SERES reported a 15.75% year-over-year increase in Q3 revenue, though net profit saw a slight decline. Year-to-date, the company's profitability has continued to improve, with net profit achieving steady growth of over 30%. The earnings report attributed this to "adhering to a software-defined vehicle technology strategy, maintaining a user-centric market approach, and expanding product offerings," which contributed to higher gross margins.

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

- Q3 revenue reached RMB 48.133 billion, up 15.75% YoY. - Net profit stood at RMB 2.371 billion, down 1.74% YoY.

**Q3 Net Profit Declines Slightly, but Full-Year Profitability Improves** The financial report shows SERES' Q3 operating revenue rose to RMB 48.13 billion from RMB 41.58 billion a year earlier, reflecting sustained market expansion and strong product sales. Net profit attributable to shareholders dipped slightly to RMB 2.37 billion from RMB 2.41 billion, a 1.74% decrease. Adjusted net profit (excluding non-recurring gains/losses) also saw a marginal decline of 1.39% to RMB 2.29 billion.

Despite Q3 profit pressure, SERES' year-to-date profitability has strengthened. Cumulative revenue for the first three quarters totaled RMB 110.534 billion, up 3.67% YoY, while net profit surged 31.56% to RMB 5.312 billion. Basic earnings per share increased 25.09% to RMB 3.34 from RMB 2.67. The company credited its performance to its technology and market strategies, which boosted gross margins.

**Assets and Equity Expand Significantly, Ample Cash Reserves** SERES' balance sheet reflects rapid growth. As of September 30, 2025, total assets reached RMB 121.51 billion, up 28.76% from year-end 2024.

More notably, shareholders' equity soared to RMB 27.8 billion, a 126.70% jump from RMB 12.26 billion at the end of 2024. The surge was driven by three factors: share issuance for asset acquisitions, minority shareholder investments in subsidiary SERES Auto Co., Ltd., and accumulated net profits.

The report also highlighted robust cash flow. Operating cash flow for the first three quarters rose 13.18% YoY to RMB 22.65 billion. Cash and equivalents stood at RMB 59.54 billion as of the reporting date, up significantly from RMB 45.96 billion at the start of the year.