JAC Motors Co., Ltd. has released its 2025 Annual Report. According to the report, the company achieved revenue of RMB 46.476 billion in 2025, an increase of 10.35% year-over-year. Its total R&D investment for the year reached RMB 4.179 billion, up 20.64% year-over-year, accounting for 8.99% of its revenue. During the 14th Five-Year Plan period (2021–2025), JAC invested nearly RMB 14 billion in R&D, representing a nearly 2.5-fold increase over five years. In 2025, the company filed 636 patent applications and received 23 science and technology awards. On the product front, the Zunjie S800 has delivered over 15,000 units since its launch nine months ago. Commercial vehicle sales grew by 9.33% year-over-year, with light-duty trucks maintaining their position as the industry’s second-largest seller; notably, new energy commercial vehicle sales surged by 70.76% year-over-year. In passenger vehicles, JAC advanced coordinated development across four key product lines—MPVs, new energy passenger vehicles, SUVs, and pickups—with pickup sales exceeding 60,000 units for the year, adhering to its “dual-track strategy” of promoting both fuel-powered and electric vehicles. Internationally, JAC sold over 200,000 vehicles in 2025. Its mid-to-high-end light-duty trucks remained the top exporter in the industry, while pickup exports ranked second. The company successfully entered premium European markets such as Poland, with sales surpassing 10,000 units in each of its five key overseas markets. In strategic partnerships, JAC expanded its collaboration with Huawei into the commercial vehicle segment and jointly established a new venture, Jiehua Power. It also signed an agreement with CATL to deepen their long-term strategic cooperation, upgrading their relationship into an innovation alliance focused on co-developing technologies and jointly expanding markets. Additionally, JAC forged strategic partnerships with seven core suppliers, including Schaeffler and Shanghai Baolong, to build an integrated industrial ecosystem under the “one vehicle, full-chain” model. Furthermore, the company partnered with Beijing Institute of Technology and Alite to advance R&D in flying cars and intelligent transportation technologies. In terms of capital operations, JAC completed RMB 3.5 billion in market-based financing in 2025, with its market capitalization stabilizing at approximately RMB 120 billion.