GAC Group (02238) fell more than 4% again. At the time of writing, the stock was down 4.71% to HK$2.83, with a turnover of HK$105 million. The company reported its first-quarter results, showing revenue of RMB 20.039 billion, a year-on-year increase of 1.98%. The net loss was RMB 656 million, narrowing by 10.29% compared to the same period last year. UBS noted in a research report that after excluding one-time items of RMB 728 million, the adjusted net loss for the first quarter was approximately RMB 1.4 billion, representing an 89% year-on-year expansion. The report pointed out that although sales of GAC's own brands showed some month-on-month recovery, the decline in average selling price and gross profit margin, coupled with the widened loss, remains disappointing. UBS believes that amid intense domestic competition for its own brands and weak growth from joint venture brands, the company's profitability is expected to continue facing pressure. The bank maintained a "Neutral" rating on the stock with a target price of HK$3.6.