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SERES Passes HKEX Listing Hearing - First 'A+H' Dual-Listed Premium NEV Maker Poised for Hong Kong Debut

News Provided by ACN Newswire2025-10-16

HONG KONG, Oct 16, 2025 - (ACN Newswire) – In recent years, as Chinese domestic brands have made breakthroughs in intelligent and electric vehicle technologies, premiumization has emerged as a core trend in China's new energy passenger vehicle sector. Among them, Seres Group Co., Ltd. ( "SERES" ) has taken the lead by launching its premium automotive brand "AITO", strategically positioning itself in the luxury new energy market.

Leveraging robust product strength, the AITO series models have demonstrated rapid sales growth since their launch, showcasing strong momentum. With outstanding product capabilities and brand positioning, the brand has earned the reputation as China's "Mercedes & BMW". On October 13th, SERES successfully passed the Hong Kong Stock Exchange listing hearing, poised to become the first luxury new energy vehicle manufacturer to achieve an "A+H" dual listing on the Hong Kong stock market.

Technology-Driven Foundation + Streamlined Delivery: Building Core Competitive Moat

Amid accelerating technological iteration in the luxury new energy vehicle sector and rising consumer expectations for delivery timeliness, SERES has established a dual advantage of "technological barriers + delivery assurance". This positions it as one of the few automakers in the premium new energy market capable of achieving both scale and high quality simultaneously.

Technologically, SERES has consistently increased R&D investment, building core competitiveness through accumulated technological strength. The Company's R&D expenses reached RMB5.6 billion in 2024, and RMB2.9 billion in the six months ended June 30, 2025, ranking among the highest among domestic automakers. Its self-developed MF Platform covers the development needs of multi-tier, multi-category, and multi-power-form vehicle models. Meanwhile, through platform-based vehicle manufacturing, it effectively reduces overall vehicle development costs while significantly enhancing development agility and flexibility, providing critical support for expanding profit margins. In the extended-range technology sector, SERES is the first vehicle manufacturer to commercialise mass-produced range extenders. Its latest generation of the SERES super-range extender system boasts a maximum oil-to-electricity conversion rate of 3.65kWh/L, which is the highest level of mass-produced range extenders in the industry. This effectively alleviates user charging anxiety and sets a new technical benchmark for the industry.

Delivery capabilities further solidify its competitive barriers. As new vehicle orders surge exponentially, rapidly scaling delivery capacity becomes a critical test for automakers. Relying on digital manufacturing and supply chain management capabilities, SERES has achieved industry-leading delivery efficiency. Leveraging digital-twin technology, our SERES Super Factory utilises digital technology as a driving force and seamlessly integrates artificial intelligence, big data, the Internet of Things to establish an intelligent manufacturing platform that achieves large-scale, high-quality and agile delivery. In 2024, the annual production volume of the AITO M7 reached approximately 200,000 vehicles, with monthly deliveries exceeding 30,000 vehicles. The production volume of the AITO M9 exceeded 150,000 vehicles within 10 months following its launch in 2024, achieving “rapidly scale upon launch”.

Sales and Earnings Soaring, Launching a New Phase of Profitability

Technological accumulation ultimately translates into formidable product competitiveness. By the end of September 2025, cumulative deliveries across the entire AITO series surpassed 800,000 units, setting a new record for delivery speed among China's luxury new energy brands. Among these, cumulative deliveries of the AITO M9 series exceeded 240,000 units, while the AITO M8, launched in April 2025, surpassed 100,000 units in cumulative deliveries, becoming the sales champion in the RMB500,000 and RMB400,000 price segments respectively.

Financial performance was equally impressive. In 2024, SERES achieved revenue of RMB145.1 billion, representing a year-on-year increase of 305.5%. Concurrently, driven by optimized product mix, the Company's gross profit margin significantly improved to 23.8% in 2024, up 16.6 percentage points year-on-year, and increased to 26.5% for the six months ended June 30, 2025. This enhanced profitability directly propelled the Company toward a pivotal turning point. In 2024 and for the six months ended June 30, 2025, SERES recorded a net profit attributable to owners of the Company of RMB5.9 billion and RMB2.9 billion, respectively. This achievement positions SERES as the fourth profit-making new energy vehicle company in the world.

From an industry perspective, China's premium new energy vehicle segment is entering a phase of rapid volume growth. According to Frost & Sullivan, in 2024, the sales volume of premium NEPVs reached 2.6 million units, accounting for 23.4% of the total NEPV market in China. The sales volume is expected to reach 5.7 million units by 2030, with market share rising to 29.8%, representing a compound annual growth rate (CAGR) of 14.0% from 2024 to 2030.

SERES is building long-term competitive barriers through clear brand positioning and leading technological capabilities. Centered on its AITO brand, the Company continues to deepen its intelligent and luxury vehicle strategy, achieving simultaneous growth in market share and profitability. Moving forward, as the Hong Kong listing process advances, SERES will further broaden its access to international capital, accelerate its global expansion, and inject fresh momentum into brand internationalization and long-term value growth.

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