" 2025年以来全球规模最大的整车企业IPO。 " 编辑丨李希 11 月 5 日，赛力斯集团（股票代码： 9927.HK ）在香港联合交易所主板正式挂牌上市，成为国内首家 "A+H" 两地上市的豪华新能源车企。 此次募资净额约 140.16 亿港元，是迄今为止规模最大的中国车企 IPO ，也是 2025 年以来全球规模最 大的 整车企业 IPO 。 自 10 月 27 日启动港股招股以来，赛力斯公开发售超额认购 133 倍，融资认购金额超过 1700 亿港 元。 公司公告显示，约 70% 的募资将用于研发投入，约 20% 用于营销渠道建设、海外销售及充电网络服 务。 此次发行吸引了 22 家基石投资者，包括重庆产业母基金、林园基金、广发基金、施罗德、中邮理财、星 宇香港等机构。 目前，赛力斯的海外市场布局已覆盖欧洲、中东、美洲及非洲多个国家。在欧洲，公司已进入挪威、德 国、英国、瑞士等市场，完成初步落地。 此次 "A+H" 双地上市，将为赛力斯后续海外市场拓展提供资金支持。 在研发方面，赛力斯持续投入资源，推出了魔方技术平台、超级增程系统和智能安全体系。 此外，赛力斯正在与国内高校及科技企业合作，探索具身智 ...

Core Viewpoint - The article highlights the significant advancements and market positioning of Seres in the high-end electric vehicle sector, showcasing its innovative technologies and strategic initiatives that drive its competitive edge in the industry [2][3][4]. Group 1: Product and Market Performance - At the Shanghai International Auto Show, Seres showcased its entire range of models under the AITO brand, effectively covering the price range of 300,000 to 600,000 yuan [2]. - The flagship model M9 has maintained its position as the best-selling luxury car above 500,000 yuan for 11 consecutive months, achieving a cumulative delivery of 180,000 units [3]. - The newly launched M8 received 50,000 pre-orders in its first week, indicating the success of Seres' high-end strategy [3]. - 85% of M9 owners are repeat buyers, with a Net Promoter Score (NPS) exceeding the industry average by 43 percentage points, reflecting increased brand loyalty and a shift towards electric vehicles replacing traditional luxury cars [3]. Group 2: Technological Innovations - Seres has established a differentiated technological moat, with its intelligent driving system achieving a daily usage rate of 68% and a cumulative driving distance exceeding 2 billion kilometers [3]. - The new generation of range-extending technology offers over 1,500 km of comprehensive range, addressing high-end users' concerns about range anxiety while maintaining a 70% pure electric mileage ratio [3]. - The company reported a significant increase in R&D investment, reaching 7.053 billion yuan in 2024, a 58.9% year-on-year growth, and expanded its R&D team to 6,201 members, a 25.15% increase [5]. Group 3: Safety and Ecosystem Development - Seres launched an innovative intelligent safety system that encompasses a four-dimensional defense matrix, addressing life protection, vehicle body protection, health care, and privacy protection [6]. - The company has developed a comprehensive technical ecosystem that integrates R&D, manufacturing, and service, positioning itself as a leader in the smart and electric vehicle sectors [6]. - The collaboration with Huawei on the HarmonyOS smart cockpit and ADS intelligent driving system has enabled high-level intelligent driving without relying on high-precision maps [6]. Group 4: Industry Impact and Future Outlook - As the penetration rate of electric vehicles surpasses 40%, the automotive industry is undergoing profound changes, with technology innovation becoming the core driver for leading companies [5][7]. - Seres is redefining standards in the industry, moving from following innovation to setting benchmarks, as highlighted by industry experts at the auto show [7]. - The company is positioned to answer the question of what the next generation of vehicles should look like, reflecting a significant shift in the automotive landscape [7].