Yongda Auto (03669) announced its 2025 financial results, reporting revenue of RMB 54.6 billion. Revenue from independent new energy vehicle sales reached RMB 3.874 billion, representing a year-on-year increase of 28.1%. Gross profit was RMB 4.292 billion. Net cash generated from operating activities amounted to RMB 1.886 billion, up 24.24% compared to the previous year. The net debt ratio stood at 8.5%, a decrease of 1.7 percentage points from the prior year.
Throughout 2025, the company sold 25,900 units of independent new energy brand vehicles, marking a 40.1% year-on-year increase. This growth rate outpaced the national average for new energy retail sales, which was approximately 17.6%. Sales through the dealership model accounted for 13,341 units, while the direct sales model contributed 12,559 units.
The company's product portfolio continued to move upmarket, with the average selling price of new vehicles for the full year reaching RMB 282,400. Despite intense market competition, the comprehensive gross margin per vehicle remained relatively stable at 3.8% for the year. Additionally, several models from the brands represented by the company were launched in 2025. Certain models helped accumulate a significant number of undelivered orders, with over 4,000 orders still pending at the end of 2025, laying a foundation for continued business growth in 2026.
In terms of inventory and capital management, the group maintained a healthy new vehicle inventory turnover level within the industry in 2025, with a turnover period of 24.6 days. By leveraging digital systems to enhance sales rhythm and dynamic control of inventory capital, and implementing management limits for over-aged inventory, the group continuously improved inventory turnover efficiency and reduced capital occupation risks.
Furthermore, the company accelerated its expansion into the used car segment for new energy vehicles. It established comprehensive, cross-regional collaborations with several new automakers, including Harmony, Xiaomi, and Zeekr, in areas such as used car replacement services and retail sales. The company developed a vehicle acquisition application system tailored for new automaker brand consumption scenarios, providing standardized and efficient services across the entire chain. This includes customer lead management at dealerships, middle-office dispatching and appraiser assignment, centralized pricing based on databases, coordinated new vehicle acquisitions, and efficient disposal via platforms.
Utilizing new media platforms popular with younger generations, such as live streaming, short videos, Xiaohongshu, and Xianyu, the company engaged in retail-oriented operations and offered users battery testing and warranty services. Acknowledging that product iterations and price fluctuations for used new energy vehicles occur significantly faster than for traditional fuel-powered brands, the company adopted a more stringent and efficient turnover strategy to mitigate depreciation risks. It is also actively promoting the export of used new energy vehicles to build diversified sales channels.