On March 18, Chery Automobile Co., Ltd. (9973.HK) released its 2025 annual results report, which is also Chery Automobile's first annual results report after its listing. In 2025, the company deeply advanced its electrification, intelligentization, and globalization strategies, with multiple operating indicators reaching record highs, delivering a scorecard of dual growth in both scale and quality.

Operating performance reached a new level, with profitability continuing to strengthen

Chery Automobile's operating performance and profitability continued to improve. In 2025, Chery Automobile's self-owned passenger vehicle sales reached 2.6314 million units, a year-on-year increase of 14.6%; self-owned new energy passenger vehicle sales reached 826,500 units, a year-on-year increase of 72.5%. Full-year total revenue reached 300.29 billion yuan, a year-on-year increase of 11.3%, exceeding the 300 billion yuan mark for the first time; net profit was 19.51 billion yuan, a year-on-year increase of 36.1%, significantly higher than the sales growth rate; the net profit margin rose from 5.3% to 6.5%, with profitability continuing to strengthen. Profit attributable to owners of the Company was 19.019 billion yuan, a year-on-year increase of 34.6%, further enhancing the level of shareholder returns.

New energy became a new growth pole, entering the industry's first tier

In 2025, the company's new energy business experienced explosive growth. Full-year new energy sales reached 826,500 units, a sharp year-on-year increase of 72.5%; new energy vehicle revenue was 98.023 billion yuan, a year-on-year increase of 66.3%, with its share of total revenue rising from 21.9% to 32.6%. Thanks to the release of economies of scale and core technology empowerment, the new energy gross profit margin jumped to 8.8%, achieving a leap from "scale expansion" to "profitable growth."

The company adhered to a simultaneous full-power technology route strategy of hybrid, extended-range, pure electric, and hydrogen energy. Among newly launched models, new energy accounted for more than 90%, with product price bands covering the mainstream market of 100,000 to 400,000 yuan. The company created multiple hit models: Fulwin A9L deliveries exceeded 10,000 units for 4 consecutive months, and Fulwin T11 entered the TOP3 in the extended-range large SUV market in its first month on sale. Chery's new energy vehicle scale and growth rate entered the industry's first camp, and since November its wholesale sales ranked among the top three in China's new energy vehicle industry.

Relying on new energy products, Chery Automobile further expanded overseas markets, with new energy export sales in 2025 increasing by more than 500% year-on-year.

Representative Chery new energy models

Globalization's "gold content" increased, with European market sales growing by more than 200% year-on-year

In 2025, the company exported 1.2944 million vehicles, a year-on-year increase of 33.2%, accounting for 49.2% of total annual sales, ranking first in China's brand passenger vehicle exports for 23 consecutive years. Overseas revenue was 157.42 billion yuan, a year-on-year increase of 56%, with its share of total revenue rising to 52.4%. The European market achieved a key breakthrough, with full-year sales growing by more than 200% year-on-year, entering 16 European country markets including the United Kingdom and Italy; right-hand drive market sales growth also exceeded 100%.

Chery vehicles for overseas markets being prepared for shipment abroad

The company practiced the globalization philosophy of "In somewhere, For somewhere, Be somewhere," promoting deep localization in design, R&D, manufacturing, and sales, and was the first to obtain China's first China-EU carbon footprint data mutual recognition certificate, moving from mere product exports to global rooting of brand and ecosystem. The Spanish localization cooperation project EBRO progressed smoothly and was praised by both countries' governments and the public as a "model of China-Spain cooperation."

Chery products launched in the UK market

Technology R&D continued to increase, building a solid foundation for long-term competitiveness

Chery Automobile's R&D investment in 2025 was 14.715 billion yuan, a year-on-year increase of 39.6%; among this, R&D expenditure was 11.444 billion yuan. Chery has now formed more than 400 core technology reserves across five major technology domains: Mars Architecture, Kunpeng Power, Lingxi Intelligent Cockpit, Falcon Intelligent Driving, and Galaxy Ecosystem.

In 2025, more than 10 globally leading technologies were unveiled in a concentrated manner, including Chery's Kunpeng Tianqing hybrid dedicated engine, Falcon Intelligent Driving large model, Lingxi Intelligent Cockpit, and Rhino Battery. Key technologies accelerated their installation in vehicles, enhancing the intelligent premium capability of products and also providing technological confidence for entering high-regulation markets such as Europe. The company's annual invention patent applications increased by nearly 50% year-on-year, and grants increased by more than 300%, ranking first in Anhui Province's invention patent list for 12 consecutive years.

Chery Kunpeng Hybrid appeared as the only hybrid technology at the China Manufacturing "14th Five-Year Plan" Achievements Exhibition

Double improvement in ESG and quality, driving continuous upward movement of brand value

According to Chery's ESG report—relative to the 2023 baseline year, reduce average manufacturing greenhouse gas emissions per vehicle by 60% by 2030; achieve carbon neutrality in its own operations by 2037, the company's 40th anniversary; and achieve value chain carbon neutrality by 2047, the company's 50th anniversary.

The company practiced the ESG concept and adhered to long-termism. Chery's pioneering "100% recycled aluminum • heat-treatment-free • integrated die-casting" technology system reduced carbon emissions by 80% at the material end and 97.5% at the manufacturing end. This technology was selected as an excellent case by China's Ministry of Ecology and Environment, successively won the China regional championship of the United Nations Industrial Development Organization's "Orange Economy Global Programme 2025," the global runner-up in the "Sustainable Product" category of the 2025 Altair Enlighten Award, and appeared at the United Nations Climate Change Conference, showcasing China's automotive green strength to the world. Chery also overcame E-FUEL (green electricity synthesized fuel) adaptation technology, which has now completed adaptation verification on the Kunpeng ultra-hybrid engine, promoting the efficient use of clean energy.

Chery practiced the craftsmanship commitment of "care in everything seen, conscience in everything unseen" and won the China Quality Award nomination. In authoritative J.D. Power annual evaluations, it swept five independent first-place rankings in new vehicle quality, sales service satisfaction, after-sales service satisfaction, product appeal index, and vehicle dependability study, becoming the only domestic automaker that year to achieve the "five crowns." By the end of 2025, the company had cumulatively obtained global five-star safety ratings from Europe, Australia, ASEAN, and other regions for 60 models, ranking first among Chinese brands in number.

The company actively fulfilled its responsibilities as a corporate citizen. In 2025, it donated another US$6 million to UNICEF for children's education projects; as the only automaker representative, it entered the United Nations Palais des Nations in Geneva to sign the "Creating Sustainable Brands" initiative; and it was selected for the Fortune China ESG Impact List for two consecutive years.

Chery donated another US$6 million to UNICEFOmoda & Jaecoo carried out a "marathon long test" in Europe

2025 was the opening year after Chery's listing on the Hong Kong stock market, and also a year in which transformation results were released in a concentrated manner. Looking ahead, the company will continue to uphold technology as the foundation of the enterprise, deepen its new energy and intelligent layout, accelerate globalization cultivation, continuously optimize its financial structure, and be committed to providing global consumers with better products and services, accelerating its progress toward becoming an innovation-led, globally trusted leader in the green, low-carbon, intelligent mobility ecosystem.