VOYAH recorded a revenue of 18.2 billion yuan in the first half of the year, with a loss of 390 million yuan, 76,264 vehicles delivered, and a market capitalization of 9.1 billion Hong Kong dollars.

Voyah Auto released its 2026 H1 financial report today. The report shows that Voyah Auto's revenue in the first half of 2026 reached 18.159 billion yuan, up 42.4% from 12.756 billion yuan in the same period of the previous year, mainly driven by a 35.9% increase in vehicle deliveries from 56,120 units to 76,264 units, as well as higher revenue from after-market business and technical services.

Of this total, Voyah Auto's complete vehicle revenue in H1 2026 was 16.47 billion yuan, up 36.2% from 12.1 billion yuan in the same period of the prior year; overseas market revenue hit 2.538 billion yuan, up 51.5% from 1.675 billion yuan in the year-earlier period.

Voyah Auto's after-market revenue in H1 2026 stood at 1.187 billion yuan, up 113.5% from 556 million yuan in the same period of the previous year; technical service revenue reached 457 million yuan, up 591.7% from 66.11 million yuan a year earlier.

Multiple new models including Taishan X8 launched

Voyah Auto continues to improve its high-end product matrix. In the first half of 2026, focusing on key market segments including family MPVs, flagship 6-seat large SUVs and high-end 5-seat full-terrain SUVs, the company completed the launch of the Voyah Dreamer Champion Edition, mass delivery and the launch of the Black Warrior version of Voyah Taishan Ultra, as well as the launch of Voyah Taishan X8, improving its layout in the 300,000 to 500,000 yuan high-end new energy vehicle market, to provide users with diversified product options and travel scenarios that meet different needs.

Voyah Taishan Ultra started mass delivery on March 17, 2026, and the Taishan Black Warrior version was launched on the same day. Positioned as a "new-era flagship 6-seat large SUV", the model targets the high-end 6-seat large SUV market priced from 400,000 yuan to 500,000 yuan; relevant models adopt the Oriental Aesthetics design concept, the vehicle architecture is developed for L3 conditional autonomous driving, and is equipped with a three-chamber air suspension.

Voyah Taishan X8 was launched on May 22, 2026. Positioned as a "luxury full-terrain SUV", the model focuses on the high-end 5-seat large SUV market at the 300,000 yuan price point, further improving the company's product layout in the high-end 5-seat large SUV market, helping expand coverage of mainstream high-end price ranges and optimize the sales structure of high-value models. This model is equipped with a four-laser-radar intelligent driving solution and three-chamber air suspension, which improves driving assistance capability under complex road conditions, chassis passability and riding comfort.

As of June 30, 2026, Voyah Auto has set up 509 sales stores in 170 cities across the country, further improving its coverage of key markets and user reach capability.

In the first half of 2026, Voyah Auto continued to promote overseas product introduction, channel construction and localized operation around the three core directions of "deep cultivation in Europe, layout in the Middle East, and expansion into right-hand drive markets", and made phased progress in overseas business.

As of June 30, 2026, Voyah Auto has entered 40 overseas countries and regions, with more than 240 overseas sales outlets built, further expanding its overseas market coverage.

In terms of the European market, in May 2026, Dongfeng Motor Group Co., Ltd. and Stellantis Group signed a non-binding memorandum of understanding. The two parties intend to establish a joint venture in Europe, and are discussing that the proposed joint venture will be responsible for the sales and distribution business of the Voyah brand in agreed markets in Europe.

Gross profit of 3.2 billion yuan in H1, gross margin down 3.7 percentage points

Voyah Auto's gross profit in H1 2026 was 3.216 billion yuan, up 17.7% from 2.73 billion yuan in the same period of the prior year; the gross margin was 17.7%, down 3.7 percentage points from 21.4% in the year-earlier period.

Voyah Auto's R&D expenditure in H1 2026 was 910 million yuan, up 70.2% from 540 million yuan in the same period of the previous year, mainly due to the increase in expenses related to new model development, tri-electric system and intelligent technology development.

Voyah Auto's selling, general and administrative expenses in H1 2026 were 3.45 billion yuan, up 44.4% from 2.39 billion yuan in the same period of the prior year, mainly driven by the continuous expansion of store numbers, as well as increased expenses for new model launches and brand building.

Operating loss of 526 million yuan in H1

Voyah Auto recorded an operating loss of 526 million yuan in H1 2026, compared with an operating profit of 571 million yuan in the same period of the previous year; the operating profit margin was -2.9%, compared with 4.5% in the year-earlier period.

Voyah Auto's loss for the period in H1 2026 was 389 million yuan, compared with a profit of 464 million yuan in the same period of the prior year.

Voyah Auto's operating cash flow maintained a steady positive trend in H1 2026, with net cash flow from operating activities reaching 210 million yuan, mainly due to factors including overall sales growth.

Voyah Auto's net cash flow used in investing activities in H1 2026 was 2.26 billion yuan, which was used for the expansion of new energy product matrix, technology R&D, fixed assets and production capacity investment, to support medium and long-term business upgrading.

Voyah Auto's net cash flow from financing activities in H1 2026 was 560 million yuan, including a net inflow of 780 million yuan from bank borrowings and 220 million yuan in expenditures for interest and lease repayments.

As of June 30, 2026, the balance of cash and cash equivalents held by Voyah Auto was 6.48 billion yuan, and the capital reserve is sufficient to cover the needs of daily operation, debt repayment and future capital expenditure.

As of the close of trading today, the share price of Voyah Auto was HK$2.485, plummeting 11% from the previous trading day. Calculated at the closing price, the company's market value is only HK$9.1 billion.

This article is from the WeChat Official Account "Lei Di" (ID: touchweb), written by Lei Jianping, published with authorization from 36Kr.