长安B：2025年年度报告摘要(英文版)
SecuritiesCode:000625(200625)SecuritiesAbbreviation:ChanganAutomobile(ChanganB)BulletinNo.:2026-31
ChongqingChanganAutomobileCo.,Ltd.
Summaryof2025AnnualReport
I.ImportantNotice
Thissummarycomesfromthe2025annualreport.IfinvestorswanttounderstandtheCompany'soperatingresults,financialconditionandfuturedevelopmentplans,theyshouldcarefullyreadtheannualreportpublishedontheShenzhenStockExchangeandothersitesassignedbyChinaSecuritiesRegulatoryCommission.Alldirectorsattendedtheboardmeetingreviewingthisannualreportinperson,exceptforthefollowingdirectors:
| Nameofthedirectorsabsent | Positions | Reasonsfortheabsence | NameoftheTrustees |
| JiaLishan | Director | Reasonforwork | DengWei |
Non-standardAuditOpinionAlert
□Applicable√NotApplicableTheproposalforprofitdistributionorcapitalizationofreservesforthereportingperiod,asdeliberatedbytheBoardofDirectors.
√Applicable□NotApplicableWhetherconvertingcapitalreserveintosharecapitalornot
□Yes√NoTheprofitdistributionproposalapprovedbytheBoardofDirectorsatthismeetingisasfollows:basedonthetotalsharecapitalof9,912,924,112shares,acashdividendof1.15RMBper10shares(inclusiveoftax)shallbedistributedtoallshareholders.Nocapitalizationofreservesshallbeusedtoincreasethesharecapital.Theproposeddistributionplanforpreferredstockdividendsforthecurrentreportingperiod,asapprovedbytheBoardofDirectors.
□Applicable√NotApplicableII.CompanyProfile
1.BasicInformation
| StockAbbreviation | ChanganAutomobile,ChanganB | Stocktickersymbol | 000625,200625 | |
| StockExchange | ShenzhenStockExchange | |||
| ContactInformation | CompanySecretary | CorporateSecretary | ||
| FullName | NiErke | JieZhonghua | ||
| OfficeAddress | BuildingT2,No.2,FinancialCity,No.61DongshengmenRoad,JiangbeiDistrict,Chongqing | BuildingT2,No.2,FinancialCity,No.61DongshengmenRoad,JiangbeiDistrict,Chongqing | ||
| Facsimile | 023-67870261 | 023-67870261 | ||
| Telephone | 023-67594008 | 023-67594008 | ||
| E-mailbox | cazqc@changan.com.cn | jiezh@changan.com.cn |
2.TheIntroductionofmainbusinessandproductduringthereportingperiod
TheCompanyoperatesintheautomobilemanufacturingindustry,withitsmainbusinessescoveringtheR&D,manufacturingandsalesofcompletevehiclesaswellastheR&Dandproductionofengines.TheCompanyisactivelydevelopingkeyEVtechnologiesrepresentedbybatteries,motorsandelectriccontrolsystems,intelligenttechnologiessuchasintelligentcockpitandpilot,aswellasnewbusinessesincludingautomotivelifestyleservices,newmarketingandbatteryswappingservices,acceleratingexplorationinindustrialfinanceandusedcars,andmakingforward-lookingmovesinemergingfieldssuchasembodiedintelligenceandlow-altitudeeconomy,boostingthetransformationofChanganAutomobileintoanintelligentlow-carbonmobilitytechnologycompany.Adheringtoitsmissiontoleadsustainablemobilityandbenefithumanlife,ChanganAutomobilehasbeenfirmlyadvancingtheThirdStrategicTransformationPlan,acceleratingthetransformationintoanintelligentlow-carbonmobilitytechnologycompanyandaworld-classautomotivebrand.TheCompanyhasbeenactivelydevelopingintelligentconnectedNEVsandestablishedthreebrands:
CHANGAN,DEEPALandAVATR.Amongthem,theCHANGANbrandhasthreeseries:CHANGAN,CHANGANNEVOandCHANGANLCV,formingadifferentiatedbrandmatrix.TheCompanyalsomaintainsjointventurebrandssuchasChanganFordandChanganMazda.Inthetraditionalfuelvehiclesector,ChanganAutomobilelaunchedaseriesofclassicproprietarymodels,includingtheCSseries,EADOseriesandtheUNIseries,andjointventuremodels,amongwhichanumberofwell-knownproductsincludetheall-newMondeo,theall-newNautilus,CX-5andAxela.IntheNEVsector,theCompanyrolledoutanumberofnewenergymodelsincludingCHANGANNEVOQ07,CHANGANNEVOA07,CHANGANNEVOA06,theall-newCHANGANNEVOQ05,DEEPALS09,DEEPALS07,DEEPALL06,DEEPALS05,DEEPALG318,AVATR12,AVATR11,AVATR07,AVATR06,MAZDAEZ-60,CHANGANV919,HUNTERandLUMIN.ItunderscoresChangan'scommitmenttodeliveringoptimalproductsandservicesforitscustomers.
In2025,confrontedwithacomplex,fluctuatingdomesticandinternationaleconomicenvironment,ChanganAutomobilefully,accuratelyandcomprehensivelyimplementedanewdevelopmentphilosophytofocusonthegoalof"buildingaworld-classautomotivebrand,"tofollowthroughtheThirdStrategicTransformationPlan,andtoaccelerateinbuildingnewadvantagestosupportthehigh-qualitydevelopmentoftheCompany.Continuousbreakthroughshavebeenmadewiththe"ThreeMajorPlans,"namelytheGreenPlanforNEVs,theIntelligentPlanforintelligenttransformation,andtheVastOceanPlanforglobalization,effectivelyaddressingthechallengesfrommarketfluctuations,industrialupgradingandtechnologicaldisruptionswhiledemonstratingstrongresilienceandvitality.TheCompanyachievedsteadygrowthinitsindependentoperationsandpositivegrowth,fortwoconsecutiveyears,inthejointventurebusinesssegment,boastingahistoricleapinNEVsalesandarecordhighinexportvolume,gainingsteadymomentum.In2025,ChanganAutomobileachievedanannualsalesvolumeof2.913millionvehicles,anewrecordoverthepastnineyears,withayear-on-yeargrowthof8.5%andpositivegrowthforsixconsecutiveyears.TheCompany'sNEVbusinessunit,inparticular,achievedamilestonewithannualsalesexceeding1.11millionvehicles,ayear-on-yeargrowthof
51.1%.ChanganAutomobile'soverseasmarketcontinuedtomaintainrapidgrowth,withanannualsalesvolumeof637,000vehicles,ayear-on-yeargrowthof18.9%.
3.MajorAccountingDataandFinancialIndicators
(1)Mjaoraccountingdataandfinancialindicatorsforlast3years
Doesthecompanyneedtomakeretroactiveadjustmentsorrestateprior-yearaccountingdata?
□Yes√No
Unit:RMB
| 31December2025 | 31December2024 | YoYchange(%) | 31December2023 | |
| TotalAssets | 202,961,073,175.76 | 208,168,160,960.86 | -2.50% | 190,171,127,138.27 |
| Netassetsattributabletoshareholdersofthelistedcompany | 77,336,177,858.02 | 76,576,224,624.99 | 0.99% | 71,853,119,985.49 |
| 2025 | 2024 | Year-over-yearchange | 2023 |
| OperatingRevenue | 163,999,803,875.87 | 159,733,034,213.25 | 2.67% | 151,297,706,646.97 |
| Netprofitattributabletoshareholdersofthelistedcompany | 4,075,223,181.54 | 7,321,363,897.24 | -44.33% | 11,327,463,013.15 |
| Netprofitattributabletoshareholdersofthelistedcompany,excludingnon-recurringgainsandlosses. | 2,795,025,255.28 | 2,587,271,652.90 | 8.03% | 3,781,846,729.11 |
| Netcashflowfromoperatingactivities | 1,835,673,358.56 | 4,849,398,813.14 | -62.15% | 19,861,466,237.56 |
| Basicearningspershare(CNY/share) | 0.41 | 0.74 | -44.59% | 1.15 |
| DilutedEarningsPerShare(CNY/share) | 0.41 | 0.74 | -44.59% | 1.13 |
| ReturnonWeightedAverageNetAssets | 5.25% | 9.69% | -4.44% | 16.55% |
(2)KeyFinancialIndexesof2024byQuarter
Unit:RMB
| FirstQuarter(Q1) | SecondQuarter | ThirdQuarter(Q3) | FourthQuarter(Q4) | |
| OperatingRevenue | 34,160,587,096.72 | 38,530,723,290.36 | 42,236,176,229.90 | 49,072,317,258.89 |
| Netprofitattributabletoshareholdersofthecompany | 1,352,699,415.80 | 938,511,838.87 | 764,004,922.30 | 1,020,007,004.57 |
| NetprofitattributabletoshareholdersoftheCompanyafterdeductingnon-recurringgainsandlosses | 783,358,022.64 | 693,348,492.31 | 541,594,337.92 | 776,724,402.41 |
| Netcashflowfromoperatingactivities | -3,500,712,348.16 | -5,106,484,442.11 | 10,162,003,839.52 | 280,866,309.31 |
Whethertherearesignificantdifferencesbetweentheabove-mentionedfinancialindexesoritstotalnumberandtherelevantfinancialindexesdisclosedintheCompany’squarterlyreportandsemi-annualreport
□Yes√No
4.Shareholdingandshareholdersofthecompany
(1)Numberofcommonshareholdersandpreferredshareholderswhosevotingrightsrestoredandthetop10shareholdersofthecompany
Unit:Shares
| Attheendofthereportperiod,thetotalnumberofshareholders | 608,316 | Numberofordinaryshareholdersatthe | 607,137 | Numberofshareholdersholdingpreference | 0 | Numberofshareholdersholdingpreferenceshareswithrestoredvotingrights | 0 |
| month-endpriortothedisclosuredateofthisReport | shareswithrestoredvotingrightsattheendofthereportingperiod | atthemonth-endpriortothedisclosuredateofthisReport | ||||||
| Shareholdersholdingmorethan5%oftheshares,ortop10shareholders(Excludesshareslentthroughrefinancing) | ||||||||
| ShareholderName(s) | NatureofShareholders | Shareholdingratio | Numberofsharesheldattheendofthereportingperiod. | Numberofsharesheldsubjecttorestrictedtradingconditions. | Pledge,marking,orfreezingstatus | |||
| ShareStatus | Quantity | |||||||
| ChenzhiAutomotiveTechnologyGroupCo.,Ltd. | State-ownedlegalperson | 17.99% | 1,783,090,143 | Notpledged,labeledorfrozen | ||||
| ChinaChanganAutomobileGroupCo.,Ltd. | State-ownedlegalperson | 14.23% | 1,410,747,155 | |||||
| SouthernIndustryAssetManagementCo.,Ltd. | State-ownedlegalperson | 4.60% | 456,253,257 | |||||
| ChinaSecuritiesFinanceCo.,Ltd. | Domesticgenerallegalperson | 4.30% | 426,362,905 | |||||
| UnitedProsperityInvestmentCo.,Ltd. | Foreignlegalperson | 2.85% | 282,874,877 | |||||
| HongKongSecuritiesClearingCo.,Ltd. | Foreignlegalperson | 1.00% | 98,795,958 | |||||
| IndustrialandCommercialBankofChinaLimited–Huatai-PineBridgeCSI300Exchange-TradedOpen-EndedIndexFund | Mutualfunds,wealthmanagementproducts,etc. | 0.83% | 82,008,626 | |||||
| ChinaConstructionBankCo.,Ltd.–EFundCSI300Exchange-TradedOpen-EndedIndexFund(Initiated) | Mutualfunds,wealthmanagementproducts,etc. | 0.59% | 58,482,817 | |||||
| ChinaReformInvestmentHoldingsLimited | State-ownedlegalperson | 0.48% | 47,390,600 | |||||
| IndustrialandCommercialBankofChinaLimited–HuaxiaCSI300Exchange-TradedOpen-EndedIndexFund | Mutualfunds,wealthmanagementproducts,etc. | 0.45% | 44,621,226 | |||||
| Explanationoftheaforementionedshareholderrelationshipsorconcertedactions. | Amongthetoptenshareholders,ChinaChanganAutomobileGroupCo.,Ltd.(theindirectcontrollingshareholder),itswholly-ownedsubsidiaryChenzhiAutomotiveTechnologyGroupCo.,Ltd.,andChenzhiAutomotiveTechnologyGroupCo.,Ltd.'swholly-ownedsubsidiaryUnitedProsperityInvestmentCo.,Ltd.constitute"actinginconcert"partiesasdefinedunderthe"AdministrativeMeasuresfortheAcquisitionofListedCompanies." | |||||||
| DescriptionofShareholdersParticipatinginMarginTradingandShortSellingBusiness(ifapplicable) | None |
Participationofshareholdersholdingmorethan5%ofshares,thetop10shareholders,andthetop10shareholdersoftradablenon-restrictedsharesinthesecuritieslendingbusinessviathesecuritiesfinancingandlendingplatform.
□Applicable√NotApplicableChangesinthetop10shareholdersandthetop10shareholdersholdingtradableshareswithoutlock-uprestrictionsareattributabletothelendingandreturnofsharesunderthesecuritieslendingandborrowing(SLB)program.
□Applicable√Notapplicable
(2)TotalnumberofPreferredShareholdersandtop10Preferredshareholders
□Applicable√NotApplicableDuringthereportingperiod,theCompanyheldnosharesofpreferredstock.
(3)RelationshipamongtheCompanyanditsControllingShareholders:
5.CorporateBonds
√Applicable□NotApplicable
(1)BasicInformationoftheCorporateBonds
| BondName | BondShortName | BondCode | Releasedate | MaturityDate | OutstandingBondBalance(in10,000 | Interestrate |
| RMB) | ||||||
| ChongqingChanganAutomobileCo.,Ltd.2022PublicOfferingofTechnologyInnovationCorporateBondsforProfessionalInvestors(Tranche1) | 2022ChanganK1 | 148147.SZ | December19,2022 | December20,2027 | 100,000 | 3.00% |
| Repaymentofprincipalandinterestoncorporatebondsduringthereportingperiod. | Duringthereportingperiod,theCompanyfulfilleditsinterestpaymentobligationsonschedule. | |||||
(2)Latesttrackingratingandratingchangesofcorporatebonds
OnJune10,2025,LianheCreditRatingCo.,Ltd.issuedthe"2025Follow-upRatingReportonthePublicIssuanceofCorporateBondsbyChongqingChanganAutomobileCo.,Ltd."(DocumentNo.Lianhe[2025]4136).TheratingconclusionconfirmsthemaintenanceofChongqingChanganAutomobileCo.,Ltd.'slong-termissuercreditratingatAAA,thecreditratingof"22ChanganK1"atAAA,withastableratingoutlook.
(3)TheMajorAccountingDataandtheFinancialIndicatorsoftheRecent2YearsoftheCompanyupthePeriod-end
Unit:10,000RMB
| Items | 2025 | 2024 | Year-over-yearchange |
| Debt-to-AssetRatio | 59.61% | 62.01% | -2.40% |
| Netprofitafterdeductingnon-recurringgainsandlosses | 279,502.53 | 258,727.17 | 8.03% |
| EBITDA-to-TotalDebtRatio | 8.41% | 9.75% | -1.34% |
| InterestCoverageRatio | 13.65 | 49.25 | -72.28% |
III.ImportantMatters
None.LegalRepresentative:ZhuHuarong
BoardofDirectorsofChongqingChanganAutomobileCo.,Ltd.
11April.2026