Chinese electric vehicle maker Seres officially debuted on the Hong Kong Stock Exchange on Wednesday, signaling its ambitions to expand beyond the domestic market.
Trading under the stock code 9927, Seres priced its shares at HK$131.50, following over six months of preparation. The listing marks Seres’ entry into the H-share market while maintaining its A-share presence, joining the ranks of other Chinese EV players such as NIO, Li Auto, XPeng, BYD, and Geely.
The market’s initial reaction, however, was cautious. Seres’ shares opened at HK$128.90, down about 2% from the IPO price, and dropped more than 5% intraday. A-shares mirrored this weakness, falling over 5% on the same day. Analysts attribute the muted debut to investor uncertainty surrounding the company’s third-quarter performance, which showed a disconnect between revenue growth and net profit.
In the third quarter of 2025, Seres reported a 15.75% year-on-year increase in revenue, but net profit fell 1.74%compared with the same period last year. For the first three quarters, total revenue reached 110.5 billion RMB, a modest 3.67% increase, while net profit climbed 31.56% to 5.312 billion RMB. Net profit excluding non-recurring items was 4.768 billion RMB, up 26.7% year-on-year. While profitability remains solid, revenue growth has slowed sharply, reflecting a broader transition from the hyper-growth seen in 2024.
That extraordinary 2024 performance, fueled by Seres’ deep partnership with Huawei, set high expectations. Revenue surged 305.5% to 145.1 billion RMB, while gross margins jumped from 7.2% to 23.8%, surpassing rivals including Tesla, Li Auto, and Xiaomi. The company also turned around from a 2.4 billion RMB loss in 2023 to post 5.9 billion RMB in net profit. According to Frost & Sullivan, this made Seres the fourth most profitable new energy vehicle maker globally.
Entering 2025, however, the picture has become more nuanced. Q1 revenue fell 27.91% year-on-year, although net profit jumped 240.6% due to a low base effect. Revenue for the first half decreased 4.06%, while net profit growth slowed to 81.03%. The third quarter helped restore positive revenue growth for the first three quarters of 2025, but net profit slipped, moderating cumulative gains. Analysts describe 2025 as a transitional year, driven by internal product adjustments and evolving market cycles.
The AITO brand, Seres’ flagship line, illustrates this dynamic. Newly launched AITO M8 models led sales, diverting demand from the high-margin M9, while AITO M5 Ultra underperformed and the all-new AITO M7 had yet to hit peak sales. Competition from emerging brands such as Zhijie and Enjoy, along with the rollout of additional Huawei Qiankun Intelligent Drive models, has also influenced market performance.
Seres is responding with a multi-pronged strategy. R&D investment remains a central focus, with the company spending 5.198 billion RMB in the first half of 2025, up 154.9% year-on-year. Its engineering team grew 26.6% to nearly 7,000 employees, representing 36% of the workforce. The company has achieved breakthroughs in electric drive systems, supercapacitors, ultra-water-wading capabilities, and unveiled the Magic Cube technology platform, earning industry recognition.
Beyond internal innovation, Seres has strengthened strategic partnerships. In September, its wholly-owned subsidiary acquired a 10% stake in Inovance Intelligence from Huawei for 3.45 billion RMB. The move elevates Seres’ collaboration with Huawei from supplier-buyer to shareholder level, reinforcing long-term development potential for the AITO brand.
Marketing and sales investments have also increased. Seres spent 15.99 billion RMB in the first three quarters of 2025, up nearly 15% from 2024, helping to boost brand recognition. The AITO M9 has delivered over 250,000 units in 21 months, the M8 over 100,000 units, and the M7 more than 20,000 units within just 36 days. A newly established super factory with over 1,600 intelligent devices and 3,000 collaborative robots has enabled full automation in key processes, while a joint CTP battery line with CATL marks a pioneering factory-within-a-factory model. These moves support cumulative AITO deliveries exceeding 800,000 vehicles.
The Hong Kong IPO is also a strategic step toward global expansion. According to the prospectus, 70% of proceeds will go to R&D, and 20% to overseas market expansion and charging networks. Seres has already launched the SERES 5in Europe at over US$60,000, and established operations in Norway, Germany, the UK, and Switzerland. The company plans to accelerate growth in the Middle East, Australasia, Central and South America over the next three years, exploring localized manufacturing and joint ventures to expand its international footprint.
Seres debuted three globally-oriented AITO models—the AITO 9, AITO 7, and AITO 5—at the Munich Auto Show in September 2025. Tailored for the Middle Eastern market, these vehicles feature trilingual smart cockpits and integration with local digital ecosystems. Analysts caution that building brand recognition abroad will be a challenge, as Seres cannot rely on Huawei’s domestic influence. Establishing consumer trust and differentiating the AITO brand in competitive foreign markets will require time, investment, and marketing innovation.
Still, analysts say Seres’ Hong Kong listing positions the company to compete in the high-end global EV market. “Listing in Hong Kong signals Seres’ intent to grow internationally,” said one industry observer. “While domestic recognition helps, the company will need to adapt its strategy to different consumer expectations and regulatory environments overseas.”
For Seres, 2025 is a transitional yet pivotal year. The company’s domestic operations remain strong, supported by production capacity, R&D breakthroughs, and a growing lineup of AITO models.
Meanwhile, the Hong Kong IPO opens a path to capital, global visibility, and long-term international growth. Analysts describe the listing as not just a financial milestone but a statement of strategic intent—a clear message that Seres aims to be a serious player in the international EV market.
As the year progresses, all eyes will be on the company’s fourth-quarter results and its next steps in global expansion. With production ramping up and a lineup of new models set to launch in 2026, Seres’ challenge will be translating domestic momentum into sustainable global growth. The Hong Kong debut may be only the beginning of what the company envisions as a truly international trajectory.
更多精彩内容，关注钛媒体微信号 （ID：taimeiti），或者下载钛媒体 App
