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].

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 [1][2]. 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% [1]. - The company's R&D investment saw a significant increase of 154.9% compared to the previous year [1]. 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 [1]. - The record date for the dividend is set for October 29, 2025, with the ex-dividend date and payment date on October 30, 2025 [1]. 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 version, and the all-new Wenjie M7 launched [1]. - 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 [1]. 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 [2]. - 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 [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a wholesale sales volume of 48,300 vehicles in September, representing a year-on-year increase of 8.33% and a month-on-month increase of 5.39%. The sales of new energy vehicles (NEVs) showed robust growth, with a total of 44,700 NEVs sold in September, up 19.44% year-on-year and 3.27% month-on-month. Other vehicle sales continued to face pressure year-on-year but improved month-on-month, with 3,608 units sold, down 49.66% year-on-year but up 41.16% month-on-month [5][13][15]. Summary by Sections Sales Performance - In September, the company achieved a wholesale sales volume of 48,300 vehicles, with NEVs accounting for 44,700 units. The NEV sales increased by 19.44% year-on-year and 3.27% month-on-month. Other vehicle sales were 3,608 units, down 49.66% year-on-year but up 41.16% month-on-month. For Q3, total sales reached 142,000 vehicles, a year-on-year increase of 6.31% and a month-on-month increase of 9.07% [5][13]. New Product Launches - The company has successfully launched several new models, including the AITO M5 Ultra, M9 2025 version, M8, and the all-new M7. Cumulatively, the AITO series has surpassed 800,000 deliveries, setting a record for the fastest delivery in the Chinese luxury NEV segment. The M9 has maintained its position as the market leader in the 500,000 yuan and above segment for 18 consecutive months, while the M8 has also performed well, with over 100,000 deliveries [13][15]. Financial Projections - The company expects revenues of 175.29 billion yuan, 232.30 billion yuan, and 247.22 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.74%, 32.53%, and 6.42%. The net profit attributable to shareholders is projected to be 10.155 billion yuan, 12.166 billion yuan, and 13.752 billion yuan for the same years, with growth rates of 70.79%, 19.80%, and 13.03% [15][16].