SERES(SH:601127) Chang Jiang Shang Bao·2025-10-19 23:43Core Insights - Zhang Xinghai has become a significant figure in China's electric vehicle industry, with his company, Seres, set to go public in Hong Kong after passing the listing hearing [2][7] - The company has achieved remarkable growth, with a focus on the AITO brand in collaboration with Huawei, positioning itself as a key player in the electric vehicle market [6][8] Company Background - Zhang Xinghai started his entrepreneurial journey in 1986, founding a spring factory that eventually led him into the automotive industry [3][4] - The company transitioned from a parts supplier to a vehicle manufacturer, forming a partnership with Dongfeng Motor to produce micro-vans [4][6] Strategic Transformations - The company underwent multiple strategic shifts, including a significant pivot to electric vehicles in 2016, investing heavily in technology and manufacturing capabilities [4][6] - A partnership with Huawei in 2019 marked a turning point, leading to the successful launch of the AITO brand and a surge in sales [6][7] Financial Performance - In 2024, Seres reported a remarkable 182.84% year-on-year increase in electric vehicle sales, reaching 426,900 units, with revenue of approximately 145.2 billion yuan, a threefold increase [6][7] - The company achieved a net profit of 5.946 billion yuan, ending four years of losses, and reported a gross margin of 28.93%, the highest among domestic automakers [6][7] Future Prospects - Seres plans to raise approximately 46.5 billion yuan through its Hong Kong IPO, with 70% of the funds allocated for R&D and 20% for expanding marketing and sales channels [7] - The company aims to become one of the top ten luxury brands globally by 2024, indicating ambitious growth plans in international markets [2][7]