Group 1 - The core viewpoint of the article is that Seres Group has officially launched its IPO in Hong Kong, aiming to raise approximately HKD 12.9249 billion for various business initiatives [2] - The IPO includes a base issuance of 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international offering [2] - The expected net proceeds from the IPO will be utilized for R&D investments, diversification of new marketing channels, overseas sales, charging network services, and general corporate purposes [2] Group 2 - Seres Group has reported projected revenues of CNY 145.114 billion for 2024, representing a year-on-year growth of 305.47%, with a net profit of CNY 5.946 billion [2] - The company anticipates maintaining high growth in the first half of 2025, with projected revenues of CNY 62.359 billion and a net profit of CNY 2.941 billion, reflecting an 81.03% year-on-year increase [2] - As a technology-driven enterprise focused on electric vehicles, Seres has established a product matrix including four models under the high-end smart electric vehicle brand "AITO," launched in collaboration with Huawei [3] Group 3 - The IPO is expected to enhance Seres Group's global resource integration, technological collaboration, and brand value, showcasing the core competitiveness of Chinese electric vehicle manufacturers in the high-end market [3] - The company aims to further advance "Made in China" in the global high-end new energy sector through this listing [3]

赛力斯集团股份有限公司 关于刊发 H 股招股说明书、H 股发行价格上限及 H 股 香港公开发售等事宜的公告 证券代码：601127 证券简称：赛力斯 公告编号：2025-088 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 赛力斯集团股份有限公司（以下简称"公司"）正在进行发行境外上市外资 股（H股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板上市（以 下简称"本次发行上市"）的相关工作。 https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1027/20251 02700060_c.pdf 英文： 2025年4月28日，公司向香港联交所递交了本次发行上市的申请，并于同日 在香港联交所网站刊登了申请资料。具体内容详见公司于2025年4月29日在上海 证券交易所网站披露的《关于向香港联交所递交 H 股发行上市的申请并刊发申 请资料的公告》（公告编号： 2025-053）。 2025年9月25日，中国证券监督管理委员会（以下简称"中国证监会"） 出 具《关于赛 ...

Market Overview - The Shanghai Composite Index rose by 1.18% on October 27, with 28 out of 31 sectors experiencing gains, led by the communication and electronics sectors, which increased by 3.22% and 2.96% respectively [1] - The automotive sector saw a modest increase of 0.66%, while the media, food and beverage, and real estate sectors faced declines of 0.95%, 0.20%, and 0.11% respectively [1] Capital Flow Analysis - The overall net outflow of capital from the two markets was 136 million yuan, with 12 sectors experiencing net inflows [1] - The electronics sector had the highest net inflow of capital, totaling 6.112 billion yuan, followed by the non-ferrous metals sector with a net inflow of 2.529 billion yuan [1] Automotive Sector Performance - Within the automotive sector, 280 stocks were tracked, with 170 stocks rising and 103 stocks declining; 4 stocks hit the daily limit up [2] - The top three stocks with the highest net inflow were Jianghuai Automobile (2.08 billion yuan), Jinlong Automobile (1.90 billion yuan), and Xinquan Co. (1.20 billion yuan) [2] - The sector experienced a net outflow of 2.176 billion yuan, with nine stocks seeing outflows exceeding 100 million yuan, led by Seres (4.81 billion yuan), Top Group (3.33 billion yuan), and BYD (2.63 billion yuan) [2][3] Automotive Sector Capital Inflow and Outflow - The top gainers in the automotive sector included Jianghuai Automobile (5.01%), Jinlong Automobile (10.01%), and Xinquan Co. (2.12%) [2] - The stocks with the highest capital outflow included Seres (-0.61%), Top Group (-0.85%), and BYD (0.24%) [3]

Core Viewpoint - Company is set to launch its IPO in Hong Kong, aiming to become the first luxury new energy vehicle company listed in both A-share and H-share markets, enhancing its global presence and competitiveness in the high-end market [1][5]. Group 1: IPO Details - The IPO will have a base issuance of 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international placement, subject to adjustments [2]. - At the maximum offer price of HKD 131.50 per share, the expected net proceeds from the offering are approximately HKD 12.9249 billion, assuming no exercise of the over-allotment option [2]. - The IPO has attracted 22 cornerstone investors, including notable funds such as Chongqing Industry Mother Fund and Schroders, indicating strong market interest [2]. Group 2: Business Performance and Growth - The company has achieved significant sales milestones, with over 200,000 units of the high-end electric vehicle model, the Wanjie M9, delivered since its launch in collaboration with Huawei [3]. - For the fiscal year 2024, the company projects revenues of approximately CNY 145.114 billion, representing a year-on-year growth of 305.47%, with a net profit of CNY 5.946 billion and a gross margin of 23.8% [5]. - In the first half of 2025, the company anticipates revenues of CNY 62.359 billion and a net profit of CNY 2.941 billion, reflecting an 81.03% increase year-on-year [5].

Core Viewpoint - The company achieved significant growth in both revenue and net profit in Q3, with a notable increase in gross margin despite industry price pressures [1] Group 1: Financial Performance - In the first three quarters, the company reported revenue of 4.075 billion yuan, a year-on-year increase of 42.4%, and a net profit attributable to shareholders of 627 million yuan, up 70.5% year-on-year [1] - Q3 revenue reached 1.563 billion yuan, representing a year-on-year growth of 37.2% and a quarter-on-quarter increase of 10.7% [1] - The gross margin in Q3 increased significantly by 4.8 and 4.2 percentage points compared to the previous quarter, while the gross margin for the first three quarters rose by 0.6 percentage points year-on-year [1] Group 2: Future Growth Drivers - The company is expected to maintain rapid profit growth in Q4, driven by the launch of new vehicles from key clients such as Seres, Li Auto, and Geely [2] - The sales of major models from primary clients are anticipated to improve, contributing positively to Q4 earnings [2] Group 3: Long-term Development - The company is entering a harvest phase for its integrated die-casting and high-pressure aluminum projects by 2025, with several projects already in mass production [3] - The expansion of production capacity across various automotive industry clusters is progressing steadily, enhancing the company's ability to serve new clients and projects [3] Group 4: Earnings Forecast and Investment Recommendation - The company forecasts EPS of 2.14, 2.85, and 3.75 yuan for 2025-2027, with a target price of 42.8 yuan based on a PE ratio of 20 times for comparable companies [4]

Core Insights - The passenger car sector experienced a decline of 0.27% on October 27, with Great Wall Motors leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Passenger Car Sector Performance - The closing prices and performance of key stocks in the passenger car sector are as follows: - BAIC Blue Valley: 8.06, +1.38%, volume 1.0499 million, turnover 848 million [1] - BYD: 104.01, +0.24%, volume 346,000, turnover 3.608 billion [1] - SAIC Motor: 16.68, 0.00%, volume 346,000, turnover 578 million [1] - Great Wall Motors: 22.91, -1.21%, volume 225,800, turnover 517 million [1] Fund Flow Analysis - The passenger car sector saw a net outflow of 844 million from main funds, while retail investors contributed a net inflow of 446 million [1] - The detailed fund flow for selected companies includes: - SAIC Motor: Main fund net inflow of 46.56 million, retail net outflow of 46.32 million [2] - Great Wall Motors: Main fund net inflow of 30.91 million, retail net outflow of 62.42 million [2] - BYD: Main fund net outflow of 246 million, retail net inflow of 130 million [2]

Core Viewpoint - Company Cyberspace (赛力斯) is planning a global offering of 100.2 million H-shares, with a maximum price of HKD 131.50 per share, aiming to raise approximately HKD 12.925 billion for research and development, marketing, and operational needs [2][14] Group 1: IPO Details - The company will offer 10.02 million shares in Hong Kong and 90.18 million shares internationally, with the subscription period from October 27 to October 31, 2025, and the expected pricing date on November 3, 2025 [2] - The shares are expected to start trading on the Hong Kong Stock Exchange on November 5, 2025 [2] - The cornerstone investors have committed to subscribe for shares worth USD 826 million (approximately HKD 6.421 billion) [2] Group 2: Business Overview - Cyberspace focuses on the research, manufacturing, sales, and service of new energy vehicles and core components [5] - The company has transitioned from traditional automotive manufacturing to new energy vehicles since 2016, launching the "Wenjie" brand in 2021 [5] - The Wenjie brand has seen rapid sales growth, with models like Wenjie M5, M7, M8, and M9 achieving significant market success [5][6] Group 3: Financial Performance - The company reported a revenue increase from RMB 35.8 billion in 2023 to RMB 145.1 billion in 2024, representing a year-on-year growth of 305.5% [8] - Gross margin improved from 7.2% in 2023 to 23.8% in 2024, an increase of 16.6 percentage points [8] - The company achieved net profits of RMB 5.9 billion in 2024 and RMB 2.9 billion for the first half of 2025, marking a significant turnaround from a net loss of RMB 2.4 billion in 2023 [9] Group 4: Market Position and Strategy - The company has established a strong market presence in China, with plans for international expansion into Europe, the Middle East, and the Americas [9][10] - The Wenjie brand ranks fifth in the Chinese new energy vehicle market with a market share of 3.7% and third in the high-end segment [13] - The company aims to allocate approximately 70% of the IPO proceeds to R&D, 20% to marketing and overseas sales, and 10% for working capital [14]

Core Viewpoint - The announcement of Seres Group's IPO on the Hong Kong Stock Exchange marks a significant milestone as it becomes the first luxury electric vehicle company in China to be listed in both A-shares and H-shares, indicating a new phase in its capital development [1] Group 1: IPO Details - Seres plans to issue approximately 100.2 million H-shares, with the subscription period ending on October 31, and the final issue price to be determined on November 3 [3] - The entry fee for investors is approximately HKD 13,282.6 for a lot of 100 shares, based on a maximum issue price of HKD 131.50 per share [3] - A strong base of 22 institutional investors has committed to subscribing for approximately USD 826.5 million worth of shares, reflecting confidence in Seres' business model and growth potential [3] Group 2: Fund Utilization - The net proceeds from the IPO are expected to be around HKD 12.9 billion to HKD 13 billion, with about 70% allocated for technology research and development [5] - Approximately 20% of the funds will be used to expand overseas markets and enhance the charging network, supporting Seres' international brand presence [5] - The remaining 10% will be allocated to supplement working capital for daily operations [5] Group 3: Financial Performance - In 2024, Seres achieved revenue of HKD 145.11 billion, a year-on-year increase of 305%, and a net profit of HKD 5.946 billion, marking its transition to profitability [5] - This positions Seres among the few profitable electric vehicle companies globally, alongside Tesla and BYD, breaking the industry's previous trend of losses [5] Group 4: Strategic Partnerships - The collaboration with Huawei has been pivotal, leading to the successful launch of the AITO brand and its popular models, which have significantly impacted market demand [6] - The partnership combines Huawei's technological capabilities with Seres' manufacturing strengths, creating a powerful market presence [6] Group 5: Future Implications - The IPO will provide Seres with a new international financing channel to support its R&D and global market expansion [7] - The dual listing structure (A+H) will enhance Seres' visibility and influence in international capital markets, attracting a diverse range of global investors [7] - The entry of Seres as the first A+H stock in the Chinese electric vehicle sector will reshape the competitive landscape, with capital, technology, and globalization being key growth drivers [7]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6]. Core Insights - Current demand is weak, but the annual cumulative figures remain above expectations, with retail sales of passenger cars in China from October 1-19 at 1.128 million units, a year-on-year decrease of 6% but a month-on-month increase of 7% [1][20]. - The penetration rate of new energy vehicles (NEVs) in the passenger car market reached 56.1% during the same period, with cumulative retail sales of NEVs increasing by 23% year-on-year [2][20]. - Differentiated competition continues with breakthroughs in new technologies and new markets, including partnerships between major manufacturers and tech companies like Huawei [2][31]. Summary by Sections 1. Weekly Market Review (2025.10.18-10.24) - The automotive sector rose by 2.92% during the week, with most related sub-sectors also experiencing gains [12]. - The automotive parts sector saw the highest increase at 4.30%, while the passenger vehicle sector had a modest rise of 0.68% [15]. 2. Data Tracking (2025.10.18-10.24) - Retail sales of passenger cars from October 1-19 totaled 1.128 million units, with a cumulative year-to-date retail figure of 18.136 million units, reflecting an 8% year-on-year growth [20]. - NEV retail sales during the same period reached 632,000 units, with a year-to-date cumulative figure of 9.502 million units, marking a 23% increase [20]. 3. Industry News (2025.10.18-10.24) - Chery Group plans to establish 26 overseas R&D centers to support its global innovation system, with expectations that overseas revenue will surpass domestic contributions [31]. - The launch of the "National Good Car" by JD.com, CATL, and GAC Group is set to introduce a new model that supports battery swapping technology, aiming to enhance cost-effectiveness in the NEV market [3][38]. - Dongfeng Motor has developed a solid-state battery supply chain with a maximum range exceeding 1000 kilometers, showcasing advancements in battery technology [42].

Core Points - The company, Seres (601127.SH), experienced a decline of 0.61% in A-shares, closing at 159.03 yuan, while major indices like the Shanghai Composite Index rose by 1.18% [1] - Seres announced that its H-shares are expected to begin trading on the Hong Kong Stock Exchange on November 5, 2025, with a trading unit of 100 shares and a stock code of 9927 [1] - The maximum offering price for the H-shares is set at HKD 131.50 per share, with additional fees including a 1.0% brokerage commission and various transaction fees [1] Global Offering Details - The total number of H-shares for global offering is 100,200,000, with 10,020,000 shares allocated for Hong Kong and 90,180,000 shares for international distribution [1][2] - The company plans to grant an over-allotment option to international underwriters, allowing them to request up to 15,030,000 additional shares, which is 15.0% of the initial offering [2] - If the over-allotment option is fully exercised, the total number of shares could increase to 17,284,500 [2] - The estimated net proceeds from the offering, assuming no exercise of the over-allotment option, is approximately HKD 12.9249 billion, which will be used for R&D, new marketing channels, overseas sales, charging network services, and general corporate purposes [2]