SERES(SH:601127) Xin Lang Zheng Quan·2025-09-29 10:17Core Viewpoint - Seres has announced its plan to issue H-shares for an IPO in Hong Kong, marking a significant step in its market expansion efforts. The funds raised will primarily be allocated for R&D, marketing diversification, overseas sales, and charging network services to enhance global brand recognition [2][3]. Group 1: Financial Performance and Market Position - In the first eight months of this year, Seres' cumulative sales decreased by approximately 10%, with the new model, the AITO M8, averaging less than 20,000 units sold per month, falling short of previous expectations [2][11]. - The launch of the M8 has negatively impacted the sales of the M9 and M7 models, with the latter experiencing a year-on-year sales decline of around 70% [11][13]. - Seres' revenue from overseas markets has dropped to less than 3% of total revenue, raising concerns about the company's valuation in the upcoming IPO [3][13]. Group 2: R&D and Marketing Expenditure - Seres' R&D expenditures for 2022 to 2024 are projected to be 3.106 billion, 4.438 billion, and 7.053 billion yuan, respectively, which are significantly lower than those of competitors like Li Auto [6][7]. - The company's sales and management expenses are notably high, with a sales expense rate that is approximately twice that of Li Auto, indicating a "heavy marketing, light R&D" approach [4][12]. - From 2022 to 2024, Seres' sales expenses are expected to be 4.820 billion, 5.465 billion, and 19.184 billion yuan, with sales expense rates of 14.13%, 15.25%, and 13.21%, respectively [12]. Group 3: Brand Perception and Market Challenges - Seres has been heavily reliant on Huawei for core technologies, leading to concerns about the company's technological independence and the perception of being a "contract manufacturer" [9][5]. - Over 70% of AITO consumers are drawn to the brand due to "Huawei technology," rather than Seres' own brand value, which complicates the company's efforts to establish a distinct identity [9]. - The recent decline in Huawei's brand appeal has also affected consumer interest, with 32% of potential buyers citing decreased attraction to the Huawei brand as a reason for not purchasing AITO vehicles [13].