1月5日，赛力斯披露了2025年12月产销快报。数据显示，赛力斯新能源汽车12月销量再攀高峰，达 60,981辆，同比增长63.40%；2025全年累计销量超47万辆，实现年度销量新突破。太平洋证券最新研报 指出，公司新车型周期向上打开全新增长空间，维持"买入"评级，看好2026年增长态势延续。 截至目前，问界累计交付新车超97万辆，在中国高端新能源汽车市场确立了坚实的引领者地位。其中， 问界M9上市至今累计交付突破26万辆，20个月稳居50万元级车型销冠，在50万以上中国新能源汽车市 场，每卖出10辆车就有7辆是问界M9，占有率高达70%。而定位家庭智慧旗舰SUV的问界M8，成功开 拓40万级细分市场，上市8个月交付突破15万辆。双旗舰车型强势领跑，全系产品矩阵协同发力，驱动 公司销量持续攀升。 在竞争日趋激烈的高端市场中，赛力斯的领先优势愈发凸显，已成为中国高端新能源汽车市场的重要增 长极。2025年，传统豪华品牌在华销量普遍下滑，其背后正是中国自主品牌的强势崛起。同年国内新能 源汽车市场渗透率突破60%，赛力斯旗下问界品牌以单车均价40万元的成绩，成为迄今唯一在月销量与 成交均价双核心指标上均实现对传统 ...

Core Insights - The article highlights the significant growth and market performance of Seres, particularly in the high-end electric vehicle sector, with a focus on their innovative technology and strategic market positioning [2][4][6]. Group 1: Sales Performance - In November, Seres achieved a record high sales volume of 55,203 units, marking a year-on-year increase of 49.84%, with total sales from January to November reaching 411,288 units [2]. - The cumulative delivery of the entire AITO series has surpassed 900,000 units, maintaining a leading position in the high-end electric vehicle market [2]. - The AITO M9 model has achieved cumulative deliveries of over 260,000 units, setting a new record for vehicles priced at 500,000 yuan, while the AITO M8 has surpassed 130,000 units, retaining its title as the best-selling model in the 400,000 yuan category [2]. Group 2: Technological Innovation - Seres emphasizes technology as the core engine for sustainable growth, continuously investing in R&D to enhance product quality and performance [4]. - The launch of the Seres Magic Cube Technology Platform 2.0 at the Guangzhou Auto Show represents a significant upgrade, focusing on AI-driven smart electric vehicles with improvements in smart energy, intelligent chassis, EEA architecture, and smart space [4]. Group 3: Capital Market Developments - On November 5, Seres successfully listed on the Hong Kong main board, becoming the first luxury electric vehicle company in China to be dual-listed in both A and H shares [6]. - Seres was included in the CSI A100 index on November 28, reflecting a strong signal of market confidence and a significant advancement in brand value and strategic positioning [6]. - The company was also added to the Hong Kong Stock Connect eligible securities list on December 1, further highlighting its investment value and market attention [6].

Core Viewpoint - Seres has achieved significant growth in November 2023, with a record sales volume of 55,203 electric vehicles, marking a year-on-year increase of 49.84% and a cumulative sales total of 411,288 vehicles for the year [2] Group 1: Sales Performance - In November 2023, Seres' electric vehicle sales reached 55,203 units, representing a 49.84% increase year-on-year, setting a new historical high [2] - Cumulative sales from January to November 2023 reached 411,288 units [2] - The total delivery of the entire AITO series has surpassed 900,000 units, leading the high-end electric vehicle market [2] Group 2: Product Development - Seres has continuously iterated its product matrix, launching several models including the AITO M5 Ultra, AITO M9 2025, AITO M8, and the new AITO M7, which have received market recognition [2] - The AITO M9 has achieved cumulative deliveries of over 260,000 units, setting a new record for vehicles priced over 500,000 yuan [2] - The AITO M8 has surpassed 130,000 units in cumulative deliveries, maintaining its position as the sales champion in the 400,000 yuan category [2] - The newly launched AITO M7 has received over 90,000 pre-orders within 41 days of its launch, with cumulative deliveries exceeding 350,000 units [2] Group 3: Technological Advancements - Seres is focused on technology-driven development, with ongoing R&D investments to enhance product quality and performance [3] - The company launched the Magic Cube Technology Platform 2.0 at the Guangzhou Auto Show, aimed at AI-driven smart electric vehicles, featuring upgrades in smart energy, intelligent chassis, EEA architecture, and smart space [3] Group 4: Market Position and Recognition - On November 5, 2023, Seres successfully listed on the Hong Kong main board, becoming the first luxury electric vehicle company to be dual-listed in both A-share and H-share markets [3] - Seres was included in the CSI A100 index on November 28, 2023, signaling a strong boost in market confidence and reflecting its brand value and strategic position [3] - On December 1, 2023, Seres was added to the Hong Kong Stock Connect eligible securities list, further highlighting its market attention and long-term investment value [3] Group 5: Future Outlook - Looking ahead, Seres aims to continue focusing on technological innovation and user needs, leveraging its strong product matrix and dual capital platform advantages to deepen its domestic market presence and expand internationally [4]

Core Viewpoint - In the third quarter of 2025, the company reported a revenue of approximately 48.13 billion yuan, representing a year-on-year growth of 15.75%, while the net profit attributable to shareholders decreased by 1.74% to about 2.37 billion yuan [1][2]. Financial Performance - For the first three quarters of 2025, the cumulative revenue reached approximately 1105.34 billion yuan, showing a year-on-year increase of 3.67% [4]. - The net profit attributable to shareholders for the same period was around 5.31 billion yuan, reflecting a significant year-on-year growth of 31.56% [4]. - The gross profit margin has increased, contributing to enhanced profitability [4]. Sales Performance - In the first nine months of the year, the company sold approximately 304,600 new energy vehicles, with over 276,200 units sold under the company's brand, accounting for more than 90% of total sales [4]. - The company has accelerated the iteration of its product line, with several models launched, including the new M5 Ultra and M9 2025 version [6]. - Cumulative deliveries of the entire product line have surpassed 800,000 units, with specific models achieving significant delivery milestones [6]. Market Expansion - The company has initiated its Hong Kong stock offering on October 27, planning to list on the Hong Kong Stock Exchange on November 5 under the stock code "9927" [6]. - Upon listing, the company will become the first luxury new energy vehicle manufacturer to be dual-listed in both A-share and H-share markets [6].

Core Insights - Company reported a net profit of 5.312 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 31.56% [1] - Cumulative sales of the company's electric vehicles reached 304,629 units from January to September 2025 [1] Group 1: Financial Performance - Company achieved a total revenue of 110.534 billion yuan in the first three quarters of 2025 [1] - The net profit attributable to shareholders was 5.312 billion yuan, reflecting a growth of 31.56% compared to the previous year [1] Group 2: Product Development and Market Performance - The company has accelerated product iteration this year, launching multiple models including the new M5 Ultra, M9 2025, M8, and the all-new M7 [2][3] - Cumulative deliveries of the entire product line have surpassed 800,000 units, with the M9 model alone achieving over 250,000 deliveries in 21 months, setting a new record for 500,000-level models [3] - The M8 model has exceeded 100,000 deliveries within four months, while the new M7 has delivered over 20,000 units in just 36 days [3] Group 3: Technological Innovation and Industry Position - The company is committed to a "software-defined vehicle" technology strategy, investing heavily in innovation to enhance electric and intelligent core technologies [4][5] - The company has been recognized with the "2024 Golden Bull Most Investment Value Award" and ranked 190th in the China Enterprise 500 list, a significant leap of 270 places from the previous year [5] - The company has initiated its Hong Kong stock offering and plans to list on the Hong Kong Stock Exchange on November 5, 2025, becoming the first luxury electric vehicle company to be listed in both A-share and H-share markets [5]

Core Insights - Huawei's HarmonyOS vehicle delivery has surpassed 1 million units in just 43 months, showcasing significant growth and partnership support [1] - The company aims to enhance product offerings and improve user experience in the future, with a goal of achieving the next million units delivered even faster [1] Group 1: Product Launches and Features - On August 25, Huawei launched several new models including the Zhijie R7 and Zhijie new S7, featuring industry-first intercom functions that allow communication without lowering windows [5] - The new models have contributed to increased sales, with the Aito brand (Wenjie) being a major sales driver [5] Group 2: Sales Performance - In September, HarmonyOS delivered 52,916 new vehicles, ranking second in monthly deliveries, with expectations to reach 60,000 units in October due to new model launches [5] - The flagship 9 series and the new Enjoy S9 are set to launch in November, indicating ongoing product expansion [5] Group 3: Market Trends - The overall retail market for passenger vehicles in China saw a decline of 6% year-on-year in October, with a total of 1.128 million units sold in the first three weeks [10] - The new energy vehicle market, however, experienced a 5% year-on-year increase, with a penetration rate of 56.1% [10]

Core Viewpoint - The company, Seres, has announced a cash dividend distribution plan for the first half of 2025, reflecting strong financial performance and growth in the electric vehicle sector [2][3]. Financial Performance - For the first half of 2025, Seres reported a revenue of 62.402 billion yuan and a net profit attributable to shareholders of 2.941 billion yuan, marking a year-on-year increase of 81.03% [2]. - The company's R&D investment saw a significant increase of 154.9% compared to the previous year [2]. Dividend Distribution - The total cash dividend distribution amounts to 506 million yuan, with a per-share dividend of 0.31 yuan (tax included), based on a total share capital of approximately 1.633 billion shares [2]. - The record date for the dividend is set for October 29, 2025, with the ex-dividend date and payment date on October 30, 2025 [2]. Product Development and Sales - The product lineup under the "Wenjie" series has been continuously enhanced, with new models such as Wenjie M5 Ultra, Wenjie M9 2025, Wenjie M8, and the all-new Wenjie M7 launched this year [2]. - In September, Seres sold 44,678 electric vehicles, representing a year-on-year growth of 19.44%, with total sales from January to September reaching 304,600 units [2]. Market Position and Future Outlook - Seres has initiated an H-share issuance plan and has passed the listing hearing on the Hong Kong Stock Exchange, positioning itself for dual listing [3]. - The market remains optimistic about Seres' growth potential, especially with the upcoming peak season for car purchases and the synergistic effects of its product matrix [3]. - As of October 23, 2023, Seres' stock price was 158.47 yuan per share, with a market capitalization of 258.8 billion yuan, reflecting a year-to-date increase of 19.67% [3].

Group 1 - The core point of the news is that Seres Group has successfully passed the IPO hearing at the Hong Kong Stock Exchange, marking its dual listing strategy in both A-share and H-share markets [1][3]. - Seres Group was listed on the Shanghai Stock Exchange in June 2016, and as of October 13, its A-share closed at 161.5 yuan, with a total market capitalization of 263.8 billion yuan [3]. - The company submitted its IPO application to the Hong Kong Stock Exchange in April 2025, with joint sponsors being CICC and China Galaxy International [3]. Group 2 - Seres Group plans to issue up to 331 million H-shares, accounting for 18.7% of the expanded share capital, with 70% of the raised funds allocated for R&D, focusing on intelligent driving and 800V high-voltage platforms [3]. - The company reported a revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan for the first half of 2025, representing a year-on-year growth of 81.03% [3]. - R&D investment reached 5.198 billion yuan, showing a significant increase of 154.9% year-on-year [3]. Group 3 - In the first half of 2025, Seres sold 172,100 new energy vehicles, with the Wanjie series accounting for over 80% of the deliveries [4]. - The high-end models Wanjie M9 and M8 achieved deliveries of 62,000 and 35,000 units respectively, becoming the best-selling models in the 500,000 yuan and 400,000 yuan market segments [4].

Core Viewpoint - Seres (601127) reported a significant increase in September sales of its electric vehicles, indicating strong market demand and successful product launches [1] Sales Performance - In September, Seres sold 44,678 electric vehicles, representing a year-on-year growth of 19.44% [1] - Cumulative sales from January to September reached 304,629 vehicles [1] Product Launches - The all-new AITO Wenjie M7 was officially launched on September 23, achieving over 40,000 pre-orders within 24 hours, demonstrating immediate market acceptance [1] - The first batch of AITO Wenjie M7 vehicles was delivered to users on September 26, following factory acceptance at Seres' Phoenix Super Factory [1] Product Matrix Development - The AITO product lineup has been continuously enhanced in the first three quarters of the year, with multiple models including the new M5 Ultra, M9 2025, M8, and the all-new M7 being well-received by the market [1] - Cumulative deliveries of the AITO series have surpassed 800,000 units, setting a record for delivery speed among Chinese luxury electric vehicle brands [1] Market Position - The AITO Wenjie M9 has achieved cumulative deliveries of over 240,000 units, maintaining its position as the sales champion in the 500,000 yuan market segment [1] - The newly launched AITO Wenjie M8 has also performed strongly, with cumulative deliveries exceeding 100,000 units, securing the top position in the 400,000 yuan market segment [1] Future Outlook - With the upcoming peak car-buying season at the end of the year, the synergistic effect of the AITO product matrix is expected to further enhance sales, alongside the ramp-up of new product deliveries [1]

Group 1 - The new Wanjie M7 was officially launched on September 23, achieving over 40,000 pre-orders within 24 hours, indicating strong market demand [2] - The Wanjie product lineup has been continuously improved, with models like the Wanjie M5 Ultra, Wanjie M9 2025, Wanjie M8, and the new Wanjie M7 being well-received by consumers [2] - Cumulative deliveries of the Wanjie series have surpassed 800,000 units [2] Group 2 - The Wanjie M9 and M8 have become sales champions in the 500,000 and 400,000 price segments, respectively, with the Wanjie M9's cumulative deliveries exceeding 240,000 units [4] - The capital market remains optimistic about the growth potential of the company, especially with the upcoming peak car-buying season at the end of the year [4] - The synergistic effect of the Wanjie product matrix is expected to become more pronounced, potentially leading to a new growth peak in the fourth quarter [4]