CHANGAN AUTOMOBILE-B(SZ:000625) Xin Lang Cai Jing·2026-01-05 23:51Core Viewpoint - Changan Automobile has reportedly canceled year-end bonuses for employees due to not meeting sales and profit targets for 2025, leading to significant employee dissatisfaction and public outcry [1][5][24]. Group 1: Company Performance - Changan Automobile's sales target for 2025 was set at 3 million units, with specific goals of 1 million for electric vehicles and 1 million for overseas sales, alongside a revenue target of 300 billion yuan [8][27]. - The company achieved total sales of 2.913 million units in 2025, which is 97% of the target, and reported a revenue of approximately 286 billion yuan, indicating an 8.54% year-on-year growth despite not meeting the overall sales goal [8][27]. - The sales figures for Changan's electric vehicles exceeded the target of 1 million units, showcasing a successful segment despite overall shortfalls [8][27]. Group 2: Employee Compensation and Reactions - Traditionally, Changan employees received year-end bonuses ranging from 1 to 10 months of salary, with an average of 4.8 months in the previous year; however, this year only a minimal consolation prize of 1,000 yuan is expected [8][27]. - Employees expressed frustration over the cancellation of bonuses, citing promises made during hiring and feeling that their compensation has regressed over time [7][26]. - Some employees suggested that the bonus should be adjusted to reflect the 97% target achievement, while others proposed creative solutions to meet the sales target [33][35]. Group 3: Financial Trends - Changan's profits have been declining over the past three years, with a significant drop from nearly 10 billion yuan in the first three quarters of 2023 to approximately 3.055 billion yuan in 2025 [10][29]. - The increase in sales expenses, which reached 7.35 billion yuan in the first three quarters of 2025, has been a major factor in the declining profit margins, alongside rising financial costs attributed to currency exchange losses [12][31]. - The overall revenue for Changan in the first three quarters of 2025 was reported at approximately 11.49 billion yuan, a decrease from previous years, indicating challenges in maintaining profitability despite higher sales volumes [32].