On March 30, SERES released its 2025 annual report. The financial report shows that the company achieved revenue of 164.888 billion yuan for the full year, a year-on-year increase of 13.63%; net profit attributable to the parent company was 5.957 billion yuan, a slight year-on-year increase of 0.18%, maintaining profitability resilience amidst fierce competition in the new energy vehicle industry.
The company's profitability structure continued to be optimized. Gross profit for the full year increased by 28.29% year-on-year, and the gross margin increased by more than 3 percentage points to 26.88% compared to the previous year; profit before tax increased significantly by 50.86% year-on-year, and the profitability of core businesses improved significantly.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/8400f474-9b5c-41e2-912b-95995830c502.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/8400f474-9b5c-41e2-912b-95995830c502.png"/>
Key financial report data is as follows:
<blockquote>
2025 revenue: 164.888 billion yuan, a year-on-year increase of 13.63%;
Gross profit: 44.324 billion yuan, a year-on-year increase of 28.29%;
Profit before tax: 7.470 billion yuan, a year-on-year increase of 50.86%;
Profit for the year: 6.147 billion yuan, a year-on-year increase of 29.67%;
Net profit attributable to parent company: 5.957 billion yuan, a year-on-year increase of 0.18%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1d4fdad0-523a-45d6-9d38-b69cb87ab2d0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1d4fdad0-523a-45d6-9d38-b69cb87ab2d0.png"/>
</blockquote>
The highlight of the financial report lies in its financial structure. In November 2025, SERES successfully completed its H-share listing, raising net proceeds of approximately 14.098 billion Hong Kong dollars. Affected by this, the company's equity attributable to the parent company at the end of the year surged to 40.918 billion yuan, an increase of 233.64% from the end of the previous year; the asset-liability ratio dropped sharply from 87.38% to 70.91%, a decrease of 16.47 percentage points, significantly enhancing financial stability.
In terms of new energy vehicle sales, the company sold 472,300 new energy vehicles in 2025, a year-on-year increase of 10.63%. Among them, the Aito brand performed outstandingly, delivering 426,000 vehicles for the full year, with the average transaction price increasing from 377,000 yuan to 391,000 yuan, holding a market share of over 20% in the high-end new energy SUV market. The Aito M8, M9, and M7 models were all among the top sellers in their respective price segments.
<h2>High-Intensity R&amp;D Investment Accelerates Intelligent Transformation</h2>
In 2025, the company's R&amp;D investment was 12.512 billion yuan, a year-on-year increase of 77.4%, of which R&amp;D expenses were 7.954 billion yuan, a year-on-year increase of 42.4%. The number of R&amp;D personnel increased to 9,019, a year-on-year increase of 45.44%, accounting for 41.1% of the company's total employees.
In terms of technological achievements, the company released the Magic Cube Technology Platform 2.0, led by &#34;Panoramic Intelligence&#34; and based on &#34;Intelligent Safety.&#34; It has been comprehensively upgraded around intelligent energy, intelligent chassis, vehicle electronic and electrical architecture, and intelligent space. The Aito brand's assisted driving mileage reached 3.8 billion kilometers, with assisted driving mileage accounting for 32.9% and active user penetration reaching 95.4%.
In terms of intelligent robot business, the company is conducting technology research and development around various forms including bipedal, wheeled, quadrupedal, and hybrid wheel-leg robots, and has initially formed a technology reserve layout with multiple platforms running in parallel.
<h2>Hong Kong Listing Reshapes Asset Structure, Cash Flow Significantly Improves</h2>
On November 5, 2025, SERES H shares were listed on the Main Board of the Stock Exchange, issuing 108,619,000 shares at an issue price of 131.50 Hong Kong dollars. The H-share listing not only broadened international financing channels but also changed the company's asset-liability structure.
At the end of the year, bank balances and cash reached 48.363 billion yuan, an increase of more than 6 times from 6.334 billion yuan at the beginning of the year. The scale of time deposits and financial assets measured at fair value and whose changes are included in profit or loss decreased, mainly due to the maturity of idle fund cash management. The net cash flow from operating activities was 28.120 billion yuan, a year-on-year increase of 27.89%, indicating a continuous strengthening of operating cash recovery capability.
<h2>Two Major Strategic Investments Implemented, Deepening Industrial Chain Layout</h2>
During the reporting period, the company completed two major investments. First, it acquired 100% equity of Longsheng New Energy for 8.518 billion yuan. This factory is a core production base for the Aito series models, with 100% automation in key processes. Second, its subsidiary SERES Automobile acquired a 10% stake in Shenzhen YINWANG Intelligent Technology Co., Ltd. for 11.5 billion yuan in cash, holding a 9.36% stake and securing a board seat. Shenzhen YINWANG is a supplier of incremental components for intelligent connected vehicles. This investment is regarded as a &#34;business + equity&#34; dual-wheel drive strategic layout.
As of the end of the year, the company's balance of investments in joint ventures and associates was 13.562 billion yuan, a substantial increase from 1.972 billion yuan at the beginning of the year, mainly due to the investment in Shenzhen YINWANG.

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SERES's 2025 annual report shows that the full-year revenue was 164.888 billion yuan, a year-on-year increase of 13.63%, and the net profit attributable to the parent company was 5.957 billion yuan, a slight year-on-year increase of 0.18%. Profitability structure was optimized, with gross margin increasing by over 3 percentage points to 26.88%. The H-share listing reshaped the financial structure, causing the asset-liability ratio to drop sharply from 87.38% to 70.91%. The Aito brand delivered 426,000 vehicles for the full year, holding a market share of over 20% in the high-end new energy SUV market. The company's R&D investment was 12.512 billion yuan, a year-on-year increase of 77.4%

- On March 30, 2026, Cyric released its 2025 annual report, showing a revenue of 164.88 billion yuan, a year-on-year increase of 13.63%.  
- The report highlights a significant improvement in financial structure, with a successful H-share listing raising about 14.09 billion HKD, enhancing net asset value and reducing the debt ratio dramatically.  
- Additionally, the company invested heavily in R&D and made strategic acquisitions to strengthen its position in the electric vehicle market and smart technology development.

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SERES

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SERES's 2025 Revenue Grows Steadily, Net Profit Attributable to Parent Company Sees Only Slight Increase, Aito Delivers 426,000 Units | Earnings Watch