自2021年以来，赛力斯率先与华为开展了跨界合作，联合开发，量产全栈华为智能科技，打造了双智天 花板——乾崑智驾和鸿蒙座舱。同时率先开启了全维网联，包括双卡双通、360°卫星通信以及华为星 闪，保障实时在线；不断升级迭代AI伙伴，接入了全量鸿蒙生态、小艺智能体，使车进化为能听、会 看、懂思考的全场景智慧伙伴。 在AI赋能下，问界打造了"超智能、超高效、超安全、超静谧"的智慧增程电动技术解决方案。该方案以 高集成度的高压架构为底座，让增程与电驱进行深度智能融合，使车辆工作在最经济的区间；通过车电 机充一体化设计，提供最佳的度电里程，实现续航无忧；通过800V及以上的高压架构、八合一电驱设 计、5C超充以及全国超充网络建设，带来高效出行和极速补能新体验，同时高效增程提供1.5T和2.0T动 力选择。 赛力斯于11月5日在港交所主板挂牌，募资净额140.16亿港元。西部证券（002673）表示，公司相继推 出了赛力斯魔方技术平台、赛力斯超级增程、赛力斯智能安全等创新技术成果，构建起坚实的技术护城 河。此次港股IPO募资所得约70%将用于研发投入。未来赛力斯将进一步扩大其在豪华新能源赛道的领 先优势，引领中国汽车行业 ...

近日，福布斯中国发布"2025创新力企业50强"榜单，赛力斯（601127）集团凭借其在智能电动车领域的持续创新与创新驱动的 市场优势成功入选，这一权威认可，标志着赛力斯已跻身中国最具创新活力的企业阵营。作为新质生产力代表的赛力斯，深耕 电动化、智能化核心技术,打造技术护城河，落地了赛力斯魔方技术平台、赛力斯超级增程、赛力斯超级工厂等一系列技术成 果，更秉持"安全是最大的豪华"理念，以领先的智能安全体系引领行业发展。 入选福布斯中国创新力企业50强，是对赛力斯技术实力的高度认可。未来，赛力斯将持续加码智能安全技术研发，以用户安全 为导向，携手行业伙伴共同进步，为用户打造更安全、更智能、更值得信赖的出行体验。 赛力斯智能安全是赛力斯围绕用户用车全场景，首创的以"场景定义安全"为理念的智能安全体系，其覆盖用户远程用车、行 车、泊车、事故前中后等190多项安全场景需求，构建了包括"生命保护""车身防护""健康呵护""隐私守护"四大安全领域在内的 智能安全体系。涵盖340多项安全功能。目前，该体系已全面搭载于问界系列车型并实现规模化量产，为用户提供全天候、全场 景的安全守护，据悉，智能安全体系已经为用户避免潜在碰撞2 ...

Core Viewpoint - The successful IPO of Seres on the Hong Kong Stock Exchange marks a significant milestone for the company and the Chinese new energy vehicle industry, showcasing its transition from domestic competition to global engagement [1][3][17]. Company Development - Seres has evolved from a parts supplier to a key player in the high-end new energy vehicle sector over nearly 40 years, completing three major transitions [5]. - The company partnered with Dongfeng Motor in 2003 to enter vehicle manufacturing and shifted focus to new energy vehicles in 2016, leading to explosive growth [5][8]. - The collaboration with Huawei in 2021 resulted in the launch of the high-end smart electric vehicle brand "Aito," establishing a strong market presence [5][7]. Financial Performance - Seres' revenue surged from 35.8 billion yuan in 2023 to 145.1 billion yuan in 2024, a year-on-year increase of 305.5% [7]. - The company turned a profit in 2024, achieving a net profit of 5.9 billion yuan after a net loss of 2.4 billion yuan in 2023, becoming the fourth global new energy vehicle company to achieve profitability [7][8]. - In the first three quarters of 2025, Seres reported revenues of 110.53 billion yuan and a net profit of 5.31 billion yuan, indicating ongoing improvement in profitability [7]. Market Dynamics - The dual push from domestic policies and market demand has created a favorable environment for the new energy vehicle industry, with government incentives stimulating consumer purchases [9][10]. - The global market for new energy vehicles is expected to grow significantly, with projected sales reaching 42.3 million units by 2030, reflecting a compound annual growth rate of 16.3% from 2024 to 2030 [10]. Global Expansion - Seres has established a presence in key international markets, including Europe and the Middle East, capitalizing on the growing demand for high-end smart vehicles [13]. - The company’s export price for new energy vehicles increased from $5,000 to $40,000, with overseas revenue growing by 145% year-on-year in the first half of 2025 [13]. - The global expansion strategy is expected to enhance Seres' growth potential, transitioning from a "Chinese brand" to a "global brand" [13]. Capital Market Support - The IPO attracted significant interest from cornerstone investors, including sovereign funds and top public funds, raising a total of $826 million, indicating strong market confidence in Seres' business model and growth prospects [15][16]. - The dual listing strategy ("A+H") allows Seres to leverage both domestic and international capital markets, providing diverse financing options [16]. Industry Implications - Seres' successful listing serves as a model for other Chinese new energy vehicle companies, promoting a shift from domestic competition to global resource integration [16]. - The company's approach of combining capital, technology, and globalization is expected to enhance the overall competitiveness of the Chinese new energy vehicle industry on the global stage [16][17].

Core Insights - The article highlights the successful IPO of Seres, a luxury electric vehicle company based in Chongqing, which has become the first luxury EV company in China to be listed in both A-share and H-share markets, achieving a market capitalization exceeding HKD 220 billion at opening [1] - Seres raised a net amount of HKD 14.016 billion, marking the largest IPO for a Chinese car company to date and the largest global car IPO in Hong Kong since 2025 [1] - The rise of Seres is attributed to its partnership with Huawei and support from Chongqing state-owned assets, showcasing a successful model of urban industrial investment [1] Group 1: Seres' Rise - Seres transitioned from a traditional car manufacturer, previously known as Xiaokang Co., which focused on micro-vans, to a prominent player in the electric vehicle market after partnering with Huawei in 2021 [2][3] - The collaboration with Huawei allowed Seres to leverage smart automotive solutions, leading to the launch of the Aito series, which significantly boosted its market value [3] - In 2024, Seres achieved sales of 497,000 units, revenue of CNY 145.176 billion, and a net profit of CNY 5.946 billion, becoming the fourth global EV company to achieve profitability for the year [3] Group 2: Support from Chongqing State-Owned Assets - Chongqing's state-owned investment platform, Yufu Holdings, played a crucial role in Seres' growth by establishing a CNY 200 billion industrial investment fund and investing over CNY 3.3 billion to develop a "super factory" for Seres [4][5] - The "super factory" became the core production base for the Aito M9 model, which is expected to deliver 150,000 units in 2024, significantly contributing to Seres' revenue growth [4] - Yufu Holdings continued to support Seres by becoming a major shareholder after Seres acquired the factory for CNY 8.164 billion, creating a positive cycle of state capital investment [4][5] Group 3: Impact on Chongqing's Economy - The development of the electric vehicle industry has led to the establishment of a comprehensive supply chain in Chongqing, with over 100 local parts manufacturers entering Huawei's supply chain [6] - As of October 2025, the Chongqing industrial investment fund has invested approximately CNY 21.4 billion in various projects, including Seres, contributing to the formation of a closed-loop ecosystem in smart connected EVs [6] - The growth of the EV industry has positioned Chongqing as the fourth largest economy in China with a GDP of CNY 3.22 trillion in 2024, and it has become a leader in R&D investment in the central and western regions [7]

Core Viewpoint - The successful listing of Seres Group on the Hong Kong Stock Exchange marks a significant milestone for the company and the high-end smart electric vehicle industry in China, highlighting its ambition to become a global leader in this sector [1] Group 1: IPO Details - Seres Group was listed on November 5, 2023, on the main board of the Hong Kong Stock Exchange under the stock code 09927.HK [1] - The global offering was priced at HKD 131.50 per share, with a total issuance scale of approximately USD 1.835 billion (before the greenshoe option) [1] - The offering included a 15% over-allotment option, making it the largest IPO for a vehicle manufacturer in Hong Kong in 2025 [1] - The international placement was oversubscribed by 8.61 times, while the Hong Kong public offering was oversubscribed by 132.68 times [1] Group 2: Strategic Partnerships and Market Positioning - Seres aims to become a technology leader in the high-end smart electric vehicle market, leveraging its deep collaboration with Huawei to build technological barriers [1] - The company focuses on creating a new intelligent travel experience through its AITO series of models [1] - The listing is a crucial step for Seres to integrate into the international capital market, enhancing its global brand image and expanding its presence in Europe and Southeast Asia [1] - The IPO allows international investors to gain deeper insights into the innovative capabilities of China's high-end electric vehicle industry [1]

Core Insights - The company Sais is awarded the "2024 Most Investment Value Award" at the 2025 High-Quality Development Forum for Listed Companies, recognizing its outstanding performance and stable profitability [1][3]. Financial Performance - In 2024, Sais achieved a revenue of 145.176 billion yuan, a year-on-year increase of 305.04%, marking a historical high; net profit attributable to shareholders reached 5.946 billion yuan [5]. - The gross margin for new energy vehicles increased to 26.21%, making Sais the fourth global new energy vehicle company to achieve profitability [5]. - Sais sold over 420,000 new energy vehicles in 2024, a year-on-year growth of 182.84%, successfully meeting its sales doubling target [5]. - For the first half of 2025, Sais reported a revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, reflecting a year-on-year growth of 81.03% [5]. - In the first six months of 2025, Sais sold 172,108 new energy vehicles [5]. Research and Development - Sais maintained high levels of R&D investment, totaling 7.053 billion yuan in 2024, leading to significant technological advancements such as the Sais Magic Cube technology platform and Sais Super Range technology [5]. - These innovations enhance the core competitiveness of Sais's products and establish a technological moat for the company's long-term stable development [5]. Market Recognition and Future Prospects - Sais has received strong endorsements from over 40 securities firms, including Everbright Securities and CITIC Securities, with ratings of "strongly recommended" and "increase holdings," indicating positive market sentiment towards the company's growth potential [7]. - On October 27, Sais commenced its Hong Kong stock offering, planning to list on the Hong Kong Stock Exchange on November 5, becoming the first luxury new energy vehicle company to be listed in both A-share and H-share markets [7].

Core Viewpoint - The company, Seres (601127.SH), is in the process of applying for the issuance of H-shares and listing on the Hong Kong Stock Exchange, with a hearing scheduled for October 9, 2025 [1] Financial Performance - For the first half of 2025, Seres reported operating revenue of 62.402 billion yuan, a year-on-year decrease of 4.06% [2] - The net profit attributable to shareholders was 2.941 billion yuan, showing a significant year-on-year increase of 81.03% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.474 billion yuan, up 72.14% year-on-year [2] - The net cash flow from operating activities was 14.437 billion yuan, down 11.76% year-on-year [2] - As of June 30, 2025, the total assets of Seres amounted to 112.912 billion yuan, with total liabilities of 85.902 billion yuan, resulting in a debt-to-asset ratio of 76.08% [2] Financing and Debt Situation - Since its listing, Seres has raised a total of 24.1 billion yuan through direct financing, while its cumulative net profit during the same period has been -1.7 billion yuan, indicating a lack of self-sustaining profit generation [2] - The company is highly reliant on financing to support its operations, particularly in the increasingly competitive electric vehicle market [2] Previous Fundraising Activities - In 2021, Seres raised a total of 2.592 billion yuan through a non-public issuance of A-shares, with a net amount of approximately 2.568 billion yuan after deducting issuance costs [3] - In 2022, the company raised approximately 7.130 billion yuan through another non-public issuance of A-shares, with a net amount of about 7.059 billion yuan after costs [4]

Industry Information - National Grid will explore issuing highway charging coupons during the National Day and Mid-Autumn Festival holidays to guide users to avoid long-duration trickle charging [9] - CATL plans to build 100 chocolate battery swap stations in Hainan over the next three years, significantly enhancing the coverage of battery swap networks across the island [10] - The Ministry of Industry and Information Technology will further deepen cooperation in the automotive industry, supporting collaboration in capital, technology, management, and talent [10] - The electric vehicle and battery industry has become a new hotspot for cooperation between China and Nordic countries, with trade between China and the five Nordic countries reaching $53.17 billion in 2024, an increase of 8.5% [11] - The World New Energy Vehicle Development Organization has been established to promote the green and intelligent transformation of the automotive industry [12] - China's fuel cell vehicle demonstration scale has exceeded 20,000 units, with 200 hydrogen stations built, marking the initial commercialization of fuel cell vehicles [13] - During the National Day and Mid-Autumn Festival holidays in 2025, the charging volume for new energy vehicles reached a historical high, with a 51.33% year-on-year increase in charging volume on highways [20] Policy Information - Shenzhen is soliciting opinions on a work plan to promote stable growth in the new energy vehicle industry by 2025 [23] - Chengdu has issued implementation measures for central energy-saving and emission reduction subsidy funds for charging infrastructure [27] - Hebei's Cangzhou has released a three-year action plan for public charging infrastructure construction [30] - Gansu's Lanzhou has published a plan for the construction of new energy vehicle charging infrastructure from 2023 to 2025 [31] - Hangzhou has announced the suspension of the automobile replacement subsidy policy starting from October 9, 2025 [33] - Shanxi has suspended the automobile replacement and electric bicycle trade-in subsidies starting from October 9, 2025 [35] - Hainan has also suspended the automobile replacement subsidy policy starting from October 6, 2025 [37] Company Information - NIO has achieved battery swap coverage in over 1,200 districts and counties across multiple provinces [39] - Xiaomi's charging map now covers over 1.5 million charging piles, including 120,000 supercharging piles [39] - Seres has completed the payment for the acquisition of a 10% stake in Shenzhen Yiwang Intelligent Technology Co., Ltd. from Huawei, totaling 11.5 billion yuan [40] - Xiaomi has opened 32 new stores in September, bringing the total to 402 stores across 119 cities [40] - Seres' stock price has surged over 8%, reaching a market capitalization of 280 billion yuan, driven by strong sales of its models [40] - Beijing Hyundai has named its first pure electric platform SUV "EO Yiou" [40] - XPeng Motors has signed strategic cooperation agreements with leading dealers in Morocco and Tunisia, expanding its presence in Africa [40] - Li Auto has launched a "safety net" plan for users affected by the upcoming changes in the new energy vehicle purchase tax policy [40] - Great Wall Motors plans to unveil its first supercar by the end of 2026 [40]

Group 1 - The core viewpoint of the article is that Seres Group is advancing its IPO in Hong Kong to enhance its global strategy and competitiveness, with a focus on electric vehicles and innovation in the automotive industry [4][7][8] - Seres plans to issue up to 331 million H-shares, with the funds primarily allocated for R&D, new marketing channels, overseas sales, and charging network services [4][8] - The company's stock price surged to a historical high of 171.57 yuan per share, reflecting strong market interest and support for its IPO [4][8] Group 2 - Seres has experienced significant growth, with a reported revenue of 62.4 billion yuan in the first half of 2025, marking an 81.03% year-on-year increase [15] - The company has transformed from a traditional automotive manufacturer to a leader in smart electric vehicles, collaborating with Huawei to innovate in the automotive sector [14][15] - The article highlights the historical context of Chongqing as a manufacturing hub, emphasizing the evolution of the automotive industry in the region and its current status as a key player in the new energy vehicle market [18][22] Group 3 - The article discusses Chongqing's ambition to become a "new highland for venture capital," supported by a robust automotive industry ecosystem that includes major players and numerous supporting enterprises [24][27] - The local government has implemented various initiatives to foster innovation and investment in strategic emerging industries, including a comprehensive investment fund system [26][27] - By 2024, Chongqing aims to solidify its position in the intelligent connected new energy vehicle sector, with significant growth in production and sales expected [22][24]

Core Viewpoint - The announcement of Seres Group's H-share listing application in Hong Kong has been approved by the China Securities Regulatory Commission, aiming to raise funds for global expansion and enhance competitiveness [1][3][4]. Group 1: IPO Details - Seres plans to issue up to 331 million shares in its Hong Kong IPO, with the stock price reaching a historical high of 171.57 yuan per share, resulting in a market capitalization of approximately 280 billion yuan [1]. - The funds raised will primarily be allocated to research and development, new marketing channels, overseas sales, and charging network services, as well as general corporate purposes [4]. - The timing of the IPO aligns with a trend of major companies listing in Hong Kong by 2025, capitalizing on the favorable market conditions for the electric vehicle sector [4]. Group 2: Company Background - Seres Group, known for its association with Huawei, has undergone significant transformations under the leadership of Zhang Xinghai, who founded the company in 1986 [5][6]. - The company shifted its focus to electric vehicles in 2016, marking a pivotal moment in its development, and has since established a strong partnership with Huawei to innovate in the automotive sector [8][9]. - In 2022, the company rebranded from Xiaokang to Seres Group, emphasizing its commitment to the new energy vehicle market, with a reported revenue growth of over three times year-on-year [9][10]. Group 3: Market Position and Future Outlook - Seres has positioned itself among the top global electric vehicle manufacturers, with a market value of 280 billion yuan, reflecting its successful transition from traditional manufacturing to smart electric vehicles [12]. - The company’s flagship model, the AITO M9, has achieved significant sales, dominating the luxury electric vehicle market [16]. - The broader automotive industry in Chongqing is evolving, with plans to establish a trillion-yuan smart connected vehicle industry cluster by 2027, indicating a robust growth trajectory for the region [17].