Chery Automobile (9973) Q2 2025 earnings summary

Executive summary

• Revenue rose 26.3% year-over-year to RMB141,602 million, driven by strong growth in both ICE and NEV sales.

• Net profit increased to RMB9,906 million, with a net profit margin of 7.0% for the period.

• Gross profit grew 9.6% to RMB18,419 million, but gross margin declined to 13.0% due to higher NEV revenue share and market competition.

• The company successfully listed H Shares on the Hong Kong Stock Exchange on 25 September 2025, raising HK$8,879.3 million.

Financial highlights

• Passenger vehicle revenue increased 26.3% to RMB128,646 million; NEV revenue more than doubled to RMB36,194 million.

• Automotive parts and components revenue surged 76.6% to RMB9,679 million.

• Other income and gains jumped 148.2% to RMB8,266 million, mainly from foreign exchange gains.

• Selling and distribution expenses rose 73.1% to RMB5,962 million; R&D expenses up 44.6% to RMB5,200 million.

• Administrative expenses fell 19.0% to RMB2,650 million due to lower share-based compensation.

Outlook and guidance

• Plans to expand product lineup, sharpen brand positioning, and invest in next-generation technologies in H2 2025.

• Focus on vehicle electrification, intelligentization, and global market expansion to strengthen overseas leadership.