Changjiu Holdings (6959) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 106.6% YoY to RMB696.7m, led by new automobile circulation; net profit rose 16.1% to RMB67.1m, while gross margin fell to 21.9%.

• Adjusted net profit fell 12.9% YoY to RMB67.3m; the non-IFRS measure excludes specified one-off and non-operating items.

Financial highlights

• Gross profit rose 3.1% to RMB152.3m, while cost of sales increased 187.1% to RMB544.4m, mainly from Corolla 1.2T inventory sold.

• Operating profit was RMB81.1m versus RMB69.5m; profit before tax was RMB84.0m versus RMB73.3m, and income tax expense was RMB16.9m versus RMB15.5m.

• Net profit attributable to equity shareholders was RMB67.1m; basic and diluted EPS were RMB0.3318 and RMB0.3295, versus RMB0.2891 and RMB0.2869.

• Net profit margin fell to 9.6% from 17.1%; effective tax rate was 20.1% versus 21.2%.

Outlook and guidance

• H2 priorities include strengthening pledged-vehicle risk controls, improving dealership service efficiency and inventory management, and expanding circulation partnerships and county-level reach.

• 9cheGO plans to grow buyer resources, improve dealer marketing and user retention, digitize transactions, and develop an online-plus-offline county franchise model.

• A subscription data platform is planned, offering data labels, automated reports and intelligent modeling for automotive industry participants; AI and data capabilities remain central to digital development.