Brilliance China Automotive (1114) H1 2026 earnings summary

Executive summary

• Revenue rose 20.3% year-over-year to RMB675.8 million, driven by a surge in JSA minibus and multipurpose vehicle sales, but offset by lower auto financing revenue due to competition.

• Gross profit margin declined to 10.0% from 16.6% due to higher raw material costs and a shift in sales mix.

• Profit attributable to equity holders dropped 54.2% to RMB778.5 million, mainly due to lower contributions from BBA and higher ECL allowances.

• Basic earnings per share fell to RMB0.15430 from RMB0.33723 year-over-year.

• BBA sales volume fell 18.8% year-over-year, impacting associate earnings.

Financial highlights

• Revenue: RMB675.8 million (+20.3% YoY); Gross profit: RMB67.7 million (-27.6% YoY); Gross margin: 10.0%.

• Profit attributable to equity holders: RMB778.5 million (vs. RMB1,701.4 million in H1 2025).

• Basic EPS: RMB0.15430 (vs. RMB0.33723 in H1 2025).

• Cash and cash equivalents: RMB4,444.9 million; Short-term bank deposits: RMB2,147.7 million.

• Interim dividend declared: HK$0.5 per share (vs. HK$0.8 in H1 2025).

Outlook and guidance

• BBA to launch Neue Klasse BMW iX3 in H2 2026, focusing on BEV segment, digitalisation, and localised production.

• JSA to accelerate new vehicle launches, expand overseas, and pursue smart manufacturing and digital transformation.

• BBAFC faces intense competition in auto finance, plans new business initiatives and risk management enhancements.

• Ningbo Yuming targets 20 new projects in 2026, focusing on NEV components and lean manufacturing.

• Mianyang Ruian to prioritise NEV-related business and new OEM partnerships.