SERES Q1 2026 Revenue Up 34.46% YoY, Net Profit Under Pressure with Negative Cash Flow

According to SERES' first-quarter 2026 financial report, the company recorded total 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 7.54 billion, up slightly year-over-year; however, net profit after deducting non-recurring gains and losses stood at RMB 1.03 billion, down 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 from the end of the previous year, while shareholders' equity attributable to owners of the listed company totaled RMB 413.11 billion, showing a slight increase compared to year-end. Both basic and diluted earnings per share were RMB 0.43, down year-over-year, and the weighted average return on net assets was 1.83%, a year-over-year decline.