Xin Lang Ke Ji·2025-11-28 02:15Core Viewpoint - The highest gross margin among Chinese new energy vehicle companies is held by Seres, which has achieved a gross margin of 30% in Q3 2025, driven by the strong sales of its Wanjie model [1][2]. Summary by Category Gross Margin Performance - Seres leads the industry with a gross margin of 30% in Q3 2025, marking a significant increase from 21.5% in Q1 2024 [1][2]. - Xiaomi's gross margin has also seen substantial growth, rising from 15.6% in Q1 2024 to 25.5% in Q3 2025, making it the fastest-growing among mainstream brands [1][2]. - Other new energy vehicle brands show varied performance: - Li Auto at 19.8% - NIO at 14.7% - Xpeng at 13.1% - Zeekr at 15.6% - Leap Motor at 14.5% in Q3 2025 [1][2][3]. - Tesla's gross margin has shown slight fluctuations, recorded at 15.5% in Q3 2025 [1][2]. Industry Dynamics - The current competitive landscape indicates that Xiaomi may pose the only significant challenge to Seres in terms of gross margin [1].