On June 18, SERES GROUP (09927.HK) fell 4.29% in regular trading to HK$52.45, with turnover of HK$100 million, marking a fresh all-time low since its Hong Kong listing in November last year. The stock had already dropped 5.52% on the previous trading day to HK$54.75.

The continued decline reflects a systematic valuation de-rating driven by multiple factors. Q1 results revealed a stark divergence between revenue growth of 34.46% and adjusted net profit collapse of 73.87%, exposing a severe profitability problem. The company's Huawei exclusivity premium has eroded as Huawei expands partnerships with Chery, JAC, and BAIC, reducing AITO's share within Hongmeng Smart Mobility. A recent management transition, with founder Zhang Xinghai ceding the chairmanship of the auto subsidiary to his son, and the failed speculation around a ByteDance partnership further damaged sentiment. Despite cumulative buybacks exceeding RMB 320 million, institutional capital continues to exit, with RMB 1.014 billion in net main-force outflows recorded in the prior week alone. Combined AH market capitalization has shrunk approximately RMB 280 billion from last September's peak.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)