Anhui Jianghuai Automobile Group Corp (600418) Q4 2025 earnings summary

Executive summary

• Revenue reached ¥46.48 billion in 2025, up 10.35% year-over-year, but net loss attributable to shareholders was ¥1.70 billion, with negative EPS of -0.78 yuan per share.

• Total vehicle sales were 384,071 units, down 4.72% year-over-year, with commercial vehicles at 235,033 units and passenger vehicles at 149,038 units.

• Major launches included the high-end new energy model Zunjie S800 (over 10,000 units delivered since May 2025), and continued expansion in commercial and international markets.

• R&D investment rose 20.64% to ¥4.18 billion, representing 8.99% of revenue, with 7,833 R&D staff (35.3% of total employees).

Financial highlights

• Operating income: ¥46.48 billion, up 10.35% year-over-year.

• Net loss attributable to shareholders: ¥1.70 billion (2024: ¥1.78 billion loss).

• Gross margin for manufacturing: 11.36%, up 1.82 percentage points year-over-year.

• Operating cash flow: ¥3.39 billion, up 25.20% year-over-year.

• R&D expenses: ¥1.81 billion; total R&D investment: ¥4.18 billion.

• Net assets: ¥9.69 billion, down 14.69% from prior year.

• Total assets: ¥50.88 billion, up 3.66% year-over-year.

• No dividend due to accumulated losses; undistributed profit at parent company: -¥1.73 billion.

Outlook and guidance

• 2026 sales target: 424,000 vehicles (+10.4% YoY), revenue target: ¥65 billion (+39.58% YoY).

• Strategic focus on high-end new energy vehicles, international expansion, and R&D-driven innovation.

• Industry trends: NEV penetration to reach 80% in passenger cars by 2030; high-end market and overseas sales expected to grow.