SERES(SH:601127) Mei Ri Jing Ji Xin Wen·2025-08-30 08:06Core Viewpoint - The company reported a decline in revenue but a significant increase in net profit for the first half of 2025, driven by the growth in high-end smart electric vehicle sales [1][4]. Financial Performance - Revenue for the first half of 2025 was approximately 624.02 billion, a decrease of 4.06% compared to the same period last year [2]. - Net profit attributable to shareholders was about 29.41 billion, an increase of 81.03% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was approximately 24.74 billion, up 72.14% from the previous year [2]. - Total profit for the period was 37.25 billion, reflecting a 119.22% increase compared to the same period last year [2]. - The net cash flow from operating activities was 14.44 billion, down 11.76% year-on-year [2]. Asset and Equity Growth - As of June 30, 2025, the net assets attributable to shareholders increased by 118.2% compared to the end of the previous year, reaching 267.61 billion [2][7]. - Total assets grew by 19.66% year-on-year, amounting to 1,129.12 billion [2][7]. Sales and Market Performance - The company sold approximately 172,100 new energy vehicles in the first half of 2025, with the Wanjie series accounting for about 147,000 units, over 80% of total sales [4]. - The Wanjie M9 and M8 models became the best-selling vehicles in their respective price segments, with 62,000 and 35,000 units delivered [4]. - As of August 2025, total deliveries of the Wanjie series exceeded 750,000 units [4]. Research and Development - R&D investment for the first half of 2025 was 5.198 billion, a year-on-year increase of 154.9% [7]. - The number of R&D personnel reached 6,984, a 26.6% increase, making up 36% of the total workforce [7]. Strategic Partnerships - The company has established a comprehensive partnership with Huawei, which is expected to support its growth [4].