SERES(SH:601127) Huan Qiu Wang Zi Xun·2025-05-27 23:12Core Insights - The article highlights the rapid rise of Seres Group, which has become one of the most popular high-end car sellers in China within four years, surpassing many traditional luxury brands [1][2] - Seres Group, formerly known as Dongfeng Xiaokang, partnered with Huawei in 2021 to launch the high-end electric and hybrid vehicle brand, AITO Wenjie, leading to significant sales growth [1] - The AITO Wenjie M9 SUV, launched at the end of 2023, became the best-selling model in the domestic market for vehicles priced above 500,000 RMB, showcasing a shift in consumer preferences towards luxury electric vehicles [1][2] Company Overview - Seres Group's sales doubled in three years, reaching approximately 427,000 units by 2024, with its stock price on the Shanghai Stock Exchange increasing by 120% [1] - The M9 model, equipped with Huawei's HarmonyOS and various luxury features, achieved a delivery volume of about 151,000 units [1] - The starting price for the M9 pure electric version is 509,800 RMB, indicating a strong market positioning [1] Industry Context - The luxury car market in China was previously seen as less affected by the electric vehicle transition, but this perception is changing as new electric vehicle manufacturers gain traction [2] - The success of AITO Wenjie challenges the notion that new entrants cannot compete with established luxury brands, reflecting a shift in consumer tastes [2] - Despite the challenges posed by a 23% year-on-year decline in luxury car sales in 2024 and ongoing price wars, optimism remains within the company regarding its brand's future [2]