SERES(SH:601127) Hua Xia Shi Bao·2025-10-14 10:18Core Viewpoint - Seres Group is on the verge of becoming the first luxury new energy vehicle company to be listed in both A-share and H-share markets, having passed the listing hearing on October 13, 2023 [2] Group 1: Company Strategy and Product Development - Seres plans to issue up to 331 million ordinary shares, with 70% of the funds allocated for R&D, 20% for diversified marketing channels, overseas sales, and charging network services, and the remaining 10% for working capital [2] - The company has transitioned from its initial focus on springs and shock absorbers to fully embracing the new energy vehicle sector since 2016, establishing a solid foundation for future growth [2] - A strategic partnership with Huawei in 2021 led to the launch of the high-end smart electric vehicle brand AITO Wenjie, positioning the company in the high-end market [2] - The product lineup includes models M5, M7, M9, and M8, with prices ranging from 200,000 to 500,000 yuan, creating a comprehensive high-end product system [2] Group 2: Sales Performance and Market Position - In the first half of 2025, Seres sold a total of 198,600 vehicles, with the Wenjie brand delivering 147,000 units and an average transaction price exceeding 400,000 yuan [3] - The Wenjie M9 model delivered 62,000 units, while the M8 model delivered 35,000 units in the same period [3] - For the full year of 2024, the Wenjie M7 delivered 200,000 units, and the M9 delivered 150,000 units, achieving the top sales position in the 500,000 yuan luxury car market [3] Group 3: R&D and Financial Performance - As of June 30, 2025, Seres had 6,984 R&D personnel, a 26.6% increase year-on-year, accounting for 36% of the total workforce [4] - R&D investment grew by 154.9% year-on-year, with expenditures increasing from 1.949 billion yuan in 2021 to 7.053 billion yuan in 2024, reflecting a commitment to technological innovation [4] - In 2024, the company achieved a revenue of 145.176 billion yuan, a year-on-year increase of 305.04%, and a net profit of 5.946 billion yuan, marking a successful turnaround [5] - For the first half of 2025, revenue reached 62.402 billion yuan, with a net profit of 2.941 billion yuan, an 81.03% increase year-on-year [5] Group 4: Capital Strategy and International Expansion - The dual listing strategy aims to enhance financing channels, with funds primarily directed towards R&D, marketing, overseas expansion, and charging network services [6] - The company reported overseas revenues of 3.922 billion yuan, 4.976 billion yuan, and 4.211 billion yuan from 2022 to 2024, indicating a focus on international market growth [6] - The IPO proceeds will allocate 20% to overseas sales and charging network services, emphasizing the commitment to international market expansion [6] Group 5: Financial Structure and Market Challenges - As of 2024, Seres had total assets of 94.364 billion yuan and total liabilities of 82.458 billion yuan, resulting in a high debt ratio of 87.38% [7] - The recent 5 billion yuan strategic investment and the upcoming H-share listing are expected to improve the company's capital structure and cash flow [7] - The company has diversified ownership, with major shareholders including Chongqing Sokon Holding Co., Ltd. and Dongfeng Motor Corporation [7] - The competitive landscape in the new energy vehicle sector is intensifying, and Seres must balance growth expectations with maintaining brand premium and profitability [9]