Dongfeng Motor Group Company (489) H1 2025 earnings summary

Executive summary

• Achieved sales of approximately 823,900 vehicles in H1 2025, down 14.7% YoY, with revenue of RMB54,533 million, up 6.6% YoY, and gross profit of RMB7,599 million, up 28.0% YoY.

• Gross margin improved by 2.3 percentage points YoY to 13.9%; net profit attributable to equity holders was RMB55 million.

• Proprietary premium new energy brand VOYAH saw monthly sales exceed 10,000 units for five consecutive months, with 84.8% YoY growth.

• Overseas exports reached 99,000 units, up 5.8% YoY, expanding presence in the Middle East and Europe.

• Technological innovation advanced with new architectures, fast-charging systems, and industry-leading patent activity.

Financial highlights

• Revenue increased by RMB3,388 million (6.6%) YoY, mainly from VOYAH and Dongfeng Automobile Co., Ltd.

• Gross profit rose by RMB1,663 million (28.0%) YoY; gross margin reached 13.9%.

• Net profit attributable to owners was RMB55 million, down from RMB684 million YoY; net profit margin dropped to 0.1%.

• Total assets at 30 June 2025 were RMB317,786 million, down 2.2% from year-end 2024.

• Gearing ratio stood at 51.6%.

Outlook and guidance

• Full-year China auto industry sales expected at 33.02 million units (+5% YoY), with new energy vehicles up 25.5% and exports up 7.5%.

• Domestic demand is expected to slow, overseas markets face uncertainties, and competition will intensify.

• Focus remains on high-quality development, innovation, and transformation, with proprietary brands and new energy vehicles as growth drivers.