SERES(SH:601127) Zhong Jin Zai Xian·2025-09-01 02:35Core Viewpoint - In the first half of 2025, Seres achieved impressive financial results, with revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, marking a year-on-year increase of 81.03% [1][3] Financial Performance - Seres' performance met expectations, with gross margin exceeding forecasts, as noted by Dongwu Securities [1] - Multiple securities firms, including Minsheng Securities and Ping An Securities, provided positive evaluations of Seres' financial results [1][3] Growth Drivers - The core factor driving Seres' profit growth is its focus on the high-end smart electric vehicle segment, maintaining a high-end strategy [3] - Minsheng Securities highlighted that the significant improvement in profits is due to the increase in high-end product sales, optimized revenue structure, and enhanced cost control [3] - The launch of high-end SUVs, such as the Wanjie M9 and M8, has established Seres' leading position in the high-end new energy sector, serving as a foundation for profit release [3] Product Development - The continuous iteration and upgrade of Wanjie products, including the new M5 Ultra and the 2025 models of M9 and M8, have been well-received in the market [3] - The Wanjie M8 pure electric version set a new benchmark in the 400,000 yuan segment, with over 7,000 units reserved within two hours of its launch [3] Market Outlook - The upcoming launch of multiple new models, including the upgraded Wanjie M7, is expected to further enhance the company's performance potential [5][6] - Securities firms are optimistic about Seres' profitability and growth momentum, anticipating a "dual increase" in volume and price due to the expansion of the mid-to-high-end market [6] - The strong performance indicators in the first half of the year and significant quarter-on-quarter improvements position Seres as a leading high-end automaker in China [6]