Gasgoo Munich-On March 23, 2026, pre-orders for the AITO M6 opened, accumulating 60,000 orders in 24 hours. A week later, SERES Group released its 2025 annual performance report. As China's first new energy vehicle (NEV) maker to list on both the A-share and Hong Kong markets, SERES completed its Hong Kong IPO in November 2025, raising net proceeds exceeding 14 billion Hong Kong dollars. The release of this annual report comes at a pivotal moment as the company embarks on a new growth cycle.
Financial Fundamentals: Scale Expansion and Profit Resilience
Looking at core financial metrics, SERES generated approximately 165.05 billion yuan in revenue in 2025, up 13.69% year-on-year and a record high. Net profit attributable to listed shareholders totaled about 5.96 billion yuan, a marginal 0.18% increase, marking the second consecutive year of profitability. Against a backdrop of industry-wide price competition and margin compression, these results demonstrate a degree of resilience.
Image Source: SERES Financial Report
The primary driver for revenue growth was the increase in NEV sales. SERES sold 472,269 NEVs in 2025, a 10.63% year-on-year rise. The AITO series accounted for over 420,000 of those deliveries, contributing more than 82% to total sales and serving as the core pillar of SERES' performance. The average transaction price for the AITO brand climbed to 391,000 yuan from 377,000 yuan in 2024, signaling enhanced product pricing power. The AITO M9 delivered over 110,000 units, ranking first in the 500,000-yuan segment for a second straight year; the AITO M8 delivered over 150,000 units, ranking first in the 400,000-yuan class; and the all-new AITO M7 recorded annual deliveries exceeding 110,000 units.
Regarding profit structure, SERES' NEV gross margin reached 28.78% in 2025, an increase of 2.55 percentage points from 2024. Improved margins from product mix adjustments became a key support for profit growth. However, net profit attributable to shareholders rose only slightly, and net profit after deducting non-recurring items stood at 5.14 billion yuan, down 7.84% year-on-year, indicating pressure on underlying business profitability.
In 2025, SERES' selling expenses reached 24.19 billion yuan, up 26.12%; administrative expenses totaled 4.79 billion yuan, up 34.96%; and R&D expenses hit 7.95 billion yuan, jumping 42.41%. The combined total of these three expenses increased by more than 7.1 billion yuan compared to the previous year, eroding profits.
There was also improvement in cash flow and the balance sheet structure. Net cash flow from operating activities reached 28.91 billion yuan in 2025, a 28.42% increase. In November 2025, SERES successfully listed on the main board of the Hong Kong Stock Exchange, becoming the first NEV company with dual listings in A-shares and Hong Kong, raising net proceeds of approximately 14 billion Hong Kong dollars.
Technology and Strategic Layout
SERES emphasized its technology-driven strategic direction in its 2025 annual report. R&D investment hit 12.51 billion yuan in 2025, surging 77.4% year-on-year, with both the intensity and growth rate of investment leading the industry. By the end of 2025, R&D personnel numbered 9,019, up 45.4%, accounting for 41.1% of the total workforce. The company has accumulated 8,046 authorized patents.
Image Source: SERES Group
In terms of technological achievements, SERES launched innovations such as SERES Smart Safety, the Cube Technology Platform 2.0, and Super Range Extender, completing development of its fifth-generation 2.0T Super Range Extender. The company adheres to a "Range Extender + Pure EV" dual-drive strategy, with its range extender business ranking first in China with a 37.5% market share. In the field of intelligent driving, AITO accumulated 3.8 billion kilometers of intelligent assisted driving mileage in 2025, averaging 10.33 million new kilometers daily, with an active user ratio of 95.4%.
Regarding capacity and supply chain management, facing an order backlog of 230,000 units for the all-new AITO M7, SERES issued clear directives to all suppliers in September 2025 to boost capacity to 1,200 vehicles per day by October 28. The company deployed dedicated coordination teams to core suppliers and urged some key suppliers to build supporting production facilities near the factories to shorten supply chain response times.
Image Source: SERES Group
According to the financial report, SERES completed two major investments during the period: first, the acquisition of 100% equity in Longsheng New Energy for 8.52 billion yuan. This facility serves as the core production base for AITO series models, with 100% automation in key processes. Second, a subsidiary acquired a 10% stake in Shenzhen Yinwang Intelligent Technology for 11.5 billion yuan in cash.
Additionally, SERES systematically disclosed its smart robot business layout for the first time in its annual report. The company is conducting R&D across various forms including bipedal, wheeled, quadruped, and wheel-foot composite robots, forming a preliminary multi-platform parallel technology reserve.
Looking ahead to 2026, SERES aims to achieve its second million-vehicle target within two years, while accelerating the development of models and operational systems for overseas markets and advancing the implementation of innovative businesses like smart robots.
Overall, SERES' 2025 annual report presents a picture of "scale expansion, profit pressure, and increased investment." Positive signals such as steady growth in revenue and sales, continuous improvement in gross margins, and an optimized balance sheet are clear. However, the pressure on profits from expanding expenses cannot be ignored. The high intensity of R&D investment and deep vertical integration in the supply chain highlight SERES' emphasis on long-term technical capabilities.
Going forward, how to balance profit and investment while consolidating its position in the domestic high-end market—and navigating industry competition—will remain a focal point for the market.
