On October 30, Changan Automobile disclosed its financial report showing that in the first three quarters of 2026, the company's revenue was 101.884 billion yuan, down 11.35% year on year; wholesale volume was 1.6927 million vehicles, down 18.07% year on year; net profit attributable to shareholders was 59.2753 million yuan, down 98.06% year on year; and net profit after deducting non-recurring gains and losses was -701 million yuan, a year-on-year change of -134.73%, turning from profit to loss. The financial report disclosed that in the first three quarters of 2026, Changan Automobile's overseas wholesale sales were 729,700 vehicles, up 56.8% year on year, accounting for about 43% of total sales; of which overseas sales in the third quarter were 270,000 vehicles, up 64.33% year on year. Based on the first three quarters data, Changan Automobile's overseas sales increased by about 265,000 vehicles year on year, while total wholesale volume decreased by about 373,000 vehicles. Zhang Xiaoyu, executive vice president of Changan Automobile, said that the company's overall retail sales in the first three quarters of 2026 were about 1.852 million vehicles, down 9% year on year; the gap of about 160,000 vehicles between retail and wholesale came from actively reducing channel inventory. At present, the overall inventory-to-sales ratio is controlled within 2, down 1.5 from the beginning of the year, lower than the industry average of about 2.5. Zhang Xiaoyu disclosed that in the third quarter, the company's exchange loss was about 560 million yuan, reducing profit by nearly 700 million yuan quarter on quarter and by 430 million yuan year on year; rising prices of raw materials such as batteries and memory chips reduced profit by about 350 million yuan quarter on quarter and by about 740 million yuan year on year in the quarter. R&D investment in the third quarter was about 3.55 billion yuan, up 11.6% year on year; in the first three quarters, cumulative investment in overseas strategic resources was about 5.46 billion yuan, mainly used for sales resources, labor, travel and other operating expenses. Ye Pei, president of Changan Automobile, said that subsidy policies pushed the industry's share of additional and replacement purchases from the usual 40% to more than 60%, and combined with the release of sales of low-priced small cars, this pre-consumed about 4 million vehicles of market demand. The domestic auto market is expected to see a recovery only in the first quarter of 2027. Ye Pei said that Changan Automobile's core global product matrix will not fully enter the monetization period until 2027 to 2029. Zhang Xiaoyu introduced that the platform for the Qiyuan A06 and Q06 has a global planned scale of 600,000 to 700,000 vehicles, and the R&D cost for derivative development of personalized models such as boxy vehicles and GTs based on the base model is 1.1 to 1.2 times that of the original model. Ye Pei said that the Qiyuan Q05 launched in 2026 currently sells about 30,000 vehicles per month in China, and with overseas markets included, overall monthly sales exceed 40,000 vehicles. The platform for the Qiyuan A06 and Q06 has achieved profitability. Changan Automobile will also launch two million-unit B-class platforms and a 600,000 to 800,000-unit C-class platform, compatible with pure electric (EV), plug-in hybrid (PHEV) and hybrid electric (HEV) powertrains under the same architecture. Ye Pei said that on the basis of the full-year 2026 target of 750,000 overseas vehicles, Changan Automobile will strive for overseas self-owned brand sales of more than 1 million vehicles in 2027, with a target of 2 million vehicles in overseas sales of self-owned brands by 2030. Changan has identified 37 key countries worldwide. According to the plan, Changan Automobile aims to achieve volume-profit balance in overseas markets in 2027 to 2028, and gradually increase the profit weight in 2028 to 2029. On the logistics side, the company is advancing the locking of large vessel resources such as long-term contracts and chartered ships, and related measures will gradually land in 2028.