SERES(SH:601127) Sou Hu Cai Jing·2025-10-27 08:05Core Viewpoint - Company Cyberspace (赛力斯) is planning a global offering of 100.2 million H-shares, with a maximum price of HKD 131.50 per share, aiming to raise approximately HKD 12.925 billion for research and development, marketing, and operational needs [2][14] Group 1: IPO Details - The company will offer 10.02 million shares in Hong Kong and 90.18 million shares internationally, with the subscription period from October 27 to October 31, 2025, and the expected pricing date on November 3, 2025 [2] - The shares are expected to start trading on the Hong Kong Stock Exchange on November 5, 2025 [2] - The cornerstone investors have committed to subscribe for shares worth USD 826 million (approximately HKD 6.421 billion) [2] Group 2: Business Overview - Cyberspace focuses on the research, manufacturing, sales, and service of new energy vehicles and core components [5] - The company has transitioned from traditional automotive manufacturing to new energy vehicles since 2016, launching the "Wenjie" brand in 2021 [5] - The Wenjie brand has seen rapid sales growth, with models like Wenjie M5, M7, M8, and M9 achieving significant market success [5][6] Group 3: Financial Performance - The company reported a revenue increase from RMB 35.8 billion in 2023 to RMB 145.1 billion in 2024, representing a year-on-year growth of 305.5% [8] - Gross margin improved from 7.2% in 2023 to 23.8% in 2024, an increase of 16.6 percentage points [8] - The company achieved net profits of RMB 5.9 billion in 2024 and RMB 2.9 billion for the first half of 2025, marking a significant turnaround from a net loss of RMB 2.4 billion in 2023 [9] Group 4: Market Position and Strategy - The company has established a strong market presence in China, with plans for international expansion into Europe, the Middle East, and the Americas [9][10] - The Wenjie brand ranks fifth in the Chinese new energy vehicle market with a market share of 3.7% and third in the high-end segment [13] - The company aims to allocate approximately 70% of the IPO proceeds to R&D, 20% to marketing and overseas sales, and 10% for working capital [14]