BYD Earns 60% of Profits, Six New EV Makers Lose 10.7 Billion Yuan: A Sharp Review of the Performance of 14 Major Automobile Companies in the First Three Quarters
Analysis of the Financial Reports of 14 Domestic Automobile Manufacturers in the First Three Quarters: Revenue of 2 Trillion Yuan with a Net Profit Margin of Only 1.76%
According to CheDongXi on December 4th, as of today, 14 major domestic automobile manufacturers have released their financial reports for the third quarter of 2025.
Based on the financial reports for the third quarter of 2025, CheDongXi integrated the performance of each automobile manufacturer in the first three quarters of this year. After a detailed review, it was found that the total revenue of these 14 domestic automobile manufacturers in the first three quarters of this year reached 2.07 trillion yuan, and the total net profit attributable to shareholders was 36.4 billion yuan. A simple calculation shows that the net profit margin of these 14 automobile manufacturers was only 1.76%.
The performance of major domestic automobile manufacturers in the first three quarters showed obvious differences, and the polarization intensified.
In the camp of traditional automobile manufacturers, the total net profit of 8 traditional automobile manufacturers in the first three quarters exceeded 47.1 billion yuan.
Among them, BYD accounted for 60% of the net profit, leading with a net profit attributable to shareholders of 23.3 billion yuan. Geely's net profit exceeded 13.1 billion yuan, and the net profits of Great Wall and SAIC both exceeded 8 billion yuan, approaching one - third of BYD's. Meanwhile, GAC Group, Jianghuai Automobile, and BAIC BluePark were still in the red, with BAIC BluePark's losses plummeting by a staggering 3691%.
During the same period, in the camp of new - force automobile manufacturers, 6 new - force automobile manufacturers suffered a total net loss of 10.7 billion yuan in the first three quarters. Among them, only Seres, Li Auto, and Leapmotor achieved profitability in the first three quarters, with Seres leading with a net profit attributable to shareholders of 5.3 billion yuan.
In the first three quarters of this year, Xiaomi's intelligent electric vehicle and AI and other innovative businesses had an operating loss of 100 million yuan. XPeng lost 1.5 billion yuan, and NIO's losses intensified to 15.693 billion yuan. The automobile industry presented a situation of extreme disparity.
Comparison of the Financial Data of Major Domestic Automobile Manufacturers in the First Three Quarters of 2025
The 14 major automobile manufacturers have submitted their financial reports for the first three quarters. Who is making a profit, and who is struggling?
01. BYD Earned 60% of the Profits, while 6 New - Force Automobile Manufacturers Lost 1.07 Billion Yuan
Judging from the revenue and net profit data of these 14 automobile manufacturers in the first three quarters, the mainstream domestic automobile manufacturers showed obvious polarization characteristics.
Comparison of the Revenue and Net Profit of Major Domestic Automobile Manufacturers in the First Three Quarters of 2025
Among the top three private automobile manufacturers, in the first three quarters of this year, BYD ranked first in the industry with an operating income of 566.3 billion yuan, a year - on - year increase of 12.75%.
During the same period, BYD's net profit attributable to shareholders reached 23.3 billion yuan. Although it decreased by 7.55% year - on - year, it still accounted for 64% of the total net profit (36.4 billion yuan) of these 14 automobile manufacturers.
Geely Automobile also performed well. Its revenue in the first three quarters was 239.5 billion yuan, a year - on - year increase of 26%. Its profit increased to 13.152 billion yuan, which may be mainly due to the full - speed acceleration of its new - energy transformation and the strong contribution of its high - end series (such as Zeekr and Lynk & Co).
Zeekr 9X
Great Wall Motor's revenue increased by 7.96% year - on - year to 153.6 billion yuan during the same period, while its net profit decreased by 16.97% to 8.6 billion yuan. Its increased strategic investment in the fields of new energy and intelligence may have affected its profitability in the short term.
The state - owned automobile groups showed different performances and were under obvious pressure overall.
SAIC Group's revenue in the first three quarters was 469 billion yuan, and its net profit exceeded 8.1 billion yuan, both achieving year - on - year growth.
SAIC Audi E5 Sportback
GAC Group's revenue in the first three quarters decreased by 10.49% year - on - year, and its net profit decreased significantly, resulting in a loss of 4.3 billion yuan. The sluggish sales of some of its joint - venture brand fuel vehicles and the fact that its new - energy business was still in the investment stage may have affected its performance.
Jianghuai Automobile's revenue in the first three quarters decreased slightly by 4.14% year - on - year, and its net profit turned from profit to loss, with a loss of 1.434 billion yuan. It faced huge challenges in business transformation.
The camp of new - energy vehicle startups presented a situation of "extreme disparity". Seres, Leapmotor, Li Auto, NIO, XPeng, and Xiaomi suffered a total loss of 10.7 billion yuan in the first three quarters.
Among them, Seres performed impressively. Its revenue in the first three quarters further increased to 110.5 billion yuan, and its net profit reached 5.3 billion yuan, a year - on - year increase of 32%, making it one of the continuously profitable new - force automobile manufacturers.
AITO M8
Leapmotor's performance grew rapidly. Both its revenue and net profit in the first three quarters doubled year - on - year. Its revenue soared by 134% to 43.7 billion yuan, and it successfully turned losses into profits, earning a net profit of 183 million yuan in the first three quarters. Its scale effect and cost control were very effective.
Leapmotor B01
New - force automobile manufacturers such as NIO, Li Auto, XPeng, and Xiaomi were still in different stages of adjustment.
Although Li Auto also achieved profitability in the first three quarters, its overall performance declined. Its revenue decreased by 16.62% year - on - year to 83.5 billion yuan, and its net profit reached 1.1 billion yuan, a sharp decrease of 75.2%. It was in the painful period of adapting to the extended - range + pure - electric technology route and adjusting its market strategy.
Li Auto i8
Xiaomi's intelligent electric vehicle and AI and other innovative businesses had a revenue of 68.9 billion yuan in the first three quarters, with an operating loss of 100 million yuan. It was in the critical investment period of market development and production capacity ramping up.
Xiaomi Group's Performance of Automobile and AI Innovation Business in the Third Quarter
XPeng's revenue in the first three quarters reached 54.5 billion yuan, a year - on - year increase of 119.96%. It suffered a loss of 1.5 billion yuan, a year - on - year reduction of 66%.
NIO's revenue in the first three quarters reached 52.8 billion yuan, a year - on - year increase of 14.79%. However, its loss was still as high as 15.693 billion yuan. High R & D expenses continued to test its financial endurance.
Overall, although the overall revenue of these 14 leading mainstream automobile manufacturers showed an upward trend, the industry's profits were further concentrated in a few enterprises such as BYD, SAIC, Geely, and Leapmotor that achieved a balance between scale and efficiency. At the same time, some automobile manufacturers still failed to break out of the dilemma of "increasing revenue but not increasing profit", and turning losses into profits has become a common problem they face.
02. BYD and Leapmotor Invest Heavily in R & D, NIO Tops the New - Force Automobile Manufacturers
In terms of R & D investment, in the first three quarters of 2025, the R & D investment of automobile manufacturers showed a trend of the strong getting stronger. Leading enterprises increased their investment in technology R & D.
Comparison of the R & D Expenses of Major Domestic Automobile Manufacturers in the First Three Quarters of 2025
Among them, private traditional automobile manufacturers were relatively generous in R & D investment. Private automobile giants such as BYD and Geely were building long - term barriers with huge R & D investment.
BYD ranked first among domestic leading automobile manufacturers with an R & D investment of 43.75 billion yuan in the first three quarters, a year - on - year increase of 31.3%. This demonstrated its determination to expand its full - industrial - chain technology. However, considering the slight 7.55% year - on - year decrease in its net profit, this might also be one of the reasons for the decline in its net profit.
BYD Launched Three Major Technologies at the Beginning of 2025
Geely Automobile's R & D investment during the same period was 11.7 billion yuan, a year - on - year increase of 26%.
Great Wall Motor's R & D investment in the first three quarters was 6.636 billion yuan, a year - on - year increase of 6.86%. Its net profit decreased by 16.97% year - on - year, and it faced the challenge of balancing investment and profitability.
The Building of Great Wall Motor's Haval Technology Center
The R & D investment of state - owned automobile manufacturers was relatively stable.
SAIC Group ranked first in the camp of state - owned automobile manufacturers with an R & D expense of 12.6 billion yuan in the first three quarters. Its net profit increased by 17% year - on - year, showing a balanced performance.
Changan Automobile's R & D investment in the first three quarters was 5 billion yuan, a year - on - year increase of 13%. BAIC BluePark's R & D investment in the first three quarters further increased to 1.6 billion yuan, a year - on - year increase of 43%.