Summary of the 2025 Annual Report of Chongqing Changan Automobile Co., Ltd.
Securities Code: 000625 (200625) Securities Abbreviation: Changan Automobile (Changan B) Bulletin No.: 2026-31
Chongqing Changan Automobile Co., Ltd.
Summary of 2025 Annual Report
I. Important Notice
This summary comes from the 2025 annual report. If investors want to understand the Company's operating results, financial
condition and future development plans, they should carefully read the annual report published on the Shenzhen Stock Exchange and
other sites assigned by China Securities Regulatory Commission.
All directors attended the board meeting reviewing this annual report in person, except for the following directors:
Name of the directors absent Positions Reasons for the absence Name of the Trustees
Jia Lishan Director Reason for work Deng Wei
Non-standard Audit Opinion Alert
□ Applicable √ Not Applicable
The proposal for profit distribution or capitalization of reserves for the reporting period, as deliberated by the Board of Directors.
√ Applicable □ Not Applicable
Whether converting capital reserve into share capital or not
□ Yes √ No
The profit distribution proposal approved by the Board of Directors at this meeting is as follows: based on the total share capital of
capitalization of reserves shall be used to increase the share capital.
The proposed distribution plan for preferred stock dividends for the current reporting period, as approved by the Board of Directors.
□ Applicable √ Not Applicable
II. Company Profile
Stock Abbreviation Changan Automobile, Changan B Stock ticker symbol 000625, 200625
Stock Exchange Shenzhen Stock Exchange
Contact Information Company Secretary Corporate Secretary
Full Name Ni Erke Jie Zhonghua
Building T2, No. 2, Financial City, No. 61 Building T2, No. 2, Financial City, No. 61
Office Address Dongshengmen Road, Jiangbei District, Dongshengmen Road, Jiangbei District,
Chongqing Chongqing
Facsimile 023-67870261 023-67870261
Telephone 023-67594008 023-67594008
Summary of the 2025 Annual Report of Chongqing Changan Automobile Co., Ltd.
E-mail box cazqc@changan.com.cn jiezh@changan.com.cn
The Company operates in the automobile manufacturing industry, with its main businesses covering the R&D, manufacturing
and sales of complete vehicles as well as the R&D and production of engines. The Company is actively developing key EV
technologies represented by batteries, motors and electric control systems, intelligent technologies such as intelligent cockpit and
pilot, as well as new businesses including automotive lifestyle services, new marketing and battery swapping services, accelerating
exploration in industrial finance and used cars, and making forward-looking moves in emerging fields such as embodied intelligence
and low-altitude economy, boosting the transformation of Changan Automobile into an intelligent low-carbon mobility technology
company.
Adhering to its mission to lead sustainable mobility and benefit human life, Changan Automobile has been firmly advancing the
Third Strategic Transformation Plan, accelerating the transformation into an intelligent low-carbon mobility technology company and
a world-class automotive brand. The Company has been actively developing intelligent connected NEVs and established three brands:
CHANGAN, DEEPAL and AVATR. Among them, the CHANGAN brand has three series: CHANGAN, CHANGAN NEVO and
CHANGAN LCV, forming a differentiated brand matrix. The Company also maintains joint venture brands such as Changan Ford
and Changan Mazda. In the traditional fuel vehicle sector, Changan Automobile launched a series of classic proprietary models,
including the CS series, EADO series and the UNI series, and joint venture models, among which a number of well-known products
include the all-new Mondeo, the all-new Nautilus, CX-5 and Axela. In the NEV sector, the Company rolled out a number of new
energy models including CHANGAN NEVO Q07, CHANGAN NEVO A07, CHANGAN NEVO A06, the all-new CHANGAN
NEVO Q05, DEEPAL S09, DEEPAL S07, DEEPAL L06, DEEPAL S05, DEEPAL G318, AVATR 12, AVATR 11, AVATR 07, AVATR
products and services for its customers.
In 2025, confronted with a complex, fluctuating domestic and international economic environment, Changan Automobile fully,
accurately and comprehensively implemented a new development philosophy to focus on the goal of "building a world-class
automotive brand," to follow through the Third Strategic Transformation Plan, and to accelerate in building new advantages to
support the high-quality development of the Company. Continuous breakthroughs have been made with the "Three Major Plans,"
namely the Green Plan for NEVs, the Intelligent Plan for intelligent transformation, and the Vast Ocean Plan for globalization,
effectively addressing the challenges from market fluctuations, industrial upgrading and technological disruptions while
demonstrating strong resilience and vitality. The Company achieved steady growth in its independent operations and positive growth,
for two consecutive years, in the joint venture business segment, boasting a historic leap in NEV sales and a record high in export
volume, gaining steady momentum. In 2025, Changan Automobile achieved an annual sales volume of 2.913 million vehicles, a new
record over the past nine years, with a year-on-year growth of 8.5% and positive growth for six consecutive years. The Company's
NEV business unit, in particular, achieved a milestone with annual sales exceeding 1.11million vehicles, a year-on-year growth of
a year-on-year growth of 18.9%.
(1) Mjaor accounting data and financial indicators for last 3 years
Does the company need to make retroactive adjustments or restate prior-year accounting data?
□ Yes √ No
Unit: RMB
Total Assets 202,961,073,175.76 208,168,160,960.86 -2.50% 190,171,127,138.27
Net assets attributable to
shareholders of the listed 77,336,177,858.02 76,576,224,624.99 0.99% 71,853,119,985.49
company
Summary of the 2025 Annual Report of Chongqing Changan Automobile Co., Ltd.
Operating Revenue 163,999,803,875.87 159,733,034,213.25 2.67% 151,297,706,646.97
Net profit attributable to
shareholders of the listed 4,075,223,181.54 7,321,363,897.24 -44.33% 11,327,463,013.15
company
Net profit attributable to
shareholders of the listed
company, excluding 2,795,025,255.28 2,587,271,652.90 8.03% 3,781,846,729.11
non-recurring gains and
losses.
Net cash flow from
operating activities
Basic earnings per share
(CNY/share)
Diluted Earnings Per
Share (CNY/share)
Return on Weighted
Average Net Assets
(2) Key Financial Indexes of 2024 by Quarter
Unit: RMB
First Quarter (Q1) Second Quarter Third Quarter (Q3) Fourth Quarter (Q4)
Operating Revenue 34,160,587,096.72 38,530,723,290.36 42,236,176,229.90 49,072,317,258.89
Net profit attributable to
shareholders of the company
Net profit attributable to
shareholders of the Company after
deducting non-recurring gains and
losses
Net cash flow from operating
-3,500,712,348.16 -5,106,484,442.11 10,162,003,839.52 280,866,309.31
activities
Whether there are significant differences between the above-mentioned financial indexes or its total number and the relevant
financial indexes disclosed in the Company’s quarterly report and semi-annual report
□ Yes √ No
(1) Number of common shareholders and preferred shareholders whose voting rights restored and the top
Unit: Shares
Number of Number of Number of
At the end of the report period, the total ordinary shareholders shareholders holding
number of shareholders shareholders holding preference shares with
at the preference restored voting rights
Summary of the 2025 Annual Report of Chongqing Changan Automobile Co., Ltd.
month-end shares with at the month-end prior
prior to the restored voting to the disclosure date
disclosure rights at the end of this Report
date of this of the reporting
Report period
Shareholders holding more than 5% of the shares, or top 10 shareholders (Excludes shares lent through refinancing)
Number of Pledge, marking, or
Number of
shares held freezing status
shares held at
Nature of subject to
Shareholder Name(s) Shareholding ratio the end of the
Shareholders restricted
reporting Share Status Quantity
trading
period.
conditions.
Chenzhi Automotive Technology Group State-owned legal
Co., Ltd. person
State-owned legal
China Changan Automobile Group Co., Ltd. 14.23% 1,410,747,155
person
Southern Industry Asset Management Co., State-owned legal
Ltd. person
Domestic general
China Securities Finance Co., Ltd. 4.30% 426,362,905
legal person
Foreign legal
United Prosperity Investment Co., Ltd. 2.85% 282,874,877
person
Foreign legal
Hong Kong Securities Clearing Co., Ltd. 1.00% 98,795,958
person
Not pledged,
Mutual funds,
Industrial and Commercial Bank of China labeled or frozen
wealth
Limited – Huatai-PineBridge CSI 300 0.83% 82,008,626
management
Exchange-Traded Open-Ended Index Fund
products, etc.
Mutual funds,
China Construction Bank Co., Ltd. – E
wealth
Fund CSI 300 Exchange-Traded 0.59% 58,482,817
management
Open-Ended Index Fund (Initiated)
products, etc.
State-owned legal
China Reform Investment Holdings Limited 0.48% 47,390,600
person
Industrial and Commercial Bank of China Mutual funds,
Limited – Huaxia CSI 300 wealth
Exchange-Traded Open-Ended Index Fund management
products, etc.
Among the top ten shareholders, China Changan Automobile Group Co., Ltd. (the
indirect controlling shareholder), its wholly-owned subsidiary Chenzhi Automotive
Explanation of the aforementioned shareholder relationships or Technology Group Co., Ltd., and Chenzhi Automotive Technology Group Co., Ltd.'s
concerted actions. wholly-owned subsidiary United Prosperity Investment Co., Ltd. constitute "acting in
concert" parties as defined under the "Administrative Measures for the Acquisition of
Listed Companies."
Summary of the 2025 Annual Report of Chongqing Changan Automobile Co., Ltd.
Description of Shareholders Participating in Margin Trading
None
and Short Selling Business (if applicable)
Participation of shareholders holding more than 5% of shares, the top 10 shareholders, and the top 10 shareholders of tradable
non-restricted shares in the securities lending business via the securities financing and lending platform.
□ Applicable √ Not Applicable
Changes in the top 10 shareholders and the top 10 shareholders holding tradable shares without lock-up restrictions are attributable to
the lending and return of shares under the securities lending and borrowing (SLB) program.
□ Applicable √ Not applicable
(2) Total number of Preferred Shareholders and top 10 Preferred shareholders
□ Applicable √ Not Applicable
During the reporting period, the Company held no shares of preferred stock.
(3) Relationship among the Company and its Controlling Shareholders:
√ Applicable □ Not Applicable
(1) Basic Information of the Corporate Bonds
Outstandin
Bond Short g Bond Interest
Bond Name Bond Code Release date Maturity Date
Name Balance (in rate
Summary of the 2025 Annual Report of Chongqing Changan Automobile Co., Ltd.
RMB)
Chongqing Changan Automobile Co., Ltd.
Innovation Corporate Bonds for Professional Changan K1 2022 2027
Investors (Tranche 1)
Repayment of principal and interest on corporate bonds during During the reporting period, the Company fulfilled its interest payment
the reporting period. obligations on schedule.
(2) Latest tracking rating and rating changes of corporate bonds
On June 10, 2025, Lianhe Credit Rating Co., Ltd. issued the "2025 Follow-up Rating Report on the Public Issuance of Corporate
Bonds by Chongqing Changan Automobile Co., Ltd." (Document No. Lianhe [2025] 4136). The rating conclusion confirms the
maintenance of Chongqing Changan Automobile Co., Ltd.'s long-term issuer credit rating at AAA, the credit rating of "22 Changan
K1" at AAA, with a stable rating outlook.
(3) The Major Accounting Data and the Financial Indicators of the Recent 2 Years of the Company up the
Period-end
Unit: 10,000 RMB
Items 2025 2024 Year-over-year change
Debt-to-Asset Ratio 59.61% 62.01% -2.40%
Net profit after deducting
non-recurring gains and 279,502.53 258,727.17 8.03%
losses
EBITDA-to-Total Debt Ratio 8.41% 9.75% -1.34%
Interest Coverage Ratio 13.65 49.25 -72.28%
III. Important Matters
None.
Legal Representative: Zhu Huarong
Board of Directors of
Chongqing Changan Automobile Co., Ltd.
