11月5日，赛力斯（股票代码：9927.HK）在香港联合交易所主板正式挂牌上市。此举意味着赛力斯成 为国内首家"A+H"两地上市的豪华新能源车企，此次募资净额140.16亿港元，是2025年以来全球规模最 大的整车企业IPO。 （文章来源：21世纪经济报道） ...

中国经济网北京11月5日讯 赛力斯集团股份有限公司（以下简称"赛力斯"，09927.HK）今日在港交所上市，开盘即破发， 报128.9港元。截至收盘，赛力斯报131.5港元，涨幅0%。 配发结果公告显示，赛力斯全球发售的发售股份数目为108,619,000股H股（经计及发售量调整权获部分行使以及视乎超额 配股权行使与否而定），香港发售股份数目为10,861,900股H股，国际发售股份数目为97,757,100股H股（经计及发售量调整权 获部分行使以及视乎超额配股权行使与否而定）。 | 發售股份及股本 | | | --- | --- | | 發售股份數目 | 108.619.000 | | 香港公開發售的發售股份數目(經計及發售量調整 | 10.861.900 | | 權已獲部分行使) | | | 國際發售的發售股份數目(經計及發售量調整權已 | 97.757.100 | | 獲部分行使) | | | 於上市時已發行的股份數目（於超額配股權獲行使 | 1.741.985.086 | | 前) | | 赛力斯的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中国国际金融香港证券有限公 司、 ...

Core Insights - Major tech companies are intensifying their investments in the robotics sector, particularly in embodied intelligence and humanoid robots, indicating a potential new growth area in the industry [1][9]. Recruitment and Job Details - ByteDance's Volcano Engine team is seeking to hire a senior expert in operational algorithms for humanoid robots, offering a monthly salary between 95,000 to 120,000 RMB [2][4]. - The role involves leading the development of operational algorithms, including algorithm architecture design, grasping algorithms, and model deployment, with a focus on practical applications in various industries [2][4]. Company Developments - ByteDance's robotics team has successfully mass-produced over 1,000 robots as of July 2023, with a target of 200 units by the end of the year, achieving over 100% growth in production [4][9]. - The current robots are primarily wheeled logistics robots, designed for autonomous transportation in warehouses and production lines, serving both ByteDance's internal operations and external clients like SF Express and BYD Electronics [4][9]. Collaborations and Partnerships - ByteDance has partnered with Seres Group to work on intelligent robot decision-making and control technologies, aiming to create a closed-loop mechanism for technology development and scene validation [5][7]. - The collaboration focuses on the automotive industry's digital transformation needs, integrating technology and practical applications [7]. Industry Trends - The Chinese robotics industry has seen a revenue growth of 29.5% in the first three quarters of the year, with industrial robot production reaching 595,000 units and service robots at 13.5 million units, surpassing the expected production for 2024 [9]. - Other major companies like Alibaba, Tencent, and JD.com are also making significant moves in the robotics field, with investments in various robotics companies and the establishment of dedicated teams for embodied intelligence [9][10]. Strategic Focus - Major tech firms are primarily targeting the decision-making layer of embodied intelligence, leveraging their AI algorithm capabilities to secure a critical position in the future ecosystem of embodied intelligence [10].

Core Insights - The report highlights the optimistic outlook for the Chinese economy, with several foreign institutions raising their GDP growth forecasts for 2025 and beyond, indicating confidence in China's technological development and export growth [2][8]. Group 1: Economic Indicators - The People's Bank of China is conducting a 700 billion yuan reverse repurchase operation to maintain liquidity in the banking system [2]. - In October, the wholesale sales of new energy passenger vehicles in China reached 1.61 million units, a year-on-year increase of 16% [2]. - The China Logistics and Purchasing Federation reported that the commodity price index rose to 113.2 points in October, marking a 1.2% month-on-month increase, indicating a recovery in market confidence [2]. Group 2: Company Performance - Guoxuan High-Tech (002074.SZ) reported a revenue of 295.08 billion yuan for the first three quarters of 2025, with a year-on-year growth of 17%, and a net profit of 25.33 billion yuan, reflecting a significant increase of 514% [6][7]. - The company’s third-quarter net profit reached 21.67 billion yuan, a staggering increase of 1434% year-on-year, largely due to fair value changes from its investment in Chery Automobile [7]. - The company is set to launch a collaboration project with Volkswagen, which is expected to contribute positively to its performance starting next year [8]. Group 3: Investment Recommendations - The report maintains a "strongly recommended" rating for Guoxuan High-Tech, with adjusted profit forecasts for 2025-2027, projecting net profits of 33.82 billion yuan, 25.39 billion yuan, and 32.98 billion yuan respectively [9]. - Anhui Expressway (600012.SH) reported a toll revenue of 39.15 billion yuan for the first three quarters, a year-on-year increase of 13.83%, with a net profit of 14.77 billion yuan, reflecting a growth of 5.43% [10][11]. - The company is expected to benefit from its acquisition of a 7% stake in Shandong Highway, which could enhance its investment returns [12].

11月5日，赛力斯（601127）（股票代码：9927.HK）在香港联合交易所主板正式挂牌上市。赛力斯也 成为国内首家"A+H"两地上市的豪华新能源车企，此次募资净额140.16亿港元，系迄今为止规模最大的 中国车企IPO，也是2025年以来全球规模最大的整车企业IPO。 该股开盘报128.90港元/股，截至午间收盘，该股报127.60港元/股，下跌2.97%，成交额13.8亿港元。 加速全球化战略布局 赛力斯2016年全面转型新能源汽车领域，2021年与华为跨界合作发布问界品牌。截至目前，问界品牌已 推出问界M9、问界M8、问界M7、问界M5四款车型，深受市场认可及用户喜爱，问界系列累计交付超 过80万辆。 10月新能源汽车销量超5万辆 业绩方面，2002年至2024年，赛力斯营业收入分别为341.05亿元、358.42亿元、1451.76亿元，同比增长 104.00%、5.09%、305.04%；归母净利润-38.32亿元、-24.50亿元、59.46亿元，同比增长-110.10%、 36.10%、342.70%。 11月3日，赛力斯披露了10月产销快报。10月，新能源汽车销量达51456辆，同比增长42 ...

Core Insights - ByteDance's Volcano Engine team is launching a high-profile recruitment for a "Senior Algorithm Expert (Embodied Intelligence)" focused on humanoid robot development, with a monthly salary ranging from 95,000 to 120,000 RMB [1][4] Recruitment Details - The position is specifically for humanoid robot operation algorithms, requiring expertise in architecture, grasping, VLA models, and dexterous hands [4] - Candidates must have a master's or doctoral degree in computer science, automation, or related fields, and be familiar with mainstream technologies like VLM/VLA (e.g., BERT, CLIP) [4] - The role involves leading the development of algorithms, participating in large model training and evaluation, and optimizing embedded performance through system integration and simulation [4] Team and Project Overview - ByteDance's Seed team, established in 2023, focuses on general intelligence research, including large models, multi-modal perception, AI agents, and embodied intelligence [10] - The Seed team is actively recruiting for key positions related to robotics, including product and engineering leads, emphasizing multi-modal perception and reinforcement learning [10][11] - Recently, the Seed team released the 3D generation model Seed3D 1.0, which can seamlessly integrate with simulation engines like Isaac Sim for embodied intelligence model training [11] Industry Collaboration - ByteDance has partnered with Seres Group to explore the mass production and application of humanoid robots, forming a joint venture [14][15] - The collaboration focuses on intelligent robot decision-making, control, and human-machine enhancement technologies [16] Job Market Insights - Currently, there are 26 job openings related to "embodied intelligence" and 183 related to "robotics" within ByteDance [12]

Core Insights - ByteDance's subsidiary, Volcano Engine, is launching a high-profile recruitment drive for a "Senior Algorithm Expert (Embodied Intelligence)" focused on humanoid robotics, with a monthly salary ranging from 95,000 to 120,000 RMB [1][4] Recruitment Details - The position is specifically for developing operational algorithms for humanoid robots, including architecture, grasping, VLA models, and dexterous hands, as well as training, evaluating, and deploying large embodied models [4] - Candidates are required to have a master's or doctoral degree in computer science, automation, or related fields, or equivalent industrial experience, and must be familiar with mainstream technologies like VLM/VLA [4] Team and Project Overview - ByteDance's Seed team, established in 2023, is a core R&D team in AI, focusing on general intelligence, large models, multi-modal perception, AI agents, and embodied intelligence [5][11] - The Seed team has recently launched the Seed3D 1.0 model, which generates 3D models compatible with simulation engines like Isaac Sim, facilitating embodied intelligence model training [13] Collaboration and Future Plans - ByteDance has partnered with Seres Group to explore the mass production and application of humanoid robots, establishing a joint venture [15][16] - The collaboration will focus on intelligent robot decision-making, control, and human-machine enhancement technologies [17]

Core Viewpoint - The successful listing of Seres (601127) on the Hong Kong Stock Exchange marks it as the first luxury new energy vehicle company in China to achieve "A+H" dual listing, raising a net amount of HKD 14.016 billion, the largest IPO for a Chinese car company to date and the largest globally since 2025 [1][2]. Group 1: IPO and Market Response - Seres' IPO was met with significant market enthusiasm, with the public offering being oversubscribed by 133 times and total financing subscriptions exceeding HKD 170 billion [2]. - Approximately 70% of the funds raised will be allocated to research and development, while around 20% will be used for diversifying new marketing channels, overseas sales, and charging network services [2]. - The IPO attracted 22 cornerstone investors, indicating strong market recognition of Seres' high-quality development and growth potential, which will enhance the company's valuation and capital operation efficiency [2]. Group 2: Global Expansion Strategy - Seres has established a global presence in Europe, the Middle East, the Americas, and Africa, with successful market penetration in key European regions such as Norway, Germany, the UK, and Switzerland [2]. - The dual capital platform "A+H" will further drive Seres' technological innovation, brand value enhancement, and global market expansion [2]. Group 3: Technological Innovation and Product Development - Seres focuses on high-end smart electric vehicles, having fully transitioned to the new energy vehicle sector in 2016 and launched the "AITO" brand in collaboration with Huawei in 2021 [3]. - The AITO brand has introduced four models, achieving over 800,000 cumulative deliveries, reflecting strong market acceptance [3]. - The company emphasizes software-defined vehicles and has developed several innovative technologies, including the Seres Magic Cube technology platform and Seres Super Range Extender, creating a robust technological moat [3]. - Seres collaborates with top domestic universities and tech companies to explore emerging fields like embodied intelligence, aiming to integrate AI into practical applications for safer and more reliable smart mobility solutions [3].

Core Viewpoint - The successful listing of Seres Group on the Hong Kong Stock Exchange marks a significant milestone for the company and the high-end smart electric vehicle industry in China, highlighting its ambition to become a global leader in this sector [1] Group 1: IPO Details - Seres Group was listed on November 5, 2023, on the main board of the Hong Kong Stock Exchange under the stock code 09927.HK [1] - The global offering was priced at HKD 131.50 per share, with a total issuance scale of approximately USD 1.835 billion (before the greenshoe option) [1] - The offering included a 15% over-allotment option, making it the largest IPO for a vehicle manufacturer in Hong Kong in 2025 [1] - The international placement was oversubscribed by 8.61 times, while the Hong Kong public offering was oversubscribed by 132.68 times [1] Group 2: Strategic Partnerships and Market Positioning - Seres aims to become a technology leader in the high-end smart electric vehicle market, leveraging its deep collaboration with Huawei to build technological barriers [1] - The company focuses on creating a new intelligent travel experience through its AITO series of models [1] - The listing is a crucial step for Seres to integrate into the international capital market, enhancing its global brand image and expanding its presence in Europe and Southeast Asia [1] - The IPO allows international investors to gain deeper insights into the innovative capabilities of China's high-end electric vehicle industry [1]

Core Viewpoint - The company, Seres Group, officially listed on the Hong Kong Stock Exchange, but its stock price opened below the offering price, indicating initial market skepticism about its valuation and future performance [1][3]. Summary by Sections Stock Market Performance - Seres' stock opened at 128.9 HKD (approximately 118.20 RMB), slightly below the offering price of 131.5 HKD (approximately 120.59 RMB) and experienced a decline of 9.51%, reaching 119 HKD (approximately 109.12 RMB) shortly after trading began [1][3]. - By the time of reporting, the stock price had recovered to 123.2 HKD (approximately 112.97 RMB), with a market capitalization of 213.58 billion HKD (approximately 1958.48 billion RMB) [3]. IPO Details - The global offering consisted of 108.619 million shares, with the Hong Kong public offering receiving 132.68 times subscription and the international offering receiving 8.61 times subscription [5]. - The total funds raised from the IPO amounted to 14.283 billion HKD (approximately 13.098 billion RMB), with a net amount of 14.016 billion HKD (approximately 12.853 billion RMB) after deducting listing expenses [8]. Financial Performance - In the first half of 2025, Seres reported revenues of 62.359 billion RMB, a decrease of 4.1% year-on-year, while net profit attributable to shareholders was 2.941 billion RMB, an increase of approximately 81.25% [8][12]. - The sales volume for the first half of 2025 was 198,600 vehicles, with the AITO brand accounting for approximately 76.52% of total sales [8][22]. Revenue Breakdown - The AITO brand generated sales revenue of 56.282 billion RMB in the first half of 2025, representing 90.3% of Seres' total revenue [24]. - The company’s revenue for 2022, 2023, and 2024 was 34.056 billion RMB, 35.789 billion RMB, and 145.113 billion RMB, respectively, with a significant increase in 2024 [12][25]. Profitability and Margins - The overall gross margin for Seres in the first half of 2025 was 26.5%, with the gross margin for electric vehicle sales at 26.0% [17]. - The gross margin for the AITO brand increased by 3.7 percentage points compared to the previous year, attributed to an optimized product mix and increased sales of high-margin models [17]. Research and Development Focus - Seres plans to allocate approximately 70% of the net proceeds from the IPO to research and development, focusing on smart cockpit and assisted driving technologies, power system technology, and advanced technology exploration [9][27]. - The company aims to enhance its core technological capabilities and innovation through increased R&D investment, which is crucial for maintaining competitive advantage in the automotive market [28][29]. Strategic Partnerships - The partnership with Huawei has been pivotal for Seres, significantly contributing to its revenue and profitability growth through the success of the AITO brand [21][26]. - However, the company acknowledges that as more automakers collaborate with Huawei, the brand's influence may diminish, necessitating a return to self-research and development for sustained competitive advantage [31].