SAIC Motor Corp improved its operation quality in 2014, according to its annual report, which showed higher net profit growth than revenue growth and higher revenue growth than auto sales growth.

Last year, SAIC’s revenues totaled 630 billion yuan ($101.64 billion), up 11.35 percent from the previous year. Its net profits hit 27.97 billion yuan, up 12.78 percent year-on-year, and the earning per share was 2.54 yuan. The company’s total assets topped 414.87 billion yuan at the end of 2014 and it distributed 13 yuan (before tax) per 10 shares in cash dividends to investors.

In defiance of China’s economic ‘New Normal’ and auto market slowdown, SAIC maintained a leading position in the market in 2014, selling 5.62 million units of vehicles, up 10.1 percent year-on-year.

SAIC’s joint ventures played out their brand and product advantages, optimized product and capacity structures and innovated marketing models to better meet the needs of customers.

Shanghai Volkswagen and Shanghai General Motors maintained their positions among China’s top three passenger car makers in terms of car sales. Shanghai General Motors Wuling remained the leader in the mini car market and successfully tapped new segments for family MPVs to help its passenger vehicle business achieve a fast growth.

SAIC worked hard to improve its brand and technological competitiveness, with top priority given to the development of self-owned brands. Facing up to fierce market competition, the company targeted the fastest-growing segments that had the biggest potential and better met customers’ needs with improved products and services.

In 2014, SAIC stepped its innovation efforts, with new progress made in the development of passenger cars under self-owned brands. Powertrain research and development levels continued to climb, and research and development capabilities on core components such as electric control, battery and motors were further strengthened.

The company also made active efforts in cross-industry cooperation and product innovation, differentiating its products from others on the market through combining high technologies, such as Internet and new energy. It enhanced branding and forged a new image of a reliable, responsible and innovative SAIC, providing a strong backing for the development of its self-owned brands.

In addition, SAIC made innovations in business models, including building an online-to-offline auto e-commerce platform to please customers. They joined hands with Internet companies such as Alibaba Group in developing Internet cars and creating an Internet auto eco-system, pushing ahead with the development of online auto finance services and integrating industrial capital and financial capital in a bid to build up new competitive advantages.

According to research agencies, the domestic auto market will continue to grow steadily in 2015, with domestic car sales projected to rise more than 7 percent from last year to hit 25.8 million units. SAIC will continue to push forward its innovation-driven development strategy, explore ways for sustainable development and accelerate the pace of the effort to build itself into a world-famous auto company.