赛力斯张兴海：“A+H”双平台开启全球化新程

Core Viewpoint - Seres Group has successfully listed on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company to achieve a dual listing in both A-share and H-share markets, raising a net amount of HKD 14.016 billion (approximately RMB 12.853 billion), setting a new record for IPO scale among domestic car companies in Hong Kong [2][8] Company Overview - Seres Group was founded in 1986 by Zhang Xinghai, starting as a spring factory with an initial capital of CNY 8,000, eventually dominating the domestic high-end spring market [4] - The company transitioned from a parts supplier to a vehicle manufacturer, launching the Dongfeng Xiaokang brand in 2003, which quickly became a top player in the microcar market [5] - In 2016, the company pivoted towards new energy vehicles, investing heavily in smart factories and battery technology, and later rebranded as Seres in 2022 [6] Strategic Developments - The recent IPO is a significant step in the company's international capital operations and global expansion strategy, with the H-share issuance being oversubscribed by 133 times, raising a total of HKD 14.016 billion [8] - The company plans to allocate 70% of the raised funds to R&D, 20% to global marketing and charging infrastructure, and 10% for working capital, focusing on enhancing product competitiveness and expanding overseas channels [8] Financial Performance - As of Q3 2025, the company's total assets exceeded CNY 121.5 billion, although it faced a high debt ratio of 87.38% prior to the IPO, which is expected to improve post-listing [9] - The company's net profit attributable to shareholders saw a slight decline of 1.74% year-on-year, attributed to increased investments in channel development and R&D [9] Market Position and Future Outlook - Seres aims to leverage its dual capital platform to enhance brand growth and accelerate its presence in the global high-end new energy vehicle market, with plans to establish 100 experience centers in Europe and the Middle East by 2026 [9][10] - The collaboration with Huawei is expected to strengthen the company's technological capabilities and brand positioning, while exploring new growth avenues through partnerships in emerging technologies [9]