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Seres Group (601127) investor relations material
Seres Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 revenue was RMB28.08bn, down 41.66% YoY; attributable net income was RMB1.42bn, while attributable net loss excluding non-recurring items was RMB1.37bn.
9M revenue fell 22.58% YoY to RMB85.57bn; attributable net loss was RMB296.9m and operating cash flow was negative RMB14.51bn.
Financial highlights
9M total operating costs were RMB88.66bn versus revenue of RMB85.57bn; operating loss was RMB990.1m and total loss before tax was RMB1.06bn.
9M net loss was RMB809.0m, including RMB296.9m attributable to parent shareholders; prior-year net income was RMB5.64bn.
Q3 non-recurring gains totaled RMB2.79bn, including RMB2.61bn from disposal of non-current assets; 9M non-recurring gains totaled RMB3.45bn.
9M R&D expense increased to RMB5.69bn from RMB5.06bn YoY; sales expense was RMB12.29bn versus RMB15.99bn.
Outlook and guidance
Management said intensified R&D, platform architecture and software/hardware reuse are intended to strengthen differentiated products, technology reuse and user experience, supporting resilience through the industry cycle and longer-term growth.
- Revenue fell 7.87% and net loss reached RMB 1.72 billion amid cost and market pressures.601127
Q2 2026 - Revenue surged 34% year-over-year, but cash flow and margins declined amid higher R&D costs.601127
Q1 2026 - 2025 revenue rose 13.6% to RMB164.89B, with NEV sales and profit before tax both sharply higher.601127
Q4 2025 - Net profit surged 31.56% year-over-year on higher revenue and improved gross margin.601127
Q3 2025 - Net profit surged 81% year-over-year to ¥2.94B, driven by high-end EV sales and margin gains.601127
Q2 2025 - Revenue and net profit soared in Q3 2024, marking a strong turnaround and robust growth.601127
Q3 2024 - Revenue up 489.58% and net profit turned positive on NEV sales growth in H1 2024.601127
H1 2024 - Record revenue and profit on NEV sales growth, margin gains, and strong cash flow.601127
Q4 2024 - Net profit jumped 240% year-over-year, offsetting revenue decline amid product transition.601127
Q1 2025
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