广汽集团在投资者互动平台回答称，今年以来，广汽华为合作项目取得多项重要进展。今年8月，"启 境"已面向全国展开经销商招募，计划以"1+N"（用户中心+体验中心）模式布局渠道。9月，双方联合 打造的高端智能电动汽车品牌"启境"官宣，并任命拥有25年汽车从业经验的刘嘉铭担任CEO加速推进项 目落地。10月，"启境"首款车型已完成设计定型，计划于2026年年中推出。 ...

Core Viewpoint - Seres has officially listed on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company in China to achieve dual listing in both A and H shares, with a focus on global expansion and capital raising [2][3] Group 1: Listing Performance - On its first trading day, Seres opened at HKD 128.9, down 1.98% from the issue price of HKD 131.5, with a closing price of HKD 131.5, maintaining a market capitalization of approximately HKD 233.2 billion [2] - The A-share market saw Seres' stock drop by 5.56%, closing at CNY 146.03 [2] Group 2: Fundraising and Global Strategy - Seres raised a net amount of HKD 14.016 billion through the issuance of 108.6 million H shares, marking the largest IPO for a car company in Hong Kong since 2025 [3] - The subscription data showed strong market interest, with 22 cornerstone investors accounting for nearly half of the subscriptions and over 300 global institutions participating, resulting in a retail oversubscription rate exceeding 130 times [3] - The company plans to allocate 20% of the funds raised towards diversifying marketing channels, overseas sales, and charging network services to enhance global brand recognition [3] Group 3: Financial Performance - For the first three quarters of 2025, Seres reported a net profit of CNY 5.312 billion, a year-on-year increase of 31.56%, with revenue reaching CNY 110.53 billion, up 3.67% [4] - The gross margin improved to 29.9%, an increase of 4.15 percentage points year-on-year, while the net profit margin rose to 5.10%, up 1.90 percentage points [4] - In October, Seres achieved a record high monthly sales of 51,500 new energy vehicles, a year-on-year increase of 42.89%, with the Wanjie brand accounting for over 90% of sales [4] Group 4: Short-term Challenges - Despite the positive performance, Seres faced short-term pressure with a decline in net profit for the third quarter, marking the first quarterly drop since 2024 [5] - The increase in sales expenses and R&D investments, along with financial costs related to a stock transaction with Huawei, contributed to the profit squeeze [5] - Analysts predict that Seres needs to achieve nearly CNY 4.765 billion in net profit in the fourth quarter to meet the average forecast of CNY 10.077 billion for the full year [5] Group 5: Strategic Growth Initiatives - The listing is part of Seres' strategy to diversify its revenue sources and build a second growth curve, moving away from heavy reliance on the Wanjie brand [6][7] - The company has invested nearly CNY 30 billion to develop its own technology system and is entering the humanoid robotics sector through a partnership with ByteDance [7] - Long-term industry analysts remain optimistic about Seres' prospects, highlighting the potential for accelerated international expansion and the establishment of new growth areas [8]

Core Insights - Seres (601127) reported a record high sales volume of 51,456 units for October, representing a year-on-year increase of 42.89%, with cumulative sales from January to October reaching 356,085 units [1] - The Wanjie series has been well-received in the market, with over 800,000 cumulative deliveries, including over 250,000 units of the Wanjie M9 and over 100,000 units of the Wanjie M8, establishing new records in their respective price segments [1] - The company's revenue for the first three quarters reached 110.534 billion yuan, with a net profit of 5.312 billion yuan, reflecting a year-on-year growth of 31.56% [1] - Seres is set to become the first luxury new energy vehicle company to be listed on both the A-share and Hong Kong stock exchanges, with the Hong Kong public offering seeing over 100 times oversubscription [1] Sales Performance - In October, Seres achieved a sales volume of 51,456 units, marking a 42.89% increase year-on-year [1] - Cumulative sales from January to October reached 356,085 units [1] - The Wanjie M9 has set a new record for delivery in the 500,000 yuan price range, while the Wanjie M8 leads the 400,000 yuan luxury car market [1] Financial Performance - For the first three quarters, Seres reported an operating revenue of 110.534 billion yuan and a net profit of 5.312 billion yuan, with a year-on-year increase of 31.56% [1] Market Recognition - Multiple securities firms, including Ping An Securities and Dongwu Securities, have issued reports recommending a "buy" or "strong buy" rating for Seres, highlighting its growth potential [2] - The company is expected to continue expanding in the high-end market, driven by increased sales of high-end models and optimized product structure [2]

Group 1 - The core viewpoint of the articles highlights the strong performance and growth of Seres in the electric vehicle market, with record sales and positive financial results [1][3][5] Group 2 - In October, Seres sold 51,456 electric vehicles, marking a year-on-year increase of 42.89%, achieving a historical high; total sales from January to October reached 356,085 vehicles [1] - The Wanjie series of vehicles has seen continuous upgrades and has been well-received in the market, with cumulative deliveries exceeding 800,000 units; the Wanjie M9 has delivered over 250,000 units in 21 months, setting a new record for 500,000-level models [3] - The company reported a revenue of 110.534 billion yuan and a net profit of 5.312 billion yuan for the first three quarters, reflecting a year-on-year profit growth of 31.56% [3] Group 3 - Seres' Hong Kong IPO has generated significant market interest, with the public offering expected to be oversubscribed by over 100 times, raising over 120 billion HKD [5] - The company is set to become the first luxury electric vehicle manufacturer to be listed in both A-share and H-share markets [5] Group 4 - Several securities firms, including Ping An Securities and Dongwu Securities, have issued reports with "buy" or "strong buy" ratings for Seres, indicating strong institutional confidence in the company's growth potential [6] - According to Jiyin International, the growth in high-end model sales and product structure optimization are expected to drive further expansion in the high-end market and enhance profitability [6]

Core Viewpoint - Company Saisir is set to launch its IPO on the Hong Kong Stock Exchange, aiming to become the first luxury electric vehicle company listed in both A-share and H-share markets, breaking the previous record held by Chery Automobile for the largest IPO of a car company in Hong Kong this year [1][4]. IPO Details - Saisir plans to issue 100.2 million H-shares, with 10.02 million shares available for public sale in Hong Kong and approximately 90.18 million shares for international placement, subject to adjustments based on demand [4]. - The expected net proceeds from the IPO, assuming the maximum offer price of HKD 131.50 per share and no exercise of the over-allotment option, is approximately HKD 12.9249 billion [4]. Investor Interest - The IPO has attracted 22 cornerstone investors, including notable funds such as Chongqing Industry Mother Fund, Linyuan Fund, and Schroders, indicating strong institutional interest [5]. Business Strategy and Market Position - Saisir focuses on high-end smart electric vehicles, having launched the premium smart electric brand "Wenjie" in collaboration with Huawei, with a product matrix that includes models M9, M8, M7, and M5 [5]. - According to Frost & Sullivan, Wenjie ranks fifth in the Chinese new energy passenger vehicle market with a market share of 3.7% and third in the high-end new energy passenger vehicle segment [5]. Financial Performance - For 2024, Saisir expects to achieve revenues of CNY 145.114 billion, a year-on-year increase of 305.47%, with a net profit of CNY 5.946 billion and a gross margin of 23.8%, making it the fourth global electric vehicle company to achieve profitability [6]. - 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% year-on-year growth [6]. Global Expansion - Saisir has begun its international expansion, entering markets in Europe, the Middle East, the Americas, and Africa, with established operations in countries such as Norway, Germany, the UK, and Switzerland [5]. - The upcoming IPO is expected to enhance Saisir's global resource integration, technological collaboration, and brand value, showcasing the competitiveness of Chinese electric vehicle manufacturers in the high-end market [6].

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 - Seres Group 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, with the stock code "9927" [1] Group 1: IPO Details - The IPO period runs from October 27 to October 31, with the listing date scheduled for November 5 [1] - The total number of shares offered globally is 100.2 million H-shares, with 10.02 million shares allocated for the Hong Kong public and 90.18 million for international investors [5] - The maximum offering price is set at HKD 131.50 per share, with additional fees including a 1.0% brokerage commission and various transaction fees [5] Group 2: Financial Performance - For 2024, Seres is projected to achieve revenues of CNY 145.11 billion, representing a year-on-year growth of 305.47%, with a net profit of CNY 5.946 billion [6] - The gross margin for new energy vehicles is expected to rise to 23.8%, making Seres the fourth global new energy vehicle company to achieve profitability [6] - In the first half of 2025, the company anticipates revenues of CNY 62.36 billion and a net profit of CNY 2.941 billion, reflecting an 81.03% year-on-year increase [6] Group 3: Strategic Goals - The IPO is expected to enhance Seres' global resource integration, technology collaboration, and brand value, showcasing the core competitiveness of Chinese new energy vehicle companies in the high-end market [7]

作为一家以新能源汽车为核心业务的技术科技型企业，赛力斯始终锚定高端智能电动汽车主航道。自 2021年与华为跨界合作推出高端智慧新能源品牌问界以来，已形成包括问界M9、问界M8、问界M7和 问界M5四款车型的产品矩阵，通过差异化定位实现市场覆盖，以精准价格梯度与场景化功能组合，全 面抢占高端用户市场。 产品热销也推动公司业绩实现跨越式增长。根据赛力斯在港股招股书中披露，按照国际会计准则，2024 年，赛力斯实现收入1451.14亿元，同比增长305.47%；归属于上市公司股东的净利润达59.46亿元；新 能源汽车毛利率提升至23.8%，成为全球第四家实现盈利的新能源车企。2025年上半年延续高增长态 势，实现收入623.59亿元，归属于上市公司股东的净利润29.41亿元，同比增长81.03%。 此次港股上市，不仅为赛力斯未来全球资源整合、技术研发协同、品牌价值提升开辟更广阔空间，更将 向国际资本市场展示中国新能源车企在高端市场的核心竞争力，助力"中国智造"在全球高端新能源领域 进一步突破。 据悉，赛力斯计划在本次IPO中基础发行规模1.002亿股H股，其中香港公开发售1002万股H股，国际发 售约9018万股H ...

Core Viewpoint - Seres has initiated its Hong Kong IPO, aiming to become the first luxury new energy vehicle company listed in both A-share and H-share markets, with the listing date set for November 5 under the stock code "9927" [1][3]. Group 1: IPO Details - The IPO will involve 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 based on demand and over-allotment options [3]. - The IPO has attracted 22 cornerstone investors, including notable entities such as Chongqing Industry Mother Fund, Linyuan Fund, GF Fund, Schroders, and China Post Life [3]. Group 2: Business Strategy and Growth - Seres focuses on high-end smart electric vehicles, having launched the premium smart new energy brand "AITO" in collaboration with Huawei since 2021, with products like AITO M9 and M8 contributing to significant sales growth [3]. - According to the prospectus, Seres is projected to achieve revenues of 145.114 billion yuan in 2024, representing a year-on-year growth of 305.47%, with net profit attributable to shareholders expected to increase significantly [3]. Group 3: Market Positioning - The Hong Kong listing is expected to enhance Seres' global resource integration, technology R&D collaboration, and brand value, showcasing the core competitiveness of Chinese new energy vehicle companies in the high-end market [3].

据悉，赛力斯计划在本次IPO中基础发行规模1.002亿股H股，其中香港公开发售1002万股H股，国际发 售约9018万股H股(以上可予重新分配、视乎发售量调整权及超额配股权行使与否而定)。按最高发售价 每股131.50港元计算，假设发售量调整权及超额配售权未获行使，预计公司募资净额129.249亿港元。 10月27日，赛力斯开启港股招股，招股期持续至10月31日，计划于11月5日正式以"9927"为股票代码在 港交所主板挂牌，上市后将成为首家"A+H"两地上市的豪华新能源车企。 作为一家以新能源汽车为核心业务的技术科技型企业，赛力斯始终锚定高端智能电动汽车主航道。自 2021年与华为跨界合作推出高端智慧新能源品牌问界以来，已形成包括问界M9、问界M8、问界M7和 问界M5四款车型的产品矩阵，通过差异化定位实现市场覆盖，以精准价格梯度与场景化功能组合，全 面抢占高端用户市场。 产品热销也推动公司业绩实现跨越式增长。根据赛力斯在港股招股书中披露，按照国际会计准则，2024 年，赛力斯实现收入1451.14亿元，同比增长305.47%；归属于上市公司股东的净利润达59.46亿元；新 能源汽车毛利率提升至23.8%， ...