BAIC Motor released its audited results for the year ended 31 December 2025, highlighting a challenging 12-month period marked by softer volumes, intensified price competition and one-off portfolio realignment.
Revenue and Profitability • Revenue declined 14.8% year on year to RMB 164.05 billion, driven mainly by lower vehicle sales and pricing pressure. • Gross profit fell 38.4% to RMB 19.01 billion; gross margin slid to 11.6% from 16.1% in 2024. • Profit before tax dropped 39.3% to RMB 9.70 billion. • Profit attributable to equity holders tumbled 87.2% to RMB 0.12 billion; basic EPS decreased to RMB 0.02. • Non-controlling interests contributed RMB 5.65 billion, cushioning bottom-line erosion at Group level.
Cash Flow and Liquidity • Net cash generated from operating activities fell 65.6% to RMB 10.04 billion. • Cash and cash equivalents stood at RMB 23.37 billion, down RMB 10.23 billion from end-2024. • Total borrowings decreased 7.8% to RMB 7.92 billion; the net cash position resulted in a negative gearing ratio of –25.1%. • Undrawn credit facilities totalled RMB 24.25 billion at year-end.
Balance Sheet Highlights • Total assets were RMB 166.51 billion; net assets RMB 77.09 billion. • Net current liabilities widened to RMB 3.95 billion, versus RMB 2.60 billion a year earlier. • Asset-liability ratio dipped 0.7 percentage point to 53.7%.
Cost and Investment • R&D expenditure reached RMB 3.60 billion (capitalised and expensed), down 16.1%. • Capital expenditure amounted to RMB 5.64 billion, up 4.8%. • Staff costs declined 7.9% to RMB 5.23 billion as production scheduling was optimised.
Other Key Items • Foreign-exchange loss narrowed sharply to RMB 0.10 billion from RMB 0.40 billion, aided by forward-exchange hedging. • Disposal: On 21 November 2025, the company agreed to sell 51% of BAIC International to parent BAIC Group for RMB 1.61 billion; the transaction closed in February 2026 and generated a disposal gain of RMB 2.21 billion. • Dividend: The Board proposed no final dividend for FY25.
Operational Snapshot Group wholesale sales reached 868,000 units across Beijing Brand, Beijing Benz, Beijing Hyundai and Fujian Benz. New-energy and intelligent-vehicle initiatives advanced, including launch of BJ40e REEV, all-electric CLA (long-wheelbase) and Hyundai EO SUV. Overseas expansion resumed with new Gulf subsidiary and Mexican localisation.
Outlook Management will pursue the three-year “leap-forward” action plan, prioritising new-energy products, user-centric marketing, global market penetration and cost optimisation under a backdrop of moderate domestic demand growth and escalating value-oriented competition.