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on september 2, gac group (601238.sh; 02238.hk) released its 2024 semi-annual report showing that its operating income was 45.808 billion yuan, a year-on-year decrease of 25.62%; its net profit was 1.516 billion yuan, a year-on-year decrease of 48.88%; its non-net loss was 338 million yuan, compared with a profit of 2.703 billion yuan in the same period last year; its basic earnings per share was approximately 0.14 yuan, a year-on-year decrease of 49.07%.

regarding the decline in revenue, gac group said that it was mainly due to a combination of factors such as the decline in car sales caused by the "price war" in the domestic auto industry. the financial report shows that in the first half of the year, the company's car sales were 863,000 units, a year-on-year decrease of 25.79%.

the company plans to distribute an interim cash dividend of rmb 0.3 (including tax) per 10 shares to all shareholders, with a total dividend of approximately rmb 310 million.

car sales fall by a quarter in first half of the year

gac aion’s revenue nearly halved

in the first half of the year, gac group achieved automobile sales of 863,000 units, a year-on-year decrease of 25.79%, of which 164,100 units were new energy vehicles. the sales of the group's own brand vehicles increased to about 36.5%, and the sales of energy-saving and new energy vehicles increased to 40.63%, of which energy-saving vehicles accounted for about 21.62% and new energy vehicles accounted for about 19.01%.

in terms of independent brands, gac aion sold 126,300 vehicles in the first half of the year, down 39.65% year-on-year, and achieved revenue of 12.401 billion yuan, down 44.61% year-on-year. gac trumpchi sold 189,000 vehicles, up 0.44% year-on-year, and achieved revenue of 25.459 billion yuan, down about 11.39% year-on-year, of which mpv sales were 78,900 units, up 10.4% year-on-year, and phev sales were about 24,000 units, up nearly 440% year-on-year.

in terms of joint venture brands, gac toyota sold 336,000 vehicles, down 25.80% year-on-year, of which new energy and energy-saving models sold 155,000 vehicles, up 12.6% year-on-year, accounting for 46.1% of the total, up nearly 16 percentage points from the same period last year; revenue was 52.15 billion yuan, down about 29.58% year-on-year. gac honda sold about 207,900 vehicles, down 28.28% year-on-year; revenue was 30.668 billion yuan, down about 28.35% year-on-year.

in the first half of the year, gac group's overseas sales of automobiles were approximately 68,000 units, an increase of approximately 190% year-on-year. among them, overseas sales of its own brands were approximately 54,000 units, an increase of 144% year-on-year.

revenue from agency sales model drops by 30%

the gross profit margin of gac group in the first half of the year was 4.72%, an increase of 1.38 percentage points year-on-year. the gross profit margin of vehicle manufacturing was 2.19%, an increase of 0.97 percentage points year-on-year; the gross profit margin of parts manufacturing was 9.02%, an increase of 3.71 percentage points year-on-year.

by region, domestic business revenue was 40.701 billion yuan, a year-on-year decrease of 31.89%, and the gross profit margin was 3.41%, an increase of 0.06 percentage points year-on-year; overseas business revenue was 5.554 billion yuan, a year-on-year increase of 157.61%, and the gross profit margin was 14.26%, an increase of 11.06 percentage points year-on-year.

in terms of sales model, the revenue of the agency sales model was 30.579 billion yuan, a year-on-year decrease of 33.51%, and the gross profit margin was 2.19%, an increase of 0.97 percentage points year-on-year; the revenue of other models was 15.676 billion yuan, a year-on-year decrease of 1.55%, and the gross profit margin was 9.64%, an increase of 0.18 percentage points year-on-year.

gac group stated that the group's existing joint ventures for complete vehicles are all japanese brands, and the market share of japanese brands, which mainly produce fuel vehicles, has generally shown a downward trend in recent years; the group's pace of going overseas still needs to be accelerated, and the absolute volume of exports and the proportion of exports of independent brands are significantly lower than the industry average. the overseas sales of independent brands are still dominated by the export of complete vehicles, and the product structure is relatively simple. localized production is in its infancy and has not yet formed large-scale output; sales capabilities need to be improved, and marketing thinking has failed to keep up with the trend of the new media era. the channels of various brands are still dominated by traditional distribution models.

r&d expenditure in the first half of the year was 3.251 billion yuan

three huawei-cooperated models are planned to be launched next year

gac group's r&d expenditure in the first half of the year reached 3.251 billion yuan, a year-on-year increase of 2.74%.

gac group said that in the field of electrification and low carbonization, the company has initially opened up the full process manufacturing process of all-solid-state batteries, and all-solid-state power batteries are expected to be installed on haobo models in 2026. gac research institute has completed the research on high-efficiency engine system technology with fully independent intellectual property rights, and achieved a major breakthrough in engine thermal efficiency indicators. the indicated thermal efficiency of a single-cylinder engine exceeds 52.5%, and the effective thermal efficiency of a multi-cylinder engine that can be installed on a whole vehicle exceeds 46%.

in the field of intelligence, the company is making every effort to promote the development of high-end intelligent driving. it currently has the technical research and development and application capabilities from l2 to l4, and has laid out two major routes: "multi-sensor fusion" and "pure vision without pictures". among them, the l2++ urban nda function has been launched on the market, and it is planned to realize the nationwide opening of urban nda this year; the pure vision without pictures intelligent driving system was released in april 2024, and it is expected to be equipped with complete vehicles for mass production in 2026. in june this year, gac became one of the first automakers in the country to be approved to carry out l3 autonomous driving on-road pilot projects. gac aion and didi autonomous driving jointly established guangzhou andi technology co., ltd., and plan to launch the first commercial l4 model in 2025.

in addition, gac group is promoting the "trumpchi + huawei joint innovation plan", which plans to mass-produce three flagship models in 2025 equipped with huawei's latest hongmeng smart cockpit and qiankun ads3.0 advanced intelligent driving.