On September 22, Beijing time, Seres, a company listed on both the A and H share markets, witnessed a 0.04% increase in its A-share closing price. Although this uptick may appear minor, it signifies the fifth consecutive day of positive movement for Seres' A-shares, accumulating to a total gain of 5.10%.

While the rise might not seem dramatic, it has effectively offset all the losses Seres suffered after reclaiming operational control of the AITO brand from Huawei.

This development is significant. It suggests that investors are optimistic about potential changes within AITO and are willing to wager on the sales growth that such transformations might yield.

Revisiting the timeline, on September 15, media outlets reported at noon that Seres had regained control over the AITO brand. Later that evening, Harmony Intelligent Mobility and AITO jointly issued statements, confirming that Seres would assume full responsibility in five key areas: product definition, product design, brand marketing, channel retail, and service systems, with Huawei providing only supportive roles.

Following this announcement, particularly after the midday media reports, Seres' A-share stock price plummeted in the afternoon, experiencing a sharp decline driven by high trading volumes, ultimately closing down 5.09% for the day.

On September 16, Seres' stock price opened lower and briefly fell more than 4%, hitting a new yearly low of 43.61 yuan. However, after 10:30, buying support emerged (possibly due to share repurchases, as Seres had announced in April 2026 plans to buy back 1-2 billion yuan worth of shares at a price not exceeding 150 yuan), causing the stock price to rebound and ultimately close up 0.13% for the day.

In the subsequent trading days, Seres' stock price continued to climb steadily. Even when news broke on September 17 that AITO would fully withdraw from Harmony Intelligent Mobility and Huawei's dedicated stores by January 1, 2027, Seres' stock price initially opened lower but ultimately closed up 3.51% for the day, marking a significant gain for the company.

By September 22, Seres' stock price had achieved five consecutive days of positive movement, essentially returning to the level before Seres regained control over the AITO brand.

According to a recent report from the 21st Century Business Herald, as early as September 14, Xu Qinsong, President of Huawei Terminal China, mentioned in an internal speech that the authorized entities for some Huawei supermarket stores would transition from Huawei to Seres. AITO would not completely sever ties with Harmony Intelligent Mobility's channel system but would instead move towards "exclusive franchising," establishing an independent sales network for AITO while maintaining a certain proportion of stores to continue selling AITO models in shared showrooms within Harmony Intelligent Mobility.

Beyond channel adjustments, Seres and Huawei are engaged in ongoing discussions regarding marketing division and segmentation.

Also on September 22, during Seres' semi-annual performance meeting, Zhang Xinghai, Chairman of Seres, addressed changes in the company's cooperation model with Huawei. He stated that the cross-border collaboration between the two parties had evolved into an exclusive franchising model for AITO. This model aims to elevate brand value and messaging through multiple dimensions, such as dedicated channels, dedicated service teams, and dedicated brand operations, a practice commonly seen among global high-end luxury brands.

On the same day, September 22, BAIC BluePark (600733.SH) also publicly stated that its cooperation model with Huawei for the XJ brand remained unchanged. However, since the launch of the S9T last year, XJ had initiated the construction of a dedicated Harmony Intelligent Mobility network for XJ. Since the beginning of this year, some dedicated network stores and user centers have officially commenced operations.

Exclusive channels may also emerge as the inevitable path for the "Five Brands."

The sole criterion for success in Seres' decision to regain control over the AITO brand from Huawei is sales volume.

An increase in sales volume signifies success. A decline could lead to a downward spiral.

The biggest challenge Seres faces is maintaining the brand premium of AITO without Huawei's backing.

If this challenge is effectively addressed, sales volume may stabilize, and the independence gained by regaining control will be deemed a success.

Otherwise, both Seres and the AITO brand may face elimination in this fiercely competitive market.

The coming year is particularly critical for Seres and AITO, especially in terms of whether sales volume and prices can remain stable before the release of new models.