SERES(SH:601127) Zhong Guo Jing Ji Wang·2025-10-14 03:21Core Viewpoint - The company, Seres (601127.SH), is in the process of applying for the issuance of H-shares and listing on the Hong Kong Stock Exchange, with a hearing scheduled for October 9, 2025 [1] Financial Performance - For the first half of 2025, Seres reported operating revenue of 62.402 billion yuan, a year-on-year decrease of 4.06% [2] - The net profit attributable to shareholders was 2.941 billion yuan, showing a significant year-on-year increase of 81.03% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.474 billion yuan, up 72.14% year-on-year [2] - The net cash flow from operating activities was 14.437 billion yuan, down 11.76% year-on-year [2] - As of June 30, 2025, the total assets of Seres amounted to 112.912 billion yuan, with total liabilities of 85.902 billion yuan, resulting in a debt-to-asset ratio of 76.08% [2] Financing and Debt Situation - Since its listing, Seres has raised a total of 24.1 billion yuan through direct financing, while its cumulative net profit during the same period has been -1.7 billion yuan, indicating a lack of self-sustaining profit generation [2] - The company is highly reliant on financing to support its operations, particularly in the increasingly competitive electric vehicle market [2] Previous Fundraising Activities - In 2021, Seres raised a total of 2.592 billion yuan through a non-public issuance of A-shares, with a net amount of approximately 2.568 billion yuan after deducting issuance costs [3] - In 2022, the company raised approximately 7.130 billion yuan through another non-public issuance of A-shares, with a net amount of about 7.059 billion yuan after costs [4]