FORTUNE ANNOUNCED FORTUNE CHINA 500 RANKINGS, SERES HAD THE BIGGEST LEAP IN 2025 RANKINGS DRIVEN BY AITO BRAND GROWTH
CHONGQING, China, Aug. 1, 2025 /PRNewswire/ -- SERES has emerged as this year's biggest mover on the 2025 Fortune China 500 list, vaulting to 169th place, a jump of 235 spots from last year's 404th position. This dramatic rise underscores SERES' rapid growth in the highly competitive new energy vehicle (NEV) market. In 2024, SERES' revenue surged to RMB 145.2 billion (approx. US$20.2 billion), up 305% year on year, while net profit attributable to shareholders reached RMB 5.95 billion. The company's annual NEV sales reached 420,000 units, an increase of more than 182%, driving its gross profit margin for the NEV business to 26.21%—a new record high.
Fortune highlighted that amid rapid NEV sector growth and intensifying competition, SERES' success was driven by its close collaboration with partners, enabling continuous product innovation and operational excellence.
AITO Brand Fuels Growth
AITO, the luxury NEV brand founded in 2021, has been a core growth driver. In just 40 months, AITO achieved over 700,000 cumulative deliveries, setting a new record for delivery speed among luxury NEV brands in China including over 200,000 units delivered of the flagship model AITO M9 and deliveries of the recently launched AITO M8 already surpassing 40,000 units. In addition, the new AITO M7 series has maintained its position as the top-selling model in the highly competitive RMB 300,000 (approx. US$42,000) segment from 2024 to the present, setting a new record for Chinese luxury new energy brands.
These milestones demonstrate the brand's ability to deliver advanced intelligent luxury experiences while accelerating its expansion in both domestic and overseas markets. With its strong manufacturing capabilities, deep collaboration on intelligent vehicle technologies, and a growing product portfolio, SERES is well-positioned to further strengthen its leadership in China's NEV market and make significant strides globally.
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Sceptics may view this as bad news, since this, when combined with the improving market performance, may signal no urgency for further policy stimulus to revitalize domestic demand. We argue otherwise. There are two trends on which authorities are placing increased emphasis: rising savings rates and persistent deflationary pressures. The Chinese are known for saving up for the "rainy day." However, the acceleration in the household savings rate from 44 percent in 2023 to 55 percent in 2024 has been startling, masking concerns about economic uncertainty. This uneasiness is understandable given the challenging global environment. While US-China tensions have eased of late, tariffs on Chinese imports have gone up. Meanwhile, excess manufacturing capacity, after front-loading of exports to beat US tariffs fades, could sustain deflation. For instance, producer price deflation worsened more than expected to minus 3.6 percent year-on-year in June. 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Affordable housing projects could also be developed in the outskirts of top-tiered cities, with the aim to attract younger, educated migrants, who, encouraged by better career prospects, could establish families sooner. Structurally, China is seeking to spur childbirth by recently announcing the first nationwide cash handout program for every child under the age of three. Furthermore, the nation will likely accelerate the upgrade of elderly care goods and health care services to stimulate consumption of the 'silver hair' segment, including the development of humanoid robots for elderly care. Recent official meetings since July have further reinforced our optimism about China's policy outlook. On 1 July, the Central Commission for Finance and Economic Affairs called for the need to curb irrational price competition, accelerate the eradication of obsolete capacity and promote local government standards to support businesses. 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