SAIC Motor (600104) H2 2025 earnings summary

Executive summary

• Achieved consolidated operating revenue of RMB 656.24 billion in 2025, up 4.57% year-over-year; net profit attributable to shareholders was RMB 10.11 billion, up 506.45% year-over-year.

• Total vehicle sales reached 4.507 million units, up 12.3% year-over-year; NEV sales were 1.643 million units, up 33.1% year-over-year.

• Domestic market share rose to 13.1%, with self-branded vehicles accounting for 65% of total sales.

• Overseas sales reached 1.071 million units, up 3.1% year-over-year.

Financial highlights

• Operating revenue: RMB 656.24 billion (+4.57% YoY); operating income: RMB 646.15 billion (+5.22% YoY).

• Net profit attributable to shareholders: RMB 10.11 billion (+506.45% YoY); basic EPS: RMB 0.885 (+510.34% YoY).

• Gross margin: 11.3%, up 0.28 percentage points year-over-year.

• Operating cash flow: RMB 34.31 billion, down 50.47% year-over-year due to changes in auto finance business scale.

• Total assets: RMB 960.21 billion; net assets attributable to shareholders: RMB 298.81 billion.

• Quarterly revenue and profit showed sequential growth throughout the year.

Outlook and guidance

• 2026 target: vehicle sales of 5 million units, revenue over RMB 700 billion, and cost control at RMB 630 billion.

• Strategic focus on high-end, NEV, and overseas expansion; aim for NEV sales to exceed 2 million units by 2030.

• Continued investment in AI, solid-state batteries, and global supply chain localization.