- Seres achieved a net income of RMB 5.9 billion in 2024, becoming the fourth NEV maker in the world to achieve profitability.
- Seres' gross margin was 23.8 percent in 2024, up 16.6 percentage points from 7.2 percent in 2023.
Huawei's car-making partner Seres Group Co Ltd (SHA: 601127) has submitted an application to list in Hong Kong to support its further expansion.
Seres filed a first version of its prospectus, and its listing sponsors are CICC and China Galaxy International, according to information posted on the Hong Kong stock exchange's website today.
The prospectus doesn't mention the number of shares Seres plans to issue or the amount it plans to raise, which are expected to be disclosed in future versions of the prospectus.
The move is aimed at advancing its globalization, building an international capital operation platform as well as improving its overall competitiveness, Seres said.
The company was formerly known as Chongqing Sokon Industrial Group Co Ltd and changed its name in August 2022 to Seres Group Co Ltd.
It was listed on the Shanghai Stock Exchange in June 2016 and has a current market capitalization of RMB 207.8 billion ($28.4 billion).
Huawei announced on April 20, 2021, that it had officially started selling cars, with Seres' Seres SF5 being the first model to enter its channel.
On December 2, 2021, Huawei and Seres jointly launched a premium smart car brand called Aito, which means “Adding Intelligence to Auto”.
Aito is the first automotive brand under Huawei's HIMA (Harmony Intelligent Mobility Alliance) business, and the models available for sale include the Aito M5, Aito M7, Aito M8, and Aito M9, all of which are SUVs (sport utility vehicle).
Other brands currently under Huawei HIMA include Chery's Luxeed, BAIC Group's Stelato, Anhui Jianghuai Automobile Group's (JAC) Maextro, and SAIC Motor's SAIC Shangjie.
Seres had revenue of RMB 145.1 billion in 2024, up 305.5 percent from RMB 35.8 billion in 2023, according to its prospectus today.
The company's gross margin was 23.8 percent in 2024, up 16.6 percentage points from 7.2 percent in 2023.
Seres achieved net income of RMB 5.9 billion in 2024 and is the fourth profitable new energy vehicle (NEV) maker in the world, according to its prospectus.
Seres recorded a net loss of RMB 2.4 billion in 2023.
The Aito brand delivered 387,100 vehicles in 2024, up 268 percent year-on-year.
In the first quarter of this year, Seres sold 54,552 NEVs, and 13,816 other models, according to its prospectus.
Seres currently has an annual production capacity of 600,000 vehicles.
($1 = RMB 7.2971)
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