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 ...

1月1日，问界公布最新交付数据，2025年12月交付新车超5.7万辆，创单月交付新纪录；2025全年累计 交付新车突破42万辆，领跑高端新能源汽车市场。自品牌发布以来，问界已累计交付新车超97万辆，持 续刷新中国新能源市场交付速度，成为中国品牌高端化的标志性力量。 服务方面，问界积极拓展线下门店，2025年新增用户中心超80家，形成了覆盖全国超200个城市，总规 模近400家用户中心的服务网络，并通过远程诊断、OTA升级等智能化措施，为用户提供无微不至的关 怀。 展望2026年，秉持"智慧重塑豪华"理念，问界将坚持以用户为中心，坚持智电融合、软件定义汽车不动 摇，以"传统豪华+科技豪华"的"新豪华"标准，不断开创新能源汽车的全新境界，持续引领中国高端新 能源汽车市场。（郑渝川） 2025年，问界先后推出问界M9 2025款、问界M8增程及纯电版、全新问界M7等多款车型，进一步完善 产品矩阵，丰富用户多元化选择，推动品牌销量强势增长。 多款车型稳居细分市场前列，"全景智慧旗舰SUV"问界M9累计20个月稳居50万元级以上豪华SUV销量 第一，并在保值率、用户净推荐值等领域获得第一名，上市以来累计交付超26万辆， ...

2025年，问界先后推出问界M9 2025款、问界M8增程及纯电版、全新问界M7等多款车型，进一步完善 产品矩阵，丰富用户多元化选择，推动品牌销量强势增长。 1月1日，问界公布最新交付数据：2025年12月交付新车超5.7万辆，创单月交付新纪录；2025全年累计 交付新车突破42万辆，领跑高端新能源汽车市场。自品牌发布以来，问界已累计交付新车超97万辆，持 续刷新中国新能源市场交付速度，成为中国品牌高端化的标志性力量。 服务方面，问界积极拓展线下门店，2025年新增用户中心超80家，形成了覆盖全国超200个城市，总规 模近400家用户中心的服务网络，并通过远程诊断、OTA升级等智能化措施，为用户提供无微不至的关 怀。 2026年，秉持"智慧重塑豪华"理念，问界将坚持以用户为中心，坚持智电融合、软件定义汽车不动摇， 以"传统豪华+科技豪华"的"新豪华"标准，不断开创新能源汽车的全新境界，持续引领中国高端新能源 汽车市场。 多款车型稳居细分市场前列，"全景智慧旗舰SUV"问界M9累计20个月稳居50万元级以上豪华SUV销量 第一，并在保值率、用户净推荐值等领域获得第一名，上市以来累计交付超26万辆，成为中国高端豪 ...

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 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].

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].

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].