On September 5, Goldman Sachs published a research report stating that Guangzhou Automobile Group's second-quarter revenue, gross profit, and net income fell by 30%, 22%, and 79% respectively, which is 6%, 16%, and 75% lower than Goldman Sachs' forecast. It is believed that this is mainly due to intense market competition and a decline in sales of joint venture and Guangzhou Automobile's own brand cars. Guangzhou Toyota and GAC Honda's net income for the first half of this year also fell by 61% and 118% respectively compared to the previous year. The bank also pointed out that the Guangzhou Automobile management team acknowledges the challenges of price competition, lagging behind in electrification and intelligence, and the impact of the decline in the penetration rate of pure electric vehicles in the industry. They plan to increase product development spending and subsidies for retail terminals in the second half of this year, as well as reduce production capacity and lower procurement and employee costs. In response to continued market competition and the expected decline in sales in the second half of the year, Goldman Sachs currently lowers its net income forecast for Guangzhou Automobile for the years 2024 to 2026 by 12% to 13% and lowers the target price to HKD 2.6, reaffirming a "neutral" rating.