On the evening of April 10, Changan Automobile released its 2025 annual report. The company achieved operating revenue of 164 billion yuan in 2025, a year-on-year increase of 2.7%, maintaining scale growth; net profit attributable to shareholders was 4.08 billion yuan, and net profit attributable to shareholders after deducting non-recurring gains and losses was 2.80 billion yuan, a year-on-year increase of 8.03%, with operating quality steadily improving. In 2025, the company invested 12.6 billion yuan in research and development, accounting for 7.67% of revenue, with R&D investment intensity among the highest in the industry.
Empowered by the new central state-owned enterprise, Changan Automobile's annual sales in 2025 reached 2.913 million vehicles, a new high in nearly 9 years; its three major digital-intelligent new energy brands all reached new highs, with annual new energy sales of 1.109 million vehicles, a year-on-year increase of 51%; overseas sales were 637,000 vehicles, a year-on-year increase of 18.9%.
In the just-concluded March, Changan Automobile's sales reached 270,600 vehicles, a month-on-month increase of 78%, and overseas sales hit a record high of 103,900 vehicles, a month-on-month increase of 60%.
Five major brands coordinate, achieving full coverage of segmented markets
Empowered by the new central state-owned enterprise, Changan Automobile has built a coordinated operating system of five major brands, covering all segmented markets from mainstream family vehicles, youthful technology, intelligent luxury, to digital-intelligent new energy commercial vehicles, and laying out multiple powertrain routes including ICE, HEV, REEV, PHEV, and EV. Its product system is well-developed, and its independent brand matrix is complete.
The company has strong capital reserves, with monetary funds exceeding 54 billion yuan, and operating cash flow continuing to be positive, with business cash-generation capability ranking among the top in the industry. Among this, the fuel vehicle base remains solid, with classic fuel models such as CS75 PLUS, Eado, and UNI-V continuing to sell well, forming a stable foundation for profitability and cash flow, and providing sustained and sufficient financial support for new energy, intelligent R&D, and brand layout.
In new energy, it has built a product matrix covering the full price range of 100,000 to 700,000 yuan, with the product structure continuing to optimize. Changan Nevo's monthly sales exceeded 40,000 vehicles, showing outstanding growth potential; Deepal Automobile's monthly sales exceeded 30,000 vehicles and has achieved stage profitability; Avatr's sales exceeded 10,000 vehicles for 10 consecutive months, with remarkable results in breaking through the high-end market.
In 2026, Changan Automobile aims for sales of 3.3 million vehicles, 1.4 million new energy vehicle sales, and a new energy penetration rate of no less than 40%, continuously expanding market coverage of new energy products and consolidating its position as a leading seller in the industry.
Continuous high-intensity R&D investment builds core competitiveness
Changan Automobile has long maintained high R&D investment and built a global R&D layout of "six countries and ten locations," establishing more than 200 laboratories across 16 major fields, as well as the industry's only "National Key Laboratory of Intelligent Vehicle Safety Technology." In 2025, Changan Automobile invested 12.6 billion yuan in R&D, accounting for 7.67% of revenue, ranking among the top in the industry, with industry-leading R&D commercialization capability.
In the field of new energy, Changan Automobile's self-developed battery brand "Golden Shield" has thermal insulation performance 30% better than the industry, with zero battery overheating. It is pushing into solid-state batteries, expecting to complete vehicle installation verification in 2026 and promote gradual mass production of all-solid-state batteries in 2027, with energy density reaching 400Wh/kg. The Blue Whale Super Engine Hybrid released on March 30 this year redefines the efficient hybrid travel experience, bringing urban fuel consumption into the "2L" era.
In the field of intelligentization, after releasing the "Tianshu Intelligence" brand last September, Changan Automobile welcomed the "new safety" achievements of Tianshu Intelligence in March. The tire blowout stable driving function will cover all new and facelifted models equipped with Tianshu Intelligence, allowing every journey to arrive safely; the Taihang distributed electric drive technology has officially entered the stage of mass production and popularization, establishing at once the technical threshold for the industry's distributed electric drive 2.0 era.
Changan Automobile has also made successive breakthroughs in the field of intelligent driving. After obtaining China's first official L3-level autonomous driving dedicated license plate last December, on March 29 it officially announced approval for an L4-level self-developed Robotaxi test license, forming an industry pattern of dual-stage synchronous leadership in L3 and L4 intelligent driving technologies.
Long-term high-intensity R&D investment has already built long-term competitiveness for Changan Automobile and provided technical support for the company's sustained growth.
Overseas + emerging businesses break through, opening a second growth curve
Changan Automobile's full-year comprehensive gross margin in 2025 reached 15.54%, up 0.6 percentage points year-on-year, with quarterly gross margin improving quarter by quarter; the overseas segment's gross margin was 19.49%, significantly higher than domestic, becoming an important supplement to the company's profitability. In 2025, Changan Automobile's full-year overseas sales were 637,000 vehicles, a year-on-year increase of 18.9%, and overseas has become Changan Automobile's high-profit second growth curve.
Changan Automobile continues to implement the strategy of "no Changan without overseas, no overseas without bases." The company's dual VPs are stationed overseas to advance its globalization layout, overseas plants in Thailand, Brazil, and elsewhere are accelerating production, and the marketing and service chain continues to improve. In Eurasia, the Middle East, and Southeast Asia, it has already achieved brand substitution and leading share. In 2026, Changan Automobile's overseas sales will sprint toward the target of 750,000 vehicles.
In terms of emerging businesses, Changan Automobile relies on its accumulated automotive technology to lay out businesses such as robots and flying cars, striving to achieve mass production of humanoid robots in 2028 and launch commercial-route flying cars in 2030.
On April 1, Changan Tianshu Intelligent Robot (Chongqing) Co., Ltd. was officially established, reshaping the mobility ecosystem with embodied intelligence. This is a key step for the Tianshu Intelligence brand from "vehicles" toward "pan-mobility." Changan Automobile will also join hands with partners to explore multiple application scenarios of "pan-mobility," break through core technologies such as robot cognition, human-machine collaboration, and swarm intelligence, and create new quality productive forces and new growth curves centered on robots and artificial intelligence.
In the future, Changan Automobile will continue to strengthen the core driving force of technological innovation, deepen the development pattern of its five major brand matrix, expand its globalization layout in depth, and move firmly toward the strategic goal of exceeding 5 million vehicles in production and sales by 2030, contributing Changan's strength to China's transition from a major automobile country to an automobile powerhouse.
