Changan Auto Reports Slight Revenue Growth in 2025, Higher Adjusted Net Profit, but Lower Parent-Company Net Profit Due to Reduced Non-Recurring Gains

Changan Automobile reported revenue of approximately RMB 164 billion in 2025, an increase of 2.67% year-over-year (YoY). Net profit attributable to shareholders was RMB 4.075 billion, down 44.34% YoY. Excluding non-recurring gains and losses such as asset disposals and government grants, adjusted net profit stood at RMB 2.795 billion, up 8.03% YoY. In 2025, the company sold 2.913 million vehicles, an 8.5% YoY increase—the highest level in nearly nine years. Sales of new energy vehicles (NEVs) exceeded 1.11 million units, surging 51.1% YoY, while overseas sales reached 637,000 units, up 18.9% YoY—both setting new historical records. The decline in net profit attributable to shareholders was primarily due to a sharp reduction in non-recurring gains and losses. Total non-recurring items amounted to RMB 12.8 billion in 2025, significantly lower than RMB 47.34 billion in 2024. Specifically, gains from disposal of fixed assets dropped from RMB 24.66 billion to RMB 1.03 billion, and government grants decreased from RMB 16.27 billion to RMB 5.59 billion. Based on revenue from vehicle sales and total sales volume, the average selling price per vehicle in 2025 was approximately RMB 53,400, down about RMB 3,300 from 2024. Overseas revenue reached RMB 33.2 billion, up 2.4% YoY, though gross margin declined by 6.7 percentage points to 19.49%. Among its NEV brands, Deepal (Shenlan) generated annual revenue of RMB 50.245 billion, up 34.97% YoY, with its net loss narrowing to RMB 8.99 billion (compared to a loss of RMB 15.71 billion in 2024). Avatr sold over 120,000 units, an increase of approximately 63% YoY; however, its financial details were not separately disclosed. Changan Automobile aims to achieve total sales of 5 million vehicles by 2030, including 4 million from its own brands. In 2026, the company plans to invest RMB 14.47 billion in R&D capabilities, intelligent technology infrastructure, overseas platforms, and emerging fields such as flying cars and humanoid robots. R&D expenditure in 2025 totaled RMB 12.576 billion, up 23.79% YoY.