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Driven by policy support, shifting consumer demand, and advances in technology, China’s new energy vehicle (NEV) industry is entering a new phase of development, with Seres Group positioning itself at its center. On April 8, the Hong Kong-listed NEV maker (ticker code: 9927.HK) reported results that reflect its technology capabilities, product lineup, and international expansion strategy.
In 2025, Seres recorded operating revenue of RMB 164.89 billion (USD 24 billion), up 13.63% year-on-year. Net profit attributable to shareholders reached RMB 5.96 billion (USD 867.3 million). Revenue hit a record high, and the company said it has now reported profitability for two consecutive years, achieving a notable milestone in an industry where many players remain loss-making.
<h3>Aito builds position in luxury NEV segment</h3>
Seres attributed its latest performance to ongoing product development and brand positioning. It said it continues to align its strategy with user demand while refining its product mix and market focus.
As an early entrant into China’s premium NEV segment, the company has sought to differentiate through what it describes as “technology luxury,” a term it uses to position its vehicles.
Its premium brand, Aito, reported strong delivery figures for 2025. The Aito M9 exceeded 110,000 units in annual deliveries and was described by the company as the bestselling model in the RMB 500,000 (USD 72,757) segment for two consecutive years, 2024 and 2025. Meanwhile, the Aito M8 delivered more than 150,000 units during the year, maintaining its position as the top-selling model in the RMB 400,000 (USD 58,206) segment since launch. The Aito M7 also surpassed 110,000 units.
Combined, these three models pushed Aito’s total annual deliveries above 420,000 units. Seres said this made Aito the leading high-end automotive brand in China by sales and set a new delivery pace in the segment.
Beyond product performance, the figures point to the broader rise of Chinese brands in the premium global automotive market.
In assisted driving, Seres said it increased R&amp;D investment and made technical progress. In 2025, Aito vehicles accumulated 3.8 billion kilometers of assisted driving mileage. During the 2026 Lunar New Year holiday, 51.9% of mileage driven by Aito M9 vehicles was generated using assisted driving functions, according to the company. These figures indicate growing adoption and suggest increasing maturity of the company’s assisted driving system.
Seres added that the data and expertise accumulated to date will support further development and iteration of its assisted driving systems.
<h3>Strong cash flow and ESG positioning</h3>
The company’s financial position also strengthened. As of December 31, 2025, net cash flow from operating activities reached RMB 28.12 billion (USD 4.1 billion), nearly five times its net profit. Seres attributed this to its robust cash flow management and revenue generation, which it said provide resilience against industry cycles and support continued investment in R&amp;D, product development, and international expansion.
Seres also emphasized its environmental, social, and governance (ESG) efforts. It said it has sought to integrate ESG principles across R&amp;D and supply chain operations, with a focus on achieving long-term sustainability and alignment with broader societal and environmental goals.
Its endeavors have earned it an AAA ESG rating from MSCI, its highest tier, according to the company. The rating reflects its governance framework and ESG management, and may influence its appeal to both retail and institutional investors.
Looking ahead, Seres plans to focus on expanding production capacity, investing further in core technologies, and broadening its distribution network.
Often compared with Western luxury automotive brands such as Mercedes-Benz and BMW, Seres has had to manage high expectations around product quality and brand positioning. Its latest results, if anything, suggest it is not only making progress toward meeting those expectations, but also hint at its potential to eventually surpass them.
This article was published in partnership with Newslink.
Note: RMB figures are converted to USD at rates of RMB 6.87 = USD 1 based on estimates as of April 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Seres delivers strong 2025 results, eyes path to become China’s answer to Mercedes-Benz and BMW

Transportation

Electric Vehicles

Mobility

China

… href="https://36kr.com/p/3741946548486400">article</a> was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.87 = USD 1 based on estimates as of April 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Xiaokuo files for Hong Kong IPO as it expands beyond oral care

Hong Kong

… features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3735281975230471">article</a> was written by Xiao Xi for 36Kr.

Why ride-hailing is harder for AI than generating text or images

Artificial Intelligence

Deep Tech

… 36Kr. This <a href="https://36kr.com/p/3750704146072326">article</a> was written by Lan Jie for 36Kr.

AI-generated dramas gain traction as technology improves, but questions remain

Entertainment

Short Video

Video

Creative

Content

Creator Economy

… filmed at a showroom in Perth."[We] are selling more than ten cars each day."
This article first appeared on <a href="https://asia.nikkei.com/business/business-asia/ev-tigers-byd-and-vinfast-set-electric-pace-in-asia">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: IDR, JPY, RMB figures are converted to USD at rates of IDR 17003.11 = USD 1 and JPY 159.70 = USD 1 and RMB 6.89 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

EV tigers BYD and VinFast set electric pace in Asia

East Asia

VinFast

Vingroup

Southeast Asia

… disappeared.
At the same time, Labubu has also been trying to address one of its weaknesses: content.
On March 19, Pop Mart announced that Labubu was becoming the lead character in a film. The company reached a partnership with Sony Pictures to produce an animated Labubu film directed by Paul King, the director of Paddington.
<figure id="attachment_161007" aria-describedby="caption-attachment-161007" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-161007" src="https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing.jpg" alt="Photo shows Paul King, director of Paddington, and Lung Kasing, creator of The Monsters, pictured at the tenth anniversary exhibition of The Monsters in Paris." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-161007" class="wp-caption-text">Paul King, director of Paddington, and Lung Kasing, creator of The Monsters, pictured at the tenth anniversary exhibition of The Monsters in Paris. Photo: Pop Mart.</figcaption></figure>
An-an said that, for investors, this is a positive signal. As the film moves through production and eventually reaches audiences, it could not only extend Labubu’s lifecycle, but also bring other members of The Monsters family into the spotlight, giving Pop Mart a new story to tell.
At around the same time last year, Pop Mart had also announced plans to produce animated shorts themed around Labubu and Hirono, but those projects later faded from view. In mid-April of that year, a Labubu product video released by the company was also accused by internet users of copying from films including Soul. To some extent, that episode exposed Pop Mart’s weakness in content. This time, Pop Mart has decided to hand content creation to people better equipped to do it.
An IP without content is easier for consumers to abandon over product design or quality problems. One with a story is not. People do not stop liking Tom and Jerry because a blind box product based on it turns out poorly. As pressure builds on Pop Mart’s supply chain and product quality issues continue to surface, filling out the content behind its IPs has become more urgent.
What the toy collectible business shares with the content business is that neither can be fully monopolized. No one can say where the next blockbuster will come from, not even market leaders such as Tencent in gaming, Heard Island in short dramas, and Pop Mart in toy collectibles. But operating an IP that has already become a global hit is a more certain task. Labubu had already generated another wave of attention through its strong fit with the vinyl plush category.
At the earnings briefing, Wang said the company expects growth of no less than 20% in 2026, describing the target as conservative.
Both Labubu and Pop Mart now face their next step. It is a test the company cannot avoid.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3750711532569350">article</a> was written by Lan Jie for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.89 = USD 1 based on estimates as of April 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Pop Mart’s strong results fail to answer “next Labubu” question

Retail

Consumer Economy

Digital China’s latest annual report indicates that its long-signaled pivot is beginning to show up in its financial results. The Shenzhen-listed company, once known mainly for IT distribution, said <a href="/industry/ai">artificial intelligence</a> became a key growth driver in 2025, putting it closer to parity with the traditional businesses that long supported its scale.
According to its full-year 2025 earnings report, released recently, Digital China posted revenue of RMB 143.8 billion (USD 20.9 billion), up 12% year-on-year (YoY). Its top line has now risen for three consecutive years. AI-related business generated around RMB 33 billion (USD 4.8 billion) in revenue, up 48%, which the company said marked its entry into scaled deployment and made it a major growth driver alongside its traditional distribution business.
By segment, the company’s strategic businesses posted strong growth.
AI software and services centered on its Smart Vision platform generated RMB 110 million (USD 16 million) in revenue, up 165.4% YoY, as its enterprise-grade agent middleware platform entered the commercialization stage.
Cloud, data services, and software brought in RMB 3.56 billion (USD 516.8 million), up 22%.
Revenue from KunTai, its in-house computing brand, rose 62.4% to RMB 7.44 billion (USD 1.1 billion), making it an important part of its AI infrastructure business.
AI ecosystem business revenue reached RMB 21.92 billion (USD 3.2 billion), up 48%.
In its IT distribution and value-added services segment, the electronic components distribution business stood out. Revenue from that unit reached RMB 28.2 billion (USD 4.1 billion), up 40%, supported by demand for AI chips and domestic substitution. The business also provided steady cash flow for the company’s strategic transition.
The company also pointed to momentum in customer acquisition and orders. The number of signed clients for its strategic businesses rose 167% YoY, while the number of clients contributing contracts worth more than RMB 1 million (USD 145,161.1) increased 125%. Contract value from the internet sector exceeded RMB 60 billion (USD 8.7 billion), up 915% from a year earlier. Its flagship clients span healthcare, automotive, high-end manufacturing, and telecommunications, which the company said reflects market demand for its AI solutions.
Behind that growth is what the company describes as the “AI-for-process” trend. It argued that most enterprise AI applications remain at a relatively shallow stage, such as API calls and question-and-answer assistants, and have yet to be integrated into core business processes. Using process redesign as its entry point, Digital China has built a three-layer architecture consisting of computing infrastructure, a model foundation layer, and an agent runtime layer. The company said this has given it a set of capabilities spanning technology, scenarios, and workflows, allowing it to provide end-to-end support for enterprise AI deployment.
At the center of that effort is Smart Vision’s enterprise-grade agent middleware platform, which connects knowledge workflows across compute scheduling, data operations, and scenario-based services. In healthcare, the company worked with Peking Union Medical College Hospital to build a perioperative pancreatic cancer clinical decision support system that it said achieved a diagnostic accuracy rate of more than 94% and reduced the time doctors spent processing materials by 80%.
In high-end manufacturing, it said it used a multimodal AI vision agent to enable autonomous production line optimization, linking real-time sensing, decision-making, and automated execution. In automotive and biopharmaceuticals, it said it has used scenario-based agents to redesign core business processes and improve efficiency.
On the computing infrastructure side, KunTai, built on the Kunpeng and Ascend technology stack, launched new products including the KunTai A989 I3 server and an integrated training-and-inference server. The company said these products can run hundred-billion-parameter large models efficiently using a single Ascend NPU card and a Kunpeng CPU, lowering the barrier to private deployment. Through its acquisition of Accton Technology’s mainland China business, it also said it has filled gaps across the AI infrastructure chain, including R&amp;D, production, and supply chain capabilities.
Speaking at the earnings briefing, Digital China CEO Li Ying said that, heading into 2026, the company will focus on four AI priorities. These include using Smart Vision to connect the value loop between scenarios, models, and data, building an AI-ready enterprise data governance framework, creating a full-stack AI factory computing product portfolio, and deepening open cooperation across the AI ecosystem to support process deployment.
As competition intensifies and enterprise digital transformation moves deeper, Digital China is trying to reposition itself from an IT distribution company to a provider of AI-driven process redesign services. Its latest earnings and case studies suggest its AI-led cloud and data strategy is beginning to translate into commercial results.
The results also point to a broader shift in how technology companies are assessed. Revenue scale still matters, but AI deployment capability, the ability to redesign business processes, and the durability of ecosystem advantages are becoming more important.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://docs.google.com/document/d/1VigfVmCkTDAlQZi4KsAtBllISVuQ_milJ_0rOaYsJpM/edit#">article</a> was written by Huang Nan for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.89 = USD 1 based on estimates as of April 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Digital China posts higher revenue as AI business expands

Enterprise Services

… href="/company/weride">WeRide</a> still trailed that of <a href="/company/minimax">MiniMax</a>, a company less than five years old.
In the eyes of capital markets, autonomous driving is increasingly treated as a vertical application with relatively high certainty, but a limited ceiling. General foundation models, physical artificial intelligence, and embodied intelligence, by contrast, still point to a broader field of possibility.
That shift in investor preference is forcing autonomous driving companies to rewrite their stories.
One path runs deeper into the technology stack.
Momenta is moving from pure software toward the chip layer, emphasizing integrated software and hardware capabilities. The strategy resembles that of Horizon Robotics: taking part in chip definition and delivering a full stack that covers computing, sensing, and control, rather than selling driving software alone.
The other path is outward, toward broader applications.
Both QCraft and DeepRoute.ai are leaning into a physical AI identity. In that framing, smart driving is no longer the destination, but an entry point into intelligence for the physical world.
At Nvidia GTC 2025, DeepRoute.ai CEO Maxwell Zhou proposed the concept of “RoadAGI,” an attempt to frame autonomous driving as one path toward artificial general intelligence. According to people familiar with the matter, DeepRoute.ai has also begun expanding into broader applications, including robotics.
Yu Qian, chairman and CEO of QCraft, has expressed a similar view, arguing that autonomous driving is the best gateway to physical AI. Once driverless technology becomes reality, he said, it could evolve into general intelligence for the physical world as a whole.
At heart, these companies are trying to do the same thing: take a market that already looks defined and recast it as one expansive enough to sustain investor imagination.
Whether these companies are ultimately automotive suppliers or AI companies will not be decided by the market in words. It will be decided in price.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3748118174335747">article</a> was written by Xiao Man for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.89 = USD 1 based on estimates as of April 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Autonomous driving firms race to list before the window narrows

Autonomous Vehicles

… round, raising nearly RMB 200 million (USD 29 million). The round was led by China Merchants Capital, with participation from Jingguorui Investment Management, Daxing Industrial Investment, BCT Capital, a Kaiyuan Securities subsidiary, and Prime Light Capital. The company will use the funds for R&amp;D, global expansion, and team building. —<a href="https://36kr.com/p/3753526848897792">36Kr</a></li>
<li aria-level="1"><a href="https://awolvision.com/">AWOL Vision</a>, a smart projection brand, has raised nearly RMB 100 million (USD 14.5 million) in its Series B round. Investors include Silicon Paradise, BizConf Technology, and Kinpard. The company will use the capital to advance R&amp;D, build out its AI-driven entertainment platform ecosystem, expand global channels and branding, strengthen supply chain coordination, and recruit talent. —<a href="https://36kr.com/p/3752260051616512">36Kr</a></li>
<li aria-level="1"><a href="https://en.dynaflow.cn/">Dynaflow</a>, an AI science infrastructure company, has completed a Series B+ round worth nearly RMB 100 million. The round was backed by the Beijing New Materials Industry Investment Fund, managed by Shunxi Fund, and a state-backed fund in Beijing’s Fengtai district. The company said it will use the proceeds for core technology upgrades, capacity expansion, and the joint buildout of a new materials contract research platform with Beijing University of Chemical Technology to accelerate the commercialization of AI-enabled R&amp;D services. —<a href="https://36kr.com/p/3750417621795588">36Kr</a></li>
<li aria-level="1"><a href="https://www.spinquanta.com/">SpinQ</a>, a quantum computing company, has completed a Series C+ round worth RMB 600 million. The round drew support from Shenzhen Co-Stone Asset Management, Guotai Junan Innovation Investment, Caitong Capital, Sichuan Zhenxing, Chengdu’s Tianfu Investment, Addor Capital, and Hua Qiang Capital, among others. The company said it will use the fresh capital to further the industrialization of its quantum computing technologies. Including its Series C round completed three months earlier, SpinQ has raised nearly RMB 1 billion (USD 145.1 million) within one quarter. —<a href="https://36kr.com/p/3750411191550467">36Kr</a></li>
<li aria-level="1"><a href="https://www.hengtron.com/">Hengtron</a>, a Jiangsu-based developer of lithium manganese iron phosphate cathode materials, has completed its Series B round, raising a nine-figure RMB sum. The round was backed by the Yinchuan Yucheng Phoenix Science and Technology Innovation Fund, while Daion Capital served as financial advisor. The company will use the funds to build out capacity in Yinchuan, where it plans a 130,000-ton annual LMFP (lithium manganese iron phosphate) cathode material production line, including a first-phase capacity of 30,000 tons, while also expanding its Yancheng base. —<a href="https://36kr.com/p/3746236378202631">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Harvey, Amity, Tazapay, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Harvey, a legal infrastructure company, raised USD 200 million in a funding round co-led by returning investors GIC and Sequoia, at a valuation of USD 11 billion. Existing backers Andreessen Horowitz, Coatue, Conviction Partners, Elad Gil, Evantic, and Kleiner Perkins also participated.</li>
<li aria-level="1">Amity, an AI and software company founded in Thailand, raised USD 100 million in a Series D round led by EDBI, alongside Asia Partners and SMDV, with participation from existing and new investors including CMLIM Capital.</li>
<li aria-level="1">Tazapay, a fintech firm, closed a Series B extension round led by Circle Ventures, bringing its total Series B funding to USD 36 million. New investors CMT Digital and Coinbase Ventures joined Circle Ventures, Peak XV Partners, GMO Venture Partners, and January Capital in the extension round.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
Note: RMB figures are converted to USD at rates of RMB 6.89 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: Kitar and PolicyStreet raise funding; Western Union completes Dash acquisition; five China investments; and more