SERES Group has renamed its subsidiary Landian Technology Co., Ltd. to Saidou Technology, which now officially serves as the legal entity for a new automotive brand. Positioned toward the young and sporty market segment, the brand is scheduled for launch in June and will establish an independent sales channel covering both domestic and overseas markets. SERES has already assembled dedicated marketing and channel teams to support the new brand’s operations. SERES has also entered into a deep strategic partnership with Volcano Engine, a subsidiary of ByteDance, to jointly drive the development of Saidou Technology. The collaboration is expected to go beyond the previous partnership between Volcano Engine and SAIC Roewe in terms of depth, adopting a “co-defined, co-developed” approach. Specific details of the cooperation have not yet been finalized. According to financial reports, SERES recorded revenue of RMB 25.746 billion in the first quarter of 2024, up 34.46% year-over-year, with net profit attributable to shareholders of listed companies reaching RMB 754 million, an increase of 0.89% year-over-year. Currently, the company’s revenue and sales volume are primarily driven by the Aito (Wenjie) brand, while its own-brand Landian has underperformed in the market. As Huawei’s Harmony Intelligent Mobility Alliance expands, the distinctiveness of the Aito brand has diminished, prompting SERES to accelerate the rollout of new brands to seek additional growth opportunities and expand into overseas markets.