China Evergrande New Energy Vehicle Group (708) H2 2025 earnings summary

Executive summary

• Completed exit from vehicle manufacturing, with all PRC production facilities disposed of or in liquidation; now operates an asset-light model focused on technical services and battery trading.

• Revenue for 2025 was RMB13 million, down 75.6% year-over-year, mainly from technical services in Europe; no property sales or vehicle manufacturing revenue.

• Net loss of RMB891 million in 2025, compared to a net profit of RMB6,267 million in 2024, driven by revenue decline and high finance costs.

• Ongoing discussions with creditors and potential investors for debt restructuring and financing; no immediate repayment demands or winding-up petitions received.

Financial highlights

• Total assets at year-end 2025 were RMB205 million; total liabilities RMB32,918 million.

• Gross profit was RMB3.54 million, down 44.5% year-over-year.

• Administrative expenses fell 90.7% to RMB72.8 million due to cost-cutting and reduced headcount.

• Finance costs net were RMB1,017 million; gearing ratio rose to 8,228%.

• Cash and cash equivalents at year-end were RMB0.2 million.

Outlook and guidance

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

• Battery trading business targets RMB60 million in sales in its first year.

• Continued efforts to restructure debt and secure new investment; trading in shares remains suspended pending compliance and resumption guidance.