BAIC Motor (1958) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB164,047.0 million, down 14.8% year-over-year due to price competition and lower sales volume.

• Net profit attributable to equity holders was RMB122.7 million, an 87.2% decrease year-over-year; basic EPS was RMB0.02.

• Gross profit fell 38.4% to RMB19,012.4 million, mainly due to price competition and decreased sales.

• Wholesale sales volume for Beijing Brand, Beijing Benz, Beijing Hyundai, and Fujian Benz totaled 868,000 units in 2025.

Financial highlights

• Cash and cash equivalents at year-end were RMB23,366.4 million; outstanding borrowings were RMB7,921.5 million.

• Net cash from operating activities was RMB10,039.4 million, down 65.6% year-over-year.

• Asset-liability ratio was 53.7%, down 0.7 percentage points from prior year.

• Net gearing ratio was -25.1%, up 21.7 percentage points due to lower cash balances.

• Total capital expenditures were RMB5,637.3 million; R&D expenditures were RMB3,601.8 million.

Outlook and guidance

• The group expects China's passenger vehicle market to enter a mature phase in 2026, with high sales but low growth and strong structural differentiation.

• New energy vehicles and globalization are expected to drive growth; industry sales projected to rise 1% overall, with new energy vehicle sales up 15.2%.

• The group will focus on electrification, digitization, low-carbon transformation, and international expansion.