diff --git a/bumpversion/versioning/serialization.py b/bumpversion/versioning/serialization.py
index b119d65..0bc9772 100644
--- a/bumpversion/versioning/serialization.py
+++ b/bumpversion/versioning/serialization.py
@@ -103,7 +103,8 @@ def serialize(version: Version, serialize_patterns: List[str], context: MutableM
     logger.indent()
 
     local_context = copy(context)
-    local_context.update(version.values())
+    # Use VersionComponent objects instead of raw string values to preserve formatting capabilities
+    local_context.update({key: component for key, component in version.components.items()})
     local_context_keys = set(local_context.keys())
     required_component_labels = set(version.required_components())