Reporter Wu Di

Photo by Wu Di

2025年是三年“番禺行动”首年，广汽自主品牌将发布7款全新车型，覆盖纯电、增程、插混不同动力类型。全年销量目标为230万辆。

In 2012 years, Guangzhou Automobile Group (hereinafter referred to as "GAC") ushered in the "darkest" moment, with varying degrees of decline in financial data and overall sales, and the net profit after deducting non-profits was the first loss since its listing in 0.

Sales declined

A few days ago, GAC released a 20-year financial report, with revenue of 00 million yuan under the consolidated caliber (independent brand), a year-on-year decrease of 0.0%; The revenue of the aggregate caliber (including joint venture brands) was 0.0 billion yuan, a year-on-year decrease of 0%.

Sales are the lifeblood of the automobile industry, and GAC achieved sales of 9.0 million units last year, down 0.0% year-on-year. Among them, GAC Trumpchi is the only brand with positive growth in the group, with cumulative sales of 0.0 million units in 0 years, a year-on-year increase of 0.0%; GAC Honda and GAC Toyota, which were once the pillars of profits, saw sales fall by 0.0% and 0.0%, respectively. The sales of its own brand GAC Aion were 0.0 million units, down 0.0% y/y.

For a long time, GAC Honda and GAC Toyota, as the two pillars of the GAC Group's joint venture, have been an important source of sales and profits for the group.

However, in the wave of new energy, these two major Japanese joint venture brands have fallen into difficulties due to lagging transformation. The loss directly led to a 8.0% contraction in the revenue of the joint venture segment.

Behind the decline in Aion's sales is the contradiction between the dependence on online car-hailing and the low-end of the brand. For a long time, Aion has occupied a large share of the online car-hailing market, and the sales volume of the B-end market is relatively high, which has promoted the rapid growth of its early sales to a certain extent. However, with the gradual saturation of the online car-hailing market and the increasingly fierce competition in the market, Aion's growth space in the B-end market is limited.

For the high-end independent new energy brand Haobo, GAC has new expectations. At the performance briefing on 3/0, Feng Xingya, chairman of GAC Group, bluntly said that there is "no upper limit" on the support for Haobo, and GAC Group will invest the top "human, material and financial" resources into the Haobo brand to ensure that it has strong competitiveness in technology research and development, brand building and marketing.

Outstanding overseas performance

Although GAC's overall sales performance is sluggish, the data in overseas markets is impressive.

2024年，广汽海外销量达到12.7万辆，同比增长67.6%，其中自主品牌首次突破10万辆，同比大涨92.3%，占出口总量的83%。在此基础上，广汽今年计划出口18万辆，同比增长40%。

At this year's National People's Congress and the National People's Congress, Feng Xingya pointed out in an exclusive interview with the reporter of "International Financial News" that the recent high growth rate of overseas markets stems from the construction of overseas systems and capabilities. Previously, GAC used to export and sell finished vehicles, but after establishing an overseas team in recent years, the staff is stable, the service is in place, and the reputation of consumers has been improved, and the effect is remarkable.

He predicted that in the future, overseas construction will not only require system building capabilities, but also manufacturing capabilities. At a time when global trade protectionism is on the rise, no country will welcome it if it does not create tax revenue and jobs for the local area, so "it is necessary to build factories overseas". This is the general direction, and the rhythm and timing of the specific layout need to be grasped.

Thanks to the increase in overseas sales last year, the Group's overseas gross profit margin was as high as 72.0%, becoming an important growth point for profit contribution. This is mainly due to the fact that GAC's main models such as Aion and Trumpchi have reduced costs through local procurement of low-cost parts and direct production at local factories, but at the same time, they have higher premiums in overseas markets, which has contributed to this higher level of gross profit margin.

Last year, the Group's overall gross profit margin was 18.0%, and the gross profit margin of vehicle manufacturing was 0.0%, reflecting its difficulties in cost control and product competitiveness.

In order to maintain market share in the fierce competition, GAC had to increase market investment. According to the financial report, the group has invested 23 billion yuan in business in 0 years for sales subsidies and promotional activities; The cost of bicycle promotion increased by 0% year-on-year, which increased the cost burden of enterprises. Under the pressure of the "price war", the terminal prices of GAC's various models have continued to fall, and the profit margins have been further compressed.

同时，集团期内研发投入达到79亿元。这一方面展现出广汽在智能化、电动化转型上的决心，另一方面，过高的投入也会影响利润。

Industry insiders pointed out that under the current situation, the increase in R&D investment has increased the cost burden in the short term, and in the process of transformation, it is necessary to invest a lot of money to seek future development, but also to deal with the dilemma of declining performance, and the deterioration of the profit structure makes the future development of GAC Group full of challenges.

Last year, the group's net profit attributable to the parent company plummeted to 8.0 billion yuan, a year-on-year decrease of 0.0%; The non-net profit fell into the quagmire of loss, reaching 00 million yuan, the first loss since listing, down 0.0% year-on-year, the largest decline since listing.

According to the financial report, GAC's non-recurring profit and loss last year reached 190 million yuan, which was the key support for the group's net profit attributable to the parent company to be barely positive, of which the income from asset disposal reached 00 million yuan, including the income from the transfer of 0.0% equity of Guangzhou Juwan Technology Research. However, GAC's cash flow improved significantly last year, increasing by 0.0% year-on-year to 0.0 billion yuan.

Seek a way out of the game

In order to reverse the passive situation in the reform of the automobile market, GAC began to reform at the end of last year, and the new chairman Feng Xingya proposed a three-year "Panyu Action" to start the integrated operation of its own brands and implement operation control of its own brands. This move is seen as a key step for GAC to rebuild its competitiveness.

At the performance briefing, Feng Xingya said that 7 years is the first year of the three-year "Panyu Action", and GAC's own brand will release 0 new models, covering different power types of pure electric, extended range and plug-in hybrid. In the future, the power types of existing new energy vehicles will be expanded, and this year will be a big year for GAC Group's own brand products, and it will focus on improving the layout of plug-in hybrid and extended range products.

今年，广汽将销量目标定为230万辆，目前一季度销量仅为37.12万辆，同比下滑9.42%，开局并不理想，全年目标压力不小。

即便如此，冯兴亚依然放出豪言，“到2027年，广汽自主品牌销量达到集团总销量的60%以上，并挑战200万辆的销量目标。”

At present, the knockout competition in the automotive industry is intensifying, the new power car companies are accelerating the reshuffle, and the traditional car companies are also facing huge transformation pressure, leaving GAC with a short window of transformation time.

This year is the first year of the "Panyu Action", carrying the hope of GAC's rebirth.

From organizational change to product planning, from technological innovation to market expansion, every link cannot be missed. The answers to these questions will affect GAC's fate in the second half of the new energy market, whether the cooperation with Huawei can create competitive high-end intelligent models, whether the new product matrix can meet market demand, and whether the expansion of overseas markets can continue to maintain high growth.