Brilliance China Automotive Holdings Limited (BRILLIANCE CHI) released its unaudited results for the six months ended 30 June 2026.
Revenue and Profitability • Group revenue rose 20.30% year-on-year to RMB675.77 million, driven mainly by a jump in non-BMW vehicle and component sales to RMB616.20 million (+27.77%). Auto-financing income fell 25.26% to RMB59.57 million, reflecting heightened competition. • Gross profit contracted 27.60% to RMB67.65 million as cost of sales climbed 29.90%; gross margin narrowed to 10.0% (1H 2025: 16.6%). • Profit attributable to equity holders declined 54.28% to RMB778.50 million, weighed down by a 52.46% drop in the contribution from 25%-owned BMW Brilliance Automotive Ltd. (BBA) to RMB974.04 million. Basic and diluted EPS fell to RMB0.1543 (1H 2025: RMB0.33723). • Share of loss from joint venture Yuxin widened to RMB62.01 million (1H 2025: loss of RMB11.58 million) as the venture moved beyond its start-up phase. • Group profit before tax decreased 60.00% to RMB763.16 million.
Segment Highlights • Non-BMW vehicle and component business returned to volume growth: Jinbei (Shenyang) Automotive sold 2,815 minibuses and MPVs versus 277 a year earlier. • BBA sold 212,782 BMW vehicles in China, down 18.8%; battery electric vehicle deliveries halved to 14,442 units. BBA’s profit fell to RMB3.87 billion (-52.8%), reflecting intense market competition. The Group received RMB1.27 billion of dividends from BBA during the period.
Financial Position and Cash Flow • Total assets stood at RMB23.35 billion (31 Dec 2025: RMB23.58 billion); equity attributable to shareholders was RMB20.61 billion. • Cash and cash equivalents were RMB4.44 billion; short-term bank deposits increased to RMB2.15 billion. • Short-term bank borrowings of RMB124.20 million were outstanding at period-end (nil a year earlier), lifting the gearing ratio to 0.09 (31 Dec 2025: 0.08). • Net cash from operating activities reached RMB98.85 million versus an outflow of RMB257.76 million in 1H 2025.
Dividend The Board declared an interim dividend of HK$0.5 per share (1H 2025: HK$0.8), payable on 24 September 2026 to shareholders on record as of 9 September 2026.
Outlook Management highlighted persistent macroeconomic headwinds and fierce pricing pressure in China’s auto market. Strategic priorities include the upcoming localisation of BMW’s Neue Klasse EV platform, continued expansion of Jinbei’s product range and overseas markets, tighter cost controls, and strengthened risk management within the auto-finance subsidiary BBAFC.