Chery Automobile H1 2026 Revenue Reaches 143.28 Billion Yuan, Shareholder Profit Down 11.7% YoY
Nashnova编辑部
Chery Automobile (09973) reported H1 revenue of RMB 143.28 billion, up 1.2%, but shareholder profit fell 11.7% to RMB 8.567 billion — revenue still growing, profit shrinking, a clear sign that expansion costs are outrunning top-line gains.
Revenue rose — so why did profit fall?
H1 revenue hit RMB 143.28 billion, up 1.2% year-on-year. Shareholder profit came in at RMB 8.567 billion, down 11.7%. Basic EPS: RMB 1.47.
This means → roughly RMB 17 billion in extra revenue, yet profit dropped by about RMB 11 billion. Every extra yuan sold cost more than it earned.
In plain terms = Chery is in "spend first, earn later" mode. Overseas factories, multi-brand operations — all burning cash. Top-line growth can't mask the margin squeeze.
How wide is Chery's brand and product spread?
The group runs a multi-brand architecture spanning mass market, premium, family, and smart-EV segments.
On the product side, ICE and NEV run in parallel; hybrid and smart-EV rollouts are accelerating.
This reflects a "do everything" strategy — no single-bet on one powertrain. Broad coverage buys market share, but every line needs investment, pushing total costs higher.
How far has the overseas push gone?
Chery expanded its sales and service networks across Europe, South America, Africa, and the Middle East, reinforcing its position as China's leading auto exporter.
As of June 30, 2026, the group operates 12 major production bases globally, including 3 overseas, to support regional delivery, local compliance, and supply-chain resilience.
This means → Chery is not just shipping cars abroad — it is building factories and networks on the ground. That is heavy-asset spending: it compresses profit now and lowers cost only over time.
What is the market watching in H2?
The profit decline (11.7%) far exceeds the revenue gain (1.2%) — the gap is material.
The core test: whether upfront spending on overseas localisation and global capacity begins to translate into profit recovery in the second half.
In plain terms = H1 was the "spending" half. In H2, the market wants to see whether that money was well spent — and whether margins can catch up.
Content is for reference only, not financial advice.