Yongda Auto reported FY2025 revenue of RMB54.60 billion, a 13.9% year-on-year decline, reflecting weaker luxury vehicle sales amid intensified price competition.

Statutory results swung to a net loss of RMB5.35 billion versus a RMB165 million profit in 2024, mainly due to a RMB5.01 billion non-cash impairment on goodwill, dealership intangibles and fixed assets. Excluding this charge, adjusted net loss (non-IFRS) totalled RMB347 million; adjusted loss attributable to shareholders was RMB304 million.

New-vehicle distribution revenue fell 15.7% to RMB39.14 billion. Within this, luxury and ultra-luxury brands dropped 18.3% to RMB31.23 billion, while independent new-energy vehicle (NEV) distribution rose 28.1% to RMB3.87 billion. NEV unit sales under the dealership model increased 20.4% to 13,341 units; direct-sales commissions from NEVs grew 22.3% to RMB136 million.

After-sales services remained resilient: repair and maintenance revenue edged up 1.2% (excluding closed and transferred outlets) to RMB8.97 billion, with a stable gross margin of 40.0%. Pre-owned vehicle revenue declined 18.4% to RMB3.08 billion, though the gross margin improved to 5.4% and inventory turnover shortened to 16.7 days.

Group gross profit slipped 18.6% to RMB4.29 billion, with the overall margin contracting to 7.9% from 8.3% a year earlier as new-car profitability narrowed to 0.1%. Selling, administrative and finance expenses fell 4.9% to RMB4.93 billion.

Operating cash flow strengthened to RMB1.89 billion, up 24.2%, aided by tighter working-capital management; inventory days improved from 25.8 to 24.9. Net gearing eased to 8.5% from 10.2%.

Capital expenditure totalled RMB400 million, and outstanding borrowings stood at RMB2.91 billion. No final dividend was proposed for 2025 as the board prioritised cash preservation.

Network optimisation continued: 17 luxury 4S stores were closed and 19 NEV outlets opened, leaving 209 operational outlets at year-end.

Governance changes include the re-designation of Ms Chen Yi from executive to non-executive director and adjustments to the Nomination Committee’s membership effective 31 March 2026.

No material post-balance-sheet events were reported.