Core Insights - Seres (601127) reported a record high sales volume of 55,203 electric vehicles in November, representing a year-on-year growth of 49.84%, with cumulative sales reaching 411,288 units from January to November [1] - The company emphasizes a market-oriented approach of "user-defined cars" and a technology route of "software-defined cars," continuously iterating its product matrix with new models like the AITO M5 Ultra and AITO M7, which have gained market recognition [1] - The AITO series has achieved significant delivery milestones, with total deliveries surpassing 900,000 units, including over 260,000 units of the AITO M9 and over 130,000 units of the AITO M8, showcasing strong market appeal [1] Technological Innovation - Seres focuses on technology-driven development, investing in R&D to enhance product quality and performance, establishing a strong competitive barrier [2] - The launch of the AI-driven Magic Cube Technology Platform 2.0 at the Guangzhou Auto Show represents a significant upgrade in smart electric vehicle technology, enhancing features like smart energy and intelligent chassis [2] Capital Market Developments - On November 5, Seres became the first luxury electric vehicle company to be listed in both A-share and H-share markets, marking a significant milestone [2] - The inclusion of Seres in the CSI A100 index on November 28 signals a boost in market confidence and reflects the company's enhanced brand value and strategic position [2] - Additionally, Seres was added to the Hong Kong Stock Connect eligible securities list on December 1, further highlighting its long-term investment value [2] Future Outlook - Seres aims to maintain a virtuous development cycle by focusing on technological innovation and user needs, leveraging its strong product matrix and dual capital platform to deepen its domestic market presence and expand internationally [3]

Core Viewpoint - Seres has achieved significant growth in November 2023, with a record sales volume of 55,203 electric vehicles, marking a year-on-year increase of 49.84% and a cumulative sales total of 411,288 vehicles for the year [2] Group 1: Sales Performance - In November 2023, Seres' electric vehicle sales reached 55,203 units, representing a 49.84% increase year-on-year, setting a new historical high [2] - Cumulative sales from January to November 2023 reached 411,288 units [2] - The total delivery of the entire AITO series has surpassed 900,000 units, leading the high-end electric vehicle market [2] Group 2: Product Development - Seres has continuously iterated its product matrix, launching several models including the AITO M5 Ultra, AITO M9 2025, AITO M8, and the new AITO M7, which have received market recognition [2] - The AITO M9 has achieved cumulative deliveries of over 260,000 units, setting a new record for vehicles priced over 500,000 yuan [2] - The AITO M8 has surpassed 130,000 units in cumulative deliveries, maintaining its position as the sales champion in the 400,000 yuan category [2] - The newly launched AITO M7 has received over 90,000 pre-orders within 41 days of its launch, with cumulative deliveries exceeding 350,000 units [2] Group 3: Technological Advancements - Seres is focused on technology-driven development, with ongoing R&D investments to enhance product quality and performance [3] - The company launched the Magic Cube Technology Platform 2.0 at the Guangzhou Auto Show, aimed at AI-driven smart electric vehicles, featuring upgrades in smart energy, intelligent chassis, EEA architecture, and smart space [3] Group 4: Market Position and Recognition - On November 5, 2023, Seres successfully listed on the Hong Kong main board, becoming the first luxury electric vehicle company to be dual-listed in both A-share and H-share markets [3] - Seres was included in the CSI A100 index on November 28, 2023, signaling a strong boost in market confidence and reflecting its brand value and strategic position [3] - On December 1, 2023, Seres was added to the Hong Kong Stock Connect eligible securities list, further highlighting its market attention and long-term investment value [3] Group 5: Future Outlook - Looking ahead, Seres aims to continue focusing on technological innovation and user needs, leveraging its strong product matrix and dual capital platform advantages to deepen its domestic market presence and expand internationally [4]

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.69, which places it in the 22.6% percentile of the non-innovation system AHP model [7][8]. Core Insights - The company has successfully transitioned from fuel vehicle thermal management to new energy vehicle battery thermal management and has expanded into the energy storage thermal management market. It is a strategic supplier for CATL, with a market share of approximately 12.16% in 2024 [2][9]. - The company’s revenue from energy storage thermal management products has grown significantly, from 36 million yuan in 2022 to 337 million yuan in 2024, representing a CAGR of 204% [11]. - The global market for battery liquid cooling plates is projected to reach 14.5 billion yuan in 2025, with a growth rate of 95.95% compared to 2022 [13]. - The company is also focusing on capacity expansion and product upgrades, with plans to produce 3.6 million sets of water cooling plates annually, integrating core components with battery box production [16][32]. Summary by Sections AHP Score and Expected Allocation Ratio - The company’s AHP score, adjusted for liquidity premium factors, is 1.69, indicating a mid-to-low level performance in the market [7][8]. New Stock Fundamentals and Features - The company leads in the liquid cooling plate segment and has established a stable supply capability, with ongoing negotiations for product supply with major clients like BYD and LG Energy [9][10]. - The company has completed over 300 product projects for various automotive manufacturers, including NIO and Mercedes-Benz, and has adapted over 200 vehicle models [9][10]. Comparable Company Financial Metrics - The company’s revenue from 2022 to 2024 was 1.031 billion, 1.136 billion, and 1.437 billion yuan, respectively, with net profits declining from 113 million to 95 million yuan during the same period [20][21]. - The company’s gross margin has decreased from 21.79% in 2022 to 17.36% in 2024, which is below the average of comparable companies [20][22]. Fundraising Projects and Development Vision - The company plans to raise funds for a new production project aimed at producing 3.6 million sets of water cooling plates annually, with a projected internal rate of return of 7.06% [30][33].

赛力斯（601127）(601127.SH)发布公告，公司2025年11月新能源汽车销量55203辆，同比增长49.84%;本 年累计新能源汽车销量411,288辆，同比增长5.58%。 ...

智通财经APP讯，赛力斯(601127.SH)发布公告，公司2025年11月新能源汽车销量55203辆，同比增长 49.84%;本年累计新能源汽车销量411,288辆，同比增长5.58%。 ...

2025年1-11月，本公司汽车产量合计46.04万辆，同比增加0.73%;汽车销量合计45.31万辆，同比减少 0.52%。 智通财经APP讯，赛力斯(09927)发布公告，本公司2025年11月份汽车产量合计5.89万辆，同比增加 30.36%;汽车销量合计5.81万辆，同比增加36.34%。 ...

Group 1 - The company announced that its total automobile production in November 2025 reached 58,900 units, representing a year-on-year increase of 30.36% [1] - The total automobile sales for November 2025 amounted to 58,100 units, showing a year-on-year increase of 36.34% [1] Group 2 - For the period from January to November 2025, the company's total automobile production was 460,400 units, reflecting a year-on-year increase of 0.73% [1] - The total automobile sales during the same period were 453,100 units, indicating a year-on-year decrease of 0.52% [1]

格隆汇12月1日丨赛力斯(601127.SH)公布，2025年11月份新能源汽车销量55203辆，同比增长 49.84%；其中赛力斯汽车销量51677辆，同比增长59.73%。2025年1—11月份新能源汽车销量411288 辆，同比增长5.58%。 ...

本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列賽力斯集團股份有限公司在上海證券交易所網站刊登的《賽力斯集團股份 有限公司關於控股股東部分股份解除質押及質押的公告》，僅供參閱。 （股份代號：9927） 海外監管公告 承董事會命 賽力斯集團股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Seres Group Co., Ltd. 賽力斯集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 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。 董事長兼執行董事 張正萍先生 香港，2025年12月1日 於本公告日期，本公司董事為：(i)執行董事張正萍先生、尹先知先生、申薇女士 及張正源先生；(ii)非執行董事張克邦先生、尤崢先生、李瑋先生及周昌玲先生； 及(iii)獨立非執行董事李開國先生、張國林先生、景旭峰先生、黎明先生及魏 ...

赛力斯12月1日晚间公告，2025年11月份公司新能源汽车销量为55,203辆，同比增长49.84%。2025年1- 11月，公司累计销售新能源汽车411,288辆，同比增长5.58%。 （文章来源：智通财经） ...