FAW Jiefang Group (000800) H2 2025 earnings summary

Executive summary

• Achieved operating revenue of CNY 62.68 billion in 2025, up 6.99% year-over-year, with net profit attributable to shareholders at CNY 724.5 million, up 16.41%.

• Sold 280,000 vehicles, up 11.5% year-over-year, including 255,000 medium- and heavy-duty trucks (+19.0%), 45,000 new energy vehicles (+184.3%), and 60,000 vehicles exported (+5.2%).

• Maintained industry leadership in domestic medium- and heavy-duty trucks for ten consecutive years and led in new energy transformation among traditional vehicle enterprises.

Financial highlights

• Operating income: CNY 62.68 billion (+6.99% YoY); net profit: CNY 724.5 million (+16.41% YoY).

• Net cash flows from operating activities: CNY 2.69 billion, a significant turnaround from -CNY 5.85 billion in 2024.

• Basic and diluted EPS: CNY 0.1472 (+16.27% YoY); weighted average ROE: 2.73% (+0.28pp YoY).

• Total assets: CNY 72.51 billion; net assets attributable to shareholders: CNY 26.47 billion.

• Gross margin for commercial vehicles: 7.53% (+1.16pp YoY); spare parts and others: 14.37%.

• Non-recurring profit and loss: CNY 708.1 million, mainly from government subsidies and asset disposals.

Outlook and guidance

• Industry expected to enter a period of transformation and consolidation, with strong domestic replacement demand and robust export growth.

• Strategic focus on expanding market share, accelerating new energy and intelligent vehicle transformation, and deepening overseas market penetration.

• Plans to enhance operational quality, cost control, and risk management, aiming for world-class status and sustainable growth.