Key Takeaways:
SERES swung to a RMB1.717 billion interim loss for the six months ended June, reversing a RMB2.941 billion profit a year earlier.
SERES said it maintains a healthy financial structure with sufficient cash reserves and low debt pressure, providing strong risk resilience and a foundation for sustainable growth.
Revenue fell 7.9 percent year on year to RMB57.419 billion, with gross profit margin narrowing 4.7 percentage points to 21.8 percent. Loss per share was RMB0.99, against earnings per share of RMB1.87 in the same period last year. No interim dividend was declared. New energy vehicle sales reached 178,800 units, up 3.87 percent, with SERES-branded vehicles at 160,800 units, up 5.6 percent.
Shares rose 2.84 percent. The loss comes as the company ramps spending on its luxury AITO brand and new businesses, including humanoid robotics, even as delivery growth slows.
The flagship AITO M9, which began large-scale deliveries on June 16, surpassed 20,000 cumulative units within seven weeks and led the RMB500,000-plus vehicle segment for two consecutive months, with cumulative deliveries topping 300,000 units. The AITO M9 Ultimate, priced from RMB600,000, is set to begin deliveries soon.
Research and development investment rose 34.8 percent year on year to RMB7.007 billion. SERES said it is advancing innovation across underlying architectures, core systems, artificial intelligence, and intelligent digital applications, while expanding into embodied intelligence and robotics, with humanoid robots already deployed in industrial manufacturing and service settings.
The company has used cash dividends, share repurchases, and shareholder purchases to support its stock. Cumulative share repurchases exceeded RMB587 million as of July, while directors, senior executives, and key team members completed share purchases totaling RMB148 million within three trading days.
AITO's brand value reached US$3.448 billion, ranking among the top 10 luxury automotive brands globally and the only Chinese brand on the list, according to Brand Finance's 2026 Automotive Industry 100.
The swing to a loss despite only a modest revenue decline points to margin compression as SERES invests heavily in new models and emerging businesses. Investors will watch second-half delivery growth and the ramp of the AITO M9 Ultimate for signs that profitability can recover.
This article is for informational purposes only and does not constitute investment advice.
