Luxury NEV Enterprise Seres Hits Record High Revenue of RMB164.89 Billion in 2025, Maintaining Positive Profitability for Second Consecutive Year
HONG KONG, Apr 2, 2026 - (ACN Newswire) - Luxury new energy vehicle (NEV) enterprise Seres officially released its 2025 annual results on March 30, with several core financial indicators recording steady growth and profitability continuing to strengthen for the second consecutive year, attracting widespread market attention.
The results report shows that in 2025, Seres achieved revenue of approximately RMB164.89 billion with a year-on-year increase of 13.63%, net profit attributable to shareholders of the listed company was RMB5.96 billion and R&D investment reached RMB12.51 billion, a year-on-year increase of 77.4%. The Company also announced a proposed final dividend of RMB0.8 per share (tax included), totaling approximately RMB1.9 billion in cash dividends, reflecting its commitment to rewarding shareholders.
In terms of sales performance, Seres' NEV sales continued to maintain a high level. Annual sales in 2025 reached 472,269 units, representing a year-on-year increase of 10.63%. The Group's premium brand AITO recorded cumulative annual deliveries exceeding 420,000 units, making it the best-selling Chinese luxury automotive brand in the domestic market. Across the full lineup, the AITO M5, M7, M8, and M9 collectively surpassed one million cumulative deliveries. The coordinated growth in both sales and profit further strengthened the Group's overall operational resilience and risk management capabilities.
In terms of R&D investment, Seres has maintained a strong commitment. In 2025, the Company’s R&D investment reached RMB12.51 billion, representing a year-on-year increase of 77.4%. Both the intensity and growth rate of R&D investment remained industry-leading, reflecting the Company’s adherence to a technology-driven strategy and laying a solid foundation for future product iteration and core competitiveness.
The Group’s cash flow performance was also robust. As of December 31, 2025, net cash flow from operating activities amounted to RMB28.12 billion. Ample cash reserves enabled the Company to support high-intensity R&D and international expansion while building a stronger risk buffer and enhancing strategic flexibility.
Kaiyuan Securities, Changjiang Securities, CICC, and Guotai Haitong are among the major brokerages maintaining positive ratings on Seres — Kaiyuan and Changjiang with "Buy," Guotai Haitong with "Overweight," and CICC with "Outperform" alongside a revised target price of RMB 120. All institutions are optimistic on Seres' long-term growth prospects, noting that underlying business fundamentals continue to improve with a clear and compelling growth thesis. Key catalysts include a dense Q2 model launch cycle (AITO M6 and refreshed M9/M8), accelerating overseas expansion into the Middle East and Europe, and a robotics business increasingly seen as a credible second growth curve.
Overall, Seres delivered a comprehensive upgrade in its 2025 results, spanning sales volume, profit, R&D and cash flow. The Company stated that it will continue to position itself as a luxury vehicle enterprise, deepen its presence in the intelligent NEV sector, further increase investment in core technologies, enrich its high-end product portfolio, accelerate its global market expansion, and focus on improving profitability and core competitiveness, thereby supporting the continued upgrading of China’s new energy vehicle industry. For investors, this performance has undoubtedly strengthened confidence in the Company’s future growth.
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