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SAIC Motor (600104) investor relations material
SAIC Motor Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved total vehicle wholesale of 2.045 million units and retail of 2.075 million units, leading the industry in China for the first half of 2026.
Self-branded vehicle sales rose 12.6% year-over-year to 1.469 million units, accounting for 71.8% of total sales.
New energy vehicle sales increased 23.1% year-over-year to 796,000 units; overseas sales surged 48.7% to 735,000 units.
Consolidated operating revenue reached RMB 298.65 billion, down 0.3% year-over-year; net profit attributable to shareholders was RMB 5.15 billion, down 14.4%.
Operating cash flow improved significantly, up 158% year-over-year to RMB 54.3 billion.
Financial highlights
Operating revenue: RMB 298.65 billion, -0.3% year-over-year.
Net profit attributable to shareholders: RMB 5.15 billion, -14.4% year-over-year.
Gross margin: 12.6%, up 3 percentage points year-over-year.
Operating cash flow: RMB 54.3 billion, +158% year-over-year.
Basic EPS: RMB 0.451, -14.1% year-over-year.
Outlook and guidance
Domestic auto market faces continued uncertainty due to weak demand.
Overseas market growth may be impacted by trade protectionism and currency fluctuations.
Industry cost pressures remain high due to geopolitical tensions and supply chain constraints.
- Net profit soared 506% year-over-year on higher sales and improved margins.600104
H2 2025 - Q1 2026 saw stable revenue, slight net profit growth, and a major surge in operating cash flow.600104
Q1 2026 - Revenue and profit declined, but new energy and overseas sales saw robust growth.600104
Q2 2024 - Q3 profit fell 93.53% year-over-year as revenue and margins declined amid fierce price wars.600104
Q3 2024 - Q3 net profit jumped 644.88% year-over-year on strong sales and cost control.600104
Q3 2025 - Revenue up, NEV sales strong, but net profit down 9.21% year-over-year.600104
Q2 2025 - Revenue steady, profit down, NEV and overseas sales up, strong cash flow, 2024 growth targeted.600104
Q4 2023 - Net profit surged 28% in Q1 2025 as vehicle sales rebounded and cash flow improved.600104
Q1 2025 - Revenue and profit declined sharply, but new energy vehicle sales hit record highs.600104
Q4 2024
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