长安汽车财报上半年营收同比下降5.25%，净利润降19.09%，新能源汽车销量增长49.1% | 财报见闻

Core Viewpoint - Changan Automobile reported a revenue of 72.69 billion RMB in the first half of 2025, a year-on-year decline of 5.25%, while net profit decreased by 19.09% to 2.29 billion RMB. However, the company achieved a 1.6% increase in total vehicle sales, marking the highest sales in nearly eight years, with a significant 49.1% growth in new energy vehicle sales [1][2][4]. Financial Performance - Revenue for the first half of 2025 was 72.69 billion RMB, down 5.25% from the previous year [1][4]. - Net profit was 2.29 billion RMB, a decrease of 19.09% year-on-year [1][4]. - The company reported a non-GAAP net profit of 1.48 billion RMB, reflecting a 26.36% increase, indicating improved core business profitability [2][4]. - Gross margin improved from 13.80% to 14.58% [4]. - Operating cash flow showed a net outflow of 8.61 billion RMB, compared to a net inflow of 3.44 billion RMB in the same period last year [2][4]. Sales Performance - Total vehicle sales reached 1.355 million units, a 1.6% increase year-on-year, achieving the highest sales in nearly eight years [5]. - New energy vehicle sales amounted to 452,000 units, representing a 49.1% year-on-year growth, with June sales exceeding 100,000 units [1][5]. - Overseas sales reached 299,000 units, up 5.1% year-on-year [3][5]. Strategic Developments - The company is actively executing its globalization strategy, with the launch of the Rayong factory in Thailand and the introduction of Deep Blue vehicles in the UAE, creating new growth opportunities [3]. - R&D investment totaled 3.28 billion RMB, a 12.76% increase, accounting for 4.5% of revenue, demonstrating a commitment to technological innovation [3]. - The establishment of three smart electric vehicle brands—Avita, Deep Blue, and Changan Qiyuan—provides comprehensive market coverage from high-end to mainstream segments [3].