Shen Zhen Shang Bao·2025-10-21 15:29Core Insights - Jiangling Motors reported a decline in revenue and profit for Q3 2025, with operating income of 9.196 billion yuan, down 6.26% year-on-year, and a net profit attributable to shareholders of 16.41 million yuan, down 93.94% [1][2] - The company's net profit excluding non-recurring items showed a loss of 72.93 million yuan, a decrease of 126.67% compared to the previous year, indicating that the core business is in a loss position [1][2] - For the first three quarters of 2025, total revenue was 27.289 billion yuan, a decrease of 1.59%, and net profit attributable to shareholders was 749.13 million yuan, down 35.76% [1][2] Financial Performance - The cash flow from operating activities for the first three quarters decreased by 88.30%, amounting to a net cash flow of 201.90 million yuan, primarily due to a reduction in cash received from sales [2][3] - The basic and diluted earnings per share for Q3 were both 0.02 yuan, reflecting a decline of 93.55% year-on-year [2] - The weighted average return on equity was 0.16%, down 2.49% from the previous year [2] Sales and Market Position - In the first three quarters of 2025, Jiangling Motors sold a total of 260,957 vehicles, an increase of 7.73% year-on-year, including 70,773 light passenger vehicles, 52,726 trucks, 45,404 pickups, and 92,054 SUVs [3] - Despite the increase in sales volume, revenue decreased by 1.59%, indicating that higher sales did not translate into higher income [3] - Accounts receivable increased by 15.36 billion yuan, a rise of 36.75%, primarily due to growth in vehicle export business, which poses a risk of bad debts and consumes significant working capital [3]