SAIC Motor (600104) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 140.86 billion, down 1.55% year-over-year; net profit attributable to shareholders was RMB 2.71 billion, up 28.0% year-over-year.

• Excluding non-recurring items, net profit rose 34.38% year-over-year, driven by a 13.3% increase in vehicle wholesale volume to 945,000 units.

• Operating cash flow turned positive at RMB 4.00 billion, a significant improvement from negative RMB 4.55 billion in Q1 2024.

Financial highlights

• Operating income: RMB 137.68 billion, down 0.94% year-over-year.

• Basic EPS: RMB 0.264, up from RMB 0.236 year-over-year.

• Total assets at quarter-end: RMB 927.30 billion, down 3.12% from year-end 2024.

• Shareholders’ equity: RMB 292.03 billion, up 1.45% from year-end 2024.

Outlook and guidance

• Management highlights continued recovery in vehicle production and sales, with a positive trend expected to persist.

• Ongoing focus on strengthening capital management and improving sales channel health.