Seres Group (601127) Q3 2026 earnings summary

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.