SERES(SH:601127) Guan Cha Zhe Wang·2025-11-05 02:21Group 1 - The core viewpoint of the article is that Seres Group has officially listed on the Hong Kong Stock Exchange, becoming a significant player in the automotive industry alongside other major companies like CATL and Chery Automobile [1][3]. - On the first trading day, Seres' H-shares experienced a decline, initially dropping over 6% and closing down 4.64% at HKD 125.4 [1]. - The net proceeds from the IPO will primarily be allocated to research and development, diversification of new marketing channels, overseas sales, and charging network services [1]. Group 2 - Seres initiated its IPO process on October 27 and set the final offering price at HKD 131.50 per share, excluding various transaction fees [3]. - The company has exercised part of its share issuance adjustment rights, expecting to issue an additional 8.40% of the total shares available for subscription [3]. - Since partnering with Huawei to develop the AITO brand, Seres has transitioned from a traditional automaker to a new force in smart electric vehicles, showing significant growth in sales and financial performance [3]. Group 3 - In 2024, Seres is projected to achieve vehicle sales of 497,000 units, representing a year-on-year increase of 96.98%, with revenue reaching CNY 145.176 billion, a growth of 305.04% [3]. - The net profit attributable to the parent company for 2024 is expected to be CNY 5.946 billion, making Seres the fourth global electric vehicle manufacturer to achieve annual profitability after Tesla, BYD, and Li Auto [3]. - For the first three quarters of 2025, Seres reported vehicle sales of 304,900 units, a year-on-year decrease of 3.82%, with revenue of CNY 110.534 billion, a growth of 3.67%, and a net profit of CNY 5.312 billion, reflecting a year-on-year increase of 31.56% [3].