SERES(SH:601127) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-18 04:13Core Viewpoint - The company, Seres, is accelerating its Hong Kong IPO process, aiming to become the first "A+H" listed new energy vehicle company, with 70% of the raised funds allocated for R&D to enhance its technological capabilities and reduce external dependencies [1] Group 1: Business Strategy and Market Position - The Wanjie brand has become the main performance driver for Seres, with annual sales projected to rise from 78,000 units in 2022 to 389,000 units by 2024, contributing over 90% of total revenue by 2025 [2] - Seres is adopting a "big single product" strategy, significantly reducing resources allocated to other brands like Blue Electric, which sold only 11,000 units in the first half of 2023 [2] - The company has established a dense terminal network for Wanjie, with approximately 310 AITO user centers and 670 experience centers across over 210 cities in China by the end of 2024 [3] Group 2: Financial Performance and Revenue Structure - Seres' overseas revenue has been declining, with figures of RMB 3.922 billion in 2022 and dropping to RMB 1.422 billion in the first half of 2025, leading to a decrease in overseas revenue contribution from 11.5% in 2022 to 2.9% in 2024 [4] - The company has a high dependency on its largest supplier, identified as Huawei, with procurement amounts increasing from RMB 5.8 billion in 2022 to RMB 42 billion in 2024, representing nearly 30% of total revenue [7][8] Group 3: Strategic Partnerships and Risks - The partnership with Huawei has been crucial for Seres' transformation into a high-end new energy vehicle player, with Huawei's involvement in product design, technology development, and marketing [6] - The increasing reliance on Huawei poses risks, as any disruption in their business relationship could significantly impact Seres' operations and financial performance [7] - Seres has taken steps to deepen its ties with Huawei, including acquiring a 10% stake in a Huawei subsidiary and purchasing trademark rights related to the Wanjie brand [9][10] Group 4: Future Growth and Innovation - Seres is diversifying its business model by expanding into the new energy industry chain and enhancing its charging network, with over 12,000 charging stations established nationwide [10] - The company is also exploring opportunities in "new energy vehicles + embodied intelligence" through a partnership with ByteDance's Volcano Engine, aiming to leverage AI technology for industrial applications [11] - The ability to maintain a stable core business while opening new growth avenues will be critical for Seres' valuation transition [12]