SERES(SH:601127) Xin Lang Cai Jing·2025-11-01 02:30Core Viewpoint - The company reported a strong Q3 performance with revenue growth driven by the M8 model, despite a slight decline in net profit [1][2][3] Financial Performance - Q3 revenue reached 48.13 billion yuan, with year-on-year and quarter-on-quarter increases of 15.8% and 11.3% respectively [1] - Net profit attributable to shareholders was 2.37 billion yuan, showing a year-on-year decrease of 1.7% but a quarter-on-quarter increase of 8.1% [1] - The adjusted net profit was 2.29 billion yuan, with a year-on-year decrease of 1.4% and a quarter-on-quarter increase of 10.2% [1] Sales Performance - The company sold 124,000 vehicles in Q3, with year-on-year and quarter-on-quarter increases of 12.2% and 16.0% respectively [1] - The M8 model saw significant sales growth, with Q3 sales of 65,000 units, a quarter-on-quarter increase of 56.8% [1] - The M9 model experienced a decline in sales, with Q3 sales of 31,000 units, down 38.2% year-on-year and 22.2% quarter-on-quarter [1] Profitability and Costs - The gross margin for Q3 was 29.9%, reflecting increases of 4.4 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [2] - The net profit margin was 4.9%, with decreases of 0.9 percentage points year-on-year and 0.1 percentage points quarter-on-quarter [2] - The company’s selling expense ratio increased to 14.7%, with a significant rise in selling expenses by 2.42 billion yuan year-on-year [2] Future Outlook - The company is expected to achieve revenue of 172.4 billion yuan in 2025, with a year-on-year growth of 19% [3] - The net profit forecast for 2025 is 8.5 billion yuan, representing a year-on-year increase of 43% [3] - The company plans to accelerate its internationalization process through an upcoming IPO in Hong Kong [3]