Chery Auto released its 2026 interim results: revenue of 143.28 billion yuan, overseas income surging 51% to 98.97 billion yuan, NEV business revenue of 59.28 billion yuan up 63.8%, net profit margin of 6.3% far exceeding industry average, and cash reserves exceeding 63.4 billion yuan.
Key Financial Highlights
Chery Auto (9973.HK) released its 2026 interim results on August 20, with multiple indicators hitting record highs:
| Metric | H1 2026 | YoY Growth | Industry Context |
|---|---|---|---|
| Total Revenue | 143.28B yuan | +1.2% | — |
| Overseas Revenue | 98.97B yuan | +51.0% | China's #1 auto exporter |
| NEV Revenue | 59.28B yuan | +63.8% | Share rose to 41.4% |
| Gross Margin | 16.1% | +3.1pp | Industry-leading |
| Net Profit Margin | 6.3% | — | 4x vehicle sector avg |
| Cash & Equivalents | 63.42B yuan | +35.1% | Improved financials |
Key Takeaway: Chery's 6.3% net profit margin significantly exceeds the 3.8% national auto manufacturing average and is more than 4 times the 1.5% vehicle manufacturing segment average per CAAM data.
Globalization: From Product Export to System Export
Chery's explosive overseas growth is the brightest chapter of this earnings report:
- Overseas revenue of 98.97B yuan, up 51.0% YoY, accounting for nearly 70% of total revenue
- Overseas sales of 943,800 units, up 71.5% YoY — 2 of every 3 cars sold abroad
- Global footprint: 12 major production bases (3 overseas), covering Europe, South America, Africa, Middle East
Chery is accelerating its shift from "product export" to "system export" — not just selling cars, but exporting localized production, operations, and service chains. In Europe, sales reached 139,000 units in Jan-May, up over 2x YoY, with the UK market ranking second by brand for three consecutive months.
NEV Transformation: Revenue Share Breaks 40%
New energy business is Chery's core transformation engine:
- Revenue scale: H1 NEV revenue of 59.28B yuan, up 63.8% YoY
- Share leap: From 25.6% last year to 41.4%
- Sales growth: NEV cumulative sales of 475,000 units, up 32.3% YoY, exceeding 100,000 monthly sales for three consecutive months
Chery's five brands — Chery, Jetour, Exeed, iCAR, and Luxeed — coordinate to cover diverse segments from mass market to premium intelligent driving.
R&D Investment and Future Challenges
H1 R&D spending reached 6.67B yuan, up 28.3% YoY, focusing on three core areas:
- Electrification technology and platform architecture upgrades
- ADAS solutions
- Intelligent cockpit solutions
Notable Challenges:
- Net profit attributable to parent company declined YoY due to increased sales and R&D investments
- Exeed and Luxeed premium brands saw sales decline 44.9% and 56.9% respectively in H1 — premium positioning remains a weakness
Overseas Perspective: Opportunities in Central Asia & Russia
For Central Asian and Russian buyers, Chery's globalization means:
- Rich product portfolio: From fuel vehicles to NEVs, from economy to luxury
- Localized service: Overseas production bases shorten delivery cycles and reduce after-sales costs
- Value proposition: More competitive pricing than European/American brands at equivalent specs
EX1000.COM recommends tracking Chery's H2 new model launches in overseas markets, particularly PHEV and BEV product performance in Central Asia.
