SERES(SH:601127) 3 6 Ke·2025-11-18 12:25Core Viewpoint - The article discusses the strategic implications of Seres' significant funding for research and development, particularly in the context of the low-altitude economy and its potential to reshape the company's future growth trajectory [2][10][40]. Group 1: Funding and R&D Allocation - Seres plans to raise a net amount of HKD 140.16 billion through its IPO, with 70% allocated for R&D [6][3]. - The high proportion of R&D funding has surprised the market, indicating Seres' ambition to explore new technological frontiers [3][7]. - The company has maintained a steady increase in R&D spending over the past three years, but this new funding suggests a significant expansion beyond current capabilities [4][10]. Group 2: Low-Altitude Economy Engagement - Seres has begun to engage with the low-altitude economy, although specific directions remain unclear [2][10]. - The company is reportedly in discussions with Xiaopeng Huitian regarding aviation range extenders, aiming to address the short-range issues of flying vehicles [11][13]. - A strategic cooperation agreement has been signed with the China Aerospace Electronic Technology Research Institute to promote technological innovation and project development [14]. Group 3: Market Position and Competitive Landscape - The low-altitude economy is seen as a strategic opportunity for Seres, aligning with national policies that support this emerging industry [10][20]. - The company’s existing manufacturing capabilities and supply chain integration position it favorably in the eVTOL market, potentially allowing it to transition from traditional automotive manufacturing to aviation [20][22]. - Seres' approach may involve a hybrid model of manufacturing and service provision, similar to its existing automotive business model [29][30]. Group 4: Strategic Partnerships and Future Outlook - The relationship between Seres and Huawei is evolving, with potential new roles as both companies explore the low-altitude economy [31][34]. - The company is preparing for a significant entry into the low-altitude market around 2026, coinciding with a shift from experimental to scalable commercial operations in the industry [21][40]. - If successful, Seres could redefine its business model and become a key player in the low-altitude economy, leveraging its automotive manufacturing expertise [40][36].