Seres' semi-annual report anticipates a loss ranging from 1.5 to 1.8 billion yuan, with AITO car sales experiencing a 30% drop in June. By 2026, R&D investment is projected to surpass 10 billion yuan.

According to a July 12 report from ifeng.com Finance, Seres released its semi-annual performance forecast for 2026, projecting a net loss attributable to shareholders between -1.8 billion yuan and -1.5 billion yuan for the first half of the year, marking a significant downturn from profitability compared to the same period last year. The net loss attributable to shareholders after deducting non-recurring items for the first half of 2026 is estimated to range from -2.5 billion yuan to -2.2 billion yuan.

Specifically, AITO cars reported a net loss attributable to shareholders between -1.3 billion yuan and -1.05 billion yuan for the first half of the year, with a net loss after deducting non-recurring items ranging from -1.95 billion yuan to -1.7 billion yuan.

In contrast, the total profit for the same period last year stood at 3.725 billion yuan, with a net profit attributable to shareholders of 2.941 billion yuan and a net profit after deducting non-recurring items of 2.474 billion yuan.

Analyzing the quarterly data, Seres achieved a net profit attributable to shareholders of 754 million yuan in the first quarter. However, it anticipates a loss between -2.15 billion yuan and -1.9 billion yuan in the second quarter alone, indicating significant performance volatility.

Regarding the reasons for this performance shift, Seres explained that rising prices of key raw materials, including memory chips, industrial metals, and lithium carbonate, have increased production costs. Based on prudent principles and to further solidify overall asset quality, combined with expectations of future asset returns, the book value of certain inventory assets (existing assets with limited adaptability due to technological advancements and model changes) has been adjusted.

According to an analysis by The Paper, another contributing factor to Seres' loss is the intensified competition in the market, where the "price war" has further squeezed corporate gross margins. As the industry enters a phase of low profitability with "volume gained at the expense of price," AITO has implemented multiple preferential policies to maintain market share and the rhythm of new car sales. Against the backdrop of rising costs, these terminal concessions have directly compressed product gross margins.

Additionally, a significant portion of this loss comprises non-operating one-time impairments. For instance, with the launch of new AITO models, specialized molds corresponding to older models, outdated intelligent driving hardware inventories, and some production line adaptation assets have lost their reuse value, leading to concentrated impairment charges in accordance with accounting standards.

According to Wall Street See, Zhang Xinghai, Chairman of Seres, stated at the China Auto Chongqing Forum on June 12 that the average cost per AITO vehicle has risen by 15,000 to 20,000 yuan, "exerting significant pressure on us." He noted that memory chip prices have surged from approximately 20 yuan per unit to nearly 100 yuan, while lithium carbonate prices have increased from 80,000 yuan per ton last year to 180,000 yuan per ton.

In the institutional exchange record disclosed by Seres on July 9, it was also mentioned that intensified industry competition and raw material price fluctuations would lead to cost increases, posing short-term pressure. However, the company's response is not to reduce investment. Seres anticipates that R&D investment will still exceed 10 billion yuan in 2026, primarily focusing on major products, platform construction, and innovative businesses.

According to the production and sales data for June released by Seres, the group's new energy vehicle sales in June reached 33,669 units, a year-on-year decrease of 26.94%. Among them, Seres cars (AITO cars) sold 30,331 units, a year-on-year decrease of 30.19%. The cumulative new energy vehicle sales for the year reached 178,800 units, a year-on-year increase of 3.87%, with Seres cars (AITO cars) selling a cumulative total of 160,800 units, a year-on-year increase of 5.6%.

Regarding this shift from profitability to losses, Seres stated that the company currently maintains ample cash reserves and a sound balance sheet structure, providing solid support for business development, technological research and development, and strategic investments. The company possesses strong continuous operating capabilities and risk resistance.