Financials Chongqing Changan Automobile Company Limited

Equities

End-of-day quote Shenzhen S.E. Other stock markets 10/12/2025			5-day change	1st Jan Change
11.72 ^CNY	+0.09%		-0.34%	-12.28%

12-05	Changan to Launch EVs from Avatr, Nevo Brands Within Two Years, VP Says	MT
12-04	China's Changan bringing Avatr, Nevo EV brands to Europe within two years, executive says	RE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	84,566	105,142	121,253	151,298	159,733	180,889	203,809	221,906
Change	-	24.33%	15.32%	24.78%	5.58%	13.24%	12.67%	8.88%
EBITDA ¹	7,000	7,731	11,520	10,593	6,883	9,698	12,141	13,594
Change	-	10.44%	49.02%	-8.05%	-35.03%	40.91%	25.19%	11.97%
EBIT ¹	2,624	3,731	7,634	10,447	6,624	4,896	8,706	10,894
Change	-	42.16%	104.63%	36.86%	-36.6%	-26.08%	77.8%	25.13%
Interest Paid ¹	-	780.9	1,017	897.3	934.4	-1,057	-753.7	-1,160
Earnings before Tax (EBT) ¹	2,597	3,821	7,708	10,589	6,758	4,933	8,432	10,109
Change	-	47.14%	101.75%	37.37%	-36.18%	-27%	70.93%	19.9%
Net income ¹	3,324	3,552	7,798	11,327	7,321	5,226	7,689	8,937
Change	-	6.87%	119.52%	45.25%	-35.37%	-28.62%	47.12%	16.24%
Announcement Date	09/04/21	27/04/22	17/04/23	17/04/24	10/04/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	28,724	32,027	24,757	22,415	25,942	21,998	28,778	35,901	34,556	30,936	42,714	43,091	37,023	39,699	34,237	48,773	34,161	38,531	42,236	66,863
Change	-	11.5%	-22.7%	-9.46%	15.74%	-15.21%	30.82%	24.75%	-3.75%	-10.48%	38.07%	0.88%	-14.08%	7.23%	-13.76%	42.46%	-29.96%	12.79%	9.62%	58.31%
EBITDA	6,167	-	2,410	-	-	1,653	2,056	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	24.34%	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-553.4	780.1	337.2	-	573.5	1,167	932.9	1,015	-	-	1,921	-	798.2	1,487	524.6	-	1,243	862.9	293.1	-
Change	-	240.97%	-56.78%	-	-	103.44%	-20.04%	8.75%	-	-	-	-	-	86.31%	-64.72%	-	-	-30.57%	-66.03%	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-569.5	789.9	1,074	1,325	631.2	1,207	934.9	1,038	-	-	1,924	1,522	813	1,499	576.1	3,869	1,258	910.8	331	5,886
Change	-	238.7%	36.04%	23.32%	-52.37%	91.26%	-22.55%	10.98%	-	-	-	-20.92%	-46.57%	84.43%	-61.58%	571.53%	-67.48%	-27.61%	-63.66%	1,678.32%
Net income ¹	-161.7	853.6	875.7	1,263	560.2	1,321	1,042	898.5	6,970	682.8	2,229	1,445	1,158	1,674	748.1	3,742	1,353	938.5	764	5,482
Change	-	627.81%	2.59%	44.23%	-55.64%	135.85%	-21.11%	-13.79%	675.73%	-90.2%	226.52%	-35.18%	-19.86%	44.52%	-55.3%	400.13%	-63.85%	-30.62%	-18.59%	617.55%
Announcement Date	09/04/21	29/04/21	30/08/21	29/10/21	27/04/22	30/08/22	30/10/22	17/04/23	27/04/23	30/08/23	30/10/23	17/04/24	29/04/24	30/08/24	28/10/24	10/04/25	26/04/25	22/08/25	24/10/25	-

¹CNY in Million

Estimates

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-30,368	-50,823	-51,580	-63,689	-62,977	-47,910	-68,285	-74,388
Change	-	-67.36%	-1.49%	-23.48%	1.12%	23.93%	-42.53%	-8.94%
Announcement Date	09/04/21	27/04/22	17/04/23	17/04/24	10/04/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	2,360	1,925	1,405	2,528	3,293	6,476	5,229	5,031
Change	-	-18.46%	-27%	79.93%	30.26%	96.68%	-19.26%	-3.78%
Free Cash Flow (FCF) ¹	8,316	21,047	4,871	17,333	1,556	24,639	12,024	8,784
Change	-	153.1%	-76.86%	255.83%	-91.02%	1,482.98%	-51.2%	-26.94%
Announcement Date	09/04/21	27/04/22	17/04/23	17/04/24	10/04/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	8.28%	7.35%	9.5%	7%	4.31%	5.36%	5.96%	6.13%
EBIT Margin (%)	3.1%	3.55%	6.3%	6.91%	4.15%	2.71%	4.27%	4.91%
EBT Margin (%)	3.07%	3.63%	6.36%	7%	4.23%	2.73%	4.14%	4.56%
Net margin (%)	3.93%	3.38%	6.43%	7.49%	4.58%	2.89%	3.77%	4.03%
FCF margin (%)	9.83%	20.02%	4.02%	11.46%	0.97%	13.62%	5.9%	3.96%
FCF / Net Income (%)	250.15%	592.46%	62.46%	153.02%	21.26%	471.45%	156.38%	98.29%
Profitability
ROA	3.04%	2.8%	5.54%	6.74%	3.68%	2.35%	3.08%	3.32%
ROE	7.13%	6.53%	13.07%	16.55%	9.69%	6.51%	8.78%	9.42%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.79%	1.83%	1.16%	1.67%	2.06%	3.58%	2.57%	2.27%
CAPEX / EBITDA (%)	33.72%	24.9%	12.2%	23.87%	47.84%	66.78%	43.07%	37.01%
CAPEX / FCF (%)	28.38%	9.14%	28.84%	14.58%	211.56%	26.29%	43.49%	57.27%
Items per share
Cash flow per share ¹	1.094	2.315	0.5711	2.003	0.4891	1.61	1.567	1.857
Change	-	111.7%	-75.33%	250.67%	-75.58%	229.16%	-2.68%	18.52%
Dividend per Share ¹	0.1681	0.1792	0.236	0.343	0.295	0.2338	0.242	0.2777
Change	-	6.6%	31.67%	45.34%	-13.99%	-20.75%	3.52%	14.75%
Book Value Per Share ¹	5.473	5.617	6.335	7.245	7.724	8.025	8.706	9.395
Change	-	2.64%	12.79%	14.36%	6.61%	3.9%	8.48%	7.91%
EPS ¹	0.3736	0.3538	0.7799	1.13	0.74	0.5261	0.7754	0.9004
Change	-	-5.29%	120.4%	44.89%	-34.51%	-28.91%	47.38%	16.13%
Nbr of stocks (in thousands)	9,761,381	9,921,799	9,921,799	9,917,289	9,914,086	9,914,086	9,914,086	9,914,086
Announcement Date	09/04/21	27/04/22	17/04/23	17/04/24	10/04/25	-	-	-