Gasgoo Munich-In 2025, China's auto components sector navigated a dual landscape: rapid electrification and smart-tech adoption clashed with fierce competition. The market moving forward steadily, yet splitting further apart between winners and laggards.
As a comprehensive components giant, HASCO Automotive delivered steady growth across the board. Operating revenue climbed 8.49% to 183.999 billion yuan, while net profit attributable to shareholders rose 7.51% to 7.207 billion yuan. Stripping out non-recurring items, recurring net profit jumped 10.67% to 6.387 billion yuan. The numbers tell a clear story: traditional businesses held the line, emerging units advanced methodically, and the overall operation displayed resilience.
Image source: HASCO Automotive
Traditional Business Base Solid, Profit Resilience Shines Under 100-Billion Scale
HASCO Automotive's 2025 performance was anchored primarily by its mature business segments.
Breaking it down, the interior and exterior division generated 133.946 billion yuan in revenue — a 12.22% surge — with gross margins edging up 0.26 percentage points to 12.05%. This segment isn't just serving internal combustion engines; it's rapidly adapting to new energy demands. With a client roster spanning joint ventures, domestic brands, and startups, it became a key engine for revenue growth.
The functional components sector also held firm, posting 29.194 billion yuan in sales, a 9.3% increase. Meanwhile, electronics and electrical parts brought in 6.379 billion yuan (up 3.65%), and metal forming and molding added 6.666 billion yuan (up 1.01%). Together, these steady performers helped underpin the company's 100-billion-yuan revenue base.
Beneath that stability, however, cracks appeared. The "hot working parts" division slumped dramatically, with revenue plummeting 65.46% to just 193 million yuan. Even though gross margins improved slightly, they remained thin at 4.33%, marking a clear weak spot in an otherwise diversified portfolio.
Image source: Screenshot of HASCO Automotive financial report
On profitability, gross margins for the main business ticked up 0.18 percentage points to 11.85%, while net profit margin settled at 3.92%. Despite raw material volatility and relentless cost-cutting pressure from automakers, HASCO Automotive kept earnings steady by leveraging scale, refining supply chain management, and optimizing production processes.
Notably, recurring net profit growth (+10.67%) significantly outpaced total net profit growth (+7.51%). That's an encouraging sign, suggesting the core business is genuinely strengthening and relying less on one-off gains.
Quarter-over-quarter, the recovery was visible. Fourth-quarter gross margins hit 13.49% — up 1.04 percentage points year-on-year and 0.86 points from the previous quarter — while net margins improved to 5.32%. Operating cash flow rose 15.72% to 9.523 billion yuan, providing solid liquidity for operations, R&D, and expansion.
Geographically, domestic revenue surged 12.75% to 143.342 billion yuan, outpacing overall growth and reflecting the contribution of China's market recovery and the rise of domestic brands. Overseas, revenue grew more modestly at 2.43% to 33.034 billion yuan, but profitability improved significantly: gross margins jumped 3.49 percentage points to 4.12% as efficiency at foreign bases increased.
Image source: Screenshot of HASCO Automotive financial report
HASCO Automotive continues to diversify its client base. Now, 64.6% of main business revenue comes from customers outside SAIC Motor. Among new orders, domestic brands account for over 65% of the value. This broader reach reduces reliance on any single entity and strengthens overall risk resilience.
Yet, even as the customer mix improves, financial red flags are waving over operational efficiency. The ratio of accounts receivable to revenue has climbed for three straight years, rising from 22.86% in 2023 to 27.46% in 2025. At the same time, receivable turnover slowed, dropping from 4.67 times to 3.89 times.
The trend suggests that despite a broader client base, HASCO Automotive still faces challenges in bargaining power or collection speed. Cash is tied up with customers for longer periods, a dynamic that warrants close attention for its potential impact on cash flow efficiency.
EV and Smart-Tech Push Advances, Multiple Segments Show Steady Gains
Aligning with the industry's shift toward electrification and intelligence, HASCO Automotive pushed hard on R&D and industrialization in 2025. Multiple products moved into mass production, driving steady data growth across these new frontiers.
On the electrification front, the company supplied roughly 680,000 drive motor sets, covering platforms from 400V to 800V for mainstream models. Electric air conditioner compressor deliveries hit 2.62 million sets, while thermal management systems reached 947,800 sets — solidifying a comprehensive product suite and expanding scale. Additionally, HASCO is positioning itself for the long haul through equity partnerships in solid-state battery technology.
In intelligent tech, HASCO is bringing products to market across smart cockpits, driving, and chassis. Leveraging its interior integration strengths, it secured cockpit projects with multiple automakers. Brake-by-wire, electronic steering, and millimeter-wave radar systems are entering mass production, marking breakthroughs in core autonomous driving components.
Image source: Screenshot of HASCO Automotive official website
The order book reflects this shift. Among new business secured in 2025, 80% of the lifetime value is designated for new energy models. The structural pivot toward new energy and intelligent connectivity is clear, laying the groundwork for future revenue growth.
R&D spending reached 6.509 billion yuan, or 3.54% of revenue, with a technical workforce of 11,326 — comprising 20.74% of staff. This sustained investment underpins new product development and technological reserves.
Overall, HASCO Automotive rode its mature businesses to steady revenue and profit growth in 2025. Operational quality and cash flow remain healthy, core profitability is strengthening, and electrification and smart-tech units are ramping up. Yet, the sharp decline in hot working parts and the mounting pressure from rising accounts receivable are issues that need addressing as the company moves forward.
