Reassessing Seres? It Starts with Turning a Profit

This year’s new-energy vehicle market has seen few reliably profitable narratives. Intensifying price wars, rising raw-material costs, and weak consumer expectations have taken their toll: according to the China Passenger Car Association, the auto industry’s sales profit margin for the first nine months stood at just 3.3%, while total profits declined 23% year-on-year. China’s automobile industry is navigating its most complex cyclical phase yet—entering a rational, value-driven trajectory. Amid this profound stress test, competition in intelligent vehicles has shifted from scale-based racing to value-oriented deep cultivation. Yet true long-distance runners always find their own rhythm within the cycle. On October 30, Seres released its third-quarter 2026 financial report: revenue for the quarter reached RMB 28.08 billion, with attributable net profit amounting to RMB 1.42 billion—marking its first quarterly profit turnaround and delivering notably positive signals to the market. Behind these figures lies continuous breakthroughs across its product portfolio, a tier-by-tier elevation of brand value, long-term consensus among capital markets, and—above all—the fruits of deep, sustained technological investment. This Q3 report reflects not only current operational stability but also hints at future growth potential. Why hasAITO won market trust? Tsuchimitsu Tsuchiura once said, “A company’s path forward lies in product renewal and iteration”; Peter Drucker similarly observed, “Innovation is the creation of a new resource.” Products must constantly innovate to sustainably create value for customers. For any enterprise, competitive products are foundational—and the market remains the fairest litmus test. On the traditionally joint-venture-dominated premium SUV segment priced around RMB 500,000, the AITO M9 has secured the top spot in monthly sales for four consecutive months—shattering entrenched market perceptions and earning genuine user endorsement. Meanwhile, cumulative deliveries of the AITO M6 have surpassed 60,000 units; the AITO M9 Ultimate Flagship Extended Edition has commenced delivery, offering users an all-scenario intelligent experience and class-defying luxury quality—ushering in a new benchmark for Chinese premium flagships. As flagship models consolidate their footing, product iteration continues unabated. The upcoming AITO New M8—equipped with Huawei’s Qiankun Intelligent Driving ADS 5—is scheduled for official launch on November 13. It delivers six major experiential upgrades spanning exterior design, cockpit, powertrain, and intelligent driving capabilities. This orderly succession across the product matrix is ushering in a new strong product cycle, injecting sustained momentum into future growth. McKinsey’s research shows that brand importance in purchase decisions has risen from fifth to second place over the past year. If products constitute the foundation, then ecosystem and strategic vision determine how far a brand can go. As a core member of the HarmonyOS Intelligent Mobility ecosystem, AITO was born with a distinctive technology DNA. Leveraging synergistic advantages across its full-stack intelligent ecosystem, it embodies its brand ethos: “Intelligence Redefines Luxury.” Recently, Huawei and AITO elevated their collaboration to a new level. Zhang Xinghai stated plainly: “AITO belongs to Huawei, belongs to Seres—and above all, belongs to its users.” “AITO’s service will be upgraded; its brand will ascend further. Going forward, we’ll only make better cars—and let time bear witness.” This core philosophy is now gaining recognition globally. This year, AITO ranked among the Top 10 in Brand Finance’s “Global Top 100 Most Valuable Automotive Brands 2026,” with a brand value of USD 3.448 billion—topping all Chinese premium automotive brands. It also retained the No. 1 position in J.D. Power’s Brand Development Confidence Index, reflecting both rising brand value and growing industry confidence.

Moderna’s Q3 Earnings: Full-Year Revenue Growth Guidance Raised to 15%–25%; Melanoma Vaccine Expected to File for Approval This Year

Investor Conference Call Summary On November 6, 2026 (U.S. Eastern Time), Moderna disclosed its third-quarter 2026 financial results and held an investor conference call, simultaneously reporting a return to quarterly profitability and releasing its first positive Phase 3 clinical data for an oncology candidate. After two years marked by declining respiratory vaccine revenues and pipeline streamlining, the company posted total revenue of USD 1.313 billion for Q3 (up 29% year-on-year) and recorded GAAP net income of USD 162 million. Management accordingly raised its full-year 2026 total revenue growth guidance—from a prior ceiling of “up to 10%”—to 15%–25%, and further reduced its full-year R&D expense budget by USD 200 million. The pivotal clinical breakthrough came from intismeran autogene (development code mRNA-4157/V940, hereafter “intismeran”), an individualized neoantigen therapy co-developed with Merck & Co. under a 50:50 partnership. At the recent European Society for Medical Oncology (ESMO) Annual Congress Presidential Symposium, positive results from the randomized, double-blind Phase 3 INTerpath-001 trial were presented. In this study, intismeran combined with pembrolizumab was evaluated as adjuvant therapy for high-risk, resectable Stage IIB–IV melanoma. Among the 1,137-patient intent-to-treat (ITT) population, the combination reduced the risk of recurrence or death by 42% versus pembrolizumab monotherapy. In the modified ITT (mITT) population—comprising 1,091 patients who received at least one dose of either vaccine or placebo—the risk reduction widened to 49%. Moderna confirmed it is collaborating with Merck to prepare the Biologics License Application (BLA) and plans to submit it to the U.S. Food and Drug Administration (FDA) before year-end 2026, targeting approval in 2027. I. Commercialization and Financial Turnaround: Quarterly Net Income of USD 162 Million; Year-End Cash Forecast Revised Upward to USD 8.1–8.3 Billion Of Q3’s USD 1.313 billion in total revenue, product net sales amounted to USD 1.273 billion (up 31% year-on-year from USD 973 million), while other income—including international collaborations, licensing, and capacity reservation services—totaled USD 40 million. By product, the two COVID-19 vaccines, Spikevax and mNEXSPIKE, collectively contributed USD 1.244 billion (up from USD 971 million year-on-year); the RSV vaccine mRESVIA contributed USD 29 million (up from USD 2 million year-on-year); and the recently FDA-approved seasonal influenza vaccine mFLUSIVA (mRNA-1010), approved in August, launched limited commercialization in September—missing the annual procurement contracting season—and thus generated minimal revenue in the quarter. By geography, U.S. revenue totaled USD 780 million (including USD 771 million in product net sales and USD 9 million in other income), accounting for ~60% of total revenue—driven primarily by rapid uptake of the next-generation refrigerated-stable COVID-19 vaccine mNEXSPIKE (mRNA-1283) across retail pharmacies and healthcare institutions. International revenue totaled USD 533 million (including USD 314 million in product net sales in Europe, USD 188 million in product net sales in other international markets, and USD 31 million in other income—including international collaborations). Europe’s product net sales surged dramatically from USD 16 million year-on-year, representing ~40% of total revenue.

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Ecovyst Inc raised its full-year adjusted EBITDA guidance to $208-$212 million following strong Q3 2026 results driven by sulfuric acid demand and the Calabrian acquisition. Despite cost headwinds, the company is accelerating share repurchases and remains optimistic about future growth.

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