Gasgoo Munich- Seres Group Co., Ltd.’s 2025 financial report reveals full-year revenue of 164.888 billion yuan, a 13.63% increase that outpaced growth in new-energy vehicle sales. The company sold 472,300 NEVs last year, up 10.63% annually. The average transaction price rose from 377,000 yuan to 391,000 yuan, capturing a more than 20% share in the high-end NEV SUV segment. The AITO M7, M8, and M9 models delivered standout performances, while a new M6 is slated for future release.
Image source: Seres Financial Report
On profitability, pre-tax profit jumped 50.86% to 7.47 billion yuan, while annual profit for the year rose by the same margin to 6.147 billion yuan. Net profit attributable to parent shareholders edged up 0.18% to 5.957 billion yuan, though net profit after deducting non-recurring items slipped 7.84% to 5.136 billion yuan. Gross profit surged 28.29% year-on-year, lifting the gross margin by nearly 3 percentage points to 26.88%. The sales gross margin climbed from 26.15% in 2024 to 29.14% in 2025 — a level the company claims may be the highest in the auto industry. Meanwhile, the net profit margin inched up from 3.27% to 3.72%.
R&D spending accelerated significantly. Total R&D investment reached 12.512 billion yuan in 2025, a 77.4% surge, with R&D expenses specifically climbing 42.4% to 7.954 billion yuan. The company expanded its R&D headcount by 45.44% to 9,019 employees, who now make up 41.1% of the total workforce.
In capital moves, the company closed two major acquisitions during the year. It paid 11.5 billion yuan for a 10% stake in Shenzhen Yinwang Intelligent Technology Co., representing a 9.36% equity interest. Separately, it acquired 100% of Longsheng New Energy for 8.518 billion yuan. Longsheng serves as the core production base for the AITO series, boasting 100% automation in key processes.
