SERES(SH:601127) 3 6 Ke·2025-10-23 11:00Core Insights - The automotive industry is increasingly competitive, with companies focusing on advanced driving technology and intelligent cockpit systems, resembling the dynamics of the consumer electronics market [1][4] - Seres, a subsidiary of the company, has partnered with ByteDance's Volcano Engine to explore embodied intelligence, indicating a strategic shift towards robotics rather than just automotive innovation [1][8] Group 1: Market Dynamics - The competition in the new energy vehicle market has intensified, with companies needing to differentiate themselves beyond just vehicle manufacturing [3][4] - Seres achieved impressive sales figures, with over 300,000 units sold in the first half of 2025, primarily driven by the Wanjie model, but revenue declined by 4.06% year-on-year to 62.402 billion yuan [3][4] Group 2: Strategic Shift - Seres must find a second growth curve to escape the traditional automotive model and embrace a technology narrative that aligns with global trends in embodied intelligence [4][12] - The collaboration with ByteDance is seen as a move to access a more open and experimental approach to technology development, contrasting with the more controlled partnership with Huawei [8][12] Group 3: Future Outlook - The focus on embodied intelligence represents a significant shift in the industry, where the ability to act in the physical world will redefine the value of AI beyond traditional applications [13][14] - Seres aims to leverage its existing data and real-world scenarios to establish a competitive edge in the emerging field of embodied intelligence, positioning itself as a potential leader in the next generation of technology [16][19]