SERES(601127) 新浪财经·2025-05-01 00:31Core Viewpoint - The company reported its Q1 2025 performance, showing significant fluctuations in revenue and net profit, while new product launches are expected to drive future growth [1][2][3] Group 1: Financial Performance - The company achieved revenue of 19.147 billion, with year-on-year and quarter-on-quarter declines of 27.9% and 50.3% respectively [1] - The net profit attributable to shareholders was 750 million, reflecting a year-on-year increase of 240.60% but a quarter-on-quarter decrease of 60.81% [1] - The adjusted net profit was 390 million, with a year-on-year increase of 244.34% and a quarter-on-quarter decrease of 78.24% [1] Group 2: Product and Sales Performance - The company experienced sales fluctuations in Q1 due to a wait-and-see effect regarding new products, with total sales of 45,300 units for the Wanjie brand [1] - Sales for the new M9 and M8 models have shown promising early results, with M9 deliveries exceeding 10,000 units within 25 days and M8 pre-orders surpassing 60,000 units as of April 29 [1] Group 3: Profitability and R&D Investment - The gross margin for Q1 was 27.6%, representing a year-on-year increase of 6.1 percentage points, significantly higher than the average gross margin of 14.7% for comparable companies [2] - The R&D expense ratio was 5.49%, with year-on-year and quarter-on-quarter increases of 1.9 percentage points and 2.3 percentage points respectively, supporting the development of core technologies [2] Group 4: Strategic Initiatives - The company submitted an application for an H-share listing on April 28, aiming to accelerate its international expansion [3] - The company plans to use the net proceeds from the IPO to enhance R&D investment, diversify its product offerings, and expand its international market presence [3] Group 5: Future Outlook - The company is expected to capture the luxury market with the launch of the M8 and 2025 M9 models, and forecasts revenues of 191.9 billion, 228.6 billion, and 255.7 billion for 2024-2026, with net profits of 9.8 billion, 12 billion, and 13.6 billion respectively [3]