Image Source: JAC
By business structure, commercial vehicles remain the revenue engine, generating 11.35 billion yuan in the first half. Passenger vehicle revenue reached 6.655 billion yuan, while buses brought in 1.604 billion yuan. On the sales front, the company moved 172,400 vehicles and chassis in total — comprising 49,100 passenger units and 123,300 commercial units.
The ultra-premium Maextro S800, developed in partnership with Huawei, saw cumulative deliveries top 19,000 units by the end of the reporting period. New energy passenger vehicle sales surged 24.35% year-on-year. Still, the company conceded that "aside from Maextro, product and brand competitiveness in the passenger vehicle segment is weak." It added that "geopolitical headwinds pose significant challenges to scaling up our passenger vehicle business."
On profitability, gross margin improved to 11.14% from 8.98% a year earlier. Yet cost pressures mounted: selling expenses jumped 68.97% to 1.223 billion yuan, driven largely by marketing spend for the Maextro brand. Financial expenses swung from a gain of 255 million yuan to a cost of 139 million yuan due to foreign exchange losses. Net cash outflow from operating activities widened 68.03% to 5.288 billion yuan, compared to a 3.147 billion outflow in the prior year, primarily due to increased payments for goods and services.
During the period, JAC completed a private placement raising 3.48 billion yuan, lifting net assets attributable to shareholders by 28.10% to 12.413 billion yuan. R&D spending hit 1.791 billion yuan, accounting for 8.10% of revenue. The company pledged to continue concentrating resources to ensure Maextro's commercial success.
