CIMC Vehicles (301039) 2025 Annual Report Brief: Net profit decreased by 16.75% year-over-year, and the company's accounts receivable are relatively large.

According to publicly available data compiled by Securities Star, CIMC Vehicles (301039) recently released its annual report for 2025. As of the end of this reporting period, the company’s total operating revenue was 20.178 billion yuan, a year-on-year decrease of 3.91%, and the net profit attributable to shareholders was 904 million yuan, a year-on-year decrease of 16.75%. In terms of quarterly data, the total operating revenue for the fourth quarter was 5.165 billion yuan, a year-on-year decrease of 0.19%, and the net profit attributable to shareholders for the fourth quarter was 282 million yuan, a year-on-year increase of 16.14%. During this reporting period, CIMC Vehicles had a large amount of accounts receivable, with accounts receivable accounting for 366.02% of the net profit attributable to shareholders in the latest annual report.

This data is below the expectations of most analysts, who previously anticipated a net profit of around 1.151 billion yuan for 2025.

The various data indicators released in this financial report did not meet expectations. Among them, the gross profit margin was 15.89%, a year-on-year decrease of 2.64%, the net profit margin was 4.59%, a year-on-year decrease of 10.81%, and the total of selling expenses, administrative expenses, and financial expenses was 1.353 billion yuan, accounting for 6.71% of revenue, a year-on-year increase of 4.95%. The net asset value per share was 7.86 yuan, a year-on-year increase of 2.37%, the operating cash flow per share was 0.84 yuan, a year-on-year decrease of 28.1%, and the earnings per share was 0.48 yuan, a year-on-year decrease of 14.29%.

The financial statements provide explanations for the significant changes in financial items as follows:

1. The change in net cash flow from investing activities was 102.29%, due to the impact of receiving 477 million yuan from the sale of equity in Shenzhen specialty vehicles.
2. The change in net cash flow from financing activities was 56.57%, due to the impact of paying 1.022 billion yuan for H-share repurchase in the previous year.
3. The change in cash and cash equivalents was 13.9%, due to improved net cash flow from operating activities, coupled with the impact of receiving 477 million yuan from the sale of equity in Shenzhen specialty vehicles.
4. The change in investment properties was 39.93%, due to the conversion of assets from Kunming CIMC Vehicles Industrial Park Development Co., Ltd. to investment properties based on holding purposes.
5. The change in construction in progress was -36.48%, due to the completion of several engineering projects.

The Securities Star value investment circle financial report analysis tool shows:

• Business Evaluation: The company’s ROIC last year was 6.91%, indicating average capital returns. The net profit margin last year was 4.59%, suggesting that the added value of the company’s products or services is not high when considering all costs. Historical annual report data shows that the median ROIC since the company’s listing is 10.21%, with decent investment returns; however, the ROIC for the worst year, 2025, was 6.91%, indicating average investment returns. The company’s historical financial reports are relatively average (Note: the company has been listed for less than 10 years; the longer the listing period, the more meaningful the financial averages are in reference.).

• Debt Repayment Ability: The company’s cash assets are very healthy.

• Business Breakdown: The company’s net operating asset return rates over the past three years (2023/2024/2025) were 27.2%/12.8%/11.9%, with net operating profits of 2.448 billion/1.081 billion/927 million yuan, and net operating assets of 8.985 billion/8.423 billion/7.758 billion yuan.

  Over the past three years (2023/2024/2025), the company’s working capital/revenue (i.e., the funds the company needs to advance for every unit of revenue generated) were 0.17/0.17/0.14, with working capital (the company’s own money used in operations) being 4.242 billion/3.569 billion/2.901 billion yuan, and revenues being 25.087 billion/20.998 billion/20.178 billion yuan.

The financial report health check tool indicates:

1. It is advisable to pay attention to the company’s accounts receivable situation (accounts receivable/net profit has reached 366.02%).

Analyst tools show that securities researchers generally expect 2026 performance to be 1.263 billion yuan, with an average earnings per share of 0.67 yuan.

The above content is compiled by Securities Star based on publicly available information and generated by AI algorithms (Internet Information Bureau Filing No. 310104345710301240019), and does not constitute investment advice.