Changan Auto Reports 2.67% Revenue Growth and 8.03% Rise in Net Profit Excluding Non-Recurring Gains in 2025

Changan Automobile recently released its 2025 annual performance report. The data shows that the company achieved approximately RMB 164 billion in operating revenue for the year, representing a modest 2.67% year-on-year increase; its net profit attributable to shareholders amounted to RMB 4.075 billion, a 44.34% decline year-on-year. After excluding non-recurring gains and losses such as asset disposals and government subsidies, the net profit attributable to shareholders excluding non-recurring items stood at RMB 2.795 billion, up 8.03% year-on-year, reflecting a certain degree of resilience in core business profitability.

Image source: Screenshot from Changan Automobile's financial report

In terms of sales, Changan Automobile sold 2.913 million units in 2025, setting a new high over the past nine years, with a year-on-year growth of 8.5%. Among them, the sales of new energy vehicles exceeded 1.11 million units, with a year-on-year increase of 51.1%; sales in overseas markets reached 637,000 units, up 18.9% year-on-year, all setting historical best levels.

The significant reduction in non-recurring gains and losses is the primary reason for the decline in net profit attributable to shareholders. In 2025, the Company’s total non-recurring gains and losses amounted to RMB 1.28 billion, substantially lower than RMB 4.734 billion in 2024. Specifically, gains from the disposal of fixed assets plummeted from RMB 2.466 billion in the same period last year to RMB 0.103 billion, while government subsidies decreased from RMB 1.627 billion to RMB 0.559 billion.

In terms of average selling price per vehicle, based on estimated revenue from product sales and sales volume, the average price per vehicle in 2025 is approximately RMB 53,400, down by about RMB 3,300 from RMB 56,700 in 2024. Overseas markets are also under pressure, with overseas revenue reaching RMB 33.2 billion, an increase of 2.4% year-over-year, but gross margin declined by 6.7 percentage points to 19.49%.

Among its new energy vehicle brands, Deepal Auto reported annual revenue of RMB 50.245 billion, an increase of 34.97% year-over-year, with its net loss narrowing to RMB 8.99 billion (compared to a loss of RMB 15.71 billion in 2024). Avatr sold over 120,000 units, up approximately 63% year-over-year, though its financial figures were not disclosed separately.

Looking ahead, Changan Automobile aims to achieve total sales of 5 million vehicles by 2030, including 4 million from its own brands. In 2026, the company plans to invest RMB 14.47 billion in R&D capabilities, intelligent infrastructure, overseas platforms, and emerging fields such as flying cars and humanoid robots. In 2025, Changan’s R&D investment will reach RMB 12.576 billion, an increase of 23.79% year-over-year.