Seres Group (601127) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB164.89 billion in 2025, up 13.63% year-over-year, driven by a 10.63% increase in new energy vehicle (NEV) sales volume to 472,300 units.

• Profit before tax rose 50.86% to RMB7.47 billion, with net profit attributable to owners at RMB5.96 billion, nearly flat year-over-year.

• Gross profit margin improved by 2.75 percentage points in NEVs, reflecting product mix optimization and higher profitability.

• Completed H-share listing in Hong Kong, raising HKD14.1 billion in net proceeds to support R&D, product development, and global expansion.

• Proposed total cash dividends of RMB1.9 billion for 2025, representing 31.9% of attributable net profit.

Financial highlights

• Revenue: RMB164.89 billion (+13.63% YoY); NEV revenue: RMB155.61 billion (+14.85% YoY).

• Gross profit: RMB44.32 billion (+28.29% YoY); gross margin: 26.88% (+3.07pp YoY).

• Profit before tax: RMB7.47 billion (+50.86% YoY); net profit: RMB6.15 billion (+29.67% YoY).

• Basic EPS: RMB3.68 (-6.60% YoY); diluted EPS: RMB3.67 (-6.85% YoY).

• Equity attributable to owners: RMB40.92 billion (+233.64% YoY); total assets: RMB143.91 billion (+52.5% YoY).

• Net cash from operating activities: RMB28.12 billion (+27.89% YoY); cash and cash equivalents at year-end: RMB48.36 billion.

Outlook and guidance

• NEV industry expected to grow 15.2% in China in 2026, with premium intelligent EVs gaining further market share.

• Plans to expand global presence, focusing on the Middle East, Central Asia, and preparation for Europe and Asia-Pacific.

• Targeting rollout of 5,000 ultra-fast charging stations within three years and continued investment in AI and robotics for new growth drivers.