Changjiu Holdings (6959) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 139.8% to RMB1,624.6m, led by new automobile circulation; profit fell 12.3% to RMB141.6m as the mix shift compressed gross margin to 20.2%.

• Adjusted net profit, a non-IFRS measure, was RMB139.3m, down 10.5% YoY; no FY2025 final dividend was recommended, versus HK$0.69 per share for FY2024.

Financial highlights

• Gross profit increased 9.9% to RMB327.5m, while cost of sales rose to RMB1,297.1m from RMB379.6m, primarily reflecting automobile inventory sold.

• Operating profit was RMB176.5m versus RMB182.9m; net finance shifted to a RMB3.2m expense from RMB10.1m income, and net other income fell to RMB4.9m from RMB19.2m.

• Basic and diluted EPS were RMB0.6983 and RMB0.6920, down 13.0% and 12.9% YoY, respectively.

Outlook and guidance

• 2026 priorities are to stabilize pledged vehicle monitoring, build the 9CheGO platform, and expand digital intelligence and AI applications across business lines.

• Plans include upgrading VFS hardware and software, strengthening dynamic risk assessment, expanding dealership operation capabilities, and developing county-level online-to-offline sales channels.

• Remaining IPO proceeds of HK$133.3m were scheduled for use by end-2026 across monitoring services, platform development, dealership management, and sales and marketing.