SERES has successfully navigated its listing hearing with the Hong Kong Stock Exchange, marking a significant achievement as the first premium new energy vehicle manufacturer to target an \"A+H\" dual listing. This strategic move underscores the company's robust growth and ambition within the burgeoning NEV sector. Demonstrating impressive financial health, SERES reported a substantial revenue of RMB145.1 billion in 2024, reflecting an extraordinary 305.5% year-over-year increase. The firm's profitability also saw a notable surge, with a gross margin of 23.8% and a net profit of RMB5.9 billion. Furthermore, the first half of 2025 continued this positive trend, with an improved gross margin of 26.5% and a net profit reaching RMB2.9 billion. This makes SERES one of only four NEV manufacturers globally to achieve profitability, highlighting its operational efficiency and market competitiveness.
The company's expansion into the Hong Kong market through a dual listing is strategically timed, aligning with the rapid expansion of China's premium NEV market. In 2024, this segment recorded sales of 2.6 million units, representing a significant 23.4% of the total market share. Projections indicate a continued upward trajectory, with sales anticipated to reach 5.7 million units by 2030, at a compound annual growth rate of 14%. This favorable market environment provides a strong foundation for SERES's growth, allowing it to leverage enhanced capital access and increased investor visibility that an A+H dual listing offers. By securing this listing, SERES is not only solidifying its financial stability but also positioning itself to capture a larger share of the evolving global new energy vehicle market.
SERES's Financial Achievements and Market Leadership
SERES has demonstrated exceptional financial growth, posting RMB145.1 billion in revenue for 2024, a remarkable 305.5% increase year-over-year. The company's profitability is equally impressive, with a gross margin of 23.8% and a net profit of RMB5.9 billion. This financial strength continued into the first half of 2025, with an improved gross margin of 26.5% and a net profit of RMB2.9 billion, establishing SERES as one of the few profitable NEV manufacturers globally. This robust performance is crucial for its strategic expansion and positions it as a leader in the premium NEV segment.
The company's financial success is a testament to its effective business strategies and growing market acceptance. The substantial year-over-year revenue growth showcases the increasing demand for SERES's premium NEVs, while the healthy gross and net profit margins highlight efficient cost management and strong pricing power. Being one of only four profitable NEV manufacturers worldwide significantly enhances its investment appeal and provides a solid foundation for future development and innovation. This financial stability is a key factor enabling SERES to pursue ambitious growth plans, including its groundbreaking dual listing on the Hong Kong Stock Exchange, which will further strengthen its capital base and market standing.
Strategic Dual Listing and Future Growth in China's NEV Market
SERES has successfully cleared its listing hearing with the Hong Kong Stock Exchange, making it the first premium new energy vehicle (NEV) manufacturer to achieve an \"A+H\" dual listing. This move is designed to enhance its capital access and market visibility, capitalizing on the booming premium NEV market in China. The Chinese market for premium NEVs saw sales of 2.6 million units in 2024, accounting for 23.4% of the total, and is projected to reach 5.7 million units by 2030, with a compound annual growth rate of 14%.
The dual listing strategy allows SERES to tap into a broader investor base and leverage the robust growth trajectory of the Chinese NEV market. This access to additional capital will be instrumental in funding research and development, expanding production capacities, and strengthening its competitive edge in a rapidly evolving industry. As China continues to lead the global shift towards electric mobility, SERES's proactive approach in securing a dual listing positions it favorably to capture a larger share of the projected 5.7 million unit market by 2030. This move is not merely about financial expansion but also about solidifying SERES's long-term strategic presence and leadership in the global premium NEV sector, underscoring its commitment to innovation and sustainable growth.