SAIC Motor (600104) Q2 2025 earnings summary

Executive summary

• Achieved total vehicle wholesale of 2.053 million units, up 12.4% year-over-year, with retail sales of 2.207 million units, maintaining industry leadership in China.

• Revenue reached ¥299.59 billion, up 5.23% year-over-year; net profit attributable to shareholders was ¥6.02 billion, down 9.21% year-over-year.

• Excluding non-recurring items, net profit attributable to shareholders rose 432.21% year-over-year to ¥5.43 billion.

• Operating cash flow increased 85.89% year-over-year to ¥21.04 billion.

Financial highlights

• Operating income: ¥294.34 billion, up 6.23% year-over-year.

• Total profit: ¥10.51 billion, up 19.67% year-over-year.

• Net profit attributable to shareholders: ¥6.02 billion, down 9.21% year-over-year.

• Basic EPS: ¥0.525, down 9.01% year-over-year.

• Net assets attributable to shareholders: ¥295.29 billion, up 2.59% from year-end.

• Total assets: ¥925.66 billion, down 3.29% from year-end.

Outlook and guidance

• Industry faces intensified competition and profit pressure, with uncertainties in external environment and policy transitions.

• Company aims to enhance value through a 2025 valuation improvement plan and continued market leadership.