As the so - called "Golden September and Silver October" arrives, Seres' sales have declined in the first eight months. Can the 100,000 orders received within 43 minutes for the M7 reverse the situation?
The automotive market is about to welcome the annual "Golden September and Silver October" sales peak season. As of August 2025, more than half of the year has passed. For many automakers, the pressure to achieve growth in the remaining four months is becoming increasingly urgent.
According to the latest production and sales data for August disclosed by Seres, the cumulative sales volume in the first eight months of this year was 296,202 vehicles, a year-on-year decrease of 9.21%. Looking solely at August, the sales volume was 45,818 vehicles, also a year-on-year decline of 10%. Compared with the total sales volume of 497,008 vehicles in 2024, the cumulative sales volume of Seres in the first eight months of this year only reached about 60% of last year's total.
This means that if Seres wants to match last year's performance, it needs to achieve at least 40% of the target volume in the remaining four months. If it wants to surpass last year's results, the pressure is self-evident.
Fortunately, judging from Seres' recent developments, the pre - order popularity of the new AITO M7 seems to have injected confidence into its end - of - year sprint. The new M7, which officially started pre - orders on September 5th, saw the number of small pre - orders exceed 100,000 in just 43 minutes. Yu Chengdong also posted a message to celebrate in a timely manner: "The new M7 is selling like hotcakes! Far exceeding expectations and almost unimaginable!"
It is worth noting that while the AITO brand continues to consolidate its position in the mid - to - high - end market, the HarmonyOS series is jointly launching the "down - market" Shangjie H5 with SAIC. For Seres, how should the pros and cons of this new product targeting the mass market be evaluated?
Earned a net profit of 2.9 billion in half a year, with M8/M7 taking over to boost sales in the second half
Affected by the decline in automobile sales and changes in the product structure, Seres' total operating revenue in the first half of 2025 was 62.402 billion yuan, a year - on - year decrease of 4.06%. However, the net profit attributable to the parent company increased against the trend by 81.03% to 2.941 billion yuan.
Its performance in the second quarter was particularly remarkable. The total operating revenue was 43.255 billion yuan, a year - on - year increase of 12.4% and a significant quarter - on - quarter increase of 130%, with the growth rate far exceeding the overall level of the first half of the year.
The core driving force behind this strong performance came from the "simultaneous increase in volume and price" of the new model, AITO M8. The total sales volume in the second quarter was 130,000 vehicles, a year - on - year increase of 7.0% and a quarter - on - quarter surge of 90%. Among them, the AITO brand contributed 107,000 vehicles, a year - on - year increase of 7.8% and a quarter - on - quarter explosion of 140%.
Estimated based on the revenue volume corresponding to the same period in the second quarter, the average selling price (ASP) of AITO models reached 371,000 yuan, a year - on - year increase of 13,000 yuan and a quarter - on - quarter increase of 12,000 yuan.
The dual improvement in sales volume and ASP has made the profit growth more resilient. The gross profit margin in the second quarter rose to 29.5%, a year - on - year increase of 2.0 percentage points and a quarter - on - quarter increase of 1.9 percentage points. The net profit per AITO vehicle reached 46,000 yuan, a year - on - year explosion of 21,000 yuan and a quarter - on - quarter surge of 37,000 yuan, driving the net profit attributable to the parent company in the second quarter to 2.193 billion yuan, a year - on - year increase of 56.09% and a quarter - on - quarter soar of 190%.
Looking at the overall situation in the first half of the year, relying on the automated, intelligent, and flexible production capabilities of Seres' super factory, the AITO series has continuously ranked high in the high - end market. The total sales volume was 198,600 vehicles, and the AITO brand has cumulatively delivered more than 147,000 vehicles, with an average price per vehicle exceeding 400,000 yuan. Among them, the AITO M9 and M8 respectively topped the sales lists of SUVs in the 500,000 - yuan and 400,000 - yuan segments.
The new models continue to drive growth. The AITO M8, which was launched in April, saw its sales volume stabilize between 22,000 and 23,000 vehicles from June to July after the production capacity ramp - up from April to May. The pure - electric version of the M8, which was launched on August 25th and has the same price as the extended - range version, is highly competitive, with over 10,000 large pre - orders placed within 24 hours.
Both the already - launched M8 and the new M7, which will be launched in late September, will become new drivers of growth in the next four months. Data shows that as the best - selling model in 2022 with monthly sales exceeding 20,000, the new M7 received over 100,000 small pre - orders within an hour after its upgrade.
AITO's high - end strategy takes another step forward, and securities firms generally raise profit forecasts
As the best - selling model in AITO's history, the new M7 is built on a new architecture, with comprehensive upgrades in appearance, interior, configuration, and power. Supported by both extended - range and pure - electric versions, its pre - sale performance has exceeded expectations. Yu Chengdong said bluntly, "It's selling like crazy!"
Behind the rapid launch of the new model is the technical support of Seres' high R & D investment and the efficient manufacturing capabilities of its super factory. Data shows that in the first half of 2025, the company's R & D investment increased by 154.9% year - on - year, with a cumulative total of 6,826 authorized patents. The efficient technical layout provides key support for the expansion of the product matrix and the exploration of new profit margins.
More importantly, as Ping An Securities analyzed, after the upgrade of the M7, its starting price has exceeded that of the old model, breaking the convention of "adding features while reducing prices", which demonstrates the brand premium of AITO. Together with the on - sale M9 and M8, it has built a high - end market barrier of "high price and high sales volume". It should be noted that the starting price of the 2025 AITO M9 has increased by 10,000 yuan compared with the old model. The launch of the new AITO M7 will greatly enhance AITO's competitiveness in the 300,000 - yuan segment.
So far, AITO's high - end strategy has become clearer again. On the one hand, relying on the user recognition and product strength accumulated through in - depth cooperation with Huawei, it is getting rid of the dependence on price - performance ratio. On the other hand, it is strengthening its own independence starting from the sales channel. Since 2024, it has built its own exclusive channels, including introducing luxury brand dealers such as Yongda and Zhong Sheng. According to data reported by "Phoenix WEEKLY Auto", from 2023 to 2024, the delivery volume ratio between the HarmonyOS Smart Mobility sales network and the AITO sales network has changed from 70:30 to 50:50. In 2025, the proportion of AITO's self - owned channel sales continues to increase, thereby reducing its dependence on HarmonyOS Smart Mobility.
In addition, on the production side, Seres' super factory optimizes the supply chain through the "factory - within - a - factory" model to ensure the stable delivery of flagship models such as the AITO M8 and M9. Relying on digital twin technology, Seres' super factory has built a digital and intelligent operation system covering 90% of its business processes, significantly improving business efficiency and quality.
To match this, Seres optimizes the efficiency of the supply chain through a "streamlining + concentration" strategy. It has integrated the first - tier suppliers per vehicle to about 100 and deepened strategic cooperation with 20 of them, which are world - class suppliers. At the same time, it has introduced 12 core suppliers to build factories in Chongqing. Through the "factory - within - a - factory" model, the production of core components is integrated into the vehicle manufacturing process, enabling instant zero - distance collaboration among technical teams and comprehensively improving supply chain efficiency.
Based on the hot pre - sale of the new M7 and its market potential, Ping An Securities believes that the new product cycle is expected to further boost sales and profits, and has raised its net profit forecast for Seres from 2025 to 2027 to 10.3 billion/14.3 billion/16.8 billion yuan.
Huachuang Securities also pointed out that AITO has become a leading brand in the high - end SUV market. With the intensive launch of new models, Seres' sales volume and profitability are expected to steadily increase. Coupled with the acceleration of its internationalization process through a Hong Kong IPO, the expansion of the overseas market is worth looking forward to. Based on recent sales volume and new model plans, it has raised its revenue forecast for 2025 - 2027 to 182.2 billion, 240.7 billion, and 264.7 billion yuan. Western Securities also believes that Seres' high - end product matrix continues to improve, and the delivery of the M8 is expected to kick off a new product cycle.
HarmonyOS Smart Mobility officially enters the 200,000 - yuan market segment. What are the pros and cons for Seres?
AITO remains the core of the HarmonyOS Smart Mobility ecosystem, being both the sales champion and the "data cornerstone" for the iteration of intelligent driving functions.
However, it is worthy of continuous attention that while the M7 - M9 series consolidates AITO's position in the mid - to - high - end market through continuous iteration, the HarmonyOS series is launching a new model, the Shangjie H5, which has the greatest elasticity in terms of price and sales growth. Recently, the first SUV model, the Shangjie H5, jointly built by Huawei and SAIC, officially started pre - orders, with a pre - sale price starting from 169,800 yuan. It is the first model of HarmonyOS Smart Mobility with a pre - sale price below 200,000 yuan.
This new model can be regarded as Huawei's first exploration of the "down - market". For Seres, which holds a 10% stake in Yinwang, the release of new demand is very likely to indirectly benefit from the long - term growth of Yinwang's market value. In 2024, Ping An Securities estimated that Yinwang's long - term market value could reach 573.7 billion - 742.5 billion yuan, which represents a huge valuation space compared with Seres' investment valuation of 115 billion yuan.
The 200,000 - yuan price range is the "golden price zone" for family cars. Currently, the market is mainly occupied by brands such as BYD, Geely, and Leapmotor, with extremely fierce competition. As a strategic model jointly built by Huawei and SAIC, the differentiation of the Shangjie H5 lies in "technology transfer": it brings high - level intelligent driving and HarmonyOS cockpit configurations, which were originally only available in models priced over 300,000 yuan, to models priced under 200,000 yuan, with a pre - sale price starting from 169,800 yuan.
Obviously, this is a dual - synergy of "brand + manufacturing". It can be sold in Huawei stores, truly reflecting the "Huawei content", and relying on the most affordable pricing in the HarmonyOS Smart Mobility system, it further expands the user base.
In terms of technical configuration, it is equipped with Huawei's ADS 4.0 intelligent driving system and a single lidar. Actual tests show that this version performs excellently, with its practicality and timeliness reaching the leading level in the industry.
In terms of appearance, the Shangjie H5 breaks away from the family - style design of HarmonyOS Smart Mobility, adopting a front face with split - type daytime running lights, which is more recognizable. It has added a youthful color, "Yachuan Green", which fits the brand's youthful positioning. The interior combines a sense of technology and personalization, differentiating it from other models in the family. It is regarded as a representative product of "technological equality" after years of technological accumulation in HarmonyOS Smart Mobility. The installation of the mature HarmonyOS Cockpit 5.0 and ADS 4.0 system shows the sincerity of technology transfer.
Conversely, from the perspective of "universal technological equality", in the future, it cannot be ruled out that it will have a certain impact on the AITO brand, which is positioned in the mid - to - high - end market, at least for models priced in the 200,000 - yuan segment, such as the M5. It is even possible that this new model will be the beginning of the "down - market" strategy of the HarmonyOS series, which means that Seres needs to show more product sincerity when continuously deepening its presence in the high - premium market and may have to extend to the mass market. After all, it is a consensus in the industry that Huawei's intelligent driving circle of friends will continue to expand.
In the general trend of technological equality, it is certain that the competition faced by mid - to - high - end models will only become more intense in the future. How far Seres can go still needs continuous observation.
This article is from the WeChat public account "Songguo Finance". Author: Songguo Finance. Republished by 36Kr with permission.