SAIC Motor (600104) Q2 2026 earnings summary

Executive summary

• Achieved total vehicle wholesale of 2.045 million units and retail of 2.075 million units, leading the industry in China for the first half of 2026.

• Self-branded vehicle sales rose 12.6% year-over-year to 1.469 million units, accounting for 71.8% of total sales.

• New energy vehicle sales increased 23.1% year-over-year to 796,000 units; overseas sales surged 48.7% to 735,000 units.

• Consolidated operating revenue reached RMB 298.65 billion, down 0.3% year-over-year; net profit attributable to shareholders was RMB 5.15 billion, down 14.4%.

• Operating cash flow improved significantly, up 158% year-over-year to RMB 54.3 billion.

Financial highlights

• Operating revenue: RMB 298.65 billion, -0.3% year-over-year.

• Net profit attributable to shareholders: RMB 5.15 billion, -14.4% year-over-year.

• Gross margin: 12.6%, up 3 percentage points year-over-year.

• Operating cash flow: RMB 54.3 billion, +158% year-over-year.

• Basic EPS: RMB 0.451, -14.1% year-over-year.

Outlook and guidance

• Domestic auto market faces continued uncertainty due to weak demand.

• Overseas market growth may be impacted by trade protectionism and currency fluctuations.

• Industry cost pressures remain high due to geopolitical tensions and supply chain constraints.