SAIC Motor (600104) Q3 2026 earnings summary

Executive summary

• 9M 2026 total revenue was RMB455.22bn, down 2.94% YoY; net income attributable to shareholders was RMB5.64bn, down 30.40%.

• Q3 attributable net income was RMB485.5m, down 76.70% YoY; adjusted excluding non-recurring items, it was RMB69.5m, down 95.89%.

Financial highlights

• Q3 total revenue was RMB156.57bn, down 7.58% YoY; operating revenue was RMB154.63bn, down 7.34%.

• 9M total revenue was RMB455.22bn versus RMB468.99bn; operating revenue was RMB449.62bn versus RMB461.22bn.

• 9M operating profit was RMB12.77bn versus RMB16.10bn, and total profit was RMB12.80bn, down 21.48% YoY.

• 9M consolidated net income was RMB9.49bn versus RMB12.00bn; attributable net income was RMB5.64bn versus RMB8.10bn.

• Adjusted excluding non-recurring items, 9M attributable net income was RMB4.64bn, down 34.87%; non-recurring gains totaled RMB998.9m.

Key financial ratios and metrics

• Basic EPS was RMB0.042 in Q3, down 76.80% YoY, and RMB0.493 for 9M, down 30.17%.

• Weighted average ROE was 0.15% for Q3, down 0.56 percentage points, and 1.87% for 9M, down 0.90 percentage points.

• 9M operating cash flow was RMB56.30bn, up 76.28% YoY; Q3 operating cash flow was RMB2.00bn, down 81.68%.