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Core Viewpoint - The partnership between Seres and Huawei has been crucial for Seres' survival, but it has come at the cost of losing its identity and independence in the automotive market [1][34]. Group 1: Financial Performance - Since its listing in Hong Kong, Seres has seen its stock price decline for three consecutive months, dropping 60% from its peak [2][35]. - Despite the stock decline, Seres' vehicle sales have reached historical highs for three consecutive months [3][36]. - Seres' revenue for 2024 is projected to reach 145.2 billion, a 305% increase year-on-year, with a 3.7% increase in the first three quarters of the current year [4][22][54]. Group 2: Relationship with Huawei - Seres has paid 75 billion to Huawei for procurement from 2022 to 2024, indicating a heavy reliance on Huawei for its operations [4][51]. - The collaboration with Huawei has led to Seres being perceived as a "contract manufacturer," with Huawei controlling key aspects of design, quality, and sales channels [14][48]. - Seres' financial struggles include a cumulative loss of 15.26 billion from 2018 to 2024, highlighting the cost of its dependence on Huawei [12][48]. Group 3: Market Position and Competition - The introduction of new competitors like SAIC, GAC, and BAIC has intensified competition for Seres, which previously enjoyed exclusive access to Huawei's resources [4][34]. - The success of the AITO brand has not translated into broader brand recognition for Seres, which remains overshadowed by Huawei's branding [14][62]. - Seres' attempts to develop its own brand, such as the Blue Electric series, have not gained market traction, indicating a lack of independent success [57][61]. Group 4: Future Challenges - As Huawei expands its automotive partnerships, Seres risks losing its unique position and may face challenges in maintaining its market share [30][65]. - The strategic importance of the AITO brand is diminishing as Huawei diversifies its partnerships, which could further complicate Seres' future [32][65]. - Seres' reliance on Huawei may limit its growth potential, as it has not successfully developed other brands to support its business [27][34].