Investment Rating - The investment rating for the company is "Accumulate" with a target price of 24.34 CNY [5][12][14] Core Insights - The company's Q3 performance met expectations, with revenue and sales continuing to recover despite short-term disruptions from impairment provisions. The results reflect ongoing reforms and partnerships, particularly with Huawei, which are expected to provide new growth avenues [2][12] - The new management team has clarified the positioning of various business segments and is accelerating internal reforms while actively pursuing external collaborations, which is anticipated to help the company gradually overcome challenges and reverse its revenue and performance trends [12][14] Financial Summary - Total revenue for 2023 is projected at 744.705 billion CNY, with a slight increase of 0.1% year-on-year. Revenue is expected to decline by 15.7% in 2024, followed by a recovery with growth rates of 4.7%, 8.1%, and 8.6% in the subsequent years [4][13] - Net profit attributable to the parent company is forecasted to be 14.106 billion CNY in 2023, with a significant drop of 88.2% in 2024, followed by a substantial recovery of 536.7% in 2025 [4][13] - The earnings per share (EPS) for 2025 is adjusted to 0.92 CNY, with further projections of 1.21 CNY and 1.49 CNY for 2026 and 2027 respectively [12][14] Sales and Performance - For the first nine months of 2025, the company achieved a revenue of 469 billion CNY, representing a year-on-year increase of 9%. The net profit for the same period was 81 billion CNY, up 17.3% year-on-year [12] - The company sold 3.19 million vehicles in the first nine months of 2025, marking a 20.5% increase compared to the previous year [12] Strategic Developments - The company launched its first model under the Huawei partnership, the H5, on September 23, 2025, which is expected to enhance its marketing, distribution, and technological capabilities [12][14] - The introduction of popular new models under its own brand, such as the MG4, has contributed positively to sales performance [12]

中证报中证网讯（龚梦泽 熊永红）11月2日，赛力斯（601127）集团股份有限公司（以下简称"赛力 斯"）发布公告称，公司已确定本次H股发行的最终价格为每股131.50港元（不包括1%经纪佣金、 0.0027%证监会交易征费、0.00565%联交所交易费及0.00015%会财局交易征费）。 中国证券报记者从赛力斯方面获悉，此次IPO募资净额将主要用于研发投入、多元化营销渠道投入、海 外销售及充电网络服务。公司预计11月5日在港交所挂牌上市。据券商机构统计，本次香港招股公开发 售部分预计获百倍以上超额认购，市场反应热烈，融资认购超1200亿港元。 最新数据显示，今年10月份，赛力斯销量5.15万辆，同比增长42.89%，创历史新高；今年前10个月累计 销量达35.61万辆。公司三季报显示，前三季度实现营业收入1105.34亿元；归属于上市公司股东的净利 润53.12亿元，同比增长31.56%。 赛力斯发售量调整权已获部分行使，预计将发行及配发841.9万股额外发售股份，占全球发售项下初步 可供认购的发售股份总数的约8.40%。赛力斯H股的买卖单位为每手100股H股，买卖一手需13150港 元。 ...

Market Overview - The street vendor economy sector experienced a decline of 0.55% compared to the previous trading day, with Jihong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable gainers in the street vendor economy sector included: - ST Xuefa (code: 002485) with a closing price of 4.27, up 4.91% on a trading volume of 28,100 shares and a transaction value of 11.9763 million [1] - Longkui General (code: 603766) with a closing price of 14.22, up 4.48% on a trading volume of 449,500 shares [1] - Major decliners included: - Jihong Co., Ltd. (code: 002803) with a closing price of 18.05, down 3.11% on a trading volume of 176,700 shares and a transaction value of 319 million [2] - Camel Group (code: 601311) with a closing price of 9.96, down 2.35% on a trading volume of 570,200 shares [2] Capital Flow - The street vendor economy sector saw a net outflow of 968 million from institutional investors, while retail investors contributed a net inflow of 560 million [2] - The capital flow for specific stocks indicated: - Qianli Technology (code: 601777) had a net inflow of 43.8291 million from institutional investors, but a net outflow of 92.4420 million from retail investors [3] - Guoen Co., Ltd. (code: 002768) experienced a net inflow of 19.6205 million from institutional investors, with a net outflow of 25.5515 million from retail investors [3]

Core Insights - The passenger car sector experienced a decline of 0.99% on November 3, with SAIC Motor leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Passenger Car Sector Performance - The following companies showed notable stock performance: - World Group (Code: 000572) closed at 7.26, up 10.00% with a trading volume of 1.431 million shares and a turnover of 1.024 billion yuan [1] - BAIC Blue Valley (Code: 600733) closed at 8.46, up 1.32% with a trading volume of 1.171 million shares and a turnover of 988 million yuan [1] - Changan Automobile (Code: 000625) closed at 12.42, up 0.24% with a trading volume of 664,400 shares and a turnover of 821 million yuan [1] - GAC Group (Code: 601238) closed at 7.82, unchanged with a trading volume of 216,800 shares and a turnover of 169 million yuan [1] - Great Wall Motors (Code: 601633) closed at 22.69, down 0.44% with a trading volume of 156,500 shares and a turnover of 355 million yuan [1] - BYD (Code: 002594) closed at 99.60, down 1.18% with a trading volume of 551,700 shares and a turnover of 5.473 billion yuan [1] - Seres (Code: 601127) closed at 152.81, down 1.53% with a trading volume of 201,100 shares and a turnover of 3.088 billion yuan [1] - SAIC Motor (Code: 600104) closed at 16.22, down 2.47% with a trading volume of 880,100 shares and a turnover of 1.429 billion yuan [1] Capital Flow Analysis - The passenger car sector saw a net outflow of 1.795 billion yuan from main funds, while retail funds experienced a net inflow of 1.274 billion yuan [1] - Speculative funds recorded a net inflow of 521 million yuan [1]

Group 1 - The core viewpoint of the articles highlights the strong sales performance and growth potential of the company, particularly in the high-end electric vehicle market [1][2] - In October, the company achieved record sales of 51,456 units, representing a year-on-year increase of 42.89%, with cumulative sales reaching 356,085 units from January to October [1] - The company's new product series, particularly the Wanjie models, have been well-received, with over 800,000 cumulative deliveries and significant milestones in the M9 and M8 models [1] Group 2 - The company's third-quarter report showed a revenue of 110.53 billion yuan and a net profit of 5.31 billion yuan, reflecting a year-on-year profit growth of 31.56% [1] - The company is set to become the first luxury electric vehicle manufacturer to be listed on both the A-share and H-share markets, with its Hong Kong public offering receiving strong market interest [1] - Multiple securities firms, including Ping An Securities and Dongwu Securities, have issued positive reports, recommending "buy" or "strong buy" ratings for the company, indicating strong confidence in its future growth [2]

Core Viewpoint - The company, Seres Group Co., Ltd., has set the final price for its H-share issuance at HKD 131.50 per share and plans to list on the Hong Kong Stock Exchange on November 5, 2025, marking it as the largest IPO for a car company in Hong Kong in 2025 [2][3]. Group 1: IPO Details - The IPO process has been efficient, starting in April 2025, with the company planning to issue 100.2 million H-shares, expecting a net fundraising amount of HKD 12.925 billion (approximately RMB 11.838 billion) [3]. - The IPO has attracted 22 cornerstone investors, including notable institutions, with a total subscription amount of approximately HKD 8.26 billion (around RMB 6.421 billion), indicating strong market confidence in the company's long-term value [3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of RMB 110.534 billion, a year-on-year increase of 3.67%, and a net profit attributable to shareholders of RMB 5.312 billion, up 31.56% year-on-year [3]. - The cumulative sales of new energy vehicles reached 304,600 units [3]. Group 3: Product and Technology Development - The high-end model series, AITO, has shown impressive performance, with the AITO M9 achieving over 250,000 deliveries in 21 months, setting a new record for vehicles priced over RMB 500,000 [4]. - The company has invested nearly RMB 30 billion in R&D, focusing on software-defined vehicles and innovative technologies, creating a positive cycle of technological breakthroughs, sales growth, and profit enhancement [4]. Group 4: Future Plans and Strategic Partnerships - The company plans to allocate 70% of the IPO proceeds to R&D, 20% to new marketing channels and overseas market expansion, and 10% for working capital and general corporate purposes [4]. - The company is collaborating with ByteDance's Volcano Engine on embodied intelligence business, exploring AI and embodied intelligence applications [5]. - The company aims to establish 100 experience centers in Europe and the Middle East by 2026 and partner with Huawei to build a supercharging network covering 80% of major international highways [4][5]. Group 5: Historical Context and Evolution - The company has evolved from a small spring factory established in 1986 to the fourth global company to achieve profitability in the new energy vehicle sector, exemplifying the transformation of Chinese manufacturing [6][8]. - The transition to new energy vehicles began in earnest after 2013, with significant investments in technology and strategic partnerships, including a deep collaboration with Huawei in 2021 [7][8].

知情人士称，赛力斯规模18亿美元的香港招股吸引了超过300位投资者认购。知情人士透露，不包括针 对基石投资者部分，前20家机构的认购比例约50%。认购者包括全球纯多头基金、主权财富基金、战略 企业投资者和对冲基金。香港针对散户发行部分超额认购逾130倍。赛力斯未立即回应置评请求。 ...

Core Points - The final issuance price for the H-shares is set at HKD 131.50 per share, excluding various transaction fees [1] - The expected listing date is November 5, 2025, on the main board of the Hong Kong Stock Exchange [1] - Subscription is limited to qualified foreign investors, domestic securities institutions with the right to conduct overseas securities investments, qualified domestic institutional investors, and other investors meeting regulatory requirements, excluding individual domestic investors [1] - This announcement serves to inform A-share investors and does not constitute an offer to domestic individuals [1]

Core Viewpoint - The company has set the final price for its H-share issuance at HKD 131.5 per share, with additional shares expected to be issued due to the partial exercise of the over-allotment option [1] Group 1: IPO Details - The company plans to issue and allocate an additional 8.419 million shares, which represents approximately 8.4% of the total shares initially available for subscription in the global offering [1] - The net proceeds from the IPO will primarily be used for research and development, diversifying new marketing channels, overseas sales, and charging network services [1]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [7] Core Insights - The automotive market is experiencing a year-on-year decline in retail sales for October, with a 7% decrease compared to the same period last year, but the cumulative retail sales for the year remain above expectations, showing an 8% increase year-on-year [2][20] - The report highlights the importance of price competition among car manufacturers, as several companies, including Chery, have announced subsidies to offset the impact of tax adjustments on consumers [3][30] - The rebranding of "semi-solid batteries" to "solid-liquid batteries" is expected to stabilize market expectations and promote orderly competition within the industry [4][35] Summary by Sections Weekly Market Review (2025.10.25-10.31) - The automotive sector saw a weekly increase of 0.92%, outperforming the Shanghai and Shenzhen 300 index by 1.35 percentage points [13] - The commercial vehicle segment had the highest weekly growth at 3.17%, while the passenger vehicle segment experienced a decline of 2.00% [15] Data Tracking (2025.10.25-10.31) - Retail sales of passenger vehicles from October 1-26 totaled 1.613 million units, a 7% year-on-year decline, while cumulative retail sales for the year reached 18.621 million units, an 8% increase [20] - New energy vehicle retail sales during the same period were 901,000 units, showing a 0% year-on-year growth, with cumulative sales for the year at 9.771 million units, a 22% increase [20] Industry News (2025.10.25-10.31) - Huawei and Dongfeng are accelerating the implementation of their DH project, focusing on deep technological integration [28][29] - Chery announced a subsidy plan for vehicle purchases, with a maximum subsidy of 15,000 yuan per vehicle [30] - Changan Automobile is collaborating with JD.com to develop new energy autonomous vehicles [31] - The report notes that the semi-solid battery will be renamed to solid-liquid battery to avoid market confusion [35]