Xi Niu Cai Jing·2025-05-08 09:48Core Insights - GAC Group reported a significant decline in net profit for 2024, with a 81.40% year-on-year decrease, while revenue increased by 16.90% [2] - The first quarter of 2025 showed a continued downward trend in both revenue and net profit, with a 7.95% and 159.95% decline respectively [2] Financial Performance - In 2024, GAC Group's total revenue reached 107.78 billion yuan, up 16.90% from the previous year, but net profit fell to 824 million yuan, down 81.40% [2] - For Q1 2025, revenue was 19.65 billion yuan, a decrease of 7.95% year-on-year, with a net loss of 732 million yuan, down 159.95% [3] - The company's non-recurring net profit for Q1 2025 was -893 million yuan, a decline of 229.89% compared to the previous year [3] Sales and Market Performance - GAC Group's total vehicle sales in 2024 were 2.0031 million units, a decrease of 20.04% year-on-year, with its own brand sales dropping by 10.95% to 789,500 units [4] - GAC Trumpchi's sales increased by 1.99% to 414,600 units, while GAC Aion's sales decreased by 21.90% to 374,900 units [4] Cost and Expenses - In 2024, GAC Group's sales and distribution costs increased by 385 million yuan, management expenses rose by 177 million yuan, and financial costs increased by 96 million yuan [4] Challenges and Issues - GAC Group identified several challenges, including the need to enhance product competitiveness, strengthen overseas capabilities, accelerate marketing transformation, and improve cost competitiveness [5]