SERES(SH:601127) Jing Ji Guan Cha Bao·2025-12-01 04:17Core Insights - The AITO M9, co-developed by Seres and Huawei, has surpassed industry expectations, becoming a phenomenon in the luxury electric vehicle market with over 260,000 units delivered in 21 months [2][3] - The average transaction price of the AITO M9 is approximately 5.5 million yuan, contributing over 140 billion yuan to sales, which is about 1/13 of the projected retail total for China's new energy vehicle market in 2024 [2][3] Group 1: Product Performance - The AITO M9 has set a record for delivery speed in its class and has been the best-selling luxury SUV priced above 500,000 yuan for ten consecutive months [2] - The vehicle's Net Promoter Score (NPS) is 85.2, ranking first among new energy vehicles, with 38% of new owners coming from referrals by existing customers [2][3] Group 2: Technological Advantages - The AITO M9 features advanced technologies such as the QianKun Intelligent Driving ADS 4 system and the HarmonyOS 4 smart cockpit, enhancing user experience and comfort [3] - The vehicle offers impressive performance metrics, including a range of over 1,400 km for the extended range version and a 0-100 km/h acceleration time of just 4.3 seconds for the pure electric version [3] Group 3: Financial Performance - In 2024, Seres is projected to achieve total revenue of 145.176 billion yuan, with the AITO M9 contributing approximately 75 billion yuan, accounting for 51.7% of total revenue [4] - 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 growth of 31.56% [4] Group 4: Market Recognition and Capital Attraction - The successful performance of the AITO M9 has significantly enhanced Seres' brand value, leading to a rise in its ranking among China's top 500 enterprises [4] - On November 5, Seres officially listed on the Hong Kong Stock Exchange, raising 14.016 billion HKD, marking it as the largest IPO for a car company in 2025 [5] Group 5: Global Expansion - Seres is focusing on global expansion, targeting markets in the Middle East and Europe, with the AITO M9 helping to reshape perceptions of Chinese automobiles abroad [5][6] - The company aims to transition from a leader in the Chinese high-end new energy market to a global leader in smart vehicles [6]