SERES Group posts 489.58% YoY soar in H1 2024 revenue

Beijing (Gasgoo)- On August 25, Huawei’s car-making partner SERES Group released its financial results for the first half of 2024, reporting a significant growth in both revenue and profit.

Photo credit: SERES 

The company’s semi-annual revenue reached 65.044 billion yuan in this year, marking a year-on-year spike of 489.58%. The company’s net profit attributable to shareholders amounted to 1.625 billion yuan in the period.

According to the report, the impressive financial performance was largely driven by a surge in new energy vehicle (NEV) sales. SERES Group's strategic focus on technological innovation and cost efficiency contributed to its operating quality, resulting in a year-on-year increase in gross profit margin and a decrease in expense ratio.

Additionally, SERES generated 16.36 billion yuan in net cash flow from operating activities during this period, with gross profit margin continuing to rise.

Notably, SERES achieved 38.483 billion yuan in revenue and 1.405 billion yuan in net profit in the second quarter alone, both representing substantial quarter-on-quarter growth.

Over the past three years, SERES and Huawei have co-developed three vehicle models under the AITO brand. SERES Group sold a total of 200,949 NEVs from January to June this year, reflecting a 348.55% year-on-year soar. This robust growth in the NEV sector underscores the company's core competitive strength.