SERES(SH:601127) Xin Lang Cai Jing·2025-08-30 09:06Core Viewpoint - The company reported a decline in total revenue for the first half of 2025, but showed strong growth in the second quarter, indicating a potential recovery and resilience in high-end branding [1] Revenue Performance - Total revenue for H1 2025 was 62.4 billion yuan, a year-on-year decrease of 4.1%, while Q2 2025 revenue reached 43.25 billion yuan, reflecting a year-on-year increase of 12.4% and a quarter-on-quarter increase of 125.9% [1] Delivery and Sales Growth - Total deliveries for H1 2025 amounted to 199,000 units, representing a year-on-year increase of 6.7%. In Q2 2025, deliveries totaled 130,000 units, with year-on-year and quarter-on-quarter increases of 7.0% and 90.5%, respectively [1] Product Launch and Market Position - The AITO M8 electric version was launched on August 25, priced between 359,800 to 449,800 yuan, achieving over 7,000 pre-orders within 2 hours. The vehicle features a 100 kWh battery from CATL and is equipped with Huawei's ADS 4.0 technology [1] Investment Outlook - The synergy between M8 and M9 models, supported by super factory production capacity, along with the company's strategic layout in robotics and the acceleration of its Hong Kong IPO, is expected to create a new growth curve for the company's performance. Projected revenues for 2025-2027 are anticipated to reach 1 trillion yuan [1]