BAIC BluePark New Energy Technology (600733) Q4 2025 earnings summary

Executive summary

• Revenue surged 92.53% year-over-year to ¥27.94 billion, driven by 84.06% growth in NEV sales volume to 209,576 units.

• Net loss attributable to shareholders narrowed by 34.32% to ¥4.56 billion, with operating cash flow turning positive at ¥1.93 billion.

• Gross margin improved by 11.91 percentage points, but remained negative at -2.18%.

• No dividend distribution proposed due to accumulated losses; retained earnings at -¥34.29 billion.

Financial highlights

• Operating income: ¥27.94 billion, up 92.53% year-over-year.

• Net loss: ¥4.56 billion, improved from ¥6.95 billion loss last year.

• Operating cash flow: ¥1.93 billion, compared to outflow of ¥1.57 billion last year.

• Basic and diluted EPS: -0.82, up from -1.25 last year.

• Gross margin: -2.18%, improved by 11.91 percentage points.

• R&D investment: ¥2.65 billion, 9.49% of revenue.

Outlook and guidance

• 2026 focus on rapid product launches, channel expansion, and cost control.

• Targeting further market share gains via dual-brand strategy and overseas expansion.

• Continued investment in L3/L4 autonomous driving and solid-state battery technology.