A new Chongqing car-making force worth 250 billion is going public in Hong Kong. 90% of its sales rely on AITO. Is it seeking "independent" development?

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On September 25th, Seres issued an announcement stating that the company's issuance of overseas - listed foreign shares (H - shares) has been filed with the China Securities Regulatory Commission. It plans to issue no more than 331 million overseas - listed common shares and list them on the Hong Kong Stock Exchange.

Meanwhile, Seres reminded that the current overseas issuance and listing still require approval or verification from relevant regulatory authorities and stock exchanges such as the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, and there is still uncertainty about this matter.

At the end of April, Seres submitted a prospectus application to the Hong Kong Stock Exchange, disclosing that the funds raised will be used to increase R & D investment; for diversified new marketing channel investment, overseas sales, and charging network services to enhance global brand awareness; and as working capital and general corporate purposes.

After achieving profitability in 2024, Seres is expanding its layout to enhance its competitiveness. Can Seres maintain its current achievements?

90% of sales come from AITO

In March 2021, Seres reached a cooperation agreement with Huawei. In December of the same year, the AITO brand jointly created by the two parties was officially launched. Models such as the AITO M5, AITO M7, and AITO M9 were successively introduced. AITO not only became the first automotive brand of Hongmeng Smart Mobility but also the sales driver of Hongmeng Smart Mobility. As a result, Seres became a dark horse among new car - making forces.

In 2022, Seres' cumulative sales of new energy vehicles reached 135,100 units, a year - on - year increase of 225.9%. The AITO brand delivered more than 75,000 units cumulatively, ranking among the top five in the annual sales list of high - end new energy SUVs in 2022. In 2023, Seres' cumulative sales of new energy vehicles were 151,800 units, a year - on - year increase of 12.4%, and AITO delivered 94,380 units cumulatively.

However, from 2021 to 2023, Seres continuously faced the pressure of losses. From 2021 to 2023, Seres' revenues were 16.718 billion yuan, 34.105 billion yuan, and 35.842 billion yuan respectively, with year - on - year increases of 16.89%, 104%, and 5.09% respectively. The net profits attributable to shareholders of the listed company were - 1.824 billion yuan, - 3.832 billion yuan, and - 2.45 billion yuan respectively.

In 2024, Seres' cumulative sales of new energy vehicles reached 426,900 units, a year - on - year increase of 182.84%, and AITO delivered 387,100 units cumulatively. Meanwhile, Seres mentioned in its financial report that the panoramic intelligent flagship SUV AITO M9 won the annual sales championship of luxury cars in the 500,000 - yuan segment in the Chinese market, and the national SUV AITO New M7 series won the annual sales championship of new - force models in China. With its product strength and high - end strategy, AITO ranks among the first echelon in the Chinese high - end automotive market.

The doubling of sales finally enabled Seres to achieve profitability for the first time. In 2024, Seres' revenue was 145.176 billion yuan, a year - on - year increase of 305.04%. The net profit attributable to shareholders of the listed company was 5.946 billion yuan, turning losses into profits. In that year's financial report, Seres stated that it was the fourth profitable new energy vehicle company globally.

Judging from the annual sales proportion, the sales proportion brought by AITO to Seres has increased from about 50% in 2022 to about 90% in 2024. Seres' dependence on AITO has gradually increased.

It is worth mentioning that in 2023, Seres launched the new energy vehicle brand Landian. Its first model, the Landian E5, is positioned as a plug - in hybrid mid - size SUV, with the whole series priced from 139,900 yuan. Judging from its price, in addition to AITO's high - end market layout, Seres also wants to gain more growth in the mid - and low - end markets.

Data from Chezhuzhijia shows that the sales volume of the Landian E5 was 8,927 units in 2023; in 2024, its sales volume increased to 29,193 units, but its contribution to Seres' overall sales volume is not significant.

Obviously, Seres' dependence on AITO cannot be reduced in the short term. However, AITO has been facing a decline in sales since 2025. Data from Chezhuzhijia shows that in the first eight months of 2025, the cumulative sales volume of the AITO brand was 223,000 units, a year - on - year decrease of 12.08%. Seres' production and sales report shows that during the same period, its cumulative sales volume of new energy vehicles was 260,000 units, a year - on - year decrease of 6.93%. The fluctuations in AITO's sales volume have also significantly affected Seres' performance.

Frequent overseas investments

Facing the competition in the intelligence and electrification of new energy vehicles, Seres is also constantly "buying" to enhance its own strength.

In July 2024, Seres' holding subsidiary, Seres Automobile, planned to acquire 919 registered or applied - for word and graphic trademarks of the AITO series and 44 related design patents held by Huawei, with a total acquisition price of 2.5 billion yuan. Seres stated that the transaction will not affect the joint business of both parties, and the two parties will further deepen their cooperative relationship. Based on the consistency of product and brand market recognition, the relevant assets will be dedicated to the joint business of both parties.

One month later, Seres announced that its wholly - owned subsidiary, Seres Automobile, would purchase a 10% stake in Yinwang held by Huawei Technologies Co., Ltd. in cash, with a transaction amount of 11.5 billion yuan. The transfer price of 11.5 billion yuan will be paid in three installments.

In September 2024, Seres announced that it planned to acquire 100% of the equity of Longsheng New Energy by issuing shares, with a transaction price of 8.164 billion yuan. Before the transaction, Seres leased a super factory from Longsheng New Energy for the production of AITO series intelligent electric vehicle products. After the transaction is completed, Longsheng New Energy will become a wholly - owned subsidiary of Seres, and the company will obtain the ownership of the super factory. In March 2025, this acquisition was completed.

In August 2025, Seres announced that to improve the overall operational decision - making efficiency of the company, enhance the synergy between subsidiaries, and maximize the company's operating benefits, its holding subsidiary, Seres Automobile, would acquire a 48.54% stake in Jinkang Power held by Chongqing Science City Urban Operation Group Co., Ltd., a minority shareholder of its holding subsidiary Jinkang Power, through public listing, with a transaction price of 663 million yuan. In September, according to Tianyancha data, Seres invested 175 million yuan in the newly established Chongqing Landian Automobile Technology Co., Ltd., becoming its largest shareholder with a 35% stake.

Reflected in the financial report, in 2024, the net cash flow from investing activities of Seres was - 16.509 billion yuan, and in the first half of 2025, it was - 6.966 billion yuan. Meanwhile, Seres' total liabilities in the first half of 2025 were 85.902 billion yuan, with an asset - liability ratio of 76.08%, which is relatively high among new car - making forces.

At the end of March 2025, Seres announced that its holding subsidiary, Seres Automobile, would introduce strategic investors - Industrial and Commercial Bank of China Financial Asset Investment, Bank of Communications Financial Asset Investment, and Agricultural Bank of China Financial Asset Investment, which would jointly inject no more than 5 billion yuan in currency through capital increase. In June, Seres Automobile completed the introduction of strategic investors, received an investment of 5 billion yuan, and completed the registration of the change in registered capital.

Now, Seres plans to list in Hong Kong, and its use of raised funds often mentions globalization. However, according to the 2024 annual report, its overseas revenue was 4.197 billion yuan, a year - on - year decrease of 15.49%, accounting for only 2.89% of the total revenue.

Although Seres successfully turned losses into profits in 2024, its high dependence on the AITO brand and the increasing number of cooperative brands of Hongmeng Smart Mobility have cast uncertainties over its future development. Whether Seres can build its own technological moat and brand independence and further expand globally after having more funds from the Hong Kong listing will also determine whether it can firmly establish itself in the new energy market.

This article is from the WeChat public account "Visibility in the Auto Circle". Author: Wei He. Republished by 36Kr with permission.