Core Viewpoint - Seres has successfully listed on the Hong Kong Stock Exchange, marking a significant step in its international capital strategy and laying a solid foundation for its future global expansion [3][4]. Group 1: Company Overview - Seres has evolved over nearly 40 years, transitioning from automotive parts to high-end intelligent manufacturing, and has become a leader in China's high-end new energy vehicle market [4]. - The company has made significant strides since its transformation to new energy vehicles in 2016, including a partnership with Huawei to launch the high-end smart electric vehicle series, AITO [4][10]. Group 2: IPO Details - The company plans to issue 100.2 million H-shares, aiming for a net fundraising of approximately HKD 14.016 billion (about RMB 12.85 billion), which would be the largest IPO for a Chinese car company to date and the largest globally since 2025 [4][5]. - The IPO attracted 22 cornerstone investors, including notable institutions, collectively subscribing for approximately HKD 8.26 billion (about RMB 7.5 billion), reflecting strong market confidence in Seres' long-term value [5]. Group 3: Sales and Financial Performance - In October, Seres sold 51,456 new energy vehicles, a year-on-year increase of 42.89%, setting a new monthly sales record [6]. - Cumulatively, from January to October, the company sold 356,085 vehicles, with the AITO brand achieving a delivery milestone of over 800,000 units by September 2025 [6]. - Revenue for Seres was reported at RMB 340.56 billion in 2022 and RMB 357.89 billion in 2023, with a projected revenue of RMB 1,451.76 billion in 2024, marking a year-on-year increase of 305.04% [7]. Group 4: Profitability and Margins - Seres turned a profit in 2024 with a net profit of RMB 47.4 billion, becoming the fourth global new energy vehicle company to achieve profitability [9]. - The gross profit margin improved significantly from 7.2% in 2023 to 23.8% in 2024, indicating a strong enhancement in profitability quality [8]. Group 5: Product Strategy and R&D - The company has established a comprehensive product matrix with models M9, M8, M7, and M5, catering to diverse consumer needs in the luxury segment [12]. - Seres has invested over RMB 14 billion in R&D from 2022 to mid-2025, increasing its R&D expenditure as a percentage of revenue from 3.9% to 4.7% [12]. Group 6: Global Expansion and Partnerships - Seres is expanding its global footprint, planning to open 100 experience centers in Europe and the Middle East by 2026, and is collaborating with Huawei to build a network of supercharging stations [17]. - The company has formed strategic alliances with tech giants like ByteDance to enhance its AI capabilities, focusing on intelligent robotics and decision-making technologies [18].

Core Viewpoint - Company Seres has set the final price for its H-share issuance at HKD 131.50 per share, excluding various fees, and plans to list on the Hong Kong Stock Exchange on November 5 [1] Group 1: IPO Details - The issuance volume adjustment right has been partially exercised, with an expected issuance of 8.419 million additional shares, accounting for approximately 8.40% of the total shares available for subscription [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] Group 2: Financial Performance - For the first three quarters of 2025, the company achieved revenue of CNY 110.534 billion and a net profit attributable to shareholders of CNY 5.312 billion, representing a year-on-year increase [1]