Vi e w p o i n t | Big Picture Unchanged; Still a Sell. CITI'S TAKE Seres reported 2Q26 net loss of -Rmb2.5bn (vs. NP of Rmb2.2bn/754m in 2Q25/1Q26), in-line with its preliminary announcement of net loss - Rmb2.25-2.55bn. We attribute the loss to: (1) Sales pressure in 2Q continued (volume -17% YoY and blended ASP -12% YoY) given product transition. (2) GPM down 8.6ppt YoY and 5.3ppt QoQ mainly due to cost inflation, while 0.4ppt higher-than-consensus given more-than-expected NEV sales. (3) Opex expenses di ...