Seres Group 2025 Annual Report: Revenue Hits 165 Billion as AITO Becomes China's Top Premium Brand

Seres Group has released its 2025 annual report, showcasing strong financial and operational performance. Full-year revenue reached RMB 165.05 billion, up 13.7% year-on-year, with net profit attributable to shareholders of RMB 5.96 billion. R&D investment surged 77.4% to RMB 12.51 billion, accounting for 7.6% of revenue. The new energy vehicle gross margin was 28.8%, with operating cash flow of RMB 28.91 billion. For Hong Kong users, Seres's report is not just a corporate scorecard but a bellwether for the rise of Chinese premium automotive brands. With the AITO M9 becoming the best-selling vehicle in the RMB 500,000 segment for two consecutive years and intelligent assisted driving usage exceeding 50%, Chinese brands have firmly established themselves in the premium market.

Performance Highlights: Revenue and Profit Grow as R&D Investment Surges

In 2025, Seres Group achieved revenue of RMB 165.05 billion, up 13.7% year-on-year, with net profit attributable to shareholders of RMB 5.96 billion. R&D investment reached RMB 12.51 billion, a 77.4% increase, accounting for 7.6% of revenue—one of the highest in China's automotive industry. By the end of 2025, the company employed 9,019 R&D personnel, a 45.4% increase, representing 41.1% of total employees. This transformation underscores Seres's shift from traditional manufacturing to a technology-driven enterprise.

AITO Brand: China's Top Premium Automaker

In 2025, Seres sold 472,269 new energy vehicles, with AITO delivering over 420,000 units, making it the best-selling Chinese premium brand in the domestic market. The AITO M9 alone delivered over 110,000 units, leading the RMB 500,000 segment for two consecutive years. This achievement is significant: in a market long dominated by established luxury brands, the AITO M9 has carved out a position through product strength and user trust.

User trust in AITO's intelligent assisted driving system has grown markedly. During the 2026 Spring Festival period, intelligent assisted driving accounted for 51.9% of all AITO M9 mileage. This indicates that users entrust their vehicles to the system for over half their driving, reflecting both technological maturity and user confidence.

Technological Strength: Magic Cube Platform 2.0 + Leading Range Extender Market Share

Seres's Magic Cube Technology Platform 2.0 integrates intelligent safety, efficient electric drive, and smart cockpit technologies, providing a solid foundation for the AITO brand. In the range extender sector, Seres holds a 37.5% market share, ranking first in China. This technical leadership directly translates into the competitive edge of models like the AITO M9 and M7.

Hong Kong Perspective: A "Chinese Answer" for the Premium Market

Several aspects of Seres's report are relevant for Hong Kong.

First, the premium market landscape is evolving. Hong Kong's luxury car market has long been dominated by German brands like BMW, Mercedes, and Audi. The AITO M9's success demonstrates that Chinese brands can compete effectively at the highest level, promising more choices for Hong Kong buyers.

Second, the adoption of intelligent assisted driving is accelerating. The 51.9% usage rate offers a reference point for Hong Kong. While local regulations currently restrict such systems, growing user acceptance suggests that as laws potentially evolve, these features will become increasingly relevant.

Third, sustained R&D investment ensures continuous improvement. With RMB 12.51 billion invested and a 9,019-strong R&D team, Seres is committed to innovation, promising more advanced technologies in future models.

Fourth, range-extender technology has gained market acceptance. With Seres holding the top market share, this technology offers a practical "electric for daily, petrol for long trips" solution—ideal for Hong Kong's urban driving and occasional northbound travel.

Personal Opinion: The Long-Term Value of R&D Investment

The Seres 2025 annual report reflects a commitment to long-term R&D investment. The 77.4% growth in R&D spending, outpacing revenue growth, and a workforce where over 40% are R&D personnel demonstrate a strategic focus on building a technological moat. The results—from the Magic Cube Platform 2.0 to the leading range extender market share and the AITO M9's sales success—are the fruits of this long-term commitment.

For Hong Kong users, Seres's report offers a window into the future of the premium automotive market. As Chinese premium brands leverage technology to compete at the highest levels, and as user trust in intelligent driving grows, Hong Kong buyers will have increasingly diverse and advanced options. Whether considering the luxury of the AITO M9 or the practicality of range-extender technology, local consumers have reasons to watch this space closely.