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Chinese automaker best known for AITO, its smart EV brand co-developed with Huawei.
Chinese automaker best known for AITO, its smart EV brand co-developed with Huawei.
Builds the cars and runs the factory, while Huawei supplies the driver-assistance software, in-car systems and a showroom network, so Seres shares part of the value of each car with its partner. The company began as a small commercial-vehicle maker, a business now secondary to premium EVs.
In one line: A Chinese EV maker in a deep Huawei co-development partnership.
Moat: narrow (distribution, brand). Access to Huawei's software, brand halo and retail-store distribution network.
Headquarters: Chongqing, China · Founded: 2003 · Employees: 21,955
Size Seres (9927.HK) is a Hong Kong Consumer Discretionary company (Motor Vehicles) with a market value of $11.4B, the 153rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$33.16 on 6 Nov 2026.
Performance Over six months the shares fell 53.8%, against -15.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 2.1% over the last twelve months (peer median +5.1%); the operating margin is -3.7% (peer median 4.3%).
Valuation It trades at 90.9× forward earnings against a peer median of 11.5× (most expensive of 16).
Capital Return on invested capital runs 11.8 points below its cost of capital (8.0% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$158B | HK$175B | HK$153B | HK$38.7B | HK$38.7B |
| Revenue growth | — | +14% | +296% | 0% | — |
| Gross profit | HK$40.7B | HK$44.6B | HK$34.1B | HK$1.36B | HK$2.08B |
| EBITDA | n/a | HK$12.5B | HK$11.3B | -HK$4.00B | -HK$3.51B |
| Net income | HK$365M | HK$6.46B | HK$6.45B | -HK$2.71B | -HK$4.46B |
| Free cash flow | -HK$15.4B | HK$27.0B | HK$16.7B | HK$3.33B | -HK$5.26B |
| Capital expenditure | HK$6.15B | HK$4.52B | HK$7.75B | HK$3.83B | HK$3.92B |
| Total debt | HK$40.9B | HK$49.1B | HK$47.4B | HK$16.7B | HK$23.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Seres 9927.HK | $11.4B | -54% | -2% | -4% | 90.9× | n/a |
| NIO 9866.HK | $7.60B | -46% | +70% | -4% | n/a | n/a |
| XPeng 9868.HK | $9.51B | -37% | +29% | -7% | n/a | n/a |
| Li Auto-w 2015.HK | $12.4B | -32% | -24% | -7% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9927.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.4% | +5.1% | lowest of 21 |
| 6-month return | -53.8% | -15.4% | lowest of 21 |
| Distance from 52-week high | -74.8% | -28.1% | lowest of 21 |
| Revenue growth (TTM) | -2.1% | +5.1% | 6th lowest of 20 |
| Operating margin | -3.7% | 4.3% | 6th lowest of 21 |
| Forward P/E | 90.9× | 11.5× | most expensive of 16 |
| ROIC minus cost of capital | -11.8 pp | -1.2 pp | 6th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Seres 9927.HK | Hong Kong | $11.4B | -54% | -2% | -4% | 90.9× | n/a | n/a |
| Tata Motors Passenger Vehicles TMPV.NS | India | $11.4B | -19% | -22% | 0% | 10.7× | n/a | n/a |
| Shimano 7309.T | Japan | $11.5B | +29% | +5% | 12% | 35.8× | 6.0% | +4.3% |
| Hero Motocorp HEROMOTOCO.NS | India | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% | +9.2% |
| Subaru 7270.T | Japan | $12.3B | +16% | 0% | 3% | 12.0× | 2.7% | +11.1% |
| Li Auto-w 2015.HK | Hong Kong | $12.4B | -32% | -24% | -7% | n/a | n/a | n/a |
| Yutong Bus 600066.SS | China | $10.1B | -12% | +3% | 14% | 11.5× | -10.0% | +13.8% |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% | +11.5% |
| XPeng 9868.HK | Hong Kong | $9.51B | -37% | +29% | -7% | n/a | n/a | n/a |
| Chongqing Changan Automobile 000625.SZ | China | $9.51B | -25% | -7% | 0% | 28.5× | n/a | n/a |
| Renault RNO.PA | France | $9.39B | +2% | +6% | 6% | 4.9× | 3.4% | +5.9% |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 8.8× | n/a | n/a |
| Porsche Automobil Holding SE Pref PAH3.DE | Germany | $8.98B | -19% | +13% | 108% | 33.4× | 9.4% | +2.4% |
| Great Wall Motor 601633.SS | China | $15.0B | -29% | +8% | 2% | 15.1× | -7.1% | +16.4% |
| Oshkosh OSK | United States | $8.19B | -3% | +4% | 7% | 11.2× | 4.7% | +8.7% |
| Tata Motors TMCV.NS | India | $16.6B | -2% | n/a | 9% | 20.7× | 17.8% | n/a |
| Stellantis STLAP.PA | France | $17.0B | -40% | -2% | -14% | 8.2× | n/a | n/a |
| NIO 9866.HK | Hong Kong | $7.60B | -46% | +70% | -4% | n/a | n/a | n/a |
| VinFast Auto VFS | United States | $7.60B | -25% | +74% | -86% | n/a | n/a | n/a |
| Ather Energy ATHERENERG.NS | India | $7.57B | +101% | +63% | -7% | n/a | n/a | n/a |
| Jardine Cycle & Carriage C07.SI | Singapore | $7.36B | -28% | -11% | 10% | 8.2× | -7.8% | +8.9% |