SERES(SH:601127) Jin Rong Jie·2026-01-15 06:53Core Insights - The core point of the news is that Seres Group has significantly increased its procurement expenses to Huawei, which has become a major part of its revenue and has contributed to its rapid growth in the electric vehicle market [1][5]. Group 1: Procurement and Financials - In the first half of 2025, Seres paid Huawei 20 billion RMB for procurement, accounting for approximately one-third of its total revenue during that period [1]. - From 2022 to the first half of 2025, Seres' total procurement expenses to Huawei exceeded 75 billion RMB [1]. - The average payment to Huawei per vehicle sold is estimated at 136,000 RMB [1]. - Seres reported a gross margin increase from 8% in 2022 to 23.8% in 2024, reaching 26.5% in the first half of 2025, and 29.4% by the third quarter of 2025 [2]. Group 2: Partnership and Market Performance - Since the deep collaboration with Huawei began in 2021, Seres has entered a phase of rapid development, launching the "Wenjie" brand, which achieved the milestone of 1 million vehicles in just 46 months, the fastest among new forces in the industry [5]. - In 2025, Seres is projected to have cumulative sales of approximately 472,300 vehicles, representing a year-on-year growth of 10.63%, with over 420,000 units delivered under the Wenjie brand, leading the high-end electric vehicle market [5].