [2] Sales Performance - Wenjie achieved its first 100,000 vehicle deliveries in May 2023 and reached 400,000 deliveries by July 2024, then crossed the one million mark in just 18 months [1] - The Wenjie M9 has maintained its position as the best-selling model in the 500,000 yuan category for 21 consecutive months, while the M8 has led the 400,000 yuan category for six months [1] - Seres aims to reduce the time taken to reach the next one million vehicles sold to under two years [1] Product Strategy - Wenjie has established a diverse SUV product lineup, including models M9, M8, M7, and M5, covering price ranges from 200,000 to 600,000 yuan [1] - Upcoming product updates include a new mid-large SUV model, Wenjie M6, and comprehensive upgrades for existing models M5, M7, and M8, with the M9 expected to see a new variant, M9 L [3] Technological Advancements - The Wenjie series has accumulated 5.1 billion kilometers of assisted driving mileage and 320 million instances of assisted parking, with 83.7% of models featuring assisted driving capabilities [4] - The brand is also focusing on enhancing its smart technology and plans to share resources like charging networks and after-sales services with other brands to improve efficiency and reduce costs [4]

Core Insights - AITO Wenjie has surpassed the milestone of one million vehicles sold in nearly five years since its brand launch at the end of 2021, achieving this in just 46 months, faster than competitors like Li Auto [1] - The Wenjie M9 model has become a significant player in the high-end electric vehicle market, with 70% of sales in the 500,000 yuan and above segment attributed to it [1] - The sales growth of Wenjie is accelerating, with a notable increase in deliveries in the second half of 2023, reaching 100,000 units in just 18 months after hitting 400,000 units [1] Sales Performance - Wenjie M9 has achieved 270,000 deliveries, maintaining its position as the best-selling model in the 500,000 yuan category for 21 consecutive months [1] - Wenjie M8 has been the top seller in the 400,000 yuan category for six months, while Wenjie M7 has surpassed 400,000 units in total deliveries [1] - The goal is to reduce the time taken to reach the next one million units sold to under two years [1][3] Strategic Partnerships - The collaboration between Seres and Huawei, initiated in 2019 and formalized in 2021, has been pivotal in the success of the AITO Wenjie brand, characterized by Huawei's deep involvement in technology and Seres' manufacturing leadership [3] - The partnership is expected to deepen further, promising more innovations in the future [3] Product Development - Wenjie is set to update its core SUV product lineup to strengthen its market position, with plans to launch a new mid-large SUV model, Wenjie M6, and refresh existing models [4] - The Wenjie series has achieved significant milestones in intelligent driving technology, with 5.1 billion kilometers of assisted driving and 3.2 million assisted parking instances recorded [4] Market Position - Wenjie has established itself as a leading brand within the HarmonyOS ecosystem, recognized for its comprehensive product line and brand awareness [4] - The brand aims to leverage the "Five-Brand Alliance" to share resources like charging networks and after-sales services, enhancing cost efficiency and service quality [4]

Core Insights - AITO achieved a significant milestone with the production of its one-millionth vehicle, the AITO M9, marking a successful implementation of a cross-industry integration model in the Chinese automotive sector [1][3][5] Group 1: Milestone Achievement - The one-millionth vehicle milestone was celebrated at the Seres Super Factory, highlighting the rapid growth of AITO as a pioneering cross-industry brand [1][3] - AITO's growth is attributed to its innovative cross-industry integration model, developed through deep collaboration with Huawei since 2021 [5][7] Group 2: Product Performance - AITO's product lineup, including the M5, M7, M8, and M9, covers a price range of 200,000 to 600,000 yuan, gaining the trust of one million users in just 46 months [7] - The AITO M9 has been the sales champion in the 500,000 yuan category for 21 consecutive months, while the M8 and M7 have also achieved significant sales milestones [7] Group 3: Value Redefinition - AITO is redefining the value system of high-end smart vehicles, emphasizing safety as the ultimate luxury and enhancing user experience through advanced technology [9][11] - The company has implemented a comprehensive intelligent safety system, preventing over 2.6 million potential collisions and covering more than 5 billion kilometers with its assisted driving features [9] Group 4: User Engagement and Service - AITO has innovated user engagement by establishing direct communication channels and a smart service system, with nearly 400 service stores nationwide [11][13] - The brand has consistently ranked first in brand development confidence and net promoter score (NPS), reflecting strong user recognition of its "smart redefined luxury" concept [13] Group 5: Future Strategy - Moving forward, AITO aims to achieve its second million vehicles in two years, continuing its strategic partnership with Huawei and focusing on high-end smart electric vehicles [14][16] - The company plans to develop new models tailored to various markets and enhance its capabilities in AI-driven automotive technology [14][16]