证券日报网讯12月19日，赛力斯（601127）在互动平台回答投资者提问时表示，研发是科技企业的生命 线，公司坚信真正的长期价值来源于深层技术的创新，只有确保产品和技术始终处于行业前列，才能给 用户带来价值，形成竞争的护城河。公司坚持技术创新驱动，持续构建智能新能源汽车自主技术体系， 魔方技术平台、超级增程、智能安全等核心技术均是公司的自主研发成果，并且已经形成了强大的技术 护城河。同时公司布局"AI+具身智能"等前沿战略科技领域，持续强化技术科技型企业底色，继续夯实 技术竞争力。 ...

Core Insights - The transition from fuel vehicles to new energy vehicles is a critical period for China, with the company focusing on user needs and adopting a dual technology route of pure electric and range-extended vehicles [1][2] - The company emphasizes the importance of intelligent range-extended electric technology, which allows for flexibility and reassurance in travel choices, especially in areas where charging infrastructure is not fully developed [1] - The cumulative sales of the company's vehicles have reached 850,000 units, with 70% of intelligent range-extended models operating on electric power and 30% on generated power, indicating strong user acceptance of this technology route [1] Industry Recommendations - The company suggests that policies should continue to support diverse technology routes, granting range-extended and other hybrid technologies equal road rights as pure electric vehicles to meet varied user demands [1] - There is a call for the continuous collaborative development of batteries, vehicles, and charging networks to enhance user experience [1] - Safety is highlighted as a paramount concern, with the industry urged to prioritize safety measures to achieve a goal of "zero self-ignition" across all vehicle usage scenarios [1]

Core Viewpoint - Seres Group has successfully completed its IPO on the Hong Kong Stock Exchange, marking it as the largest IPO of a Chinese automotive company to date and the largest global automotive IPO since 2025 [1]. Group 1: IPO Details - The net fundraising amount from the IPO is approximately HKD 14.016 billion, making it the largest IPO for a Chinese car manufacturer [1]. - The public offering was oversubscribed by 133 times, with total subscription amounts exceeding HKD 170 billion [1]. - About 70% of the raised funds will be allocated to research and development, while around 20% will be used for marketing channel development, overseas sales, and charging network services [1]. Group 2: Market Expansion - Seres has established its overseas market presence in Europe, the Middle East, the Americas, and Africa, with initial market entries in Norway, Germany, the UK, and Switzerland [2]. - The "A+H" dual listing will provide financial support for Seres' future overseas market expansion [3]. Group 3: Product and Technology Development - Since its full transition to the new energy vehicle sector in 2016, Seres has launched the "Aito" brand in collaboration with Huawei, introducing models M9, M8, M7, and M5, with cumulative deliveries exceeding 800,000 units [3]. - The company continues to invest in R&D, developing technologies such as the Magic Cube technology platform, Super Range Extender System, and Intelligent Safety System [5]. - Seres is collaborating with domestic universities and tech companies to explore emerging fields like embodied intelligence and the application of artificial intelligence in manufacturing and smart mobility [5].

Group 1 - Seres Group Co., Ltd. (赛力斯) is preparing for an IPO on the Hong Kong Stock Exchange, having submitted its prospectus on April 28, 2025, and received approval from the China Securities Regulatory Commission on September 23, 2025 [2][5] - The company plans to issue up to 331.48 million shares and has a market capitalization exceeding RMB 263.7 billion as of October 13, 2025 [2][5] - Seres focuses on the research, manufacturing, sales, and service of electric vehicles and core components, having transitioned to the new energy vehicle sector in 2016 [5][10] Group 2 - The core brand "Wenjie" has rapidly gained market traction, with models like Wenjie M5, M7, M8, and M9 achieving significant sales milestones, including M7 being the best-selling model in the 300,000 RMB price range in China [5][6] - Wenjie brand's total deliveries reached 387,100 units in 2024, marking a 268% year-on-year increase, and it topped the NPS recommendation score in the second half of 2024 with 82% [6][10] Group 3 - Seres operates multiple smart factories, with a total annual production capacity of approximately 600,000 vehicles, emphasizing quality control and high delivery capabilities [8][10] - The company has established a robust technological foundation, including the "Magic Cube" technology platform, which supports various powertrain configurations and enhances production efficiency [9][10] Group 4 - Financial performance shows a revenue increase from RMB 340.56 billion in 2022 to RMB 1,451.14 billion in 2024, with a net profit turnaround from losses in previous years to a profit of RMB 47.40 billion in 2024 [17][18] - The shareholder structure indicates that the largest shareholder group, led by Zhang Xinghai, holds 28.57% of the shares, followed by Dongfeng Motor with 20.04% [12][13]

Core Viewpoint - Seres Group is set to become the first luxury new energy vehicle company to achieve dual listing in both A-share and H-share markets, with updated financial data and a strengthened partnership with Huawei [1][5]. Financial Performance - Seres reported a slight revenue decline in the first half of 2025 due to a 42.5% year-on-year drop in electric vehicle sales in the first three months, attributed to consumer anticipation for new models [8][9]. - Despite the sales dip, the company achieved a net profit of 2.9 billion yuan in the first half of 2025, marking a significant recovery after four years of losses [8][9]. - The gross profit margin for vehicle sales increased from 6.9% in 2023 to 26.5% by mid-2025, positioning Seres at the top of domestic listed automakers in terms of profitability [9]. Research and Development - Seres plans to significantly increase its R&D spending, which is projected to rise from 4.7% of revenue to a higher percentage in the coming years, although it currently lags behind competitors like Li Auto and BYD [3][4]. - The company has established a technological "moat" through consistent investment in R&D over nine years, with a focus on its Super Range Extender system, which boasts a thermal efficiency of 44.8% [3][4]. Product Development and Market Position - The launch of the AITO brand's new models, including the M9, M8, M7, and M5, has contributed to a cumulative delivery of over 800,000 units, with the M9 leading its price segment [4]. - Seres has a production capacity of approximately 600,000 units per year, supporting its commitment to rapid market entry and volume growth [4]. Strategic Partnerships - The partnership with Huawei has been emphasized, with Seres acknowledging that collaboration has significantly boosted its business and profitability [5][6]. - Seres has formalized its procurement relationship with Huawei, focusing on marketing and sales support without profit-sharing arrangements [5][7]. New Business Ventures - Seres has introduced a "robotics" concept, indicating a strategic move into the field of embodied intelligence, with plans for collaboration with ByteDance's Volcano Engine to develop intelligent robotics [10][11]. - The company aims to leverage its automotive industry expertise to create a new growth avenue through robotics, supported by its existing technological capabilities and partnerships [12].

Core Viewpoint - The article highlights the transformation of Seres from a challenger in the luxury electric vehicle market to a member of the global "profit club" for new energy vehicle companies, emphasizing its strategic focus on high-end, intelligent manufacturing, and ecological collaboration during the "14th Five-Year Plan" period [1]. Group 1: High-End Strategy - In the first half of 2025, Seres reported impressive results with revenue reaching 62.402 billion yuan and a net profit of 2.941 billion yuan, marking an 81.03% year-on-year increase, establishing itself as a profitable player in the global new energy vehicle sector [2]. - Seres has successfully transitioned from a focus on "cost performance" to "value performance," with an average transaction price of 410,000 yuan per vehicle and a net profit of 20,700 yuan per vehicle in Q2 of this year [2]. - The collaboration with Huawei since 2021 has led to the creation of the AITO brand, which includes models like M5, M7, M8, and M9, effectively covering the mainstream luxury segment and reshaping the luxury car market in China [2]. Group 2: Intelligent Manufacturing Leap - Seres operates three smart factories, with over 5,000 robots, including more than 3,000 in its flagship super factory, achieving 100% automation in key processes and ensuring quality monitoring and traceability [4][6]. - The company has adopted a "factory within a factory" model, allowing core suppliers like CATL and Yanfeng to set up production lines within Seres' super factory, significantly enhancing supply chain efficiency and responsiveness [6]. - R&D investment reached 5.198 billion yuan in the first half of 2025, a 154.9% increase year-on-year, with 6,984 R&D personnel, representing 36% of the total workforce, leading to the development of core technologies like the Magic Cube technology platform [8]. Group 3: Ecosystem Collaboration - Seres has established deep partnerships with over 20 top global companies, enhancing collaboration efficiency and innovation capabilities within its supply chain [6]. - The company has streamlined its supply chain by reducing the number of first-tier suppliers from 300 to 100, ensuring better integration and efficiency [6]. - The focus on creating a user-centered, data-driven, and ecosystem-supported business model marks a significant shift from traditional manufacturing narratives, positioning Seres as a new type of technology enterprise [8].

Core Viewpoint - The company reported significant growth in net profit due to increased sales of high-end smart electric vehicles, despite a slight decline in revenue year-on-year [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 62.402 billion yuan, a year-on-year decrease of 4.06% - Net profit reached 2.941 billion yuan, marking an increase of 81.03% - Gross margin improved to 28.93%, up from 24.06% in the same period last year [1]. Product Development and Innovation - The company has invested nearly 30 billion yuan in R&D for high-end smart electric vehicles, developing the "Magic Cube" technology platform that supports diverse vehicle development needs [2]. - The platform has enabled the launch of multiple models, including the 2025 versions of the Wanjie M9 and M8, enhancing efficiency and reducing costs associated with single model development [2]. - The company reported a 154.9% increase in R&D investment, with R&D personnel growing by 26.6% to 6,984, now constituting 36% of the total workforce [2]. Sales Performance - In the first half of 2025, the total delivery of Wanjie models exceeded 147,000 units, with over 44,000 units delivered in June alone - Specifically, over 62,000 units of the Wanjie M9 and over 35,000 units of the Wanjie M8 were delivered in the first half of 2025 [3].

Group 1 - The core event "Light Chaser Festival: Technology Light Chasing Journey" was launched in Beijing, focusing on transforming photovoltaic, wind power, and energy storage technologies into popular science resources through exhibitions, hands-on experiments, lectures, and expert sharing [1][3] - The collaboration between the company and the China Association for Science and Technology aims to break down barriers between popular science and industry, creating an innovative path for public understanding of renewable energy stations [3] - The renewable energy industry is transitioning from a "scale-first" approach to a "benefit and synergy-first" high-quality development phase, emphasizing innovation in renewable energy station technology [3][4] Group 2 - The company utilizes its unique "Cube" technology platform to create a closed loop of research, transformation, and large-scale application, driving collaborative development across the industry [3] - The "Cube" platform enables the company to cover various scenarios, including centralized power stations, commercial power stations, and household power stations, while promoting collaborative innovation with upstream and downstream partners [4] - Future plans include deepening cooperation with science museums to normalize and institutionalize popular science efforts, while continuously innovating station technology to contribute to national carbon neutrality goals [4]

Core Viewpoint - The company, Seres Group, is rapidly advancing its IPO process in Hong Kong, having submitted its application within a month of announcing its intentions, driven by significant growth in its business and market performance [1][3]. Financial Performance - Seres achieved a record financial year in 2024, turning a profit with a revenue increase of 305% from 2023, reaching 145.1 billion yuan [4][5]. - The company reported a total delivery of 387,100 units for its Wanjie brand in 2024, a year-on-year increase of 268%, with the Wanjie M7 and M9 becoming top-selling models in their respective price segments [3][5]. Market Strategy - The company aims to expand its global presence, with plans to use 20% of the IPO proceeds for marketing, overseas sales, and charging network services [6]. - Seres is focusing on enhancing its product offerings and technological capabilities, with a significant increase in R&D investment, planning to allocate 70% of the IPO proceeds to R&D [7]. Recent Challenges and Opportunities - Despite a 45% decline in total sales in Q1 2025, the company reported a 240% increase in net profit, attributed to product structure optimization and increased sales margins [8]. - The newly launched Wanjie M8 has received strong market interest, with over 60,000 pre-orders within days of its release, indicating potential for recovery in sales [8]. Market Confidence - The company's market capitalization remains above 200 billion yuan, reflecting investor confidence, and it has been included in major A-share indices, further solidifying its market influence [9].

Group 1 - The core viewpoint of the article is that Seres Group is seeking to list on the Hong Kong Stock Exchange to enhance its global strategy and financial capabilities [2][3] - Seres has transformed its business from components to vehicle manufacturing and electric vehicles, launching the "Wenjie" brand in collaboration with Huawei, with four models introduced [2] - In 2024, Seres is projected to achieve a revenue of 145.176 billion yuan, a year-on-year increase of 305.04%, and a net profit attributable to shareholders of 5.946 billion yuan, with a gross margin of 26.21% for electric vehicles [2] Group 2 - The company plans to allocate 70% of the IPO proceeds to research and development, 20% to diversify marketing channels and enhance global brand recognition, and 10% for working capital and general corporate purposes [2] - Experts believe that the IPO will help Seres alleviate high debt pressure and accelerate research and market expansion, positioning it as a key step in its globalization strategy [3] - The listing is aimed at creating an international capital operation platform to enhance the company's overall competitiveness [3]