SERES Q1 2026 Revenue Up 34.46% YoY; Net Profit Edges Higher While Adjusted Net Profit Plummets

In the first quarter of 2026, Seres reported operating revenue of RMB 25.746 billion, an increase of 34.46% year-over-year, primarily driven by higher sales of new energy vehicles (NEVs). Net profit attributable to shareholders of the listed company amounted to RMB 754 million, up 0.89% year-over-year. However, net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, stood at RMB 103 million, a significant decline of 73.87% year-over-year, mainly due to a RMB 7.43 billion year-over-year increase in R&D expenses. Net cash flow from operating activities was negative RMB 209.50 billion, as cash inflows from NEV sales during the quarter were lower than payments made to suppliers. As of the end of the reporting period, the company’s total assets amounted to RMB 1,237.48 billion, down 14.01% from the end of the previous year, while shareholders’ equity attributable to owners of the listed company totaled RMB 413.11 billion, an increase of 0.96% compared to the end of the prior year. Both basic and diluted earnings per share were RMB 0.43, down 14.00% year-over-year. The weighted average return on net assets was 1.83%, a decrease of 4.07 percentage points compared to the same period last year.