赛力斯叩响港股大门，A+H架构能否再造一个“问界速度”？

Core Viewpoint - Chinese brands are rising strongly in the global high-end new energy market, with Seres being a representative of this trend, showcasing a shift from a focus on cost-effectiveness to penetrating high-end markets and reshaping value [2][3] Group 1: Performance and Growth - The Wanjie brand is projected to deliver 387,100 units in 2024, a year-on-year increase of 268%, with the Wanjie M7 becoming the best-selling model in the 300,000 RMB segment and the M9 leading in the 500,000 RMB segment [5][7] - Seres has achieved a dual increase in scale and quality by focusing on "single product focus" and "scaled delivery," which contrasts with traditional automakers' strategies [7][11] - Revenue surged from 35.8 billion RMB in 2023 to 145.1 billion RMB in 2024, a growth of 305.5%, with gross margin increasing from 7.2% to 23.8% [11] Group 2: Product Strategy - The "scene-product" binding logic allows each model to serve as a label for its respective market segment, enhancing brand recognition and reducing customer decision-making time [9] - Each model in the Wanjie series targets specific consumer needs, such as the M5 for urban youth, M7 and M8 for family needs, and M9 for both family and business scenarios [7][9] Group 3: Ecosystem and Innovation - Seres' success is supported by a robust ecosystem of "intelligent manufacturing, technological innovation, and capital cooperation," which provides a competitive edge [13][16] - The company utilizes a modular technology platform that allows for efficient development and production, significantly reducing costs and time to market [15][16] - Strategic partnerships with leading firms like Huawei and CATL enhance technological capabilities and ensure stable supply chains [16][17] Group 4: Global Expansion and Market Position - The upcoming Hong Kong IPO is a strategic move for Seres, aimed at enhancing R&D, optimizing capital structure, and expanding into international markets [19][20] - The IPO will facilitate access to international capital, improving trust in overseas markets and supporting the establishment of sales and charging networks [20][21] - Seres aims to redefine global perceptions of high-end vehicles, positioning itself as a leading player in the high-end new energy sector [21][22]