SERES Q3 revenue increased by 15.75% year-on-year, net profit decreased by 1.74% | Financial Report Insights

SERES Q3 revenue increased by 15.75% year-on-year, but net profit saw a slight decline. From the beginning of the year to date, SERES's profitability has continued to strengthen, achieving a steady growth of over 30% in net profit. The financial report attributes this to "adhering to the technology route of software-defined vehicles, firmly orienting the market towards user-defined vehicles, and enriching product layout," which has led to an increase in gross margin.

On the 30th, SERES released its Q3 2025 financial report:

• Third-quarter revenue was 48.133 billion yuan, an increase of 15.75% year-on-year;
• Net profit was 2.371 billion yuan, a decrease of 1.74%.

Q3 net profit slightly declined, but annual profitability continues to improve

According to the financial report, SERES's third-quarter operating revenue was 48.13 billion yuan, an increase of 15.75% compared to 41.58 billion yuan in the same period last year, indicating that its market expansion and product sales remain strong. The net profit attributable to shareholders of the listed company slightly declined from 2.41 billion yuan in the same period last year to 2.371 billion yuan, a decrease of 1.74%. The net profit after deducting non-recurring gains and losses was 2.29 billion yuan, also showing a slight year-on-year decline of 1.39%.

Despite the pressure on profits in the third quarter, the cumulative data from the beginning of the year to date shows that SERES's profitability has improved. The company's revenue for the first three quarters was 110.534 billion yuan, an increase of 3.67% year-on-year; net profit was 5.312 billion yuan, an increase of 31.56%. Basic earnings per share also rose from 2.67 yuan in the same period last year to 3.34 yuan, an increase of 25.09%. The financial report attributes this to “adhering to the technology route of software-defined vehicles, firmly orienting the market towards user-defined vehicles, and enriching product layout,” which has led to an increase in gross margin.

Significant expansion of assets and equity scale, ample cash reserves

SERES's balance sheet also reflects the company's rapid expansion. As of September 30, 2025, the company's total assets reached 121.51 billion yuan, an increase of 28.76% compared to the end of the previous year.

Even more noteworthy is the growth of owner’s equity. At the end of the reporting period, the owner’s equity attributable to shareholders of the listed company surged to 27.8 billion yuan, a staggering increase of 126.70% compared to 12.26 billion yuan at the end of last year. According to the announcement, this significant growth is mainly attributed to three factors: issuing shares to purchase assets, the subsidiary SERES Automotive Co., Ltd. receiving capital increases from minority shareholders, and the accumulation of its own net profit.

SERES's financial report shows that its cash position is very solid. In the first three quarters of 2025, the net cash flow generated from operating activities was 22.65 billion yuan, an increase of 13.18% year-on-year. On the balance sheet, as of the end of the reporting period, the company's monetary funds reached 59.54 billion yuan, a significant increase compared to 45.96 billion yuan at the beginning of the year