撰 文 / 牛一龙 设 计 / shelly 在全球汽车产业的大棋盘上，皮卡一直占据着独特的位置，其每年约600万辆市场，约占全球汽车 年销量的十二分之一。它既有轿车的舒适，又具备强大的载货能力和越野性能，在欧美、东南亚市 场广受欢迎，是很多家庭和企业的得力伙伴。 在中国市场，皮卡的发展却历经波折，长期被定义为轻型商用车，受到诸多政策限制，发展速度较 为缓慢，其年销量约50万辆（含近半出口量），又约占全球皮卡市场的十二分之一。 但在今年的上海车展上，皮卡却成为了焦点，迎来了属于自己的高光时刻，展现出前所未有的活力 与自信。 2025上海车展上，有一个现象格外引人注目，众多洋面孔被中国车及其创新技术深深吸引。其中， 皮卡作为汽车领域的舶来品，在这届车展上的表现更是让人眼前一亮。 来自瑞士汽车行业的安娜，便是被中国皮卡吸引的洋面孔之一。她专程来到上海车展，深入了解中 国汽车产业的最新发展。在展会上，她注意到中国车企的车型大多为电动车，中国市场的电动化趋 势十分明显。 此前在墨尔本车展上邂逅的江淮汽车旗下首款插电式混动皮卡——悍途PHEV，更是让她印象深 刻。 得知这款车将在上海车展首次登陆中国市场，她毫不犹豫地前 ...

Financial Performance - The company's operating revenue for the first quarter was CNY 19,649,565,831, a decrease of 7.95% compared to the same period last year[8]. - Net profit attributable to shareholders was CNY -731,607,981, representing a decline of 159.95% year-on-year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -892,825,355, a decrease of 229.89% compared to the previous year[8]. - Basic and diluted earnings per share were both CNY -0.07, a decrease of 158.33% compared to the same period last year[8]. - Total operating revenue for Q1 2025 was RMB 19.88 billion, a decrease of 7.85% from RMB 21.57 billion in Q1 2024[25]. - Net profit for Q1 2025 was a loss of RMB 1.10 billion, compared to a profit of RMB 1.09 billion in Q1 2024, representing a significant decline[26]. - Operating profit for Q1 2025 was a loss of RMB 1.28 billion, contrasting with a profit of RMB 960.66 million in Q1 2024[25]. - Other comprehensive income after tax for Q1 2025 was a loss of RMB 143.09 million, compared to a gain of RMB 77.10 million in Q1 2024[26]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY -11,209,828,031, down 82.59% year-on-year[8]. - Cash flow from operating activities in Q1 2025 was a net outflow of RMB 11.21 billion, worsening from a net outflow of RMB 6.14 billion in Q1 2024[30]. - Cash inflow from investment activities in Q1 2025 was RMB 14.95 billion, a substantial increase from RMB 5.29 billion in Q1 2024[31]. - Cash inflow from financing activities for Q1 2025 was 11,861,329,725, an increase from 10,670,470,033 in Q1 2024, representing a growth of approximately 11.1%[32]. - Cash outflow for debt repayment in Q1 2025 was 11,527,151,132, significantly higher than 6,957,207,153 in Q1 2024, indicating an increase of about 65.7%[32]. - Net cash flow from financing activities for Q1 2025 was 134,284,999, a decrease from 2,088,007,282 in Q1 2024, reflecting a decline of approximately 93.6%[32]. - The net increase in cash and cash equivalents for Q1 2025 was -13,036,192,159, worsening from -8,381,442,470 in Q1 2024[32]. - The ending balance of cash and cash equivalents for Q1 2025 was 34,248,011,042, down from 37,483,348,836 in Q1 2024, indicating a decrease of approximately 8.4%[32]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 213,127,589,921, down 8.32% from the end of the previous year[8]. - The company's current assets as of March 31, 2025, total 95,464,692,991 RMB, down from 112,026,049,266 RMB as of December 31, 2024, representing a decrease of about 14.77%[19]. - The company's total liabilities decreased from 110,681,758,605 RMB to 92,690,707,384 RMB, a reduction of approximately 16.3%[23]. - The company's total equity decreased from 121,776,582,061 RMB to 120,436,882,537 RMB, a decline of approximately 1.1%[23]. - The total non-current assets decreased from 120,432,291,400 RMB to 117,662,896,930 RMB, a decline of about 2.3%[21]. - Short-term borrowings decreased from 16,577,457,427 RMB to 15,209,312,070 RMB, a reduction of about 8.3%[22]. Shareholder Information - The company reported a total of 134,377 common shareholders at the end of the reporting period[14]. - The largest shareholder, Guangzhou Automobile Industry Group Co., Ltd., held 54.02% of the shares[14]. - Guangzhou Automobile Industry Group Co., Ltd. holds 5,508,160,069 shares, accounting for approximately 54.02% of the total share capital[17]. Operational Insights - The decline in net profit was primarily due to a decrease in automobile sales and increased promotional expenses amid intensified market competition[13]. - The company's cash and cash equivalents decreased from 51,623,670,169 RMB to 38,356,495,606 RMB, a decline of about 25.7%[19]. - Inventory increased from 15,688,476,438 RMB to 18,916,475,348 RMB, an increase of approximately 20.0%[19]. - Long-term investments rose from 30,099,842,301 RMB to 34,774,354,540 RMB, an increase of about 15.5%[21]. - The company experienced a significant increase in interest income, reaching RMB 229.49 million in Q1 2025, compared to RMB 219.99 million in Q1 2024[25]. - Research and development expenses for Q1 2025 were RMB 377.06 million, slightly up from RMB 375.36 million in Q1 2024[25]. - Total operating costs for Q1 2025 were RMB 22.57 billion, a decrease of 2.12% from RMB 23.06 billion in Q1 2024[25]. - The impact of exchange rate changes on cash and cash equivalents in Q1 2025 was 62,823,668, compared to 55,889,655 in Q1 2024, showing an increase of about 12.4%[32]. - The company reported a significant increase in accounts receivable from 3,352,938,658 RMB to 4,067,693,726 RMB, an increase of approximately 21.3%[19].

Sales Performance - The company achieved total vehicle sales exceeding 2 million units in 2024, with a year-on-year growth starting from August 2024[12]. - GAC's sales revenue for 2024 reached approximately RMB 401.65 billion, marking its 12th consecutive year in the Fortune Global 500, ranking 181st[13]. - The overseas vehicle sales reached 127,000 units, a 67.6% increase year-on-year, with self-owned brand sales surpassing 100,000 units, up 92.3%[13]. - The company achieved total automobile production and sales of 1.92 million and 2.00 million units in 2024, with NEV production and sales of 436,200 and 454,700 units, respectively[63]. - The company's self-owned brand sales reached 762,300 units, accounting for approximately 39.41% of total sales, with NEV sales of 430,800 units, representing 55% of self-owned brand sales[64]. - GAC Trumpchi's sales reached 405,500 units, with MPV sales growing by approximately 12% year-on-year, while PHEV sales surged nearly 84%[65]. - GAC Aion's production and sales were 356,700 and 374,900 units, respectively, with the launch of new strategic models enhancing market presence[66]. - GAC Toyota achieved annual production and sales of 736,000 and 738,000 vehicles respectively, with energy-saving and new energy vehicle sales reaching 369,400 units, a year-on-year increase of 18%[76]. - GAC Honda launched the new pure electric model e:NP2 and plans to complete its new energy factory by the end of 2024, accelerating its electrification process[76]. Research and Development - The company invested over RMB 7.15 billion in R&D, with more than 3,200 new patent applications filed during the year, totaling over 21,000 patents by the end of 2024[14]. - The group has developed proprietary battery technologies, including sponge silicon anode technology and modular hybrid powertrain systems, enhancing its competitive edge in the new energy sector[51]. - The company plans to enhance its electric and intelligent vehicle capabilities, aiming to be among the top global players in smart driving technology within three years[21]. - The company is committed to building a complete energy ecosystem from mining to charging, reinforcing its core advantages in the electric vehicle sector[21]. - The company aims to enhance its product offerings through partnerships, including the introduction of high-end intelligent driving models in collaboration with Huawei by 2025[65]. Financial Performance - The company achieved total sales revenue of approximately RMB 1,077.84 billion, a decrease of about 16.90% compared to the same period last year[91]. - The net profit attributable to shareholders was approximately RMB 8.24 billion, down about 81.40% year-on-year[91]. - The company’s gross profit margin decreased by 1.1 percentage points, with total gross profit of RMB 2.438 billion, down about 44.13% year-on-year[95]. - The company’s financial services unit reported a 37.5% increase in new energy vehicle insurance premium income, reaching RMB 1.78 billion in 2024[88]. - The company’s investment activities generated a net cash outflow of RMB 162.03 billion, a significant increase of 203.83% compared to the previous year[94]. Market Trends - The production and sales of new energy vehicles (NEVs) in 2024 exceeded 12.88 million and 12.87 million units, respectively, marking a year-on-year increase of 34.4% and 35.5%[60]. - The market share of Chinese brand passenger cars rose to 65.2% in 2024, with sales reaching 17.97 million units, a growth of 23.1% year-on-year[57]. - The sales of traditional fuel passenger cars in China decreased by 17.4% year-on-year, while sales of new energy passenger cars increased by 40.2%, accounting for 48.9% of total domestic passenger car sales[57]. - The domestic market share of independent brands is expected to exceed 65% in 2024, marking a historical high, while joint venture brands face further market space compression[137]. - The company anticipates a 4.7% year-over-year growth in total vehicle sales in China for 2025, with electric vehicle sales projected to grow by 24.4%[138]. Corporate Governance - The company held a total of 22 board meetings and 12 special committee meetings during the year, ensuring compliance with governance standards[152]. - The company has revised several important management systems to improve governance structure and enhance governance levels[152]. - The board has established a diversity policy that considers various factors such as gender, age, educational background, and professional experience when appointing board members[174]. - The independent directors have confirmed their independence and have adhered to the standards set forth in the "Standard Code" for the fiscal year 2024[168]. - The company’s board includes members with significant backgrounds in finance and management, enhancing its governance structure[199]. Strategic Initiatives - The company plans to increase its annual vehicle sales target by 15% compared to the previous year, focusing on transformation and restructuring[17]. - The company aims to launch 22 new vehicle models within the next three years, targeting a 60% share of total sales from its own brand by 2027, with a goal of selling 2 million units domestically and exporting 500,000 units[18]. - GAC Group is focusing on integrating its operations for its own brand, with comprehensive restructuring in product innovation, manufacturing, and marketing[21]. - The company is committed to optimizing its supply chain resources to enhance product and cost competitiveness[19]. - The company is implementing the "GLASS Green Plan" to achieve carbon neutrality across the product lifecycle by 2050, with a challenge to reach it by 2045[140]. International Expansion - The company has established six after-sales parts warehouses globally, marking a significant step in its international logistics and supply chain[13]. - GAC Group is enhancing its international business capabilities and local operations to drive growth in overseas markets[21]. - The group has expanded its international operations through GAC International, focusing on overseas market strategies and product planning[44]. - The company is accelerating its international market expansion and aims to enhance the adaptability and advanced features of its overseas vehicle models[150]. - GAC Group's international sales reached approximately 127,000 vehicles in 2024, a year-on-year increase of 67.6%, with self-owned brand sales growing by 92.3% to about 106,000 vehicles[82].

插播： 5月15日，"电动交通&数字能源SiC技术应用及供应链升级大会"活动将在上海举办， 三菱电机、意法半导体、Wolfspeed、三安半导体、天科合达、元山电子、大族半导 体、香港大学、长飞先进、宏微科技、利普思、国基南方、芯长征、合盛新材料、 国瓷功能材 料等将出席本次会议，点击文章底部 "阅读原文" 即可报名参会。 4月23日至5月 2日， 第二十一届上海国际汽车工业展览会在上海如约举行， 吸引了来自26个国家和地区的近1000家中外知名企业参展。据 上海国展集团等统计， 展会首日展出车辆近1300辆，其中新能源汽车 约占7成 ，且 首发新车超100款。 据不完全统计，去年同期举行的北京车展共有碳化硅车型约70多款，而今年上海车展又新增了 超过30款 碳化硅新车型，将近本次车展新车数量的三分之一。 | 车变 | 纯电SiC新车型 | 混动SiC车型(包含新车型) | | --- | --- | --- | | 比亚迪 | 仰望U8L、腾势Z | 方程豹5、方程豹8 | | 吉利汽车 | 领克900 | 银河星耀8新车型、雷达皮卡PHEV、极氪9X | | 上汽通用 | 别克" 世家"、凯迪拉克LYRI ...

点 击 蓝 字 关 注 我 们 本文全文共 3682 字，阅读全文约需 12 分钟 目录 国内新闻 1.日产宣布计划在中国再投资100亿开发电动汽车 2.蔚来25年9款新车型将上市 5纳米智驾芯片全球首发 3.小鹏汽车启动AI驾驶安全营 全力研发全新"AI大脑 4.长安三款搭载新蓝鲸500Bar发动机车型开启交付 5.上汽集团未来三年将推出17款全新海外车型 6.阿维塔宣布2026年将推中大型五座/大型六座SUV 7.上海市印发《2025年上海市进一步支持汽车置换更新补贴政策 实施细则》 8.四川:正抓紧编制《四川省氢能产业中长期发展规划（2025—2035年）》 国外新闻 1.特斯拉廉价新车型按计划上半年投产 2.美国六大汽车行业组织联名反对加征汽车零部件关税 3.官宣 大陆集团汽车子集团将命名为Aumovio 4.Turntide推出新型轴向磁通电机 有望加速电气化集成 商用车 1. 最高14万 2025江苏省老旧货车补贴来了 2. 广汽日野正式更名为广汽领程新能源商用车 3. 全球首款越野混动皮卡 山海炮Hi4-T开启全球预售 4. 江淮悍途PHEV国内首发亮相上海车展 国内新闻 1 日产宣布计划在中国 ...

作 者丨巩兆恩 编 辑丨张明艳 4月2 3日，上海车展拉开帷幕，在AI技术的托举下，智能网联汽车的定义与功能不断演进，除了汽车产品， 以人形机 器人为代表的具身智能领域走进大众视野，"粤字号"选手不在少数。 小 鹏 I R O N 现 场 与 观 众 招 手 互 动 小鹏汽车新"车模"——小鹏机器人IRON现身展台，与小鹏汽车董事长何小鹏现场碰拳互动展示，与现场观众招手、打 招呼、比耶、点赞，吸引大量观众与媒体驻足观看，关注度一度盖过汽车产品本身，成为车展首日的"顶流"。 长远来看，要在2 0 3 0年实现机器人产业链产值突破1 0 0亿元，助力实现"万亿广汽"战略目标。 除了小鹏、广汽两家车企领头，助力具身智能的部分零部件企业同样参展，为市面上的人形机器人注入更多广东基 因。 这是小鹏机器人首次亮相公开场合，并与观众互动。 相比此前IRON在小鹏工厂流水线上助力生产的行走视频，此次 亮相上海车展的小鹏IRON走路姿态进步明显。 据了解， 小鹏IRON按仿人结构设计，以1 : 1类真人的姿态展现，其拥有超6 0个关节，可模拟人类站立、躺卧、坐。 据何小鹏介绍，小鹏机器人整体全身的平衡动作，完全为内置大模型。目 ...

本文全文共 3852 字，阅读全文约需 13 分钟 点 击 蓝 字 关 注 我 们 目录 国内新闻 1.一季度北京地区汽车产业出口128.1亿元 2.中国新车装载智能化座舱渗透率达73% 3.蔚来新品牌firefly萤火虫首款同名车型上市 4.阿维塔目标:25年计划进入50个国家 5.宝马宣布与字节跳动深化本土合作 6.上汽王晓秋:智己是集团一号工程和唯一高端品牌 7.比亚迪计划25年目标日本门店扩至百家 8.Stellantis与零跑汽车即将启动马来西亚本地化组装项目 国外新闻 1.印尼:政府拟修订国内组件率政策以吸引外资 2.泰国:电动汽车销量有望突破10万辆 3.日本考虑放宽汽车安全规则来达成与特朗普的协议 4.大众集团计划在美国市场推出混合动力车型 商用车 1. 广汽日野改名广汽领程 主要以新能源卡车为发展方向 2. 苇渡纯电重卡完成广东-新疆4983公里载货测试 3. RELY威麟品牌全球发布 开辟技术普惠型全球皮卡之路 4. 东风商用车与中汽中心达成战略合作 国内新闻 1 一季度北京地区汽车产业出口128.1亿元 时间:2025.4.21 来源:财联社汽车早报 4月19日，据北京海关消息，今年一季 ...

Group 1 - GAC Group has unveiled the GAC Starling Safety Guardian System, which includes a comprehensive safety R&D system, all-domain safety technologies, and 24/7 safety assurance [1] - The safety R&D system incorporates stricter collision safety standards and an intelligent development engine to ensure high product safety [1] - The all-domain safety technologies cover intelligent driving safety, chassis safety, passive and active safety integration, and battery safety, enhancing consumer confidence [1] Group 2 - Changan Automobile's president Wang Jun has resigned due to work changes, raising concerns about the company's future strategic direction and management stability [2] - The resignation will not affect the normal operations of the board, but the effectiveness of the new management in executing the company's strategy will be crucial [2] Group 3 - Jiangling Motors plans to repurchase A-shares with a total fund of no less than 150 million yuan and no more than 200 million yuan, aimed at implementing an employee stock ownership plan or equity incentives [3] - The repurchase price will not exceed 22.00 yuan per share, and any unutilized shares within 36 months will be canceled, indicating the company's confidence in future development [3] Group 4 - General Motors has announced a temporary production halt at its CAMI assembly plant in Ontario, Canada, starting April 14, with plans to resume partial production in May [4] - The plant will undergo equipment upgrades for the production of the 2026 commercial electric vehicle, which may enhance GM's positioning in the electric vehicle market [4] Group 5 - Tesla's entry into the Saudi Arabian market faces challenges, including low electric vehicle penetration and competition from local players like BYD and Lucid Motors [5] - Despite these challenges, there is a potential customer base in Saudi Arabia that has been waiting for Tesla, which may provide growth opportunities [5]

撰文 / 路 行 设计 / shelly 2024年，中国新能源汽车产业交出了一份亮眼成绩单：产销量突破1300万辆大关，占全球市场份额超60%。在政策与市场的双重驱动下，这个承载着 制造业转型升级使命的产业正迎来关键转折——今年政府工作报告进一步明确，将智能网联新能源汽车、智能机器人等新一代智能终端列为重点发展 领域，为汽车产业升级按下"加速键"。 阳春三月末尾，一场关于未来出行的思想盛宴持续升温。3月29日，在中国电动汽车百人会论坛进入第二日之际，新能源汽车产业的领军人物相聚北 京，围绕汽车行业生态、电动化进程、智能网联、飞行汽车等前沿议题发表见解，勾勒未来出行新图景。 以下是汽车商业评论按照演讲顺序整理的车企高管演讲重点。 长安汽车副总裁、深蓝汽车CEO邓承浩 邓承浩在演讲中透露，今年长安汽车搭载全固态电池的样车会首发，明年会做规模化的装车验证，2027年开始逐渐量产，上车之后续航大概1500公 里；作为30万—35万元的大六座旗舰级产品，深蓝S09很快会量产；下个月在泰国投产新能源整车工厂，也会投产其全球化战略车型深蓝S05。 他也表达了他的压力。 他说："随着数字化转型，汽车已经从原来的B2B2C的 ...