YONGDA AUTO (03669) expects steady improvement in operating cash flow in 2025. The new energy business segment is expected to grow rapidly.

YONGDA AUTO (03669) announced its performance for the year 2025, with revenue of RMB 54.6 billion. The revenue from the exclusive Xinjiang Lixin Energy new car dealerships was RMB 3.874 billion, a year-on-year increase of 28.1%. The gross profit was RMB 4.292 billion. The net cash flow from operating activities was RMB 1.886 billion, a year-on-year increase of 24.24%. The net debt ratio was 8.5%, a decrease of 1.7 percentage points from the previous year. In the full year of 2025, the company's exclusive Xinjiang Lixin Energy brand car sales reached 25,900 units, a year-on-year increase of 40.1%, outpacing the overall retail sales growth of approximately 17.6% by Shanxi Guoxin Energy Corporation. Among them, sales through distribution models were 13,341 units, while direct sales accounted for 12,559 units. The company's agency products continued to progress towards the high-end market, with an average selling price of new cars reaching RMB 282,400. The comprehensive gross profit margin per vehicle remained relatively stable amidst intense market competition, with an annual comprehensive gross profit margin of 3.8%. Meanwhile, several models represented by the company were launched in 2025, accumulating a significant number of pending orders. As of the end of 2025, there were still over 4,000 outstanding orders, laying a solid foundation for the continued business growth in 2026. In terms of inventory and fund management, the group maintained a healthy new car turnover level within the industry in 2025, with a turnover period of 24.6 days. By strengthening sales rhythm and dynamic control of inventory funds through digital systems and implementing limits on overdue inventory, the group continued to enhance inventory turnover efficiency and reduce funding risks. Moreover, the company accelerated its layout in the new energy new channel and used car markets, establishing comprehensive and cross-regional cooperation with new forces such as Hongmeng, Xiaomi, and Jike in areas like used car exchange services and original product retail. The company developed a car acquisition application system tailored for the consumption scenarios of new energy brands, providing standardized and efficient services throughout the entire process from customer retention at the store end to dispatcher assignments for evaluators, centralized pricing based on a database, collaborative acquisition of new cars, and platform efficient disposal. Leveraging live streaming, short videos, Xiaohongshu, and Xianyu, among other new media platforms popular among the new generation, the company carried out retail operations and provided battery testing and protection services for users. Recognizing that the product iteration and price fluctuation of new energy used cars are significantly faster than traditional fuel vehicle brands, the company adopted a more stringent and efficient turnover strategy to avoid price risk. The company actively promoted the export of new energy used cars and constructed diverse sales channels.