GAC GROUP(SH:601238) 3 6 Ke·2025-11-13 10:33Core Viewpoint - The automotive industry is experiencing a surge in sales due to increased promotional efforts and the impending expiration of tax exemption policies, with many companies achieving record sales in October. However, GAC Aion's performance stands out negatively, showing significant declines in both sales and financial results [1][2]. Sales Performance - SAIC Passenger Cars saw a substantial increase in domestic market sales by 234.4%, while BYD's sales grew approximately 11.47%, reaching a new high for the year. Geely's monthly sales exceeded 300,000 units for the first time, and Chery's new energy vehicle sales rose by 54.7% year-on-year, surpassing 110,000 units in a single month [1]. - GAC Aion's October sales were 27,014 units, reflecting a 7.2% decrease month-on-month and a 32.6% year-on-year decline, contrasting sharply with the overall industry growth [1][2]. Financial Results - GAC Group reported third-quarter revenue of 24.106 billion yuan, a year-on-year decline of 14.62%, with a net loss attributable to shareholders of 1.774 billion yuan, worsening from the previous year. For the first three quarters, revenue decreased by 10.49%, and net profit turned from a profit of 120 million yuan to a loss of 4.312 billion yuan, a staggering drop of 3693.3% [1][2]. Market Dynamics - GAC Aion's struggles are attributed to intense competition in the domestic automotive market and rapid changes in demand structure. The brand, once dominant in the ride-hailing market, is now facing unique challenges as the market evolves [2][6]. - The ride-hailing market saw a significant slowdown, with GAC Aion's share of new ride-hailing vehicles dropping as the overall market contracted. In 2023, GAC Aion accounted for 220,000 of the 850,000 new ride-hailing vehicles, representing 45% of its total sales for the year [6]. Product Strategy and Challenges - GAC Aion's sales have halved over two years, with average monthly sales dropping from over 40,000 units in 2023 to 20,000 units in 2025. The brand's reliance on pure electric vehicles limits its competitiveness, especially in northern markets where hybrid models are preferred [3][7]. - Despite launching new models aimed at private consumers, such as Aion Bawanglong, Aion RT, and Aion UT, these vehicles have not met sales expectations, with monthly sales remaining between 3,000 and 6,000 units [8][12]. Organizational Changes and Future Outlook - GAC Group is undergoing internal reforms to enhance efficiency, including the integration of marketing resources across brands. However, the pace of these reforms has been slow, leading to challenges in decision-making and execution [11][12]. - The introduction of a new brand focused on B-end markets (ride-hailing and taxis) is planned, but has yet to materialize. Meanwhile, GAC Aion has partnered with JD.com and CATL to launch the Aion UT Super, which has generated significant market interest despite potential infrastructure limitations [13][15].