SERES Group submits Hong Kong IPO application

Seres Group has submitted an IPO application to the Hong Kong Stock Exchange, planning to use 70% of the funds raised for research and development, 20% for marketing channels, overseas sales and charging network construction, and the remaining 10% for operating funds. In 2024, Seres achieved operating income of 145.176 billion yuan, a year-on-year increase of 305.04%, and net profit of 5.946 billion yuan, successfully turning losses into profits. At the same time, the company's new energy vehicle gross profit margin increased to 26.21%, and R&D expenses increased to 7.053 billion yuan, a year-on-year increase of 58.9%.