After two years of secret car manufacturing, Seres is unwilling to be just an "OEM"?

Seres, the brand empowered by Huawei, witnessed a tenfold increase in revenue over five years and rose to become the sales champion of luxury SUVs. Now, it is planning to break away from Huawei's influence and launch a new brand independently! Can you believe it?

Recently, a company named "Landian Technology" quietly changed its name to "Saidou Technology". Saidou Technology will be the legal entity of Seres' new automobile brand. According to media reports, the new brand targets the young and sporty market with a price range of 100,000 to 200,000 yuan and will be launched on June 9.

Image source: Qichacha

An insider from Seres told Auto Story that "this new brand has been secretly in preparation for a full two years. Saidou is called the 'global headquarters' internally."

Then the question arises. Since Wenjie is at the peak of its popularity, why does Seres take the risk to secretly develop a new brand in cooperation with ByteDance? What exactly is Seres anxious about?

Success and Confinement Both Stem from Wenjie

As we all know, Seres owes its survival to Huawei. In 2020, when it was still called Xiaokang Co., Ltd., it was extremely poor, losing 1.7 billion yuan in a year.

It was Huawei that pulled it back from the brink of death with its brand, technology, and sales channels.

The Wenjie M9, priced at 500,000 yuan per vehicle, easily sells over 10,000 units per month, stealing the limelight from BBA. This story would be a textbook-level counter - attack case in any business school.

Image source: Seres' prospectus

However, every bit of the great fortune Seres has gained comes with a hidden cost.

Let me show you a set of data. From 2022 to 2025, the amount Seres paid to its largest supplier was 5.8 billion, 7.2 billion, 42 billion, and 56 billion yuan respectively, and the proportion of this amount to the total procurement volume increased from 14.5% to 33.78%.

Image source: Seres' prospectus

You read that right. In 2025, one - third of Seres' procurement volume went to the same supplier.

Image source: Seres' prospectus

In terms of sales volume, the Wenjie brand alone accounts for as high as 90.3% of Seres' sales share.

Image source: Seres' prospectus

According to insiders, product definition, pricing, supplier selection, and even how to hold the press conference are basically dominated by the partner, and Seres has very limited say.

More importantly, there is the issue of going global. Due to the special nature of the partner, models equipped with its high - level intelligent driving system face significant obstacles in the overseas market. However, Seres' strategic focus in 2026 is precisely on the Middle East, Central Asia, and ASEAN. Those lucrative overseas orders are within sight but out of reach.

Meanwhile, as more and more automakers join the Hongmeng Smart Mobility camp, the early - stage cooperation dividends accumulated by Seres are being continuously diluted by "latecomers" such as Chery, Jianghuai, and BAIC.

Seres' stock price has been falling for a long time. The H - share price has dropped from HK$131.5 to around HK$65, and the A - share price has almost been halved from its peak.

In 2025, Wenjie's sales volume increased by 10%, and the average price per vehicle increased by 3.7%. Seres' revenue increased by 14%. However! The net profit attributable to the parent company only increased by 0.18% year - on - year, and the non - recurring net profit decreased by 7.8%. The revenue is increasing, but the profitability is deteriorating.

Seres is well aware that it needs to build a safe haven for itself in case the situation changes one day.

After Two Years of Preparation, It's Time to Go Solo

So, Seres has taken action.

Insiders revealed that this new brand is a complete overhaul, including the vehicle platform and sales channels.

If you look at Seres' financial reports in the past two years, you will find an interesting figure: the R & D expenses in 2024 were 7.954 billion yuan, a year - on - year increase of 42%; in 2025, it directly jumped to 12.51 billion yuan, a year - on - year increase of 77.4%, and in Q1 of 2026, the year - on - year increase continued to exceed 70%. This scale has exceeded that of Li Auto, XPeng, and NIO.

These R & D investments are directed towards areas such as the Magic Cube Technology Platform 2.0, the fifth - generation extended - range technology, and AI transformation. But insiders put it more directly: a significant part of this is for Saidou.

In terms of cooperation, this time Seres has chosen Volcengine under ByteDance, with the internal code name "Project A".

It is understood that Volcengine's involvement this time will be deeper than its previous cooperation with SAIC Roewe. Last time it was "joint definition and joint development", and this time it will be even deeper. The two sides will make a big move in vehicle - machine intelligence, large AI models, and the marketing ecosystem.

In terms of intelligent driving, insiders clearly stated that a new intelligent driving supplier will be sought, perhaps DeepRoute.ai, to completely break free from the shackles and set sail for the overseas market.

This time, Seres is proving with actions that it is not just a contract manufacturer!

Can Seres Still Shine Without Huawei?

Seres' determination to get rid of the "Wenjie dependence" and open up a second growth curve is worthy of admiration. However, there are still many major uncertainties about the future of the new brand "Saidou".

First, look at history. This is not Seres' first attempt at an independent brand. Landian was launched in 2023, targeting the 100,000 - 150,000 - yuan market, but it hardly made any splash. The brand awareness was insufficient, the sales channels couldn't be promoted, and the story of product strength couldn't be told.

From Landian to Saidou, they essentially face the same hurdle.

Then, look at the industry reality. In the early days, many automakers were worried that handing over core systems such as intelligent driving to external parties would make them lose their "soul". But by 2025, GAC and SAIC also joined the cooperation camp and launched new brands.

Huawei's say in the industry is only increasing.

This leads to a core question: Can Seres make it on its own without Huawei's halo?

Saidou has to start from scratch in the mainstream 100,000 - 200,000 - yuan market, where BYD, Geely, Changan, and a bunch of new - energy vehicle startups are all competing. Why should consumers choose it?

After getting used to relying on a big tree for shade, once it goes independent, it has to handle every aspect on its own, including sales channels, brand building, and sales conversion. Whether it can support both brands with money and resources is also a real pressure.

Generally speaking, Saidou represents a crucial battle for Seres to move from dependence to independence and from the domestic to the global market.

It is reported that Saidou's first new car will be launched within this year, and it is expected to offer both pure - electric and extended - range power options. Do you think it is really ready this time?

This article is from the WeChat official account "Auto Story" (ID: autostinger), written by Peng Fei, and is published by 36Kr with authorization.