Haima

Company Overview

Haima Automobile Co., Ltd. (stock code: 000572) is a modern automotive group integrating R&D, manufacturing, sales, and service of vehicles and powertrains, headquartered in Haikou, Hainan Province. The company traces its roots to the Hainan Automobile Stamping Parts Factory, established when Hainan became a province in 1988. After more than 30 years of development, it is now the only enterprise in the Hainan Free Trade Port with production qualifications for traditional fuel vehicles, pure electric vehicles, and hydrogen fuel cell vehicles.

The founder and guiding figure of Haima is Jing Zhu. In 2006, Haima officially parted ways with the Mazda trademark, emerging as an independent brand and establishing the cultural core of "down‑to‑earth and grateful for blessings." With three major production bases and a combined capacity of over 300,000 units, Haima also operates multiple subsidiaries—including Haima Automobile Co., Ltd., Haima New Energy Automobile Co., Ltd., and Hainan Haima Automobile Co., Ltd.—and has expanded from vehicle manufacturing into logistics and finance.

Development History

The development history of Haima Automobile is a struggle story of the Chinese automotive industry, from a Hainan island to going global, and from joint venture introduction to independent innovation.

Joint Venture Foundation Period (1988–2005): In April 1988, Hainan became a province, the original Hainan Automobile Stamping Parts Factory was established simultaneously and renamed Hainan Automobile Manufacturing Factory, officially setting sail. In 1990, the first car in Haima's history, HMC6470, successfully came off the production line, filling the blank in Hainan's automotive industry. In 1992, Hainan Mazda Automobile Co., Ltd. was established, taking the first step in joint venture cooperation with Mazda Japan. However, constrained by national automotive industry policies, joint venture products did not have a "birth certificate" and could only be sold within the island, causing the enterprise to fall into a dilemma. In 1995, the joint venture company was suspended from operations, and in 1996, the enterprise was on the verge of bankruptcy.

In 1997, the 31-year-old Jing Zhu was appointed factory director in a critical moment, leading the enterprise to start the "Second Entrepreneurship". In 2000, Haima Group was established and cooperated with Mazda Japan again. In the same year, it acquired "*ST Qiongjindan" which was facing delisting, injecting Haima Automobile assets into the listed company. The most brilliant achievement of this stage was the launch of the first domestic SMPV, Pulima, in 2001, and the launch of the Formosa in 2002, which was known as the "New Three Items" of the Chinese car market (alongside Excelle and Elantra). The good times were not long-lasting. Mazda eventually partnered with FAW Group, ending the cooperation between Haima and Mazda. Haima was forced to embark on the path of independent development.

Independent Transformation Period (2006–2016): In 2006, the second-generation Formosa was launched, Haima independent brand officially appeared, bidding farewell to the Mazda trademark. In 2007, Haima marched north, acquired Zhengzhou Light Vehicle Manufacturing Factory and started construction of the Zhengzhou base. In the same year, the Haima 3 sedan was launched. Over the following years, the Haima product matrix expanded rapidly. Haima Knight, Haima S5, Haima S7 and other SUV models were launched intensively. In 2016, Haima Group's revenue exceeded 20 billion RMB, and the enterprise reached the peak of the fuel era. In 2017, Haima started the "Fourth Entrepreneurship", striving for cost reduction, efficiency improvement, and lean management.

However, with the intensification of competition in the domestic car market, Haima's sales plummeted sharply after 2017. In 2018, sales dropped below 70,000 units. Due to negative net profits for two consecutive years in 2017 and 2018, Haima was warned of delisting risk, and the stock abbreviation was changed to "*ST Haima", facing a critical moment of life or death. To maintain listing qualification, Haima successively sold properties in 2019 and 2020 in a "flavored self-rescue" manner — selling 401 properties in 2019 to raise 162 million RMB, and selling 145 properties again in 2020, allowing the enterprise to barely "remove the star".

New Energy Breakthrough Period (2017–Present): Since 2017, Haima has vigorously laid out the new energy vehicle track. In 2022, Haima completed the development of the first hydrogen fuel cell vehicle prototype, determining the strategic direction of differentiated breakthrough using hydrogen energy. In 2023, Haima officially signed a strategic cooperation agreement with Toyota Motor Corporation, accelerating the commercial exploration of hydrogen energy technology and products. Between 2020 and 2025, Haima successively launched the pure electric MPV Haima 7X-E, hydrogen fuel cell MPV Haima 7X-H and other major new energy vehicle models. Haima has also built a zero-carbon emission ecological body covering the entire industry chain of "Photovoltaic Power Generation — Water Electrolysis for Hydrogen Production — Hydrogen Fuel Cell Vehicle Operation" in Haikou. Currently, it has successfully completed the pilot operation of the first batch of 50 Haima 7X-H hydrogen vehicles. The longest driving mileage of a single vehicle has exceeded 100,000 kilometers, covering important occasions such as the World New Energy Vehicle Congress, CIIE, Boao Forum for Asia, etc.

At the same time, Haima also stands on the B-end travel track. The Haima EX00 series has achieved mass production delivery, and the Haima EX02 battery swapping version has completed engineering development and verification, continuously enriching the new energy landscape. In early 2026, Haima officially announced that a new energy SUV model jointly developed with Huawei is planned to be launched in the first half of the year. It will be equipped with Huawei's intelligent driving system and sold through Huawei channels. This is considered a key turning point for the Haima brand to launch a counterattack in the second half of the new energy track.

Product Portfolio

Haima Automobile products adopt a dual-line approach of "Overseas Market + Domestic Key Areas", covering multiple sub-sectors such as SUV, MPV, New Energy, especially Hydrogen Energy vehicles. Core vehicle series currently on sale mainly include:

Haima 7X Series (Flagship Family & Tourism MPVs): After launching in 2019, it derived the high-end pure electric version 7X-E and the world's first hydrogen fuel cell MPV 7X-H. 7X-H is equipped with a fuel cell system developed in cooperation with Toyota. The fuel cell system rated power is 80kW, peak power 200kW drive motor, 70MPa high-pressure hydrogen storage tank, range 650 kilometers.

Haima S5 Pro / Haima S7 Pro: Iconic SUV series under Haima. In the early days, S5 became famous for its "Strong Power Intelligent SUV" positioning and 1.6TGDI engine, being selected as one of the "China Heart" Top 10 Engines for 2019.

Haima 8S: Compact intelligent SUV, equipped with a powerful 1.6TGDI engine with rich configuration. It once bore the heavy responsibility of boosting Haima brand sales and image.

B-end Custom Travel Products EX00/EX02: Brand new product series. EX02 is a battery swapping model, targeting operating user pain points. It has completed engineering development and passed product announcement, further expanding the dimension of new energy travel.

New Energy SUV with Deep Cooperation with Huawei: Planned to launch in 2026, equipped with Huawei intelligent driving solution and sold using Huawei channels. This is an absolutely important strategic action for Haima's new energy sector.

Market Performance

Haima Automobile's current market performance presents an extreme differentiation pattern of "Overseas Rising, Domestic Hitting Bottom, New Energy Still Climbing".

In the full year of 2025, Haima Automobile's total sales were 17,025 units, up 9.86% year-on-year. Among them, domestic sales sharply decreased to only 214 units, a decrease of nearly 70% year-on-year. Overseas sales increased by 13.69% year-on-year, contributing the vast majority of total sales volume. In terms of revenue, full-year revenue was 1.849 billion RMB, up 4.17% year-on-year, and net profit attributable to parent company was a loss of 148 million RMB — this is the fourth consecutive year of loss for Haima. However, the net profit after deducting non-recurring gains and losses was a loss of 201 million RMB, a reduction in loss of 50.38% year-on-year, indicating a narrowing of the loss area in the main business.

The overseas market has become the largest ballast stone for Haima Automobile's survival. In 2025, Haima's overseas sales revenue reached 1.488 billion RMB, up 10.06% year-on-year, accounting for a high proportion of 80.46% of total revenue. The revenue share from the top five customers was as high as 94.23%, among which the first major customer Green City General Trading LLC alone contributed 74.12% of the revenue — this phenomenon of high reliance on a single overseas major customer has significantly increased the company's business risk.

The domestic market is extremely bleak. In the first quarter of 2026, according to the latest quarterly report disclosure, Haima Automobile achieved operating revenue of 199 million RMB, a significant decline of 25.66% year-on-year, with a loss of 31.8 million RMB. Looking at the comprehensive sales data, in January 2026 the total brand retail volume was only 3 units, in February 4 units nationwide, and in March only 5 units, almost "disappearing" from the domestic terminal market. Of course, there were still some wholesale supplies to overseas exports supporting during the same period. In March, wholesale was 5 units, in February export volume was about 960 units, and in January export was about 480 units.

The pure electric vehicle business is also trapped in stagnation. In the full year of 2025, pure electric vehicle production and sales were only 110 units and 108 units respectively, with sales revenue of only 11.4884 million RMB, which is very passive against the domestic background of new energy vehicle penetration rate breaking through 60%. At the end of 2025, Haima's total assets were 4.919 billion RMB, net cash flow from operating activities was -404 million RMB, undistributed profit of the parent company was -3.024 billion RMB. It is planned not to distribute dividends in the full year of 2025, and the pressure on the capital chain continues to exist. Haima also mentioned in the annual report that the company plans to dispose of inefficient assets in the near future to recirculate funds and support core technology upgrades. In 2026, the number of shareholders continued to trend downwards, and market chips concentrated on a few institutions.

Core Technology

Haima Automobile's core technical strength is concentrated in three major areas: new energy technology, intelligent manufacturing, and cooperation with leading enterprises.

In the new energy field, hydrogen energy technology is the core pillar chosen by Haima for differentiated competition. Haima is one of the earliest passenger car enterprises in China involved in hydrogen fuel cell R&D. With the strategic cooperation with Toyota, Haima 7X-H has completed 50 demonstration operations in Hainan, with accumulated safe driving mileage exceeding 2 million kilometers. The longest mileage of a single vehicle has exceeded 100,000 kilometers, greatly verifying the product reliability and practicality. Haima's self-built photovoltaic hydrogen production — hydrogen filling integrated project is currently one of the few model projects in China that achieve a zero-carbon emission closed-loop for the entire chain.

In terms of complete vehicle manufacturing and intelligent manufacturing, Haima has a complete manufacturing system of four major processes. The intelligent factories in Zhengzhou and Haikou have the ability to produce 300,000 complete vehicles annually. Among them, the Zhengzhou Engine Factory has an annual capacity of 300,000 units. The independently developed 1.6TGDI engine was once awarded as one of the "China Heart" Top 10 engines, which is its most core independent research achievement remaining in the traditional power era.

In terms of intelligent driving, selling models such as Haima 7X-E have been equipped with L2+ level ADAS intelligent driving assistance systems, accumulating data around low-speed scenarios for APA/RPA/HAVP automatic parking functions. The new SUV model cooperating with Huawei in 2026 will be equipped with Huawei Qankun Intelligent Driving System, further improving intelligent competitiveness. At the same time, Haima also has the ability to independently research and test the whole vehicle "Three Electrics" covering pure electric, hydrogen energy and other energy routes.

Overseas Strategy and Future Outlook

Haima Automobile firmly places overseas business at the core of operations. The brand focuses on key markets along the "Belt and Road", especially the Middle East and Southeast Asia, concentrating resources to build a deep cultivation system. In May 2025, at the Hainan-UAE Promotion Conference held in Dubai, UAE, Haima signed a memorandum on automobile export cooperation with BDG Investment Group. It is planned to explore complete vehicle export, sales, technical cooperation, and even the replication and implementation of zero-carbon ecological systems. The first batch of cooperation models cover Haima 7X, Haima 8S, and Haima 7X-E, etc. The goal is to build the UAE into a hub base for "Hainan Made" cars going overseas to the Middle East. In 2026, the company's goal is to steadily expand the export scale and vigorously promote the construction of export hubs by utilizing the Hainan Free Trade Port closing policy.

Facing the future, Haima Automobile has planned a long-term development path of "Overseas Survival, Hydrogen Breakthrough, Landing Joint Venture towards Technology + Brand Going Global". Haima will continue to take the hydrogen energy entire industry chain as its core characteristic, relying on the zero-carbon ecological body formed in Hainan, and cooperating with upstream and downstream leading enterprises to continue to promote hydrogen energy industrialization. The new energy SUV cooperating with Huawei in 2026 is about to be launched, which is regarded as an important node for promoting the brand's strong return in the new energy track.

Although Haima has fallen into extreme marginalization in the domestic market — domestic annual sales are only in the level of two hundred units, pure electric vehicle annual production and sales are only over one hundred units, financial losses for four consecutive years, but the foresight of the brand betting on hydrogen strategy, the major policy dividend of the Hainan Free Trade Port closing, the strategic cooperation barrier with Toyota, and the potential variable of cooperation with Huawei, have retained the last hope of turnaround and breakthrough for Haima's "Fourth Entrepreneurship".