SERES(SH:601127) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-05 05:17Core Viewpoint - Seres (09927.HK/601127.SH) officially listed on the Hong Kong Stock Exchange on November 5, becoming the first luxury new energy vehicle company to achieve "A+H" listing, but faced a disappointing market response with a first-day drop of 4.26% from its issue price [1][2] Group 1: Listing and Market Response - Seres' IPO raised a net amount of HKD 14.016 billion, marking the largest IPO for a Chinese car company to date and the largest in the global automotive sector since 2025 [1] - The public offering was oversubscribed by 133 times, with total financing subscriptions exceeding HKD 170 billion [1] - Despite the initial enthusiasm, the stock price fell to HKD 125.9, below the issue price of HKD 131.5, indicating a lack of investor confidence [1][2] Group 2: Financial Performance - For the first three quarters of 2025, Seres reported revenue of CNY 110.534 billion, a year-on-year increase of 3.67%, and a net profit of CNY 5.312 billion, up 31.56% [2] - The third quarter alone saw revenue of CNY 48.133 billion, a 15.75% increase, but net profit slightly decreased by 1.74% to CNY 2.371 billion, indicating a "revenue growth without profit growth" scenario [2][3] - The company's equity increased by 126.7% year-on-year, with net cash flow from operating activities reaching CNY 22.649 billion [2] Group 3: Business Model and Risks - Seres has become heavily reliant on its "AITO" brand, which accounted for over 90% of its revenue by 2024, raising concerns about the sustainability of its business model [3] - The partnership with Huawei is critical, with potential risks highlighted if this relationship deteriorates, as it significantly impacts Seres' business and financial health [3] - In 2024, Seres is expected to procure CNY 42 billion from its largest supplier, believed to be Huawei, which constitutes 30.2% of its total procurement, indicating a concentrated supply chain risk [3] Group 4: Future Outlook - Despite the initial stock performance, institutions remain optimistic about Seres' future, citing the potential for new funding sources and improved capital structure post-listing [4] - The company is actively expanding its overseas market presence, with the AITO brand already covering regions such as Europe, the Middle East, South America, and Southeast Asia [4] - Analysts predict that the new model cycle and ongoing production capacity expansion will enhance Seres' global brand presence and accelerate growth [4]