BAIC Motor (1958) H2 2024 earnings summary

Executive summary

• Revenue declined 2.8% year-over-year to RMB192.5 billion, mainly due to a sharp drop in new energy vehicle sales, partially offset by growth in oil-powered vehicles.

• Net profit attributable to equity holders fell 68.5% year-over-year to RMB955.8 million, with basic EPS dropping from RMB0.38 to RMB0.12.

• Gross profit decreased 19.4% to RMB30.9 billion, reflecting lower sales volume and increased promotional activities.

• The group sold 0.946 million vehicles wholesale and 0.983 million retail, with significant expansion in overseas markets and new energy initiatives.

Financial highlights

• Oil-powered vehicle revenue rose 1.2% to RMB185.0 billion, while new energy vehicle revenue dropped 50.7% to RMB7.5 billion.

• Gross profit from oil-powered vehicles fell 16% to RMB35.3 billion; new energy vehicles posted a gross loss of RMB4.4 billion.

• Net cash from operating activities increased 20.2% to RMB29.1 billion.

• Cash and cash equivalents at year-end were RMB33.6 billion; outstanding borrowings stood at RMB8.6 billion.

• Asset-liability ratio increased to 54.4% from 53.0% year-over-year.

Outlook and guidance

• The group expects China's passenger vehicle market to grow by about 5% in 2025, driven by policy support and new energy vehicle adoption.

• Strategic focus for 2025 includes expanding off-road, hybrid, and high-value product segments, deepening joint venture cooperation, and accelerating intelligent and new energy transformation.