China Evergrande New Energy Vehicle Group (708) H1 2025 earnings summary

Executive summary

• Operations shifted from vehicle manufacturing to an asset-light model focused on technical services and planned battery trading, with all PRC production facilities disposed of or under insolvency proceedings.

• Revenue for H1 2025 was mainly from technical services in Europe via NEVS, as vehicle and property sales ceased.

• The group remains in financial distress, with ongoing debt restructuring discussions and trading in shares suspended since April 2025.

Financial highlights

• Revenue for H1 2025 was RMB6.51 million, down 83% year-over-year; gross profit was RMB1.74 million, down 28%.

• Net loss for H1 2025 was RMB585 million, a significant reduction from RMB20.26 billion loss in H1 2024, mainly due to absence of large impairments and lower expenses.

• Cash and cash equivalents at period end were RMB0.22 million; borrowings stood at RMB17.11 billion.

• No interim dividend declared.

Outlook and guidance

• Focus will remain on expanding technical services in Europe and launching the battery trading business, with trial orders expected in Q4 2026.

• Ongoing discussions for debt restructuring and potential new investment to support business transformation and resumption of trading.