SERES(SH:601127) Zhi Tong Cai Jing·2025-11-03 02:37Core Viewpoint - Company Seres is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise capital and become the first luxury new energy vehicle company listed in both A-share and H-share markets, with a share price set at HKD 131.50 [1] Group 1: IPO Details - Seres plans to issue 100.2 million H-shares globally, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international offering [1] - The company is expected to be listed on November 5, following a successful hearing on October 13 [1] - The recent surge in Hong Kong IPOs, with 12 new stocks seeing subscription multiples over 2000 times, indicates a favorable market environment for new listings [1] Group 2: Sales Performance - Since the launch of the Aito brand in 2021, sales have skyrocketed, with figures of 77,900 units in 2022, 102,600 units in 2023, and 388,700 units in the first half of 2025, making up 76.53% of total sales [2] - The Aito brand is projected to contribute 90.3% of the company's revenue in the first half of 2025, solidifying its position as the main revenue source [2] Group 3: Competitive Advantages - The company boasts four leading product technologies, including the Seres Magic Cube technology platform and a new generation of super-range extension systems, which contribute to its competitive edge [3] - Strong partnerships, particularly with Huawei, enhance the company's technological capabilities and market position [3] - The company has established over 400 user centers and 700 experience centers across more than 220 cities, ensuring robust customer service and delivery capabilities [3] Group 4: Future Outlook - The company is expected to maintain its leadership in the high-end new energy vehicle market, with models like the Aito M8 and M9 driving brand recognition and customer loyalty [4] - Anticipated continued sales growth in the coming year will likely enhance the company's valuation, supported by its strong market position and product offerings [4] - The company's market capitalization has increased over 14 times since 2020, indicating a strong growth trajectory, with expectations for further valuation increases post-IPO [4]