Electrification & Mobility▲
Jing-Jin Electric responds to Shanghai Stock Exchange inquiry: 2025 turnaround hinges on BAIC volume ramp-up, North American project termination gains and government subsidies cause profit volatility
Jing-Jin Electric disclosed its response to the Shanghai Stock Exchange's regulatory inquiry letter on its 2025 annual report. The company's 2025 revenue was 2.729 billion yuan, doubling year-on-year, with net profit attributable to the parent company of 150 million yuan, achieving its first turnaround since listing. However, net profit after deducting non-recurring items was only 32 million yuan, and it fell back into loss in the first quarter of 2026. The company explained that the core driver of its 2025 performance surge was the volume ramp-up of range-extender off-road vehicles supplied to BAIC. Full-year sales revenue to BAIC reached 1.485 billion yuan, contributing 85.63 percent of the revenue increase. The strong net profit in the fourth quarter was due to the termination of projects for several North American customers, under which the company recognized substantial technical service revenue in accordance with accounting standards. The difference between net profit after deducting non-recurring items and net profit attributable to the parent company exceeded 118 million yuan, mainly from large government subsidies received for a major industrialization project under the Ministry of Industry and Information Technology. Regarding the return to loss in the first quarter, the company attributed it to weakening downstream demand, reduced government subsidies, increased exchange losses, and higher research and development investment. The company stated that the 2025 turnaround was not incidental, as domestic and overseas project nominations form medium- to long-term order support, but the small scale of recurring profit makes performance susceptible to fluctuations in downstream vehicle model sales.