GAC Group(02238) Announces Annual Results, Shareholders' Losses of 8.784 billion yuan, Turning from Profit to Loss Year-over-Year

GAC Group (02238) released its 2025 annual performance results. During the period, the company recorded sales revenue of RMB 96.542 billion (with unit as applicable), representing a year-on-year decrease of 10.43%. The loss attributable to equity holders of the company was RMB 8.784 billion, turning from profit to loss year over year. Basic loss per share was RMB 0.85.

In 2025, faced with systemic challenges brought by multi-dimensional reshaping of the industrial ecosystem, demand structure, and market competition, the Group’s production and operations continued to operate under pressure throughout the year. Annual vehicle production and sales were 1.7444 million units and 1.7215 million units, respectively, down 8.98% and 14.06% from the same period of the previous year. However, through actively promoting change and transformation, the Group has achieved positive quarter-over-quarter growth in sales for three consecutive quarters since the second quarter of 2025. Among them, sales of new energy vehicles were 0.4336 million units, down 4.64% year over year. New energy vehicle sales accounted for approximately 25.19% of the Group’s total sales, up by about 2.5 percentage points from the previous year. Sales of energy-saving vehicles were 0.4546 million units, up 0.84% from the same period of the previous year. During the reporting period, the Group’s sales mix of energy-saving vehicles and new energy vehicles increased to 51.60%, up by about 6 percentage points from the previous year.

The independent brand established a shared center to drive an integrated reform, carried out IPD and IPMS transformation, and set up product commercialization teams and a user-demand-driven product development process. It advanced BU organization pilot programs, setting up the Hyap (Hao Bing) AION BU and Trumpchi BU. It introduced an NPS indicator-based management and evaluation system, and worked to improve user experience. It pushed forward marketing innovation cooperation with the JD.com platform, with multi-brand integration and lightweight推进 (lightweighting) to drive channel deepening.

Independent brands are accelerating product refresh and upgrades. GAC Trumpchi, driven by a “self-developed + open cooperation” dual line, launched three high-end products: Everon S7, Everon M8 with Kunlun (乾崑), and Everon S9, building an intelligent new energy product matrix covering SUVs and MPVs under the “Everon” series, advancing the Trumpchi brand to an all-round step forward in electrification and intelligence. The Hyap (Hao Bing) AION brand, through all-new models such as AION UT, AION i60, and Hyap HL, as well as revised models such as AION V home and AION UT super, continued to solidify its leading advantages in pure electric technology and expanded the range-extended technology layout. It enabled coordinated development of the “pure electric + range-extended” dual-technology roadmap, building a powertrain matrix covering multiple mobility scenarios. Supported by new products, GAC Aion has achieved positive month-over-month growth in sales for seven consecutive months since June 2025.

In 2025, GAC Toyota achieved sales of 0.756 million units, up 2.44% from the same period last year. Among them, terminal sales of high-value models such as Camry and Sienna ranked among the top in their domestic sub-segments. For the full year, sales of energy-saving and new energy models were approximately 4.7 million units, up 27.27% year over year, with the sales share rising to 62.2%. It strengthened local self-development, accelerated its transition to electrification. The first pure electric model—BIZ (铂智) 3X—developed under the leadership of local R&D teams had annual sales exceeding 80,000 units, ranking first on the sales chart among joint-venture pure electric models, and became the first locally developed R&D model to enter Toyota’s global sales system. After the Binzhi 7 made its debut at the Guangzhou Auto Show, it attracted significant attention and favorable reviews. It implemented the strategy of “intelligence for both gasoline and electric.” For the 2026 Camry, Highlander (汉兰达), and Sienna, intelligent cockpit and the Toyota Pilot driving assistance system were adopted to realize further advancement in intelligence.

GAC Honda increased efforts in local development, fully promoted high-quality local intelligent solutions, and worked with partners such as Momenta to strengthen the intelligent experience. It efficiently advanced supply-chain restructuring in core areas including the three-electric systems, intelligent cockpits, and intelligent driving, building a more resilient and dynamic local supplier ecosystem. Since August 2025, GAC Honda has achieved positive month-over-month sales growth for five consecutive months. Liuqi Honda strengthened its technical and intelligent advantages. In 2025, it launched 14 new models. With multi-dimensional combinations, it strengthened competitiveness across the entire segment. For the full year, it achieved total sales of approximately 0.64 million units, including exports of over 150,000 units.

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