SAIC Motor (600104) H2 2025 earnings summary

Executive summary

• Achieved annual sales of 4.507 million vehicles, up 12.3% year-over-year, with a 13.1% market share, and strong growth in self-owned and new energy vehicles.

• Consolidated revenue reached RMB 656.24 billion, up 4.6% year-over-year; net profit attributable to shareholders was RMB 10.11 billion, up 506.5% year-over-year.

• Significant reforms and market expansion, especially in smart electric vehicles and overseas markets, drove operational recovery.

Financial highlights

• Revenue: RMB 656.24 billion, up 4.57% year-over-year.

• Net profit attributable to shareholders: RMB 10.11 billion, up 506.45% year-over-year.

• Net profit after deducting non-recurring items: RMB 7.42 billion, up 237.2% year-over-year.

• Basic EPS: RMB 0.885; weighted average ROE: 3.43%.

• Net cash flows from operating activities: RMB 34.31 billion, down 50.47% year-over-year.

• Gross margin for auto manufacturing: 10.09%, up 0.71 pct year-over-year.

Outlook and guidance

• Targets 2026 sales of 5 million vehicles and revenue over RMB 700 billion.

• Focus on expanding domestic and overseas markets, accelerating innovation in new energy and intelligent vehicles, and enhancing ESG and global operations.

• Anticipates continued growth in new energy vehicles and global expansion, but expects slower overall market growth and increased international competition.