The financial reports for the first quarter of 2026 from most listed domestic automakers have been disclosed, showing a divergence in total operating revenue (hereinafter referred to as revenue, unless specified otherwise) and net profit attributable to shareholders of listed companies (hereinafter referred to as net profit/net loss). (Note: Compared to the previous version released by Apsoto Auto, this article includes financial report data from Leapmotor.)

Notes:

1. As of the editing of this article, financial reports for the first quarter of 2026 from VOYAH, Li Auto, XPENG, NIO, and Xiaomi Group have not yet been released.

2. Zotye Auto is not included in this article as its vehicle manufacturing business has not resumed production.

3. Dongfeng Motor Group Co., Ltd. was delisted in March and is therefore not listed.

Geely, Great Wall, and Others See Revenue Growth Without Net Profit Increases

Changan and Chery Have Similar Sales Volumes but Vastly Different Net Profits

In the first quarter, BYD's revenue was 150.225 billion yuan, down 11.82% year-on-year; its net profit was only 4.085 billion yuan, a 55.38% decrease. The main reason was a decline in sales volume: BYD's total vehicle sales (including overseas sales) fell 30.0% year-on-year to 700,000 units, lower than SAIC Motor (973,000 units) and Geely Auto (709,000 units). (See the table of automaker group sales volumes for the first quarter at the end of the article.)

SAIC Motor's total vehicle sales from its domestic and foreign wholly-owned and joint venture bases increased by 3.0% year-on-year in the first quarter; its operating revenue was 138.52 billion yuan, up just 0.61% year-on-year; its total operating revenue was 140.418 billion yuan, down 0.31% year-on-year; its net profit was 3.026 billion yuan (+0.09%), roughly the same as the same period last year.

Geely Auto and Great Wall Motor saw revenue growth but net profit declines: Geely Auto's revenue was 83.776 billion yuan, up 15.25% year-on-year; however, its net profit was 4.166 billion yuan, down 26.56% year-on-year. Great Wall Motor's revenue was 45.109 billion yuan, up 12.72% year-on-year, but its net profit was only 945 million yuan, a sharp 46.01% decrease.

Seres Group's situation stands in stark contrast to BYD's: its sales volume increased by 29.4% year-on-year in the first quarter; its revenue increased by 34.46% year-on-year, the highest among automakers primarily engaged in passenger vehicle business in this statistics (statistics); its net profit was 754 million yuan, up slightly by 0.89% year-on-year.

Changan Automobile (referring to Chongqing Changan Automobile Co., Ltd.) and Chery Automobile (referring to Chery Automobile Co., Ltd., a subsidiary of Chery Group) had similar sales volumes in the first quarter, at 557,500 units and 566,100 units, respectively. However, their revenues differed significantly, with Chery Automobile's revenue (65.87 billion yuan, -3.45%) being twice that of Changan Automobile (32.706 billion yuan, -4.26%), and Chery Automobile's net profit (4.17 billion yuan, -10.32%) being about 12 times that of Changan Automobile (351 million yuan, -74.09%). Both saw year-on-year declines in revenue and net profit in the first quarter.

Sinotruk, FAW Jiefang, Foton, and Jiangling See Growth in Both Revenue and Net Profit

Yutong Bus Sees Declines in Both

According to the China Association of Automobile Manufacturers, in the first quarter of this year, domestic commercial vehicle production and sales increased by 7.9% and 6% year-on-year, respectively. Trucks performed better than buses, with truck production and sales increasing by 9.7% and 8.3% year-on-year, respectively, while bus production and sales decreased by 5.9% and 10.9% year-on-year, respectively.

Reflected in automakers' financial reports, Sinotruk's revenue was 19.66 billion yuan, up 52.30% year-on-year; its net profit was 455 million yuan, up 46.50% year-on-year, with its core operating indicators for the single quarter reaching their best levels for the same period in the past five years. FAW Jiefang's revenue was 18.776 billion yuan, up 30.92% year-on-year; its net profit was 99 million yuan, a staggering 241.82% increase year-on-year. Foton Motor's revenue and net profit increased by 6.61% and 15.10% year-on-year, respectively. Although its revenue (15.779 billion yuan) was lower than that of Sinotruk and FAW Jiefang, its net profit (501 million yuan) was higher than both.

Yutong Bus saw year-on-year declines in both revenue and net profit in the first quarter: revenue decreased by 7.92% to 5.909 billion yuan, and net profit decreased by 12.69% to 659 million yuan (still higher than that of Sinotruk, FAW Jiefang, and Foton Motor).

In addition, Jiangling Motors (primarily engaged in commercial vehicles, with SUV and MPV businesses), Dongfeng Motor Co., Ltd. (a subsidiary of Dongfeng Group engaged in light commercial vehicles, including light trucks, mini trucks, VANs, special vehicles, and buses), and Zhongtong Bus also achieved positive net profit growth. Dongfeng Motor Co., Ltd.'s growth reached 35.91%, Zhongtong Bus's reached 30.04%, and Jiangling Motors' revenue and net profit both increased by over 10%.

Net Loss Companies Fall into Three Categories

JAC Motors, GAC Group, BAIC Motor, BAIC BluePark, Haima Automobile, and Shuguang shares all incurred losses in the first quarter.

BAIC Motor (BAIC Group's passenger vehicle and parts business, with vehicle brands including Beijing Brand, Beijing Benz, Beijing Hyundai, and Fujian Benz) shifted from profit to loss in the first quarter. Due to poor sales, BAIC Motor's revenue had already decreased by 14.78% year-on-year and net profit by 87.16% year-on-year in 2025, but it still had a net profit of 123 million yuan. In the first quarter of 2026, its revenue decreased by 25.99% year-on-year, and it shifted from a net profit of 929 million yuan in the same period last year to a net loss of 830 million yuan.

GAC Group, BAIC BluePark, and Shuguang shares all saw their net losses narrow year-on-year: GAC Group's net loss narrowed from 732 million yuan in the same period last year to 656 million yuan, BAIC BluePark's net loss narrowed from 953 million yuan in the same period last year to 870 million yuan, and Shuguang shares (parent company of Huanghai Bus), which has incurred losses for multiple years, saw its net loss narrow from 72.7778 million yuan in the same period last year to 60.2334 million yuan.

Leapmotor, JAC Motors, and Haima Automobile saw their losses expand: Leapmotor's sales volume in the first quarter was 110,155 units, up 25.8% year-on-year; its revenue was 10.82 billion yuan, up 8.0% year-on-year; however, its net loss was 390 million yuan, larger than the same period last year (net loss of 130 million yuan). Leapmotor stated that the year-on-year increase in losses was mainly due to a decrease in total gross profit and an increase in expenses. Although JAC Motors' revenue increased by 16.90% year-on-year, its net loss expanded from 223 million yuan in the same period last year to 606 million yuan. Haima Automobile's revenue decreased by 25.70% year-on-year, and its net loss slightly increased from 30.0038 million yuan to 31.8001 million yuan.

Appendix: Sales Volumes of Some Chinese Automakers in Q1 2026

Source: Apsoto Auto Community