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Core Viewpoint - Seres has successfully turned a profit in 2024, with plans to go public in Hong Kong within two years, marking a significant milestone for the company [2][17]. Financial Performance - In 2024, Seres achieved sales of 426,900 vehicles, a year-on-year increase of 182.84%. Total revenue reached 145.176 billion yuan, up 305.04%, and net profit was 5.946 billion yuan, reversing a loss of 2.45 billion yuan in 2023 [2][3]. - The top-selling model, the AITO M7, sold 193,300 units, followed by the M9 and M5 with 156,100 and 36,500 units, respectively [2]. Market Valuation and Growth Expectations - Seres has become the fourth profitable new energy vehicle company globally, with optimistic market valuations ranging from 230 billion to 400 billion yuan. Analysts predict net profits could exceed 10 billion yuan in 2025, with sales of 600,000 to 700,000 vehicles [3][4]. - The company's market capitalization has surpassed 200 billion yuan, reflecting strong growth expectations [4]. Sales Trends and Challenges - Despite initial success, there are signs of declining monthly sales for key models like the M7, M9, and M5, indicating potential challenges ahead [6][10]. - The sales peak for the M7 occurred in September 2024, after which a downward trend was observed [6]. Strategic Partnerships and Investments - Seres has deepened its collaboration with Huawei, which has provided significant technological support, enhancing the smart features of its vehicles [4][10]. - In August 2024, Seres signed an investment agreement with Huawei, injecting 11.5 billion yuan into a new venture, reinforcing its strategic position in the smart vehicle market [16]. Future Plans and Developments - Seres plans to go public in Hong Kong to create an international capital platform and support R&D in new energy technologies [17][18]. - The company is also focusing on expanding its product lineup, with new models like the M5 Ultra and M9 set to launch in 2025, aiming to fill market gaps [20].