Chongqing Changan Automobile Company (000625) H2 2025 earnings summary

Executive summary

• Operating revenue reached RMB 164.00 billion in 2025, up 2.67% year-over-year, while net profit attributable to shareholders dropped 44.34% to RMB 4.08 billion; net profit after deducting non-recurring gains and losses rose 8.03% to RMB 2.80 billion.

• Annual vehicle sales hit 2.91 million units, up 8.54% year-over-year, with NEV sales exceeding 1.11 million units, up 51.1%.

• Overseas sales surged 18.9% to 637,000 units, and export volume reached a record high.

• The company maintained a strong R&D focus, investing RMB 12.58 billion (7.67% of revenue), with 12,417 R&D staff.

Financial highlights

• Gross margin for automotive business was 15.54%, up 0.60 percentage points year-over-year.

• Basic and diluted EPS were RMB 0.41, down from RMB 0.74 in 2024.

• Net cash flow from operating activities fell 62.15% to RMB 1.84 billion, mainly due to shortened supplier payment terms.

• Total assets at year-end were RMB 202.96 billion, down 2.50% from the previous year.

• Net assets attributable to shareholders rose 0.99% to RMB 77.34 billion.

• Non-recurring gains and losses totaled RMB 1.28 billion, down sharply from RMB 4.73 billion in 2024.

Outlook and guidance

• The company targets sales of 5 million vehicles by 2030, including 4 million from homegrown brands and 3 million digital intelligent vehicles.

• Plans to launch 43 new models over the next three years, focusing on NEVs and global expansion.

• R&D investment will remain above 5% of revenue, with over 10,000 core talents to be recruited.

• Capital expenditure for 2026 is planned at RMB 14.47 billion, with RMB 4.47 billion for fixed assets and RMB 10 billion for long-term equity investments.