China Yongda Automobiles Services Holdings (3669) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was RMB 27,072 million, down 12.8% year-over-year, with gross profit at RMB 2,370 million, down 8.3%.

• Net loss attributable to owners was RMB 3,331 million due to a one-off, non-cash impairment of RMB 3,539 million on long-term assets.

• Adjusted net profit (excluding impairment) was RMB 63 million, after significant asset impairment adjustments.

• Luxury, ultra-luxury, and NEV brands accounted for 209 outlets and 72,501 new car sales, including 10,312 NEV units.

• Interim dividend of RMB 0.070 per share declared, up from RMB 0.059 per share last year.

Financial highlights

• New vehicle sales volume fell 13.4% to 72,501 units; NEV sales rose 49% to 10,312 units.

• Revenue from new vehicle sales and related services was RMB 20,532 million, down from RMB 23,984 million year-over-year.

• After-sales service revenue was RMB 4,784 million, with a gross margin of 41.91%.

• Pre-owned vehicle transaction volume was 30,427 units, with revenue of RMB 2,164 million and gross margin of 5.21%.

• Net cash inflow from operating activities rose 66.9% year-over-year to RMB 1,167 million.

Outlook and guidance

• NEV new car sales expected to approach 50% of total new car sales in the next 1-2 years.

• Continued focus on optimizing outlet network, cost control, and improving business quality and efficiency.

• Emphasis on cash flow management, digital transformation, and new business areas like battery recycling and AI.

• Industry expected to shift from price war to technology-driven competition.