SERES(SH:601127) Sou Hu Cai Jing·2025-11-05 10:58Core Viewpoint - The successful listing of Seres Group on the Hong Kong Stock Exchange enhances its international financing channels and brand image, establishing a dual-platform structure that supports diversified capital and R&D investments [9][11]. Company Overview - Seres Group, listed under the stock code 09927, aims to leverage its H-shares to optimize its capital structure and increase R&D investments, with approximately 70% of the funds raised allocated for cutting-edge technology development [3][9]. Financial Performance - In 2024, Seres Group's revenue reached 145.176 billion, a year-on-year increase of 305.04%, with a net profit of 5.946 billion, marking a turnaround to profitability [11]. - For the first three quarters of 2025, revenue continued to rise to 110.534 billion, with a net profit of 5.312 billion, reflecting a growth of 31.56% [11]. - The company's total assets exceeded 121.506 billion, and net assets reached 27.803 billion, representing increases of 28.76% and 126.70% respectively [11]. Product and Market Strategy - The Wanjie brand serves as a core growth engine, with cumulative deliveries exceeding 800,000 units by September 2025, setting records in the luxury electric vehicle segment [12]. - Seres is focused on building a strong technological moat, investing in advanced technologies such as the Magic Cube technology platform and intelligent safety systems, aligning with the trend of "software-defined vehicles" [14]. Capital Market Engagement - The H-share listing has restructured the valuation system towards global standards, connecting with global investors and establishing a new valuation paradigm of "Chinese innovation + international capital" [11]. - The company secured commitments from 22 cornerstone investors, raising approximately 826 million USD (around 64.21 billion HKD) [15]. Future Outlook - Seres plans to expand its overseas network through various strategies, including joint ventures and acquisitions, focusing on markets in the Middle East, Europe, Central America, and South America [16]. - The company aims to enhance its global brand influence and establish a comprehensive service system covering sales and charging networks [16].