Multiple Automakers Report Core Profit Growth After Excluding FX Losses

In the first half of 2026, China’s auto exports surpassed 5 million vehicles, exceeding the full-year total for 2023. During the same period, the renminbi appreciated by more than 3% against the U.S. dollar, causing foreign exchange items for multiple listed automakers to shift from gains to losses. According to incomplete statistics, over ten listed automakers collectively reported net foreign exchange losses exceeding RMB 10 billion, compared to net gains of over RMB 17 billion in the same period of 2025. Excluding the impact of foreign exchange fluctuations, core profits for some automakers showed growth. SAIC Motor reported attributable net profit of RMB 5.152 billion in the first half, down 14.38% year-on-year; excluding foreign exchange and impairment effects, its core attributable net profit reached RMB 7.87 billion, up 72% year-on-year. Geely Automobile reported attributable net profit of RMB 9.091 billion, down 1.8% year-on-year; excluding foreign exchange and non-financial asset impairments, its core attributable net profit amounted to RMB 9.68 billion, an increase of 46% year-on-year. BYD posted attributable net profit of RMB 12.325 billion in the first half, down 20.54% year-on-year; Zheshang Securities estimates its core profit, excluding foreign exchange losses, was approximately RMB 17.2 billion. Chery Automobile reported attributable net profit of RMB 8.567 billion, down 11.73% year-on-year; excluding foreign exchange impacts, its gross profit rose 25.1% year-on-year. Great Wall Motor recorded attributable net profit of RMB 2.465 billion in the first half, a sharp decline of 61.11% year-on-year. Adjusting for foreign exchange effects and overseas tax subsidies, its underlying operating profit declined only 4% to 9% year-on-year. Changan Automobile reported attributable net profit of RMB 817 million, down 64.32% year-on-year; excluding foreign exchange factors, it saw a 12% year-on-year increase, but its net profit after non-recurring items stood at RMB 251 million, down 83.01% year-on-year. According to Guojin Securities estimates, adjusted combined profits of major listed passenger vehicle companies rose approximately 3% year-on-year in the first half of 2026, though they declined about 2% year-on-year in the second quarter.