GAC GROUP (02238) announced its annual results for 2025. The group recorded sales revenue of 96.542 billion yuan, a decrease of 10.43% year-on-year. The loss attributable to equity shareholders of the company was 8.784 billion yuan, shifting from a profit to a loss compared to the previous year. The basic loss per share was 0.85 yuan.
In 2025, facing systematic challenges from multi-dimensional restructuring of the industrial ecosystem, demand structure, and market competition, the group's production and operations remained under pressure. Annual vehicle production and sales were 1.7444 million and 1.7215 million units, respectively, declining by 8.98% and 14.06% compared to the previous year. However, by actively promoting reform and transformation, the group achieved quarter-on-quarter sales growth for three consecutive quarters starting from the second quarter of 2025.
Within this period, sales of new energy vehicles reached 433,600 units, a decrease of 4.64% year-on-year. These vehicles accounted for approximately 25.19% of the group's total sales, an increase of about 2.5 percentage points from the previous year. Sales of energy-saving vehicles were 454,600 units, an increase of 0.84% year-on-year. During the reporting period, the proportion of the group's combined energy-saving and new energy vehicle sales rose to 51.60%, an increase of about 6 percentage points from the previous year.
The proprietary brands established a shared center to promote integrated reform, implemented IPD and IPMS transformations, and set up product commercialization teams and a user demand-driven product development process. The group advanced pilot BU organizations, establishing the Aion Hyper BU and Trumpchi BU. An NPS indicator management and evaluation system was introduced to improve the user experience. Marketing innovation cooperation with the JD.com platform was promoted, involving multi-brand integration and lightweight strategies to push channels下沉.
The proprietary brands accelerated product renewal and upgrades. GAC Trumpchi, driven by a dual strategy of "in-house R&D + open cooperation," launched three high-end products: the Xiangwang S7, Xiangwang M8 Gankun, and Xiangwang S9. This formed an intelligent new energy product matrix covering SUVs and MPVs, promoting the comprehensive advancement of the Trumpchi brand towards electrification and intelligence.
The Aion Hyper brand, through new models like the AION UT, AION i60, and Hyper HL, as well as refreshed models like the AION V home and AION UT super, continued to consolidate its leading advantage in pure electric technology. It also expanded its extended-range technology layout, achieving coordinated development of dual technology routes—"pure electric + extended-range"—and building a power matrix covering diverse mobility scenarios. Driven by new products, GAC Aion achieved month-on-month sales growth for seven consecutive months starting from June 2025.
GAC Toyota achieved sales of 756,000 vehicles in 2025, an increase of 2.44% year-on-year. High-value models such as the Camry and Sienna ranked at the forefront of their respective domestic market segments in terms of retail sales. Annual sales of energy-saving and new energy models reached approximately 470,000 units, an increase of 27.27% year-on-year, raising their sales proportion to 62.2%. The company strengthened local independent R&D and accelerated its electrification transformation. The Bozhi 3X, the first pure electric model led by the local R&D team, sold over 80,000 units for the year, topping sales among joint venture pure electric models and becoming the first locally developed model to enter Toyota's global sales system. The Bozhi 7 garnered significant attention and positive reviews after its debut at the Guangzhou Auto Show. Implementing the "Intelligence for Both ICE and NEVs" strategy, the 2026 Camry, Highlander, and Sienna, equipped with intelligent cockpits and the Toyota Pilot driving assistance system, achieved intelligent upgrades.
GAC Honda increased its local development efforts, comprehensively promoting high-quality local intelligent solutions. By partnering with companies like Momenta, it enhanced the intelligent experience. The company efficiently advanced the restructuring of the supply chain in core areas such as the three-electric systems, intelligent cockpits, and intelligent driving, building a more resilient and dynamic local supply chain ecosystem. GAC Honda achieved month-on-month sales growth for five consecutive months starting from August 2025.
Wuyang-Honda strengthened its technological and intelligent advantages. In 2025, it launched 14 new products, solidifying its comprehensive competitiveness with a diversified portfolio. Annual sales reached approximately 640,000 units, of which exports exceeded 150,000 units.
Comments