SERES(SH:601127) Quan Jing Wang·2025-11-27 04:27Group 1: Market Outlook - The passenger car market in China is expected to achieve record sales in 2025, driven by policy support, increased penetration of new energy vehicles, and sustained export growth [1] - The market is projected to continue its transition towards high-quality development in 2026, with domestic brands maintaining a strong market share [1] Group 2: Company Performance - Seres' Aito brand has successfully navigated price wars and competition, establishing itself as a leader in the high-end new energy vehicle market, with total deliveries exceeding 900,000 units [1] - The Aito M9 model has set a new record for deliveries in the 500,000 yuan segment, breaking the dominance of foreign brands in the high-end market [1] - For the first three quarters of 2025, Seres reported revenue of 110.534 billion yuan and a net profit of 5.312 billion yuan, reflecting a year-on-year profit increase of 31.56% [2] Group 3: Investment Insights - Analysts recommend focusing on Seres as a leading player in the domestic luxury SUV market, highlighting its investment value due to strong industry demand [2] - The successful listing of Seres on the Hong Kong Stock Exchange marks its entry into the "A+H" dual capital platform, enhancing its financing channels and supporting its global expansion strategy [2]