GAC Group, one of the major automobile manufacturers based in Guangzhou, Guangdong province, announced for the first time its intention to repurchase A-shares and H-shares worth 500 million yuan ($69.15 million) to 1 billion yuan, according to the company's annual report.

Since its listing in 2012, the dividend payout ratio of the company has consistently exceeded 30 percent, according to the report.

Considering the cash balance and normal operations, project investments and other financial needs, the company planned to increase the dividend payout ratio to nearly 36 percent in 2023, with a total annual dividend of approximately 1.57 billion yuan.

"We will adhere to a normalized dividend policy and, based on market conditions, utilize tools such as stock repurchases to enhance investment value, creating more value for shareholders," said Zeng Qinghong, chairman of GAC Group.

The company achieved a total operating revenue of approximately 502.3 billion yuan in 2023, with operating revenue on a consolidated basis of around 129.7 billion yuan, representing a year-on-year increase of 17.62 percent, according to the report.

In 2023, the company achieved an annual production and sales volume of over 2.5 million vehicles, respectively, placing it among the top five automotive enterprise groups in China.

The production and sales volumes of its home-developed brands both reached historic highs, with the proportion of new energy vehicle sales within its self-developed vehicles increasing to approximately 58 percent.

qiuquanlin@chinadaily.com.cn