CHANGAN AUTOMOBILE-B(SZ:000625) Nan Fang Du Shi Bao·2025-08-24 10:08Core Viewpoint - The newly established "New Changan" has released its first financial report for the first half of 2025, showing a decline in overall revenue and net profit, which poses a short-term challenge. However, there are positive trends in sales structure, transition to new energy, supply chain responsibility, and core technology layout [1]. Financial Performance - Changan Automobile reported operating revenue of 72.69 billion yuan, a decrease of 5.25% year-on-year [2][3]. - The net profit attributable to shareholders was 2.29 billion yuan, down 19.09% year-on-year [2][3]. - The net profit after deducting non-recurring gains and losses was 1.48 billion yuan, reflecting a year-on-year increase of 26.36, indicating improved core business profitability [2][3]. - The gross profit margin for the first half of the year reached 14.58%, an increase of 0.78 percentage points year-on-year [2]. Cash Flow and Liabilities - The net cash flow from operating activities was a negative 8.61 billion yuan, a decline of 350.57% compared to the previous year [3]. - The company has unified the payment terms for suppliers to within 60 days, resulting in a 31% reduction in accounts payable and notes payable compared to the beginning of the year [4]. Sales Performance - Changan Automobile achieved sales of 1.355 million vehicles in the first half of 2025, a year-on-year increase of 1.6%, marking the highest sales for the same period in nearly eight years [5]. - New energy vehicle sales reached 452,000 units, with a year-on-year growth of 49.1%, surpassing the industry average [5]. - The company has established three major intelligent new energy brands, covering the high-end to mainstream markets [5]. Research and Development - R&D investment for the first half of the year was 3.28 billion yuan, an increase of 12.76% year-on-year, accounting for 4.5% of revenue [7]. - Significant technological advancements include the launch of the "Beidou Tianzhu 2.0" plan and the development of a global leading central ring network architecture [7]. - Collaborations with Huawei and Tencent in smart driving and data construction are strengthening the company's technological capabilities [7]. Overall Assessment - The financial report indicates a "total pressure, structural improvement" trend for Changan Automobile in the first half of 2025, with a notable increase in core business profitability and rapid growth in the new energy sector [7].