AITO Vehicles Shifts from Profit to Loss, Projected H1 Loss of RMB 1.8 Billion

[Company Financial Report] SERES Group forecasts a parent company net loss of RMB 1.5 billion to RMB 1.8 billion for the first half of 2026, swinging from profit to loss compared to a net profit of RMB 29.41 billion in the same period last year.

Core Development: AITO Vehicles Drives the Losses

AITO Vehicles reported a parent company net loss of RMB 1.05 billion to RMB 1.3 billion in the first half, with non-GAAP losses even higher at RMB 1.7 billion to RMB 1.95 billion. Despite a 10.2% year-over-year increase in deliveries, the company could not offset mounting cost pressures.

Key Metrics: Dual Impact from Raw Materials and Asset Impairment

The earnings decline was primarily driven by rising costs of raw materials—including storage chips, lithium carbonate, and industrial metals—as well as write-downs of existing assets due to technological obsolescence.

Strategic Foundation: Strong Cash Reserves Remain

Despite the losses, the company emphasized its ample cash reserves and sound asset-liability structure, affirming its ability to sustain operations and withstand risks. On the day of the announcement, SERES’ A+H share prices both plunged by more than 10%.