Seres Group Co., Ltd. (赛力斯集团股份有限公司) is a Chinese automobile manufacturer headquartered in Chongqing that focuses on new energy vehicles and their core components. Its best-known product line is the AITO (问界) luxury brand, developed in partnership with Huawei. The company is listed on the Shanghai Stock Exchange and, since late 2025, on the Hong Kong Stock Exchange. It was formerly known as Sokon Group.
History
The company's origins date to 1986, when a spring factory for household appliances was established in Chongqing. It later made shock absorbers and automobile components, and in 2003 it entered vehicle manufacturing through a venture with Dongfeng, which produced minivans under the Sokon name.<!-- -->
The business was reorganized around 2007 as Chongqing Sokon Automobile. In 2016 the Seres brand was set up to concentrate on new energy vehicles, and the company was listed on the Shanghai Stock Exchange the same year. In 2022 the group adopted the Seres Group name.
The early electric model SF5 sold only 732 units in 2020, and the company reported a large loss that year. In April 2021 an SF5 variant sold as the "Huawei Zhixuan SF5" entered Huawei retail stores, and in December 2021 the AITO brand was launched with the M5 model. Sales then grew rapidly, and by 2025 annual deliveries exceeded 420,000 vehicles.
Huawei partnership
Seres's relationship with Huawei shaped much of its recent history. Under the original arrangement, Huawei's engineers took a large role in product definition, design, sales channels, and service, and Seres functioned largely as the manufacturer. Huawei's multi-brand alliance, the Harmony Intelligent Mobility Alliance, marketed the AITO vehicles.
Several transactions deepened the tie. In July 2024 Seres paid 2.5 billion yuan to acquire roughly 919 AITO-related trademarks and 44 design patents from Huawei. In August 2024 it invested 11.5 billion yuan for a 10% stake in Yinwang, a Huawei-linked intelligent driving company.
On 15 September 2026, Seres and Huawei announced a revised model in which Seres takes the lead in product definition, brand marketing, retail, and service for AITO, while Huawei's consumer business provides technology support. AITO remains part of the Harmony alliance, and Seres continues to use Huawei's driving and cockpit technologies while building its own intelligent driving team.
Commentators have pointed out that payments to Huawei over 2022 to 2025 totaled roughly 111 billion yuan, equal to about 29% of group revenue in that period, while cumulative adjusted net profit over the same years was comparatively small.
Products and brands
The AITO line includes the M5, M6, M7, M8, and M9 models, sold both as battery electric and as extended-range electric vehicles. The flagship AITO M9 led the sales ranking in the 500,000-yuan-and-above segment in consecutive months of 2026. The AITO M6 went on sale in April 2026 at a price range of 250,000 to 280,000 yuan.
Other brands and businesses include Seres's own-brand vehicles, electric commercial vehicles, the XGJAO motorcycle business, and components such as electric drive units, electronic controls, and extended-range systems. The company has also developed the Magic Cube technology platform, a multi-powertrain architecture intended to support extended-range, pure electric, and hybrid vehicles. In 2026 it announced a plan to develop AI-defined vehicles through an affiliated brand and showed a humanoid robot.
Financial performance
Seres reported 2025 revenue of about 165 billion yuan and net profit attributable to shareholders of about 5.96 billion yuan, with research and development spending of about 12.5 billion yuan. In the first quarter of 2026 revenue rose by roughly 34% year on year to 25.75 billion yuan, but net profit was only slightly higher, and profit after excluding non-recurring items fell sharply.
For the first half of 2026, revenue was 57.49 billion yuan, while the company recorded a net loss of about 1.72 billion yuan attributable to shareholders, compared with a profit a year earlier. The company attributed the loss partly to asset impairment charges of about 1.86 billion yuan. R&D spending in the period rose by about 35% to 7.01 billion yuan, and cash reserves were reported above 73 billion yuan with low interest-bearing debt. Management said it expects growth momentum to improve in the second half as new models are launched.
Market and international activity
Seres states that its products are exported to more than 70 countries and regions. The company has pursued overseas expansion through European and other international initiatives, and it places its growth strategy in part on its high-end segment and its AI-related development programs.
Listing and corporate governance
The company's A-shares trade on the Shanghai exchange under code 601127. Its H-shares began trading on the main board of the Hong Kong exchange in late 2025, which is reported as the first A+H dual listing of a Chinese luxury new energy vehicle maker. Zhang Xinghai, the founder, serves as chairman. Sources differ on the identity of the current chief executive, so this entry does not name one.
Controversies and open questions
Analysts have questioned the sustainability of Seres's profitability, particularly given its dependence on Huawei for product definition and sales during the AITO years, its heavy spending on research and development, and the cost of its trademark and equity purchases. Its shift in 2026 toward independent control of AITO raises questions about whether it can maintain sales momentum and brand strength without Huawei's direct operational role. Competition in China's electric vehicle market, including price pressure, also remains a major factor for its margins.
References
- Seres Groupen.wikipedia.org
- SeresGroup Co., Ltd._Baiduwikibaike.baidu.com
- About - Seres Group Co., Ltd.seres.cn
- Luxury NEV Maker SERES Reports 2026 First-Half Results: Revenue of 57.493 Billion Yuan, AITO Deliveries Increased 10.2% YoYglobenewswire.com
- SERES Group posts 57.493 billion yuan in H1 2026 revenueautonews.gasgoo.com
- Seres 2026 Q1 Revenue Surges on NEV Sales, Profit Margins Lagichongqing.info
- Seres Group (601127) Investor Relations, Earnings Summary & Outlookquartr.com
- Seres Group Co.,Ltd (SHA:601127) Revenuestockanalysis.com
- Seres Groupforbes.com
- AITO M6en.wikipedia.org
- Seres Group Co Ltd - Company Profile and News - Bloomberg Marketsbloomberg.com
- 赛力斯集团股份有限公司_百度百科baike.baidu.com
- 赛力斯_百度百科baike.baidu.com
- 问界转由赛力斯主导，华为退居技术赋能_新浪财经_新浪网finance.sina.com.cn
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- 赛力斯：问界汽车制造商历史 - 知乎zhuanlan.zhihu.com