Changan Automobile boasts 113.9% YoY soar in Q3 net profit

Beijing (Gasgoo)- Chongqing Changan Automobile Co., Ltd. (Changan Automobile) released impressive performance report for the third quarter (Q3) of 2023 with an operating revenue of 42.714 billion yuan, marking a substantial 48.43% surge year-on-year. 

Photo credit: Changan Automobile

Changan's net profit attributable to shareholders reached 2.229 billion yuan in Q3, soaring 113.9% from a year ago. The net profit attributable to shareholders, excluding non-recurring gains and losses, shot up 184.49% year over year to 2.103 billion yuan in this period.

As to the cumulative performance for the first three quarters of the year, Changan reported operating revenue of 108.206 billion yuan, representing a 26.78% jump year-on-year. The net profit attributable to shareholders reached 9.882 billion yuan, showcasing a 43.22% surge from a year ago. Moreover, the net cash flow from operating activities surged to 17.479 billion yuan, exhibiting an impressive year-on-year spike of 362.06%.

Changan Automobile attributed its success to the solid execution of various tasks throughout the first three quarters of 2023. The company emphasized, "In general, the growth in revenue outpaced the growth in sales volume, and the profit margin outperformed the revenue growth, maintaining a favorable development pattern of both scale and profitability."

Changan Automobile also made significant investments in R&D during the first three quarters of this year, with R&D expenses amounting to 4.543 billion yuan, indicating a 31.99% year-on-year increase. This increase was primarily attributed to the impact of the acquisition of the new energy vehicle brand Deepal and higher R&D expenditures, as noted in Changan's financial report.