Core Viewpoint - Seres Group has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step in its strategic transformation and expansion in the electric vehicle market [2][4]. Company Overview - Founded in 1986, Seres Group, formerly known as Xiaokang Co., has undergone a strategic transformation in 2021 through a deep collaboration with Huawei, launching the AITO brand [3][4]. - The company has established a complete industrial chain centered on electric vehicles, including research and development of the three electric systems, vehicle manufacturing, and sales services [3]. Financial Performance - In 2024, Seres Group achieved a revenue of 145.176 billion yuan, representing a year-on-year growth of 305.04%, marking a historical high [4]. - The company reported a net profit attributable to shareholders of 5.946 billion yuan, turning profitable and becoming the fourth global electric vehicle company to achieve profitability [4]. - The gross margin for electric vehicles increased to 26.21% in 2024 [4]. - For the first half of 2025, Seres Group recorded a revenue of 62.402 billion yuan, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders surged by 81.03% to 2.941 billion yuan [4]. - The gross margin further improved to 28.93% in the first half of 2025 [4]. IPO Details - Seres Group submitted its IPO application to the Hong Kong Stock Exchange in April 2025, with CICC and China Galaxy International as joint sponsors [4]. - The company plans to issue no more than 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 an 800V high-voltage platform [4]. - Additionally, 20% of the funds will be used to expand overseas markets and charging networks, while 10% will supplement working capital [4].