Core Viewpoint - Company Seres is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise capital and become the first luxury new energy vehicle company listed in both A-share and H-share markets, with a share price set at HKD 131.50 [1] Group 1: IPO Details - Seres plans to issue 100.2 million H-shares globally, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international offering [1] - The company is expected to be listed on November 5, following a successful hearing on October 13 [1] - The recent surge in Hong Kong IPOs, with 12 new stocks seeing subscription multiples over 2000 times, indicates a favorable market environment for new listings [1] Group 2: Sales Performance - Since the launch of the Aito brand in 2021, sales have skyrocketed, with figures of 77,900 units in 2022, 102,600 units in 2023, and 388,700 units in the first half of 2025, making up 76.53% of total sales [2] - The Aito brand is projected to contribute 90.3% of the company's revenue in the first half of 2025, solidifying its position as the main revenue source [2] Group 3: Competitive Advantages - The company boasts four leading product technologies, including the Seres Magic Cube technology platform and a new generation of super-range extension systems, which contribute to its competitive edge [3] - Strong partnerships, particularly with Huawei, enhance the company's technological capabilities and market position [3] - The company has established over 400 user centers and 700 experience centers across more than 220 cities, ensuring robust customer service and delivery capabilities [3] Group 4: Future Outlook - The company is expected to maintain its leadership in the high-end new energy vehicle market, with models like the Aito M8 and M9 driving brand recognition and customer loyalty [4] - Anticipated continued sales growth in the coming year will likely enhance the company's valuation, supported by its strong market position and product offerings [4] - The company's market capitalization has increased over 14 times since 2020, indicating a strong growth trajectory, with expectations for further valuation increases post-IPO [4]

Core Viewpoint - The company, Seres, is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise capital and become the first luxury new energy vehicle company listed in both A and H shares, with a share price set at HKD 131.50 [1] Group 1: IPO Details - Seres plans to globally offer 100.2 million H shares, with 10.02 million shares available for public sale in Hong Kong and approximately 90.18 million shares for international sale [1] - The IPO is scheduled for subscription from October 27 to 31, with the listing date set for November 5 [1] - The Hong Kong IPO market has seen a surge, with 12 new stocks having subscription multiples exceeding 2000 times in the second half of the year [1] Group 2: Market Position and Performance - Seres is projected to maintain a third-place market share in the luxury new energy vehicle sector in 2024, with its models, the Wanjie M7 and M9, ranking among the top five in sales [1] - The Wanjie brand has shown significant sales growth since its launch in 2021, with sales figures of 77,900 units in 2022, 102,600 units in 2023, and 388,700 units in the first half of 2025, contributing 90.3% of the company's revenue in the same period [2] Group 3: Competitive Advantages - The company's success is attributed to its strong technological capabilities, including proprietary technologies and a deep partnership with Huawei, enhancing its competitive edge in the market [3] - Seres has established a robust service support system and has built over 400 user centers and 700 experience centers across more than 220 cities, ensuring efficient delivery and customer satisfaction [3] Group 4: Future Outlook - The company is expected to continue its growth trajectory, with projections of doubling revenue in 2024 and achieving profitability, distinguishing itself from competitors who are generally in loss [3] - With the anticipated launch of the Wanjie M8 in April 2025, Seres is expected to solidify its market position in the high-end segment, driving further sales growth [4] - The company's strong performance in the A-share market, with a market value increase of over 14 times since 2020, suggests a positive outlook for its upcoming H-share listing [4]

Group 1: Industry Trends - Investment, trade, and technology are currently the most popular directions for Chinese companies expanding into Dubai [2] - TikTok's monthly active users in Southeast Asia have surpassed 460 million, with Indonesia leading at 160 million [5] - Taobao has launched 2.1 million new products globally for this year's Double 11 shopping festival, aiming to enhance the international competitiveness of domestic brands [5] Group 2: Company Developments - Pop Mart opened its first store in the Middle East at Hamad International Airport in Doha, Qatar, marking its global expansion strategy [6] - OPPO launched its Find X9 series flagship smartphone in Spain, priced at €1,299 (approximately ¥10,700), aligning with the trend of increasing average smartphone prices [6] - Meituan's international delivery brand Keeta has officially started operations in Abu Dhabi, expanding its presence in the UAE market [6] Group 3: Financial Performance - Anker Innovations reported a revenue of ¥21.019 billion for the first three quarters of 2025, with overseas business contributing over 96% of total revenue [7] - Geely has officially entered the UK market with the launch of its first pure electric SUV, the EX5, and aims to sell 100,000 units by 2030 [7] - BYD unveiled its K-EV model at the 2025 Tokyo Mobility Show, introducing a dual strategy of pure electric and hybrid vehicles [7] Group 4: Investment and Financing - Yuan Tian Biological received strategic investment from Toyota Tsusho, aiming to penetrate the automotive supply chain [9] - Seres plans to raise over HK$13 billion through a global offering of H shares, with expansion plans across multiple international markets [9] - JBD completed over ¥1 billion in financing, setting a record for the MicroLED micro-display sector, with applications in nearly 50 smart glasses [10] Group 5: Policy and Market Initiatives - The China Council for the Promotion of International Trade will release a directory of key cross-border e-commerce enterprises to promote healthy development in the sector [11] - KrASIA launched new English media services aimed at Chinese companies going abroad, enhancing global brand visibility [11]

Key Insights - The external environment continues to improve, with market risk appetite steadily increasing. The Hong Kong stock market experienced adjustments in October, but there has been significant progress in US-China trade negotiations, with both sides reaching a "basic consensus" on key issues such as tariffs and export controls [1] - The Federal Reserve lowered interest rates by 25 basis points in October and announced a pause in balance sheet reduction in December, confirming further easing signals. Meanwhile, mainland China's policies remain consistent and stable, with the Fourth Plenary Session of the Communist Party formally approving the "14th Five-Year Plan," providing policy anchoring for the fundamentals of the Hong Kong stock market [1][2] Monthly Stock Picks - The report highlights three major variables to watch in November: 1) The pace of Federal Reserve rate cuts, with Powell's latest statement indicating that a December cut is "far from a done deal," leading to potential market volatility; 2) Progress in US-China relations and the specifics of the framework agreement; 3) Developments in mainland China's growth stabilization policies [2] - The report emphasizes a focus on "technology growth + defensive stability," balancing offensive and defensive strategies in industry allocation [3] Company-Specific Insights - Futu Holdings (FUTU US), Prosperity Industrial Trust (778 HK), and Alibaba (BABA US/9988 HK) are among the highlighted stocks for November, indicating a focus on quality targets in the technology and defensive sectors [3] - Nvidia (NVDA US) announced numerous collaboration projects at the GTC conference, projecting a market opportunity of $500 billion over the next two years, with a target price raised to $240, indicating a potential upside of 15.9% [5][6] - Longyuan Power (916 HK) reported a net profit decline of 19.8% year-on-year for the first three quarters, but the recovery of subsidy amounts exceeded expectations, with a total new installed capacity of 2.27 GW [16] Industry Trends - The report notes that the healthcare sector's performance has been mixed, with the Hang Seng Healthcare Index declining by 0.9%. However, there is a positive outlook for innovative drugs and CXO companies, with recommendations for specific stocks like 3SBio and WuXi AppTec [17][18] - The report highlights that the beer market in mainland China is expected to take time to recover, but long-term confidence in Budweiser APAC's premiumization strategy remains strong [13][14]

赛力斯（601127）(601127.SH)发布公告，公司已确定本次H股发行的最终价格为每股131.50港元。本次 发行的H股预计于2025年11月5日在香港联交所主板挂牌并开始上市交易。 ...

智通财经APP讯，赛力斯(601127.SH)发布公告，公司已确定本次H股发行的最终价格为每股131.50港 元。本次发行的H股预计于2025年11月5日在香港联交所主板挂牌并开始上市交易。 ...

Core Viewpoint - The company reported steady growth in its Q3 2025 performance, with a focus on high-end vehicle sales and advancements in humanoid robotics, indicating a positive outlook for future revenue growth and market positioning [2][5][6]. Financial Performance - For the first nine months of 2025, total revenue reached 110.53 billion yuan, a year-on-year increase of 3.7%, with Q3 revenue at 48.13 billion yuan, up 15.8% year-on-year and 11.3% quarter-on-quarter [2][3]. - The net profit attributable to shareholders for the first nine months was 5.31 billion yuan, reflecting a 31.6% increase year-on-year, while Q3 net profit was 2.37 billion yuan, down 1.7% year-on-year but up 8.1% quarter-on-quarter [2][3]. - The adjusted net profit for the first nine months was 4.77 billion yuan, up 26.7% year-on-year, with Q3 adjusted net profit at 2.29 billion yuan, down 1.4% year-on-year but up 10.2% quarter-on-quarter [2][3]. Sales and Market Position - Total deliveries for the first nine months of 2025 amounted to 341,000 units, a decrease of 7.8% year-on-year, while Q3 deliveries were 142,000 units, up 6.3% year-on-year and 9.1% quarter-on-quarter [4]. - The high-end model sales, particularly the Wanjie M9 and M8, accounted for 77% of Q3 deliveries, indicating a shift towards premium products and sustained brand value [3][4]. Strategic Initiatives - The company has entered into a preliminary cooperation agreement with ByteDance's Volcano Engine to leverage AI technologies for humanoid robotics, aiming to expand into this emerging market [5]. - The establishment of a super factory is expected to support increased delivery volumes, while the IPO in Hong Kong is anticipated to accelerate the company's global strategy [6]. Future Projections - Revenue forecasts for 2025-2027 are projected at 160.67 billion yuan, 202.5 billion yuan, and 246.3 billion yuan respectively, with net profits expected to reach 8.43 billion yuan, 11.2 billion yuan, and 13.82 billion yuan [6][7].

证券代码：601127 证券简称：赛力斯 公告编号：2025-093 赛力斯集团股份有限公司（以下简称"公司"）正在进行发行境外上市外资 股（H股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板上市（以 下简称"本次发行上市"）的相关工作。 本次拟发行的 H 股股份的认购对象仅限于符合相应条件的境外投资者及依 据中国相关法律法规有权进行境外证券投资管理的境内证券经营机构和合格境 内机构投资者及其他符合监管规定的投资者。因此，本公告仅为 A 股投资者及 时了解公司本次发行上市的相关信息而作出，并不构成亦不得被视为是对任何境 内个人或实体收购、购买或认购公司任何证券的要约或要约邀请。 赛力斯集团股份有限公司 关于 H 股公开发行价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司已确定本次 H 股发行的最终价格为每股131.50港元（不包括1%经纪佣 金、0.0027%香港证券及期货事务监察委员会交易征费、0.00565%香港联交所交 易费及0.00015%香港会计及财务汇报局交易征费）。公司本次发行的 H ...

人民财讯11月3日电，赛力斯（601127）11月3日早间公告，公司已确定本次H股发行的最终价格为每股 131.50港元(不包括1%经纪佣金、0.0027%香港证券及期货事务监察委员会交易征费、0.00565%香港联 交所交易费及0.00015%香港会计及财务汇报局交易征费)。公司本次发行的H股预计于2025年11月5日在 香港联交所主板挂牌并开始上市交易。 ...

南方财经11月3日电，赛力斯公告，公司H股发行价为每股131.5港元，不包括相关费用。预计2025年11 月5日在香港联交所主板挂牌上市。 ...