Changan Automobile Reports 8.03% YoY Growth in Non-GAAP Net Profit for 2025

[Financial Performance] Changan Automobile reported a slight 2.67% year-over-year (YoY) increase in revenue for 2025, with non-GAAP net profit rising by 8.03% YoY.

Core Development: Non-GAAP Net Profit Grows Against the Trend, Primarily Due to a Sharp Decline in Non-Recurring Gains and Losses

Net profit attributable to shareholders amounted to RMB 4.075 billion, down 44.34% YoY, mainly impacted by a steep drop in gains from disposal of fixed assets—from RMB 2.466 billion to RMB 103 million—and reduced government subsidies. Excluding these factors, non-GAAP net profit reached RMB 2.795 billion, reflecting resilience in core operations.

Key Metrics: Record Highs in Both Total Sales and New Energy Vehicle (NEV) Sales

Total annual sales hit 2.913 million units, the highest in nearly nine years; NEV sales reached 1.11 million units (+51.1% YoY), while overseas sales totaled 637,000 units (+18.9% YoY). However, average selling price per vehicle declined to RMB 53,400, and overseas gross margin dropped by 6.7 percentage points to 19.49%.

Strategic Foundation: Growing Pains Emerge in Profitability Structure Transformation

Despite steady growth in overall revenue and sales volume, the tapering of non-recurring income has exposed the current reliance of profitability on policy support and asset-related activities, highlighting the urgent need for Changan’s self-owned brands to accelerate improvements in product premium pricing capabilities.