SERES(SH:601127) Chang Jiang Shang Bao·2025-10-28 23:48Core Viewpoint - Saisir (601127.SH) is preparing for its H-share listing in Hong Kong, but the company is facing a decline in sales, particularly in the high-end electric vehicle market [2][7]. Group 1: H-share Listing Details - Saisir announced the issuance of H-shares with a maximum price of HKD 131.50 per share, starting from October 27 and expected to conclude by October 31, with the pricing announcement on November 3 [2][4]. - The global offering consists of 100.2 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale [3]. - The maximum number of shares that can be issued, including adjustments and over-allotment options, could reach 132.5 million shares [4][5]. Group 2: Sales Performance and Challenges - In the first nine months of 2025, Saisir's total sales reached 340,700 units, a year-on-year decline of 7.79%, with electric vehicle sales down 3.82% to 304,600 units [2][15]. - The slowdown in the 300,000 to 500,000 yuan price range for electric vehicles has significantly impacted Saisir, as its main products fall within this category [16]. - Despite the decline, Saisir aims for a 100% increase in both revenue and electric vehicle sales for 2024, targeting revenues of 716.84 billion yuan and electric vehicle sales of 303,600 units [8][10]. Group 3: Financial Targets and Performance - For 2024, Saisir's revenue target is set at 1,451.76 billion yuan, reflecting a year-on-year growth of 305.04%, with a net profit target of 59.46 billion yuan, up 342.72% [12]. - The company aims for a 150% increase in revenue and electric vehicle sales for 2025, targeting revenues of 896.05 billion yuan and sales of 379,500 units [14][15]. - As of the first nine months of 2025, Saisir has achieved approximately 80% of its annual sales target for electric vehicles [15].