赛力斯通过港交所聆讯

Core Viewpoint - Seres Group has passed the listing hearing on the Hong Kong Stock Exchange, potentially becoming the first luxury electric vehicle company to achieve dual listing in both A-share and H-share markets [2] Company Overview - Seres, formerly known as Xiaokang Co., was established in 1986 and successfully listed on the Shanghai Stock Exchange in 2016. The company has transitioned from manufacturing springs and shock absorbers to focusing on the electric vehicle sector [9] - In 2021, Seres partnered with Huawei to launch the AITO brand, positioning itself as a luxury smart electric vehicle manufacturer. Within three years, Seres became the fourth profitable electric vehicle company globally, achieving a net profit of 5.946 billion yuan in 2024, surpassing many traditional automakers in gross margin [9][10] Financial Performance - For the first half of 2025, Seres reported revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, marking an 81.03% year-on-year increase. The growth was driven by an expanded product lineup and improved gross margins [10] - As of September 2025, Seres sold 44,678 electric vehicles, a 19.44% increase year-on-year, with total sales reaching 304,629 units for the first nine months of the year [10] Market Position - The AITO brand has achieved significant market penetration, with cumulative deliveries exceeding 800,000 units, setting a record for luxury electric vehicle brands in China. The AITO M9 model has become the best-selling vehicle in the 500,000 yuan segment [10] - Seres aims to expand its global presence, targeting markets in Europe, the Middle East, the Americas, and Africa, with a focus on establishing a leadership position in international markets [11] Strategic Partnerships - Seres has made strategic investments, including acquiring a 10% stake in Shenzhen Yiwang Intelligent Technology Co., Ltd. from Huawei for 11.5 billion yuan, which is expected to enhance its capabilities in smart vehicle solutions [13] - The company has also signed a cooperation agreement with Volcano Engine to develop embodied intelligence technologies, aiming to create a new ecosystem for artificial intelligence applications in the automotive industry [14]