SERES(SH:601127) Ge Long Hui·2025-08-29 16:00Core Viewpoint - The financial report of Seres for the first half of 2025 highlights significant growth in revenue and profit, marking a milestone for domestic high-end brands in the automotive market [1][2][4]. Financial Performance - In the first half of 2025, Seres achieved a total revenue of 62.402 billion yuan and a net profit attributable to shareholders of 2.941 billion yuan, representing a year-on-year increase of 81.03% [1][4]. - The company's R&D investment reached 5.198 billion yuan, up 154.9% year-on-year, indicating a strong commitment to innovation [1][19]. Market Position and Strategy - Seres has successfully established itself in the high-end market, breaking the long-standing dominance of foreign brands in the luxury automotive sector [2][12]. - The collaboration with Huawei to create the AITO brand has led to impressive sales, with over 750,000 units delivered by August 2025, including the AITO M9, which has become the best-selling model in the 500,000 yuan luxury car segment [2][8]. Product Development and Sales Growth - The introduction of new models, such as the AITO M5 Ultra and AITO M9 2025, has optimized Seres' product structure and expanded its market coverage [6][8]. - The sales of new energy vehicles reached a record high of 46,086 units in June 2025, showcasing the strong competitive position of Seres' products [8][9]. Profitability and Cost Management - The gross margin for Seres' new energy vehicles increased to 28.93%, up 3.89 percentage points year-on-year, significantly higher than competitors like XPeng and Leap Motor [9]. - The scale effect from increased production has allowed Seres to reduce fixed costs per vehicle, enhancing profit margins [11][12]. Technological Innovation - Seres has focused on technological advancements, such as the Magic Cube technology platform, which supports multiple powertrain configurations and reduces R&D costs [15][19]. - The introduction of the new generation of Seres Super Range Extender system has addressed consumer concerns about range anxiety, achieving industry-leading efficiency [16][19]. Customer Experience and Service - Seres emphasizes user experience with comprehensive service offerings, including 24-hour roadside assistance and regular vehicle maintenance, which enhance customer loyalty and brand reputation [22][23]. - The brand's Net Promoter Score (NPS) ranks highly in the industry, indicating strong customer satisfaction and potential for repeat purchases [23]. Supply Chain Efficiency - Seres has optimized its supply chain by reducing the number of suppliers and integrating world-class partners, which enhances production efficiency and quality [24]. - The "factory within a factory" model allows for rapid response to production needs, significantly lowering costs and improving operational efficiency [24]. Market Outlook - Analysts view Seres' growth positively, highlighting its successful positioning in the mid-to-high-end market and the effectiveness of its partnership with Huawei [25][26]. - The shift in valuation logic in the automotive industry towards technology barriers and product premium capabilities positions Seres favorably for future growth [21].