Text | Fujie Business Hao Wen
Changan Automobile delivered a typical financial report of "increasing revenue but not increasing profits".
Recently, the 2024 annual report released by Changan Automobile (000625.SZ) showed that Changan Automobile achieved operating income of 159.733 billion yuan in 2024, a year-on-year increase of 5.58%; and achieved net profit attributable to the parent company's owners of 7.321 billion yuan, a year-on-year decrease of 35.37%; and in terms of sales, Changan Automobile hit a new sales high in the past seven years, with sales of 2.684 million vehicles in 2024, a year-on-year increase of 5.1%.
This is an "intriguing" report card. On the one hand, Changan Automobile has made great progress in its own brands and new energy tracks for many years, and on the other hand, Changan Automobile is facing multiple pressures brought about by a sharp decline in profits.
At the same time, with the advancement of the restructuring plan between Changan Automobile and Dongfeng Motor, Avita facing independent listing, and further deepening of cooperation with Huawei, Changan Automobile has now stood at a new critical point in the transformation cycle of China's automobile industry.
01. Sales volumes have increased, profits have decreased
Judging from the performance of Changan Automobile in 2024, sales are undoubtedly a brilliant data.
The annual sales of 2.684 million vehicles not only hit a new high in the past seven years, but also means that Changan has achieved a positive year-on-year sales growth for the fifth consecutive year. Against the backdrop of the current pressure on the overall auto market, this achievement is hard-won. In particular, the sales of new energy vehicles and exports hit a record high. Among them, Changan's new energy vehicles sold 735,000 units for the whole year, a y...
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