| By Text Timelines, Author Wang Zhi, Editor Zhou Yi

With the goal of rushing into the international market, Thalys has finally successfully landed on the Hong Kong Stock Exchange.

After more than half a year of preparation, Thalys officially launched on the Hong Kong Stock Exchange on November 5 with an issue price of HK$131.5, and the stock code is 9927. Therefore, Thalys has officially become an enterprise listed on both A-s

From the perspective of the entire industry, it is another Chinese automobile enterprise that has successfully landed on the Hong Kong stock market, following NIO, Li Xiang, Xiaopeng, Lingchao, Geely, BYD, Chery and other automobile companies.

However, the feedback from the capital market regarding Thalys's listing is not particularly positive.

According to Hong Kong stock exchange data, the opening price of Thalys on the first day was HK$128.9, which was a 2% drop from the issue price. As of the time of this article's publication, Thalys's stock price has dropped by more than 5%. In the A-

It is worth mentioning that on the eve of its listing on the Hong Kong Stock Exchange, Thalys presented a slightly volatile performance report.

Specifically, looking at this third-quarter financial report as of September 30, 2025, from both a single-quarter and a full-year perspective, the revenue and net profit performance of Thalys do not show a consistent trend, but rather some incongruit

For example, during the third quarter, Thalys' revenue increased by 15.75% year-on-year, but its net profit decreased by 1.74% year-on-year.

Meanwhile, during the first three quarters of 2025, Thalys achieved an overall revenue of 110.5 billion yuan, representing a year-on-year growth of 3.67%. Its net profit margin was 5.312 billion yuan, with a year-on-year increase of 31.56%, and its n

It is obvious that Thalys's performance is fluctuating.

Of course, for Thalys, which has already landed on the Hong Kong stock market, the real focus should not be on this report card. In the long run, whether Thalys, as a company listed in both A-share and H-share markets, has a bigger future imagination

Hypergrowth has ended, but growth continues

In China's new energy vehicle industry, Thalys plays a uniquely irreplaceable role.

After all, among many Chinese car companies seeking development and transformation with electrification and intelligence as their goals, Thalys is the one that has collaborated with Huawei for the longest time and the deepest binding. It is also the

It can even be boldly said that through cooperation with Huawei, Thalys has achieved overthrowing fate and altering destiny.

One typical evidence is that for the whole year of 2024, Thalys achieved a revenue of 145.1 billion yuan, which is a year-on-year increase of 305.5% compared to the whole year of 2023 with a revenue of 35.8 billion yuan. Such a rapid growth is consid

At the same time, along with this revenue growth, Thalys's automotive gross profit margin increased from 7.2% in 2023 to 23.8%, with a year-on-year increase of 16.6%. Horizontally speaking, Thalys's gross profit margin performance in 2024 surpassed t

In terms of net profit, Thalys also reversed the loss of 2.4 billion yuan for the whole year of 2023 and achieved a net profit of 5.9 billion yuan in 2024 - according to the report from Frost Sullivan cited in Thalys's listing prospectus in Hong Kong

It can be said that Thalys's rapid growth in 2024 has indeed laid a solid foundation for its impact on the Hong Kong Stock Exchange in 2025.

However, by 2025, significant changes will have occurred.

Specifically, in the first quarter of 2025, Thalys's operating income was only 19.147 billion yuan, with a year-on-year decrease of 27.91%. Despite the ultra-low base of the previous year, the Q1 net profit increased by 240.6% year-on-year. Affected

Based on this background, it can be seen that Celis 'revenue performance in the third quarter actually provided good positive support for revenue in the first three quarters of 2025, with year-on-year growth turning from negative to positive; but at