Seres Group (601127) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 25.75 billion, up 34.46% year-over-year, driven by increased new energy vehicle sales.

• Net profit attributable to shareholders was RMB 754.46 million, a slight increase of 0.89% year-over-year.

• Operating cash flow was negative RMB 20.95 billion, significantly lower than the previous year.

Financial highlights

• Total assets at quarter-end were RMB 123.75 billion, down 14.01% from year-end 2025.

• Basic and diluted EPS were both RMB 0.43, down from RMB 0.50 year-over-year.

• Gross margin and operating profit margin declined due to higher R&D and operating costs.

• Net cash flow from operating activities dropped 73.87% year-over-year.

Outlook and guidance

• Revenue growth attributed to robust new energy vehicle sales, with continued R&D investment expected.