SERES(SH:601127) Xin Lang Cai Jing·2025-08-31 00:28Core Viewpoint - The company reported a revenue of 62.4 billion yuan for H1 2025, a year-on-year decrease of 4.1%, but showed significant growth in Q2 with a revenue of 43.25 billion yuan, reflecting a 12.4% increase year-on-year and a 125.9% increase quarter-on-quarter [1] Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 2.94 billion yuan for H1 2025, an increase of 81.0% year-on-year, with Q2 net profit reaching 2.19 billion yuan, up 56.1% year-on-year and 193.3% quarter-on-quarter [1] - The non-deducted net profit attributable to shareholders for H1 2025 was 2.47 billion yuan, a 72.1% increase year-on-year, with Q2 non-deducted net profit at 2.08 billion yuan, reflecting a 57.3% increase year-on-year and a 428.3% increase quarter-on-quarter [1] Group 2: Sales and Profitability - The sales volume of the Wanjie series reached 107,000 units in Q2 2025, marking an 8.1% year-on-year increase and a 135.8% quarter-on-quarter increase, primarily driven by the M8 model's sales of 41,000 units [2] - The average selling price (ASP) for Q1 and Q2 2025 was 367,000 yuan and 393,000 yuan respectively, indicating a strong positioning in the high-end luxury market [2] - The profit per vehicle was 21,000 yuan, with a year-on-year increase of 44.4% and a quarter-on-quarter increase of 24.4%, while the non-deducted profit per vehicle was 19,000 yuan, reflecting increases of 45.5% year-on-year and 124.0% quarter-on-quarter [2] Group 3: Market Position and Future Outlook - The company is focusing on high-end brand positioning, with the M8 and M9 models leading their respective market segments, and the M9 has been the best-selling luxury SUV above 500,000 yuan for 11 consecutive months [3] - The average transaction price in May 2025 reached 409,000 yuan, surpassing traditional luxury brands like Mercedes-Benz and BMW [3] - The company is expected to benefit from the upcoming new vehicle cycle in 2026, which is anticipated to provide additional support for business growth [3] - Revenue projections for 2025-2027 are estimated at 176.7 billion yuan, 220.3 billion yuan, and 263.7 billion yuan respectively, with net profits expected to reach 10 billion yuan, 12.8 billion yuan, and 15.6 billion yuan [3]