SERES(SH:601127) Di Yi Cai Jing·2025-07-23 13:40Economic Overview - In the first half of the year, Chongqing's GDP reached 15,929.58 billion yuan, with a year-on-year growth of 5.0% [1] - The industrial added value above designated size increased by 5.6% year-on-year, improving by 2.0 percentage points compared to the first quarter [1] - The primary industry added value was 714.82 billion yuan, growing by 3.1%; the secondary industry added value was 5,555.75 billion yuan, growing by 4.2%; and the tertiary industry added value was 9,659.01 billion yuan, growing by 5.6% [1] Automotive Industry Performance - The automotive industry is a crucial pillar for Chongqing but faced a slowdown at the beginning of the year, with a first-quarter growth of only 2.4%, down 24.3 percentage points from the previous year [2] - The contribution of the automotive sector to the city's industrial growth dropped from 4.9 percentage points to 0.5 percentage points in the first quarter [2] - Key reasons for the slowdown included product updates at major car manufacturers and a shrinking market for traditional fuel vehicles [2] Company-Specific Insights - In the first quarter, sales for Seres Group fell by 42.47% year-on-year, with revenue at 19.147 billion yuan, down 27.91%, while net profit increased by 240.60% to 748 million yuan [2] - Following the launch of new models in March, Seres reported a significant sales increase in the second quarter, with total sales of new energy vehicles reaching 172,108 units in the first half, a year-on-year decline of 14.35%, but with a reduced decline compared to the first quarter [3] - The automotive industry's added value in Chongqing grew by 8.4% year-on-year in the first half, with its contribution to the city's growth rising from 0.5 percentage points in the first quarter to 1.7 percentage points [3]