" 2025年以来全球规模最大的整车企业IPO。 " 编辑丨李希 11 月 5 日，赛力斯集团（股票代码： 9927.HK ）在香港联合交易所主板正式挂牌上市，成为国内首家 "A+H" 两地上市的豪华新能源车企。 此次募资净额约 140.16 亿港元，是迄今为止规模最大的中国车企 IPO ，也是 2025 年以来全球规模最 大的 整车企业 IPO 。 自 10 月 27 日启动港股招股以来，赛力斯公开发售超额认购 133 倍，融资认购金额超过 1700 亿港 元。 公司公告显示，约 70% 的募资将用于研发投入，约 20% 用于营销渠道建设、海外销售及充电网络服 务。 此次发行吸引了 22 家基石投资者，包括重庆产业母基金、林园基金、广发基金、施罗德、中邮理财、星 宇香港等机构。 目前，赛力斯的海外市场布局已覆盖欧洲、中东、美洲及非洲多个国家。在欧洲，公司已进入挪威、德 国、英国、瑞士等市场，完成初步落地。 此次 "A+H" 双地上市，将为赛力斯后续海外市场拓展提供资金支持。 在研发方面，赛力斯持续投入资源，推出了魔方技术平台、超级增程系统和智能安全体系。 此外，赛力斯正在与国内高校及科技企业合作，探索具身智 ...

来源：瑞恩资本RyanbenCapital 2025年10月13日，来自重庆的A股上市公司赛力斯集团股份有限公司 Seres Group Co., Ltd.(下称赛力斯) 在港交所披露聆讯后的招股书，或很快在香港主板上市。 赛力斯，于2025年4月28日在港交所递交招股书，并于2025年9月23日获中国证监会境外发行上市备案通 知书，可发行不超过3.31477235亿股境外上市普通股并在香港联合交易所上市。 赛力斯(601127.SH)，于2016年6月15日在A股上市，截至2025年10月13日收市，总市值逾人民币2,637亿 元。 赛力斯聆讯后招股书链接： https://www1.hkexnews.hk/app/sehk/2025/107318/documents/sehk25101300502_c.pdf 赛力斯，作为以新能源汽车为核心业务的技术科技型企业，业务涵盖新能源汽车及核心三电等产品的研 发、制造、销售及服务。 赛力斯，始创于1986年，名称数次变更，历经三次转型，包括最初从事零部件生产，之后进入整车制造 领域，直至进入目前的新能源汽车领域。1986年，公司从弹簧和减震器业务开启了第一次创业， ...

这一数据在行业中并不算高，近期提交招股书的岚图汽车2024年研发开支占比超10%，比亚迪同期研发 投入占比约为7%，小鹏汽车超过15%。但赛力斯表示，这笔费用还将继续大幅增加，以利用最新技术 推出新车型。 10月13日，香港联交所相关页面显示，赛力斯集团股份有限公司（以下简称"赛力斯"，A股代码： 601127.SH）已通过聆讯，即将成为首家实现"A+H"两地上市的豪华新能源车企。 赛力斯聆讯后资料集有所更新。南都·湾财社记者留意到，最新资料集不仅将财务数据更新至截至2025 年上半年，还详细解释了同期销量、收入下滑的原因，同时大幅增加华为相关内容，强化了与华为的合 作关系。 值得一提的是，与半年前递表时相比，上市在即的赛力斯如今还新增"机器人"概念，在强韧的基本面之 外，又给了资本市场更多的估值想象空间。 研发占比不到5%，赛力斯：还将大幅增加 技术是拉开品牌间差距的根本因素。 聆讯后资料集显示，赛力斯高度依赖研发来建立和巩固市场地位。2022年至2024年以及截至2024年及 2025年上半年，赛力斯的研发开支分别约为13.14亿元、16.97亿元、55.86亿元、28.27亿元以及29.30亿 元，研发 ...

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]

Group 1 - Seres Group has officially submitted its application for a Hong Kong IPO as of April 28, 2025 [1] - The core brand, AITO, has rapidly increased its vehicle sales since launch, disrupting the domestic luxury car market [2] - AITO has successfully launched four models: M5, M7, M8, and M9, with M5 achieving the fastest record for new brand single vehicle delivery exceeding 10,000 units in its launch year [2] Group 2 - AITO M7 became the best-selling self-owned brand model in the 300,000 RMB price range in China, with an estimated delivery of 200,000 units in 2024 [2] - AITO M9 is the sales champion in the 500,000 RMB price range in China, with over 150,000 units expected to be delivered in 2024 [2] - The newly launched AITO M8 received significant market interest, surpassing 30,000 pre-orders within 24 hours of its official launch [2] Group 3 - According to a Frost & Sullivan report, AITO ranked first in the electric vehicle reputation ranking with an NPS of 82% in the second half of 2024, achieving a total delivery of 387,100 units for the year, a year-on-year increase of 268% [3] - Seres Group's revenue increased from 35.8 billion RMB in 2023 to 145.1 billion RMB in 2024, representing a year-on-year growth of 305.5% [3] - The gross profit margin improved from 7.2% in 2023 to 23.8% in 2024, an increase of 16.6 percentage points [3] Group 4 - In 2024, Seres Group achieved profitability, becoming the fourth global electric vehicle company to do so, with a net profit of 5.9 billion RMB after a net loss of 2.4 billion RMB in 2023 [3] - The company is advancing its self-developed Magic Cube technology platform, which offers five major intelligent automotive solutions aimed at enhancing user experience [3]

Core Viewpoint - The article highlights the significant advancements and market positioning of Seres in the high-end electric vehicle sector, showcasing its innovative technologies and strategic initiatives that drive its competitive edge in the industry [2][3][4]. Group 1: Product and Market Performance - At the Shanghai International Auto Show, Seres showcased its entire range of models under the AITO brand, effectively covering the price range of 300,000 to 600,000 yuan [2]. - The flagship model M9 has maintained its position as the best-selling luxury car above 500,000 yuan for 11 consecutive months, achieving a cumulative delivery of 180,000 units [3]. - The newly launched M8 received 50,000 pre-orders in its first week, indicating the success of Seres' high-end strategy [3]. - 85% of M9 owners are repeat buyers, with a Net Promoter Score (NPS) exceeding the industry average by 43 percentage points, reflecting increased brand loyalty and a shift towards electric vehicles replacing traditional luxury cars [3]. Group 2: Technological Innovations - Seres has established a differentiated technological moat, with its intelligent driving system achieving a daily usage rate of 68% and a cumulative driving distance exceeding 2 billion kilometers [3]. - The new generation of range-extending technology offers over 1,500 km of comprehensive range, addressing high-end users' concerns about range anxiety while maintaining a 70% pure electric mileage ratio [3]. - The company reported a significant increase in R&D investment, reaching 7.053 billion yuan in 2024, a 58.9% year-on-year growth, and expanded its R&D team to 6,201 members, a 25.15% increase [5]. Group 3: Safety and Ecosystem Development - Seres launched an innovative intelligent safety system that encompasses a four-dimensional defense matrix, addressing life protection, vehicle body protection, health care, and privacy protection [6]. - The company has developed a comprehensive technical ecosystem that integrates R&D, manufacturing, and service, positioning itself as a leader in the smart and electric vehicle sectors [6]. - The collaboration with Huawei on the HarmonyOS smart cockpit and ADS intelligent driving system has enabled high-level intelligent driving without relying on high-precision maps [6]. Group 4: Industry Impact and Future Outlook - As the penetration rate of electric vehicles surpasses 40%, the automotive industry is undergoing profound changes, with technology innovation becoming the core driver for leading companies [5][7]. - Seres is redefining standards in the industry, moving from following innovation to setting benchmarks, as highlighted by industry experts at the auto show [7]. - The company is positioned to answer the question of what the next generation of vehicles should look like, reflecting a significant shift in the automotive landscape [7].