Core Viewpoint - The article focuses on the operational performance and development trends of Seres, highlighting its recent financial activities and the implications for future growth potential [5][6][10]. Financial Performance - Seres has become the largest domestic vehicle listing company in terms of fundraising scale and market capitalization, surpassing Chery Automobile [5]. - The company completed two significant expenditures this year: acquiring Longsheng New Energy Super Factory for over 8.1 billion yuan and purchasing a 10% stake in Yiwang Company for 11.5 billion yuan, which supports its future growth plans [6]. - Seres aims to achieve a production capacity of over 1 million vehicles by 2027, with projected annual sales of around 800,000 vehicles based on new model launches [9][19]. Sales and Revenue Trends - In the first ten months of 2025, Seres' cumulative sales reached 356,000 vehicles, showing a year-on-year increase of only 1%, with the Wanjie brand experiencing a slight decline in growth [9]. - The revenue and profit structure for the first three quarters of Seres showed a slight increase in revenue to 1,105 billion yuan, with a gross margin of 29.4% and a net margin of 5.1% [10][13]. Profitability and Cost Structure - Despite stagnant sales and revenue growth, Seres has improved its profitability, with a significant increase in net profit by 65.3% year-on-year [10]. - The gross margin has been on an upward trend, indicating that the introduction of new models like the Wanjie M8 has positively impacted the average selling price and profitability [13][14]. - However, the company faces rising external costs, leading to a "stagflation" scenario where expenses increase despite declining sales, creating uncertainty for future growth [14][18]. Market Position and Competitive Landscape - Seres is maintaining a pricing strategy that contrasts with the increasing competition in the domestic mid-to-large-sized new energy SUV market, as evidenced by the pricing of the new M7 model [18][19]. - The company’s ability to sustain its pricing power is linked to its production capacity utilization and brand influence, but it may face challenges if competition intensifies [19][20]. Future Outlook - The growth trajectory of Seres is contingent on achieving annual sales growth of around 40% over the next two years; otherwise, its market value may decline significantly [20]. - The company's operational model, particularly its collaboration with Huawei, may limit its flexibility in managing costs and expanding its product range beyond the new energy SUV segment [18][20].

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 来 源丨 定焦One（ID： dingjiaoone ） 作者丨 金玙璠 编辑丨 魏佳 "过去几天，几乎所有车企都在研究小米YU7大卖对自己的影响。"一位汽车行业从业者这样描述当下 的车圈氛围。 6月26日晚22点， 小米汽车首款SUV车型YU7开启下定通道 （下定规则为5000元定金7天未锁单可 退） 。短短3分钟， 大定突破20万辆 ；1小时后，这个数字飙升至28.9万；18小时锁单24万辆 —— YU7 可能是有史以来卖 得 最快的车， 按25.35万元起售价折算，订单价值已突破600亿元。 这个订单量相当于小米SU7上市13个月累计销量的总和，特斯拉Model Y去年在华销量的一半，理想 L6一年的销量总和 。 压力迅速传导到销售端。某新势力品牌销售人士坦言："这个周末客流减少五成，全跑去隔壁看小米 了"。 而 小米门店，拼车试驾已是常态 。 "现在定车，YU7标准版要等一年零一个月提车，Max版要 等6-8个月提车"，小米汽车销售对我们说， "定SU7等的时间短一点， 大概 半年。" YU7的火爆甚至催生了灰色生意：闲鱼 ...

Core Viewpoint - The launch of Xiaomi's YU7 SUV has created significant disruption in the automotive market, leading to a surge in orders and impacting competitors' sales and stock prices [3][4][6]. Summary by Sections 1. YU7 Launch and Initial Response - Xiaomi's YU7 SUV received over 289,000 orders within the first hour of its launch, with a total order value exceeding 600 billion yuan [3][4]. - The order volume surpassed the total sales of Xiaomi's previous model, SU7, in 13 months, and was equivalent to half of Tesla Model Y's sales in China last year [3][4]. 2. Market Impact - Competitors such as XPeng, NIO, and Li Auto saw their stock prices drop by 3% to 7% following the YU7's launch, while Xiaomi's stock surged nearly 10% [4][12]. - The market is experiencing a shift, with a notable decrease in customer traffic for other brands as potential buyers flock to Xiaomi's offerings [3][4]. 3. Production and Delivery Challenges - Xiaomi faces significant production challenges, with estimates suggesting it could take up to a year to fulfill the new orders alongside existing SU7 backlogs [4][10]. - The delivery timelines for YU7 have been extended, with standard versions expected to take over a year for delivery, raising concerns about customer retention [4][10]. 4. Competitive Landscape - The YU7 is positioned as a direct competitor to Tesla's Model Y, with a lower starting price and comparable features, but it may struggle to match Model Y's delivery volumes due to production constraints [8][9]. - The competitive response from other brands is anticipated to include price cuts and enhanced customer incentives as they react to YU7's market entry [6][12]. 5. Long-term Market Dynamics - Analysts suggest that while YU7 poses a significant threat to Model Y, its long-term success will depend on customer satisfaction post-delivery and the competitive strategies employed by Tesla and other brands [11][18]. - The introduction of YU7 has prompted a reevaluation of high-end strategies among traditional automakers, highlighting a potential disconnect between engineering focus and consumer emotional engagement [19][20].