解码赛力斯：迄今规模最大的中国车企IPO

Core Viewpoint - The valuation logic of Seres is a result of multiple forces, including market trust, mature product profitability, and growth expectations from globalization and intelligence layout [1][5]. Capital Confidence - Seres' IPO on the Hong Kong Stock Exchange raised significant capital, with 49% of the total amount coming from cornerstone investors, indicating strong market confidence [8]. - The company attracted 22 cornerstone investors, with a total subscription amount of approximately $826 million (about 5.88 billion RMB), surpassing the average market level for Hong Kong IPOs [8]. - The funds raised will primarily be allocated to R&D (70%), new marketing channels and overseas market expansion (20%), and general corporate purposes (10%) [11]. Product Resilience - Seres has become the fourth global electric vehicle company to achieve profitability, with a net profit of 5.312 billion RMB in the first three quarters of 2025, a year-on-year increase of 31.56% [7]. - The company has a high gross margin of 29.9% in the high-end market, surpassing traditional luxury brands [7]. - The "big single product strategy" has proven effective, with the AITO brand contributing over 90% of Seres' revenue in 2024 [15][19]. Globalization Strategy - Seres is actively expanding its global presence, with nearly 30% of the IPO funds allocated for overseas markets [24]. - The company has established a dealer network in ASEAN and set up a subsidiary in the UAE, with plans to expand into Qatar and Saudi Arabia [25][26]. - The overseas revenue of Seres increased by 145% year-on-year in the first half of 2025, with overseas sales accounting for 11% of total revenue [26]. AI and Intelligent Technology - Seres is focusing on AI and embodied intelligence as key growth areas, collaborating with ByteDance's Volcano Engine to develop intelligent technologies [28][30]. - The company aims to build an independent intelligent platform technology capability, enhancing its competitive edge in the market [30].