SERES(SH:601127) Cai Jing Wang·2025-12-03 05:10Core Insights - The high-end automotive consumption is shifting from "symbolic consumption" to "value consumption," indicating a rational return to consumer preferences [1] - The Wanjie M9's strong sales performance is expected to reshape the competitive landscape of China's high-end automotive market [1] Sales Performance - At the recent Guangzhou Auto Show, Seres announced that the total delivery of the Wanjie series has surpassed 900,000 units, leading the high-end new energy vehicle market [3] - The Wanjie M9 has achieved cumulative deliveries of over 260,000 units, setting a new record for models priced above 500,000 yuan, showcasing its strong market appeal [3][4] - From January to October 2025, the Wanjie M9 sold 100,600 units, becoming the benchmark for luxury SUVs in the 500,000 yuan segment, marking a significant breakthrough for domestic high-end new energy vehicles [4] Market Dynamics - Nearly 50% of Wanjie M9 owners are transitioning from traditional luxury brands, with an average price per vehicle reaching 550,000 yuan [6] - The Wanjie M9 has consistently ranked first in user net recommendation value among all new energy vehicles, achieving a net recommendation value of 85.2% in the first half of 2025, reflecting strong user recognition and willingness to recommend [6] - The vehicle has maintained the highest resale value among large SUVs for nine consecutive months, achieving top rankings in both plug-in hybrid and pure electric categories [6] Technological Advancements - The Wanjie M9 is positioned as a "panoramic intelligent flagship SUV," showcasing advanced technology and a dual power option of range extension and pure electric [7] - The range extension version features a high thermal efficiency of 44.8%, with a combined range of 1,474 kilometers, while the pure electric version can gain 150 kilometers of range in just five minutes [7] - The vehicle's luxury driving experience is enhanced by its precision-tuned intelligent chassis, combining advanced suspension systems for optimal comfort and control [7] Smart Features - The Wanjie M9 incorporates HarmonyOS 4, breaking traditional human-machine interaction boundaries with features like seamless content flow across multiple screens [9] - The vehicle is equipped with Huawei's advanced driving assistance system, achieving over 4.45 billion kilometers of total assisted driving mileage, with an average daily increase of 11.75 million kilometers [9] Competitive Landscape - The success of the Wanjie M9 is redefining competition rules in the high-end automotive market, shifting the focus from product functionality to "consumer scenario definition capability" [10] - The vehicle embodies a new luxury concept that integrates traditional luxury with technological advancements, creating a differentiated brand competitiveness [10] - Wanjie has established a comprehensive smart service system that spans the entire customer journey, demonstrating a commitment to user care and support [10]