On September 28th, Beijing Time, JAC Motors (600418.SH), a company listed on the A-share market, delivered a stellar performance throughout the trading day, hitting the daily limit early in the morning. This marked its third consecutive daily limit in the past four trading days, culminating in a closing market capitalization of RMB 56.85 billion.

The catalyst for this surge can be traced back to a significant announcement on September 15th, when Seres (601127.SH) announced its reacquisition of the Aito brand from Huawei. Then, on September 17th, media reports revealed that Maserati had entered into a definitive collaboration with Huawei to develop two new models. These models will be engineered and manufactured by JAC Motors via the Maxtel Super Factory, with domestic sales primarily under the Maxtel brand. Maserati will contribute design aesthetics and overseas distribution channels, with Maserati logos featured on overseas sales versions.

Despite this news, JAC Motors did not immediately experience a rally. The recent upward trend in its stock price is largely attributed to market expectations that the Hongmeng Intelligent Automotive Solutions launch event on the afternoon of September 28th would unveil collaboration details or even showcase new models—an expectation that ultimately went unfulfilled.

From an investor's standpoint, Seres' reacquisition of the Aito brand has stripped it of a crucial label in the capital market: the Huawei automotive concept stock.

Judging by recent stock price movements, Seres has also relinquished its leadership position among Huawei automotive concept stocks, with JAC Motors now taking the helm.

With JAC Motors exhibiting strong momentum (three daily limits in four days), investors appear to be seeking a new leader in the Huawei automotive concept sector and have identified JAC Motors as the frontrunner.

The question then arises: Can JAC Motors shoulder this responsibility? Can it replicate Seres' remarkable stock performance of the past? (Following its collaboration with Huawei, Seres' stock price soared 30-fold over five years, rising from approximately RMB 5-6 in 2020 to a peak exceeding RMB 173 in 2025.)

The Maxtel brand, born out of the collaboration between JAC Motors and Huawei, was initially positioned higher than Aito, with product prices in the million-yuan range, effectively capping Aito's upward development potential.

Upon its launch, the Maxtel S800 achieved impressive sales figures, with cumulative sales reaching approximately 18,800 units from August 2025, when mass deliveries commenced, to July 2026. Monthly deliveries peaked at 4,376 units in December 2025. However, sales declined month by month in 2026, with only 391 units sold in August 2026.

The market capacity for Maxtel's segment is inherently limited. Sales of its peers in the same class are as follows: Mercedes-Benz S-Class (excluding Maybach) sold 307 units, Maybach S-Class sold 380 units, BMW 7 Series (including i7) sold 378 units, and Audi A8L (including Horch) sold 177 units.

Furthermore, the pre-sales and launch of the Maxtel V800 and V680 MPV twins have diverted some potential customers.

The monthly sales volume of the Maxtel MPV twins after mass deliveries remains to be seen.

According to media reports, if the collaboration with Maserati for two new models is confirmed, then the Maxtel brand, through its partnership between JAC Motors and Huawei, will have established a foothold in the ultra-luxury brand market.

The next step is to observe what kind of models Maxtel will introduce.

On September 24th, Huawei's Yu Chengdong, during a store visit in Hefei, first revealed the progress of Maxtel's new ultra-luxury SUV: it has entered the pre-mass production review at JAC Motors' factory and is expected to be officially delivered in February-March 2027. Positioned as a high-end flagship SUV, it remains to be seen whether it can challenge the price range of RMB 2 million or above, competing with top-tier luxury brand SUVs like the Rolls-Royce Cullinan and Bentley Bentayga at half the price.

However, given the positioning and market capacity of the aforementioned models, Maxtel's sales are likely to remain constrained, making it challenging to achieve break-even or large-scale profitability with only these models.

JAC Motors' H1 2026 financial report indicates a revenue of RMB 22.13 billion, up 14.31% year-on-year, but a net profit attributable to shareholders of -RMB 749 million, slightly narrower than the -RMB 773 million in the same period last year. Research and development investment reached RMB 1.79 billion, up 13.95% year-on-year. Quarterly performance shows a net profit attributable to shareholders of -RMB 606 million in Q1 2026 and -RMB 143 million in Q2 2026, with a significant reduction in losses in Q2. Breaking it down, the passenger vehicle segment, which includes the Maxtel S800, generated RMB 6.66 billion in revenue in H1 2026, up 36.9% year-on-year.

Yu Chengdong clearly stated on September 24th that Aito requested to take the lead and will now focus on the other four brands.

If Maxtel can establish a foothold in the high-end market and subsequently introduce products that directly compete with Aito, it stands a good chance of success.

In the automotive market, moving downmarket from a high-end position is far easier than moving upmarket from a low-end position.

Porsche and the BBA (BMW, Benz, Audi) brands provide ample examples of how to transition from a high-end positioning to introduce volume-driven models. For Maxtel, as long as Huawei is willing, it can learn from Porsche and the BBA to introduce lower-priced, higher-volume products.

The models introduced by Aito in 2026 are still defined and led by Huawei. By 2027, Huawei's focus will shift to the other four brands, and it is likely that Maxtel will receive more resource allocation. As for the Luxeed brand in collaboration with Chery and the Shangjie brand in collaboration with SAIC, the former has received more resources from Chery, and the latter has resources from SAIC. Both companies have extensive experience in the passenger vehicle market. The Xiangjie brand, in collaboration with BAIC, may still require more support from Huawei.

Could JAC Motors, with its four daily limits in three days, be the next Seres? Seres' market capitalization peaked at around RMB 256.8 billion on September 26th, 2025.

If the Maxtel brand, through its collaboration between JAC Motors and Huawei, follows the path of Porsche and the BBA, establishing a high-end positioning before introducing volume-driven models, JAC Motors' market capitalization peak may surpass that of Seres. After all, following Aito's request to regain control, Huawei will also reflect on its collaboration model and details with automakers.

Now, JAC Motors needs to focus on developing high-end brand products, refining its service system, and then seeking to increase sales volume. As for the announced investment in Aito, with RMB 11.5 billion for a 10% stake, it currently seems expensive.