Seres Group (601127) Q2 2025 earnings summary

Executive summary

• Achieved net profit attributable to shareholders of ¥2.94 billion, up 81.03% year-over-year, with total revenue of ¥62.40 billion, down 4.06% year-over-year, driven by strong growth in high-end smart EV sales and improved gross margin.

• Delivered 198,600 vehicles in H1 2025, with high-end models M9 and M8 leading their segments; R&D investment surged 154.9% year-over-year, supporting rapid product innovation.

• Completed major equity acquisition of Chongqing Longsheng New Energy, boosting net assets by 118.2% from year-end 2024.

Financial highlights

• Net profit attributable to shareholders: ¥2.94 billion, up 81.03% year-over-year.

• Total revenue: ¥62.40 billion, down 4.06% year-over-year due to lower sales volume and product mix.

• Gross margin improved, with operating quality and profitability significantly enhanced.

• Basic and diluted EPS: ¥1.87, up 73.15% year-over-year.

• Net cash from operating activities: ¥14.44 billion.

Outlook and guidance

• Plans to expand high-end smart EV product line and accelerate international expansion.

• Will continue to invest heavily in R&D and digital manufacturing to maintain technology leadership.

• Management highlights ongoing risks from industry competition, macroeconomic shifts, and global trade uncertainties.