In 2025, Seres achieved a record high revenue of 165.05 billion yuan, with R&D investment reaching 12.51 billion yuan, a year-on-year increase of 77.4%.

Seres 2025 Annual Report: Full-Year Revenue of RMB 165.05 Billion; Achieves Net Profit of RMB 5.96 Billion

On March 30, technology-focused company Seres released its 2025 annual performance report. The data show that Seres achieved full-year operating revenue of RMB 165.05 billion, reaching a historical high and up 13.7% year over year. Net profit attributable to shareholders of listed companies was RMB 5.96 billion, delivering profitability for two consecutive years.

During the reporting period, Seres’ R&D investment was RMB 12.51 billion, up 77.4%, providing solid support for technological innovation and product iteration. At the same time, the company plans to distribute a cash dividend of RMB 0.8 per share (tax inclusive). For 2025, total cash dividends are expected to be RMB 1.9 billion (tax inclusive).

Full-year revenue hits a historical high; Aito deliveries exceed 420k units, leading the high-end market

Data show that in 2025, Seres’ new energy vehicle sales reached 472,269 units, up 10.6%, helping full-year revenue set a new historical high. The gross margin for new energy vehicles was 28.8%. At the same time, net cash flow from operating activities for the full year reached RMB 28.91 billion, and cash reserves remained ample.

Aito’s product lineup leads the high-end market. In 2025, total cumulative deliveries exceeded 420k units, making it the Chinese luxury brand with the highest sales in the domestic market. Among them, Aito M9 delivered over 110k units for the full year, maintaining the #1 spot among 500k yuan-class models for two consecutive years; Aito M8 delivered over 150k units for the full year, ranking #1 in the 400k yuan-class sales category; and the all-new Aito M7 delivered over 110k units during the year. By building products according to the “five highs”—high safety, high reliability, high performance, high quality, and high value—Aito reached the milestone of one million units off the production line in just 46 months, continuously setting new records for delivery speed in China’s high-end new energy vehicle market.

In the intelligent assisted driving segment, Aito is highly favored by users. Data show that in 2025, Aito added 3.8 billion kilometers of intelligent assisted driving mileage in total, with daily additions of 10.33 million kilometers on average. The number of active users for intelligent assisted driving reached as high as 95.4%. During the 2026 Spring Festival holiday period, Aito M9’s intelligent assisted driving mileage share was 51.9%, and users’ trust in intelligent assisted driving increased significantly.

Aito’s brand momentum continued to move upward in 2025. In Jielan Road’s “2025 H2 New Energy Vehicle Brand Health Research Report,” Aito ranked first in three categories: brand net recommendation value (NPS), brand development confidence index, and the “brand favorability by 100 people” index for brands above 300k yuan. The 2025 Hurun China brand list shows Aito’s brand value reached RMB 33 billion.

Aito’s brand was again selected for the Central Radio and Television General Station’s 2025 “Building a Strong Nation Through Brands” initiative, and it made a third appearance on the CCTV Spring Festival Gala, with its brand influence continuing to break through into broader mainstream awareness. In December last year, Aito M9 moved into the National Museum of China, becoming the only new energy vehicle selected for the “China Manufacturing ‘14th Five-Year’ Achievements Exhibition.”

In this year’s first quarter, Aito products continued to iterate and upgrade. On March 23, Aito M6, a new smart SUV, launched its small-quantity preorder, and orders have already exceeded 60k. Meanwhile, Aito M8 and Aito M7 received a refreshed upgrade, further enriching users’ choices and strengthening Aito’s leading position in the new energy luxury vehicle market.

R&D investment exceeded RMB 12.5 billion in 2025; drives improvement in core competitiveness

As a technology-focused company, Seres has remained firmly committed to the technical route of “software-defined vehicles,” sticking to innovation-driven development and maintaining high-intensity R&D investment. Data show that in 2025, Seres’ R&D investment reached RMB 12.51 billion, up 77.4%. Both R&D intensity and the growth rate have remained at leading levels in the industry.

At the same time, the R&D talent team has continued to grow. As of end-2025, the number of R&D personnel reached 9,019, up 45.4%, increasing its proportion of total employees to 41.1%. It obtained 8,046 cumulative authorized patents, and the capability for independently controlling core technologies has continued to improve. This not only drives product iteration and upgrading, but also provides solid technological support for responding to industry changes and expanding into global markets.

With high-intensity R&D investment, Seres has been deepening its development in electrification and intelligence, rolling out a series of innovative technological achievements such as Seres intelligent safety, the Cube technology platform 2.0, and super-range-extender technology. Seres has consistently upheld the technical route of “range extender + pure electric” dual-wheel drive. The range extender business has leaped to become number one in the Chinese market with a 37.5% market share. In the pure electric segment, breakthroughs are also accelerating, with the sales share of pure electric models continuing to rise.

Seres actively practices and explores building the automotive industry brain powered by AI + 5G as its foundation. It widely links industry and social resources, integrates across disciplines, and gradually forms a smart ecosystem covering value across the entire lifecycle and all scenarios. In addition, the company is also actively promoting industrialized application of artificial intelligence, and through deep cooperation with leading enterprises and universities, it explores business opportunities for embodied intelligence, Robotaxi, and other mobile intelligent agents that are more emotional, smarter, more secure, and trustworthy.

Empowered by the A+H dual-capital platform; supports the rollout of global business strategy

Seres continues to deepen ESG governance and integrates the concept of sustainable development deeply into the entire process of production and operations, R&D innovation, and supply chain management. With solid ESG management practices and outstanding sustainable development outcomes, in October 2025 Seres was awarded the highest ESG rating of AAA by MSCI (Morgan Stanley Capital International), an internationally authoritative index institution.

On November 5 last year, Seres listed on the main board of the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company listed in both places as an “A+H” dual listing. With the support of the dual-capital platform, not only is long-term development momentum injected into the company, but it will also continuously drive Seres’ technological innovation, brand value enhancement, and global market expansion.

With continued breakthroughs in the high-end market, Seres has also received sustained positive attention from the capital market. Many securities institutions believe that Seres has built a “technology + products + capital” three-in-one development framework. As the Aito product matrix continues to improve and overseas markets accelerate expansion, the company is expected to continue to lead in the high-end new energy vehicle segment, driving steady improvement in both sales and profitability.

In 2026, Seres will remain firmly focused on its core business of high-end intelligent electric vehicles, continuously building great high-end cars and providing excellent services to users, striving to achieve the second goal of one million units within two years. On top of strengthening its domestic market foundation, it will accelerate the building of a model R&D and operations system for overseas markets, and steadily improve the performance of global model market presence. At the same time, it will actively advance the rollout of innovative businesses such as intelligent robots, cultivating additional volume for long-term development.

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