Seres has achieved profitability for two consecutive years and plans to spend 1 billion to 2 billion yuan to repurchase shares.

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◎ Reporter Yu Liyan

On the evening of March 30, Seres released its 2025 annual report. The annual report shows that for the full year, Seres achieved operating revenue of RMB 165.05 billion, setting a record high and up 13.7% year over year; net profit attributable to shareholders of the listed company was RMB 5.96 billion, achieving profitability for two consecutive years. During the reporting period, Seres’ R&D investment was RMB 12.51 billion, up 77.4%. The company plans to distribute a cash dividend of RMB 0.8 per share (tax inclusive); in total, cash dividends for 2025 will be RMB 1.9 billion (tax inclusive), accounting for 31.9% of net profit attributable to the parent company.

In 2025, Seres’ sales of new energy vehicles reached 472,269 units, up 10.6%, helping the company set a record high in full-year revenue; the gross margin for new energy vehicles was 28.8%. At the same time, for the full year, the net cash flow from operating activities reached RMB 28.91 billion, with cash reserves remaining ample.

The AITO series products co-developed by Seres and Huawei are leading the market for premium new energy vehicles. In 2025, AITO delivered more than 420,000 new vehicles cumulatively, making it the Chinese luxury brand with the highest sales in the domestic market. AITO achieved the milestone of 1 million units rolling off the production line in 46 months, setting a record for delivery speed in China’s premium new energy vehicle market.

In the company’s analysis, amid the waves of electrification and intelligence, the automobile is accelerating its evolution from a “point-to-point” standalone mode of transport into a third living space that integrates commuting, entertainment, office use, and interaction. Technological features such as advanced driver-assistance and intelligent cockpits have become key indicators for measuring a product’s core competitiveness, deeply influencing consumers’ decisions when buying a car. In 2025, the pre-installed intelligent cockpit penetration rate in China’s passenger car market increased to 76.6%, and the L2+ advanced driver-assistance penetration rate surpassed 60%, with the rollout of intelligence clearly accelerating.

Against the backdrop of changes in user demand and the value shift from traditional luxury to tech luxury, the high-end automobile market is showing a diverging trend. In 2025, sales of traditional high-end gasoline vehicles were 1.66 million units, down about 46% from 2022, and the market share continued to shrink. Independent brands represented by AITO, leveraging leading electric and intelligent technologies and user experience, are entering an important strategic window period to accelerate their high-end new energy layout and increase market share.

As disclosed in the announcement, in 2026, Seres will deepen development along three main lines: first, firmly focus on its core business of premium intelligent electric vehicles, continuously build better premium cars, and serve customers well; second, based on consolidating its domestic market, accelerate the development of models for overseas markets and the construction of an overseas operating system, steadily improving the performance of global model markets; third, advance the landing of innovative businesses such as intelligent robots, and cultivate additional value for long-term growth.

On the technology front, Seres will actively practice and explore building an automotive “industrial brain” based on AI+5G, broadly connecting industry and social resources, integrating across sectors, and gradually forming a smart ecosystem covering value across the full lifecycle and all scenarios. In addition, the company will also advance the industrial application of artificial intelligence, and through deep cooperation with leading companies and universities, explore business opportunities for embodied intelligence, Robotaxi, and other mobile intelligent agents that are more emotional, more intelligent, more secure, and trustworthy.

According to the announcement, Seres plans to repurchase shares using its own funds of no less than RMB 1 billion (inclusive) and no more than RMB 2 billion (inclusive), with a repurchase price of no more than RMB 150 per share (inclusive), to reduce the company’s registered capital.

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