Core Viewpoint - Seres (601127) made its debut on the Hong Kong Stock Exchange on November 5, with an initial offering price of HKD 131.5 per share, experiencing significant volatility during the trading session, including a drop of over 77% to HKD 30 per share before stabilizing at a closing price of HKD 128.9, down 1.98% from the opening price [1]. Company Performance - Seres has seen a remarkable increase in its stock price since Huawei's involvement in 2021, with shares rising from around RMB 15 to a peak of RMB 174.35, representing a more than tenfold increase [3][4]. - The company reported a net profit of RMB 5.312 billion for the first three quarters of the year, marking a substantial year-on-year growth of 31.56% [4]. Product Success - The collaboration with Huawei has led to the successful launch of several models, including the Aito M9, M7, M8, and M5, with total deliveries exceeding 800,000 units [4]. - The Aito M9 has become the best-selling luxury model in the RMB 500,000 segment, while the M8 has surpassed 100,000 units in deliveries, and the M7 achieved over 20,000 units in just 36 days post-launch [4]. Strategic Vision - The president of Seres emphasized the necessity of embracing new technologies such as artificial intelligence, stating that innovation is essential for meeting user demands and ensuring sustainable development [5]. - The company aims to balance safety and growth while continuing to enhance its core competitiveness in the high-end market through cross-industry collaboration and technological innovation [5].

Core Viewpoint - Company Seres is preparing to list on the Hong Kong Stock Exchange to advance its global strategy and enhance its competitive edge [2] Financial Performance - Seres reported a revenue of 145.18 billion yuan for 2024, a 305% increase from 35.84 billion yuan in the previous year, primarily driven by a surge in electric vehicle sales [6] - The revenue from electric vehicles reached 135.5 billion yuan, marking a 368% increase year-over-year, while fuel vehicle revenue declined by 25% to 3.45 billion yuan [4] - The company recorded a net profit of 5.946 billion yuan in 2024, compared to a net loss of 2.45 billion yuan in the previous year [6] - The net profit after excluding non-recurring gains and losses was 5.573 billion yuan, recovering from a loss of 4.82 billion yuan in the previous year [6] - Government subsidies accounted for 210 million yuan in 2024 [5] Shareholder and Capital Strategy - The company will consider the interests of existing shareholders and market conditions when deciding on the timing and issuance window for the listing, which will be within 24 months of shareholder approval [2] - Seres has made significant payments to Huawei as part of a share transfer agreement, including a second payment of 5.75 billion yuan [7] - The total transaction amount for acquiring a 10% stake in Shenzhen Yingwang Intelligent Technology Co., Ltd. from Huawei is 11.5 billion yuan, with payments structured in three phases [7]