SERES(SH:601127) Feng Huang Wang·2025-09-27 04:22Core Viewpoint - The company, Seres, plans to issue up to 331 million overseas listed ordinary shares and list on the Hong Kong Stock Exchange, marking the initiation of its "A+H" dual capital market strategy to expand international financing channels [2][3]. Financial Performance - For the first half of 2025, Seres reported operating revenue of 62.40 billion yuan, a decrease of 4.06% year-on-year, while net profit attributable to shareholders increased by 81.03% to 2.94 billion yuan, driven by product diversification and new product launches [3][4]. - The company's total assets reached approximately 112.91 billion yuan, reflecting a year-on-year increase of 19.66%, and net assets attributable to shareholders increased by 118.20% to 26.76 billion yuan [4]. Business Strategy - The funds raised from the Hong Kong listing will primarily be used for R&D, overseas marketing channel development, charging network layout, and general working capital [3]. - Seres aims to enhance its global presence, focusing on overseas markets, with operations already established in Europe, the Middle East, the Americas, and Africa [4]. Shareholding Structure - The shareholding structure of Seres is relatively concentrated, with the actual controller, Zhang Xinghai, holding 28.57% of shares, followed by Xiaokang Holdings at 24.52% and Dongfeng Motor at 20.04% [5][7]. Market Context - The trend of A-share companies listing in Hong Kong has been robust, with 28 companies disclosing IPO progress in August alone, indicating a growing interest in the Hong Kong market, particularly among new energy vehicle manufacturers [8].