On March 28, 2024, GAC Group released the 2023 Annual Report showing that the Group’s total 2023 revenue on an aggregate basis was approximately RMB 502.3 billion. Its total business revenue on a consolidated basis was approximately RMB 129.7 billion, up 17.62% year-on-year. The total dividend payments for the year were about RMB 1.57 billion, with a payout ratio of nearly 36%. On the same day, GAC Group announced for the first time its plan to buy back A-shares and H-shares with total value of RMB 500 million to 1 billion.

In 2023, GAC Group produced and sold more than 2.5 million vehicles, ranking among the top five domestic automotive groups. Within the Group, production and sales volumes of self-owned brands reached record highs, and the proportion of NEV sales in self-owned brands increased to approximately 58%.

Zeng Qinghong, Chairman of GAC Group, mentioned that the Group adheres to the core management principle of improving quality and efficiency while focusing on returns to build long-term value. GAC has drawn a “Trillion GAC” blueprint to create long-term value, striving to accelerate the development of new quality productive forces, enhance the Group’s investment value, and improve its ability to repay investors.

In recent years, GAC Group has focused on dual-wheel driving mode: “XEV (hybrid vehicles) + ICV (intelligent and connected vehicles)” and “EV (electric vehicle) + ICV (intelligent and connected vehicle)”, and has diversified its product layout with technologies for pure electric, plug-in hybrid, extended-range electric, gasoline-electric hybrid, and hydrogen fuel cell vehicles, making continuous efforts to increase the sales proportion of new energy and energy-saving vehicles through independent innovation and joint venture cooperation.

In 2023, GAC invested about RMB 8.4 billion in R&D, particularly in electrified and intelligent technologies, making key breakthroughs and deeply penetrating the new energy and intelligent and connected vehicles industry chain. As of the end of 2023, the Group has applied for over 17,000 patents in total, including over 7,000 invention patents.