# Chongqing Changan Automobile (000625.SHE)

Canonical: https://gigainvestors.com/s/000625.SHE

Analysis as of: 2026-10-16T07:35:51.527Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 6.94 per share; close as of 2026-10-15.

Estimated value: low CNY 12.72 per share, central CNY 13.96 per share, high CNY 15.62 per share. Buy at or below the central value CNY 13.96 per share. Valuation as of 2026-10-16T07:35:51.527Z; scenarios are not confidence intervals.

Expected annual return: 26.3% at the stated quote. About 26.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.99×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.09×

- FY2018: -0.00×

- FY2019: -0.03×

- FY2020: 0.03×

- FY2021: 0.04×

- FY2022: 0.06×

- FY2023: 0.07×

- FY2024: 0.04×

- FY2025: 0.01×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 38.9%

- ROIC, second-lowest year: -0.6%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 15.2%

- Recent gross margin (lower of latest and 3-year median): 15.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 36.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 49.4%

- FY2017: 28.4%

- FY2018: -0.6%

- FY2019: -5.2%

- FY2020: 11.5%

- FY2021: 84.4%

- FY2022: 75.1%

- FY2023: >100%

- FY2024: 50.8%

- FY2025: 5.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.27×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 43B

- Net income, five-year total: CNY 34B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -2.2 pp

- Working capital / revenue, change between three-year averages: -14.9 pp

- Working capital / revenue, final three-year average: -16.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.54×

- FY2022: 1.32×

- FY2023: 1.21×

- FY2024: 1.10×

- FY2025: 1.38×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 28.4% vs 50.8%

- Per-share earnings: 1.55 to 0.74 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.4%

- Ordinary dilution, 5-year annual growth: 7.7%

- Market cap gain: CNY 20B

- Cumulative retained earnings: CNY 22B

- Diluted shares, 10-year annual growth: 4.4%

- Diluted shares, 5-year annual growth: 7.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -8.8%

- Per-share value change: CNY -0.81

- Per-share value, starting three-year median: CNY 1.55

- Per-share value, ending three-year median: CNY 0.74

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 19B

- Cumulative net income, 10 years: CNY 53B

- ROIC, first three-year median: 28.4%

- ROIC, last three-year median: 50.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.57

- FY2017: CNY 1.07

- FY2018: CNY 0.10

- FY2019: CNY -0.36

- FY2020: CNY 0.48

- FY2021: CNY 0.46

- FY2022: CNY 0.78

- FY2023: CNY 1.13

- FY2024: CNY 0.74

- FY2025: CNY 0.41

### accounting: pass

- Sloan accruals: 1.1%

- Receivables to sales index (DSRI): 0.08×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.45×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.29×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 7.5%

- FY2017: 8.0%

- FY2018: 4.9%

- FY2019: -6.7%

- FY2020: -6.2%

- FY2021: -14.3%

- FY2022: 1.5%

- FY2023: -4.5%

- FY2024: 1.2%

- FY2025: 1.1%

## Holders

## Price story

Down 66% since Nov 2023 · sales +2.7%

Story as of 2026-10-16T10:00:06.233Z; price observation 2026-10-15.

Price needs cash profits to shrink 13.8% a year for ten years

### Sales · FY2024–2025

sales +2.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 79B 

- FY2017: CNY 80B 

- FY2018: CNY 66B 

- FY2019: CNY 71B 

- FY2020: CNY 85B 

- FY2021: CNY 105B 

- FY2022: CNY 121B 

- FY2023: CNY 151B 

- FY2024: CNY 160B 

- FY2025: CNY 164B 

### Gross margin · FY2025

gross margin 15.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.7% 

- FY2017: 13.2% 

- FY2018: 14.5% 

- FY2019: 14.4% 

- FY2020: 14.4% 

- FY2021: 16.5% 

- FY2022: 20.3% 

- FY2023: 17.1% 

- FY2024: 14.9% 

- FY2025: 15.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto manufacturers; annual sales are CNY 164 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2025: revenue 163999803875.87; grossProfit 25485711233.76; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000625.SHE: Chongqing Changan Automobile Company Limited, together with its subsidiaries, manufactures and sells automobiles, automotive engines, supporting parts, and components in the People's Republic of China and South Africa. The company's products include passenger vehicles, SUVs, electric vehicles, and commercial vehicles. It offers its products under the CHANGAN, DEEPAL, AVATR, CHANGAN NEVO, CHANGAN LCV, CHANGAN Ford, CHANGAN Mazda, LUMIN, UNI, and HUNTER brands. The company also develops EV technologies represented by batteries, motors, and electronic controls; intelligent technologies, such as cockpits and pilot, as well as automotive lifestyle services; and businesses comprising automotive life, new marketing, and battery swap services, as well as provides auto finance services. The company was incorporated in 1996 and is based in Chongqing, the People's Republic of China.

### Why customers stay

Margins ranged from 14.9% to 17.1% during 2023–25; it earns 38.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2023: grossProfit / revenue = 17.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2024: grossProfit / revenue = 14.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2025: grossProfit / revenue = 15.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); 10-year return on capital observations [[2016,0.49351919405093947],[2017,0.28437105885272956],[2018,-0.0057197749836162765],[2019,-0.05231720630323818],[2020,0.1154811160504011],[2021,0.8440040193601335],[2022,0.7511274924754299],[2023,1.5024259546511898],[2024,0.5082409229588795],[2025,0.05630384989039218]]; median 0.38894512645183454. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2016: growth capex 2413041094.5; upkeep 2231757000; owner earnings 10285284000. Growth capex / owner earnings = 0.2346110320823421.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2017: growth capex 434731432.681139; upkeep 2873847567.318861; owner earnings 6792979432.681139. Growth capex / owner earnings = 0.0639971660431708.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2020: growth capex 0; upkeep 2960046781; owner earnings 4346033219. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2021: growth capex 0; upkeep 2009773990; owner earnings 5482664062.882. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2022: growth capex 0; upkeep 1405004336; owner earnings 10264670584.404. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2023: growth capex 0; upkeep 2824057427; owner earnings 13701011693.386. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2024: growth capex 0; upkeep 4868110000; owner earnings 8055557718.188. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); FY2025: growth capex 0; upkeep 4678988656.08; owner earnings 5628041071.346001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); Dividend observations: [[2016,3110847894],[2017,3200128000],[2018,2169490293],[2019,126540808],[2020,45485683.5],[2021,1704968349],[2022,1778856191],[2023,2341414868],[2024,3450484000],[2025,3477632750.05]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 44.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000625.SHE SharesStats.PercentInsiders = 44.748 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 13.8% yearly over ten years; actual decline was 9.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.527Z); Ten-year compound average after fade. Initial solved rate -0.20490355657926546. Price 6.94; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.545847659782966 → FY2025 0.5662258817656841. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 15.68 per share

- 2016-11: CNY 16.40 per share

- 2016-12: CNY 14.94 per share

- 2017-01: CNY 15.78 per share

- 2017-02: CNY 16.25 per share

- 2017-03: CNY 15.78 per share

- 2017-04: CNY 15.29 per share

- 2017-05: CNY 14.07 per share

- 2017-06: CNY 14.42 per share

- 2017-07: CNY 14.31 per share

- 2017-08: CNY 13.76 per share

- 2017-09: CNY 14.17 per share

- 2017-10: CNY 13.49 per share

- 2017-11: CNY 13.14 per share

- 2017-12: CNY 12.60 per share

- 2018-01: CNY 12.84 per share

- 2018-02: CNY 11.99 per share

- 2018-03: CNY 11.22 per share

- 2018-04: CNY 10.36 per share

- 2018-05: CNY 10.14 per share

- 2018-06: CNY 9.00 per share

- 2018-07: CNY 8.08 per share

- 2018-08: CNY 6.99 per share

- 2018-09: CNY 7.28 per share

- 2018-10: CNY 6.39 per share

- 2018-11: CNY 6.16 per share

- 2018-12: CNY 6.59 per share

- 2019-01: CNY 7.52 per share

- 2019-02: CNY 8.53 per share

- 2019-03: CNY 8.28 per share

- 2019-04: CNY 1,000,000.00 per share

- 2019-05: CNY 7.00 per share

- 2019-06: CNY 6.63 per share

- 2019-07: CNY 7.92 per share

- 2019-08: CNY 8.00 per share

- 2019-09: CNY 7.41 per share

- 2019-10: CNY 7.16 per share

- 2019-11: CNY 8.52 per share

- 2019-12: CNY 10.03 per share

- 2020-01: CNY 9.92 per share

- 2020-02: CNY 10.17 per share

- 2020-03: CNY 10.58 per share

- 2020-04: CNY 9.70 per share

- 2020-05: CNY 9.91 per share

- 2020-06: CNY 11.00 per share

- 2020-07: CNY 11.06 per share

- 2020-08: CNY 11.80 per share

- 2020-09: CNY 13.44 per share

- 2020-10: CNY 16.50 per share

- 2020-11: CNY 25.26 per share

- 2020-12: CNY 21.88 per share

- 2021-01: CNY 17.24 per share

- 2021-02: CNY 18.15 per share

- 2021-03: CNY 14.19 per share

- 2021-04: CNY 16.37 per share

- 2021-05: CNY 23.75 per share

- 2021-06: CNY 26.28 per share

- 2021-07: CNY 18.40 per share

- 2021-08: CNY 20.62 per share

- 2021-09: CNY 16.70 per share

- 2021-10: CNY 19.50 per share

- 2021-11: CNY 17.37 per share

- 2021-12: CNY 15.19 per share

- 2022-01: CNY 12.78 per share

- 2022-02: CNY 12.94 per share

- 2022-03: CNY 11.33 per share

- 2022-04: CNY 10.47 per share

- 2022-05: CNY 13.95 per share

- 2022-06: CNY 17.32 per share

- 2022-07: CNY 18.34 per share

- 2022-08: CNY 14.52 per share

- 2022-09: CNY 12.56 per share

- 2022-10: CNY 11.29 per share

- 2022-11: CNY 13.45 per share

- 2022-12: CNY 12.31 per share

- 2023-01: CNY 14.13 per share

- 2023-02: CNY 13.42 per share

- 2023-03: CNY 11.92 per share

- 2023-04: CNY 11.91 per share

- 2023-05: CNY 11.95 per share

- 2023-06: CNY 12.93 per share

- 2023-07: CNY 16.03 per share

- 2023-08: CNY 12.54 per share

- 2023-09: CNY 13.44 per share

- 2023-10: CNY 15.13 per share

- 2023-11: CNY 20.38 per share

- 2023-12: CNY 16.83 per share

- 2024-01: CNY 12.80 per share

- 2024-02: CNY 14.90 per share

- 2024-03: CNY 16.80 per share

- 2024-04: CNY 14.72 per share

- 2024-05: CNY 13.79 per share

- 2024-06: CNY 13.43 per share

- 2024-07: CNY 14.59 per share

- 2024-08: CNY 12.09 per share

- 2024-09: CNY 14.88 per share

- 2024-10: CNY 13.27 per share

- 2024-11: CNY 13.81 per share

- 2024-12: CNY 13.36 per share

- 2025-01: CNY 12.55 per share

- 2025-02: CNY 12.92 per share

- 2025-03: CNY 13.03 per share

- 2025-04: CNY 12.25 per share

- 2025-05: CNY 12.35 per share

- 2025-06: CNY 12.76 per share

- 2025-07: CNY 12.86 per share

- 2025-08: CNY 12.57 per share

- 2025-09: CNY 12.23 per share

- 2025-10: CNY 12.39 per share

- 2025-11: CNY 11.94 per share

- 2025-12: CNY 11.86 per share

- 2026-01: CNY 11.12 per share

- 2026-02: CNY 11.06 per share

- 2026-03: CNY 10.00 per share

- 2026-04: CNY 9.53 per share

- 2026-05: CNY 7.92 per share

- 2026-06: CNY 7.17 per share

- 2026-07: CNY 7.87 per share

- 2026-08: CNY 7.07 per share

- 2026-09: CNY 7.11 per share

- 2026-10: CNY 7.06 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 22.92 per share, central CNY 28.62 per share, high CNY 32.86 per share

- FY2017: low CNY 24.53 per share, central CNY 33.69 per share, high CNY 39.02 per share

- FY2018: low CNY 15.13 per share, central CNY 17.01 per share, high CNY 19.52 per share

- FY2019: low CNY 10.38 per share, central CNY 11.61 per share, high CNY 13.24 per share

- FY2020: low CNY 11.71 per share, central CNY 13.16 per share, high CNY 14.59 per share

- FY2021: low CNY 14.19 per share, central CNY 15.25 per share, high CNY 16.66 per share

- FY2022: low CNY 11.95 per share, central CNY 12.89 per share, high CNY 14.14 per share

- FY2023: low CNY 14.79 per share, central CNY 15.97 per share, high CNY 17.55 per share

- FY2024: low CNY 15.38 per share, central CNY 16.65 per share, high CNY 18.34 per share

- FY2025: low CNY 14.51 per share, central CNY 15.81 per share, high CNY 17.53 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:35.129Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.