东吴汽车黄细里团队·2025-10-28 14:26Core Viewpoint - GAC Group's Q3 2025 performance slightly underperformed expectations, with ongoing cost reduction efforts and a focus on future growth through partnerships and reforms [5]. Financial Performance - Q3 2025 revenue was 24.32 billion yuan, showing a year-on-year decrease of 15% but a quarter-on-quarter increase of 7% [3]. - The net profit attributable to shareholders was -1.77 billion yuan, with a non-recurring net profit of -1.83 billion yuan [3]. - GAC's Q3 gross margin was -2.9%, indicating continued challenges in profitability despite a slight improvement in cost management [4]. Sales and Production - GAC Passenger Vehicles and GAC Aion's Q3 wholesale sales were 81,000 and 75,000 units, respectively, reflecting year-on-year declines of 8% and 26%, but quarter-on-quarter increases of 5% and 21% [4]. - The average selling price (ASP) for GAC's self-owned vehicles in Q3 was 157,000 yuan, with a year-on-year increase of 4% but a quarter-on-quarter decrease of 5% [4]. Investment and Future Outlook - Investment income for Q3 totaled 1.1 billion yuan, with a year-on-year increase of 187% but a decrease of 10% quarter-on-quarter [4]. - The company has adjusted its net profit forecasts for 2025, 2026, and 2027 to -4.2 billion, 800 million, and 2.2 billion yuan, respectively, reflecting a more cautious outlook [5]. - GAC's collaboration with Huawei is expected to yield new vehicle models by 2026, potentially boosting sales [5].