AsianFin — Seres Group Co., Ltd. has submitted an application for an initial public offering, according to a filing with the Hong Kong Stock Exchange (HKEX).

On March 31, Seres announced that it achieved a revenue of 145.176 billion yuan in 2024, marking a year-on-year increase of 305.04%.

This is the first time the company's annual revenue has surpassed 100 billion yuan. In 2024, Seres reported a net profit attributable to shareholders of 5.946 billion yuan, reversing a net loss of 2.45 billion yuan in the previous year. From 2020 to 2023, Seres had recorded consecutive annual losses, making 2024 its first profitable year in the past five years.

Leveraging its partnership with Huawei, Seres has emerged as a leading automaker in China. Its core brand, AITO, has long accounted for the majority of the company’s vehicle sales.