Core Viewpoint - The announcement of Seres' secondary listing in Hong Kong is seen as a significant event, especially with its projected revenue and profit growth in the electric vehicle sector for 2024, despite recent challenges in sales performance [1][2]. Financial Performance - In 2024, Seres is expected to achieve revenue of 145.2 billion yuan, a year-on-year increase of 305.04%, and a net profit of 5.946 billion yuan, up 342.72%, making it the fourth profitable electric vehicle company globally after Tesla, BYD, and Li Auto [2]. - In Q1 2025, Seres reported revenue of 19.15 billion yuan, a decline of 27.91% year-on-year, but net profit increased to 747.8 million yuan, a growth of 240.6% [6][7]. Sales and Market Dynamics - The sales volume of Seres' electric vehicles saw a significant decline in early 2025, with January sales down 51.39% year-on-year, February down 41.04%, and March down 32.19% [7]. - However, the launch of the new models, particularly the Wanjie M9, which sold 23,290 units in Q1 2025 (up 117.83%), helped maintain profitability despite overall sales declines [8]. Strategic Partnerships and Dependencies - The collaboration with Huawei is crucial for Seres, but there are concerns about the sustainability of this partnership as Huawei expands its collaborations with other brands [11][12]. - The potential dilution of benefits from Huawei's technology and marketing support poses a risk to Seres' competitive edge in the market [13][14]. Future Growth and Challenges - Seres plans to use 70% of its IPO proceeds for R&D, 20% for new marketing channels and overseas sales, and 10% for working capital [17]. - The company faces challenges in expanding its product line and entering new markets, particularly overseas, where brand recognition and financial stability are critical [19][21]. Conclusion - While Seres has short-term growth potential, its long-term outlook remains uncertain due to its reliance on Huawei and the competitive landscape in the electric vehicle market [10][14].