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Chinese automaker running joint ventures with Toyota and Honda plus its own Aion/Trumpchi EV brands.
Chinese automaker running joint ventures with Toyota and Honda plus its own Aion/Trumpchi EV brands.
Much of its profit has come from its share in the Toyota and Honda joint ventures, booked as investment income rather than car sales, while its own Aion and Trumpchi cars are sold directly. A state-owned parent group tied to the Guangzhou city government holds the controlling stake.
In one line: A Chinese auto group combining JV partnerships with its own EV arm.
Moat: narrow (distribution, scale). Toyota/Honda JV cash flows fund its own-brand EV push, but JV volumes are under pressure.
Headquarters: Guangzhou, China · Founded: 1997 · Employees: 82,067
Size Guangzhou Automobile (2238.HK) is a Hong Kong Consumer Discretionary company (Motor Vehicles) with a market value of $6.28B, the 227th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$2.04 on 6 Nov 2026.
Performance Over six months the shares fell 26.6%, against -12.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 0.4% over the last twelve months (peer median +11.0%); the operating margin is -17.5% (peer median 2.6%).
Valuation It trades at 0.3× enterprise value to sales against a peer median of 0.9× (3rd cheapest of 21).
Capital Return on invested capital runs 21.2 points below its cost of capital (6.3% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$112B | HK$105B | HK$117B | HK$143B | HK$128B |
| Revenue growth | — | -10% | -18% | +12% | — |
| Gross profit | -HK$6.17B | -HK$5.88B | HK$2.64B | HK$5.47B | HK$3.88B |
| EBITDA | -HK$7.09B | -HK$7.96B | -HK$1.12B | HK$518M | HK$857M |
| Net income | -HK$11.9B | -HK$9.53B | HK$893M | HK$4.89B | HK$9.28B |
| Free cash flow | -HK$19.7B | -HK$22.6B | HK$11.1B | HK$12.1B | -HK$762M |
| Capital expenditure | HK$9.82B | HK$9.72B | HK$11.8B | HK$12.8B | HK$9.32B |
| Total debt | n/a | HK$44.5B | HK$39.9B | HK$33.0B | HK$23.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Guangzhou Automobile 2238.HK | $6.28B | -27% | 0% | -17% | 0.3× | n/a |
| SAIC Motor 600104.SS | $17.8B | -24% | -3% | 2% | 0.3× | -14.7% |
| Great Wall Motor 2333.HK | $15.7B | -48% | +13% | 2% | 0.5× | -5.1% |
| BYD 1211.HK | $98.9B | -26% | 0% | 4% | 1.0× | n/a |
| Geely Auto 0175.HK | $20.1B | -34% | +27% | 4% | 0.4× | -9.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2238.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.4% | +2.1% | lowest of 21 |
| 6-month return | -26.6% | -12.9% | 5th lowest of 21 |
| Distance from 52-week high | -53.4% | -30.9% | 3rd lowest of 21 |
| Revenue growth (TTM) | -0.4% | +11.0% | 5th lowest of 21 |
| Operating margin | -17.5% | 2.6% | 2nd lowest of 21 |
| EV / Sales | 0.3× | 0.9× | 3rd cheapest of 21 |
| ROIC minus cost of capital | -21.2 pp | -2.9 pp | 3rd lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangzhou Automobile 2238.HK | Hong Kong | $6.28B | -27% | 0% | -17% | 0.3× | n/a | n/a |
| Zhejiang Leapmotor Technology 9863.HK | Hong Kong | $6.34B | -25% | +71% | -1% | 0.5× | -14.5% | +150.7% |
| Nissan Motor 7201.T | Japan | $5.98B | -24% | -1% | 2% | 0.7× | n/a | n/a |
| Federal Signal FSS | United States | $6.92B | -4% | +24% | 17% | 2.9× | 11.8% | +14.0% |
| Iveco IVG.MI | Italy | $5.55B | +3% | -5% | 3% | 0.7× | n/a | n/a |
| Zhejiang CFMoto Power 603129.SS | China | $7.23B | +16% | +40% | 11% | 1.7× | -3.9% | +34.5% |
| Jardine Cycle & Carriage C07.SI | Singapore | $7.36B | -28% | -11% | 10% | 1.0× | -7.8% | +8.9% |
| Ather Energy ATHERENERG.NS | India | $7.57B | +101% | +63% | -7% | 14.4× | n/a | n/a |
| VinFast Auto VFS | United States | $7.60B | -25% | +74% | -86% | 2.4× | n/a | n/a |
| NIO 9866.HK | Hong Kong | $7.60B | -46% | +70% | -4% | 0.3× | n/a | n/a |
| ARCHION 543A.T | Japan | $5.11B | -9% | +9% | 5% | 0.5× | 7.4% | +0.9% |
| Loncin Motor 603766.SS | China | $4.97B | +5% | +2% | 9% | 1.2× | -5.5% | +12.7% |
| Chongqing Afari Technology 601777.SS | China | $4.94B | -35% | +17% | -11% | 3.8× | n/a | n/a |
| Oshkosh OSK | United States | $8.19B | -3% | +4% | 7% | 0.8× | 4.7% | +8.7% |
| Mazda Motor 7261.T | Japan | $4.52B | +12% | +4% | 3% | 0.1× | -14.8% | +11.3% |
| Porsche Automobil Holding SE Pref PAH3.DE | Germany | $8.98B | -19% | +13% | 108% | 4.8× | 9.4% | +2.4% |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 0.6× | n/a | n/a |
| Renault RNO.PA | France | $9.39B | +2% | +6% | 6% | 1.0× | 3.4% | +5.9% |
| Chongqing Changan Automobile 000625.SZ | China | $9.51B | -25% | -7% | 0% | 0.5× | n/a | n/a |
| XPeng 9868.HK | Hong Kong | $9.51B | -37% | +29% | -7% | 0.9× | n/a | n/a |
| FAW Jiefang 000800.SZ | China | $4.11B | -17% | +22% | -1% | 0.4× | n/a | n/a |