SERES Hits Daily Limit Down as AITO Auto Warns of Over 1 Billion Yuan Loss

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SERES hit its daily limit down during trading on July 13, with the share price touching a low of 53.91 yuan, the lowest since February 7, 2024. The stock has fallen more than 68 percent since last October, and its latest market capitalization stands at around 93.9 billion yuan. The company issued a profit warning after the market close on July 12, forecasting a net loss attributable to shareholders of the listed company of between 1.5 billion and 1.8 billion yuan for the first half of 2026. Its core subsidiary AITO Auto is expected to post a loss of between 1.05 billion and 1.3 billion yuan. The company said rising prices of raw materials such as memory chips, industrial metals, and lithium carbonate have driven up production costs, and it has adjusted the book value of some existing assets. AITO Auto swung to a net loss of between 1.9 billion and 2.15 billion yuan in the second quarter. Although SERES's new energy vehicle sales totaled 178,777 units in the first half, up 3.87 percent year on year, AITO sold 30,331 units in June, down 30.19 percent year on year, marking the second monthly decline in the first half. Several other automakers, including GAC Group and JAC Motors, also issued profit warnings due to intensifying industry competition and rising raw material costs. SERES Group Chairman Zhang Xinghai said memory chip prices have risen fivefold, lithium carbonate has climbed from 80,000 yuan per ton a year ago to 180,000 yuan per ton, and the per-vehicle cost for the AITO brand has increased by 15,000 to 20,000 yuan.

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Core subsidiary AITO Auto forecasts over 1 billion yuan loss; rising raw material costs (memory chips, lithium carbonate) drive production cost increases.

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