SAIC reports revenue of $55 billion in H1, up 30% year-over-year

SAIC Motor, China's largest carmaker, reported first-half revenue of RMB 356.6 billion ($55 billion), up 29.90 percent year-over-year, according to the company's earnings release on August 26.

The company's first-half net profit attributable to shareholders of the listed company was RMB 13.31 billion, up 58.61 percent year-over-year. It reported basic earnings per share of RMB 1.15.

The company's total assets were RMB 883.48 billion and net assets attributable to shareholders of the listed company were RMB 275.98 billion.

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The recovery effect of China's auto market was evident in the first half, driving the company's year-over-year sales increase, SAIC said, adding that it optimized its production and sales structure leading to higher gross profit.

The company's net cash from operating activities decreased 94.60 percent year-over-year in the first half, with the financial segment down RMB 31.46 billion year-over-year and the manufacturing segment posting net cash of RMB 14.54 billion, up 33.91 percent year-over-year.

It is worth noting that SAIC's share price has performed poorly this year, falling 14 percent in the past two months.

Earlier this month, there were rumors that BYD might acquire SAIC's passenger car business, but this was denied by the latter.

Previously, an investor asked SAIC how it felt about BYD's market cap of nearly RMB 1 trillion, but SAIC's market cap of only RMB 200 billion.

SAIC said that the share price fluctuations of listed companies are affected by multiple factors, and the current market value of the company does not fully reflect its proper value.

SAIC will urgently improve its operating performance and strengthen communication with the capital market so that more investors will recognize the value of the company, it said.

SAIC's vehicle sales in July were 352,546 units, down 22.95 percent from 457,558 units in the same month last year, according to data released by the company.

SAIC's cumulative vehicle sales from January to July were 2.65 million units, up 5.71 percent from a year earlier.

The company did not separately announce its new energy vehicle sales, but it previously said its new energy passenger vehicle sales exceeded 10,000 for the fifth consecutive month, up 92 percent in July from a year earlier.