Brilliance China Automotive (1114) H2 2025 earnings summary

Executive summary

• Revenue increased by 7.8% year-over-year to RMB1,181.9 million, driven by higher non-BMW vehicle sales and component orders, but offset by a decline in auto financing revenue.

• Net profit attributable to equity holders fell 36.0% year-over-year to RMB1,985.7 million, mainly due to lower contributions from the BMW Brilliance Automotive (BBA) associate and higher costs.

• Gross profit margin declined to 13.8% from 17.7% due to underutilized capacity at JSA and increased fixed costs.

• BBA sales volume dropped 11.6% year-over-year, with BEV sales down 48.0%.

• The Group continued to invest in electrification, intelligent cockpit technology, and expanded its joint ventures and product lines.

Financial highlights

• Revenue: RMB1,181.9 million (up 7.8% year-over-year).

• Net profit attributable to equity holders: RMB1,985.7 million (down 36.0% year-over-year).

• Gross profit: RMB163.5 million (down 15.7% year-over-year); gross margin: 13.8%.

• Basic EPS: RMB0.39357 (down from RMB0.61465 in 2024).

• Cash and cash equivalents: RMB4,500.0 million (down from RMB10,539.6 million at end-2024).

• No outstanding bank borrowings as of year-end.

Outlook and guidance

• Focus remains on high-quality development, electrification, and intelligence.

• Continued support for BBA's Neue Klasse project and Sixth-Generation Battery rollout.

• JSA to further recover and expand commercial vehicle business, including NEV models.

• Components business to accelerate lightweight and intelligent upgrades.

• No material new investments planned beyond disclosed projects.