SERES(SH:601127) Xin Lang Cai Jing·2025-09-29 10:36Core Viewpoint - The company, Seres, is advancing towards its Hong Kong IPO, having received approval from the China Securities Regulatory Commission to issue up to 331 million H-shares, with the funds primarily allocated for R&D, marketing diversification, overseas sales, and operational expenses [1][10]. Group 1: Financial Performance and Strategy - Seres plans to utilize the funds from the IPO for R&D investments, new marketing channels, overseas sales, and charging network services to enhance global brand recognition [1]. - The company has shown a significant disparity in R&D spending compared to competitors, with R&D expenditures of 3.106 billion, 4.438 billion, and 7.053 billion yuan from 2022 to 2024, which are notably lower than those of Li Auto [3][4]. - Sales and management expenses for Seres are approximately three times higher than its R&D spending, indicating a "heavy marketing, light R&D" approach [5][6]. Group 2: Sales Performance and Market Challenges - In the first eight months of the year, Seres' total sales decreased by about 10%, with the new model, the AITO Wenjie M8, averaging less than 20,000 units sold per month, which is below expectations [7]. - 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% [7][8]. - The company's overseas revenue has dropped to less than 3% of total revenue, with a year-on-year decline of approximately 15.5% expected in 2024 [9].