This article provides an overview of the financial performance of Chinese automotive OEMs during the first nine months of 2025. The analysis is presented primarily through charts and focuses on the following key indicators:
- Vehicle sales volume (thousand units)
- Year-over-year growth or decline in sales volume
- Revenue (million RMB)
- Year-over-year growth or decline in revenue
- Gross profit (million RMB)
- Year-over-year growth or decline in gross profit
- Gross margin
- Net profit (million RMB)
- Year-over-year growth or decline in net profit
- Operating cash flow (OCF, million RMB)
- Year-over-year growth or decline in OCF
- Debt ratio
- Research and development (R&D) expenditure (million RMB)
- R&D expense ratio
Rather than focusing on individual quarterly results or short-term market sentiment, this article aims to highlight structural trends and financial characteristics across Chinese OEMs over the January–September period.
The OEMs included in this analysis are as follows:
- BYD Auto
- Changan Automobile
- Chery Automobile
- Dongfeng Motor
- GAC Group (Guangzhou Automobile Group)
- Geely Automobile
- Leapmotor
- Li Auto
- NIO
- SAIC Motor
- Seres Group
- XPeng
These OEMs were selected to provide a broad representation of China’s automotive industry, covering both state-owned and private manufacturers, as well as a mix of traditional automakers and new energy vehicle (NEV)–focused companies. The analysis is based on publicly available financial disclosures and may not fully capture private or non-listed entities.
Across the data, it becomes evident that Chinese OEMs have entered a phase of increasingly intense competition. Significant divergence can be observed not only in sales performance, but also in profitability and cash flow dynamics. While some manufacturers continue to expand scale and maintain relatively stable margins, others are experiencing substantial pressure on both volume and earnings.
Based on these observations, it is reasonable to expect that competitive dynamics will further intensify in 2026, as price competition, product differentiation, and operational efficiency play an increasingly decisive role in shaping financial outcomes among Chinese OEMs.
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This blog post is written primarily for my own learning and research purposes. Readers are welcome to share or repost the content, provided that proper attribution is given.