智通财经网·2026-02-02 08:27Core Viewpoint - Bank of America Securities maintains a "underperform" rating for GAC Group's H-shares and A-shares, citing ongoing intense competition that will continue to compress the profit margins of the group's self-owned brands, leading to weak profitability in 2026 and 2027 [1] Financial Performance - GAC Group issued a profit warning, expecting a net loss attributable to shareholders between 8 billion to 9 billion RMB for 2025, significantly exceeding the bank's forecast of 3.9 billion RMB [1] - Excluding one-time items, the core net loss is projected to be between 8.9 billion to 9.9 billion RMB, with an estimated net loss of 3.7 billion to 4.7 billion RMB in Q4 2025, compared to a net profit of 704 million RMB in the same period of 2024 [1] Management Insights - Management attributes the weak performance last year to fierce market competition, resulting in lower-than-expected sales growth, increased marketing expenses, and higher impairment losses on intangible assets and inventory year-on-year [1] - Additionally, the shift in focus towards new energy vehicles has led to increased impairment losses on joint venture brands, resulting in a reduced profit share from joint ventures [1]