Net profit attributable to the parent of 2.3 billion GAC announced its third-quarter results

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       A few days ago, GAC Group announced its third-quarter performance report. In the third quarter, its operating income was 31.527 billion yuan, an increase of 24.6% month-on-month and a year-on-year increase of 51.58%; 100 million yuan, a year-on-year increase of 292.70%. In the first three quarters, the consolidated operating income was 79.976 billion yuan, a year-on-year increase of 45.10%; the net profit attributable to the parent was 8.062 billion yuan, a year-on-year increase of 52.59%; the non-net profit attributable to the parent was 7.728 billion yuan, a year-on-year increase of 68.87%.

  In September, the group produced 228,100 vehicles and sold 237,200 vehicles, up 41.5% and 44.3% year-on-year respectively. From January to September, a total of 1.8326 million vehicles were produced and 1.825 million vehicles were sold, a year-on-year increase of 26.9% and 22.2% respectively.

  At the same time, domestic auto production and sales in September were 2.672 million and 2.61 million, up 11.5% and 9.5% month-on-month, and 28.1% and 25.7% year-on-year. From January to September, the production and sales of automobiles reached 19.632 million and 19.47 million respectively, a year-on-year increase of 7.4% and 4.4% respectively. GAC’s monthly and cumulative production and sales growth rates far outpaced the industry, with a clear leading edge.

  The substantial increase in the scale of production and sales and the increase in the market share of high-value models have effectively driven the increase in GAC’s gross profit. In the third quarter, GAC’s gross profit increased significantly, up 26.8% month-on-month and 10.8% year-on-year.

  Cumulatively in the first three quarters, GAC Group achieved operating income of 79.976 billion yuan, an increase of 45.10% over the same period last year; net profit attributable to the parent was 8.062 billion yuan, a year-on-year increase of 52.59%; Its full-year growth target is expected to be exceeded.

  In terms of Chinese brands, GAC Aeon has the full-stack self-research capability of “EV+ICV” (Electricity+Intelligence), with sales exceeding 180,000 in the first three quarters. In September this year, Aian’s production and sales reached a new high, breaking through 30,000 for the first time, up 122.7% and 121.2% year-on-year respectively. From January to September, Aeon produced 182,384 vehicles and sold 182,321 vehicles, up 133.8% and 132.1% year-on-year respectively. On October 12, GAC Aian’s second intelligent manufacturing center was officially put into production, and the overall production capacity plan exceeded 400,000 vehicles.

  On September 15, Aeon released a new brand logo “AI Shenjian”, and launched a new high-end series – Haobo Hyper and the first high-end electric sports car Hyper SSR, promoting the Aeon brand upward. Not long ago, Aian completed the A round of financing, with a total financing of 18.294 billion yuan. After the capital increase is completed, the valuation is 103.239 billion yuan, and Aian will also use this to further strengthen the resource allocation of the entire value chain.

  GAC Trumpchi focuses on the “XEV+ICV” (electrification+intelligence) field, and develops differentiated from Aeon. In September this year, GAC Trumpchi achieved production and sales of 37,223 vehicles and 33,494 vehicles, a year-on-year increase of 65.1% and 46.1%. From January to September, the cumulative production and sales of 274,605 ​​vehicles were 267,374, a year-on-year increase of 32.0% and 20.9% respectively.

  Data show that in the first three quarters, GAC achieved a total investment income of 12.268 billion yuan, a year-on-year increase of 48.1%, of which the investment income in the third quarter increased by 111.7%. GAC Toyota completed the production and sales of 91,649 vehicles and 96,000 vehicles in September, up 89.5% and 98.8% year-on-year; from January to September, it produced 758,399 vehicles, up 32.1% year-on-year, and sold 764,808 vehicles, up 31.1% year-on-year. Hit the million-dollar sales target. From January to September, GAC Honda produced 577,866 vehicles and sold 572,963 vehicles, up 8.8% and 4.4% year-on-year respectively.

  During the reporting period, GAC Energy Technology Co., Ltd., jointly invested by the Group and GAC Aeon, was officially registered and established. The company conducts business around the construction and operation of charging and swapping networks, technology research and development, and battery operation management. It is expected to invest 4.96 billion yuan in the future. The mixed-ownership high-tech enterprise incubated within the GAC Group, Juwan Technology Research Institute, is actively expanding its production capacity. It is expected to add 8GWh of XFC extreme-speed battery production capacity in 2023, with the ability to support 120,000 new energy vehicles.

  Recently, Ruipai Power Technology Co., Ltd., jointly invested by GAC Group, GAC Aeon, and GAC Passenger Vehicle, was officially registered and established. Integration of testing and mass production. At the same time, Inpai Battery Technology Co., Ltd., jointly invested by GAC Aian, GAC Passenger Vehicle, and GAC Commercial, and held by GAC Aian, was officially registered and established with a total investment of 10.9 billion yuan to carry out battery self-research and self-production industrialization construction and Manufacturing and sales of autonomous batteries. In addition, GAC Aeon also signed a strategic cooperation with its supplier Ganfeng Lithium Industry.