Although SERES' sales volume declined in the first half of the year, its net profit increased.
On the evening of July 10, the announcement of the expected increase in semi-annual performance for 2025 released by Seres (601127) showed that the company expects the net profit attributable to shareholders of the listed company in the first half of 2025 to be 2.7 billion yuan to 3.2 billion yuan, a year-on-year increase of 66.2% to 96.98%; it is expected that the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses in the first half of 2025 will be 2.23 billion yuan to 2.73 billion yuan, a year-on-year increase of 55.13% to 89.92%.
Regarding the reasons for the performance growth, SERES said that the company adheres to the technical route of software-defined cars, firmly adheres to the market route of user-defined cars, and enriches its product layout. With the launch of new products in the second quarter of 2025, the company's sales in the second quarter increased significantly compared with the first quarter, profitability increased, and operating quality continued to improve.
In terms of sales, in the first half of the year, Seres saw a year-on-year decline. Production and sales data showed that Seres sold a total of 198,600 vehicles from January to June this year, a year-on-year decline of 15.77%. Among them, the sales of new energy vehicles were 172,100 vehicles, a year-on-year decline of 14.35%.
However, high-premium models are often an important source of profit for automakers. The high-end model M9 developed by SERES and Huawei has maintained growth in the first half of the year. Production and sales data show that from January to June 2025, the cumulative sales of M9 reached 62,492 units, a year-on-year increase of 6.28%.
It is worth mentioning that on March 31 this year, Seres officially announced the launch of its H-share issuance plan and planned to go public on the main board of the Hong Kong Stock Exchange. On April 28, the Hong Kong Stock Exchange website disclosed that Seres Group Co., Ltd. officially submitted its prospectus, with CICC and China Galaxy International as joint sponsors.
The prospectus shows that in 2024, SERES' annual revenue will reach 145.114 billion yuan, a significant increase of 305.4%; in 2024, it will achieve a net profit of 4.74 billion yuan, turning losses into profits, and the profit attributable to the owners of the company will be 5.946 billion yuan; the gross profit margin will soar from 7.2% in 2023 to 23.8%, an increase of 16.6 percentage points year-on-year.
In addition, in the first half of this year, SERES also announced its investment in Huawei Technologies.
On March 31, Shenzhen Yinwang Intelligent Technology Co., Ltd. (hereinafter referred to as "Yinwang") completed the change of its industrial and commercial information. Huawei's shareholding ratio was adjusted from 100% to 80%, and Avita and Seres Automotive were added as two major shareholders, holding 10% of the shares respectively. At the same time, Zhang Xinghai was appointed as the director of Yinwang.
In January this year, Zhang Xinghai, Chairman of SERES Group, issued a New Year's message to all employees entitled "One Goal to the End". Zhang Xinghai pointed out that the company has clearly defined its goals for 2025, namely, to anchor the luxury car camp, M9 anchor the luxury car sales to continue to be the number one, and to double the number of new energy vehicles in the overseas market; within three years, SERES new energy vehicles will achieve the goal of one million units.
At the close of the market on the 10th, SERES fell 0.85% to close at 13.844 billion yuan per share.
