Seres Q1 Revenue Up 34.5% but Non-GAAP Net Profit Plummets 73.9%

[Financial Snapshot] Seres reported Q1 2026 revenue of RMB 25.746 billion, up 34.46% year-over-year, but non-GAAP net profit was only RMB 1.03 billion, a sharp 73.87% decline year-over-year.

Core Trend: Rising NEV Sales Fail to Offset Profit Pressure in Core Business

Seres delivered 78,500 new energy vehicles (NEVs) in Q1, a 43.90% year-over-year increase, driving overall revenue growth. However, the significant drop in non-GAAP net profit was primarily due to a surge in R&D expenses, which jumped to RMB 17.94 billion, an increase of RMB 7.43 billion (+70.7%) year-over-year.

Key Metric: Net Cash Flow from Operating Activities at -RMB 209.50 billion

The company explained that the cash outflow stemmed mainly from lower customer collections compared to payments made to suppliers. Although attributable net profit slightly increased to RMB 7.54 billion, the heavy R&D investment and cash flow strain highlight the growing pains of its strategic transformation.

Strategic Foundation: Betting on High-Intensity R&D for "Software-Defined Vehicles"

Seres continues to ramp up technological iteration, aiming to build long-term competitiveness through product upgrades. Short-term profit pressure is an inevitable cost of this strategic investment.