格隆汇9月11日丨广汽集团(601238.SH)在互动平台表示，广汽集团目前专注于汽车及相关领域的业务发 展，暂无进入军工品产业的计划。 ...

Group 1 - GAC Group has announced its partnership with the 15th National Games and the 12th National Paralympic Games, marking a new phase in their collaboration [1] - The 15th National Games is the first comprehensive sports event jointly hosted by the Guangdong-Hong Kong-Macao Greater Bay Area, serving as a platform for regional development and showcasing Chinese sports spirit [1] - GAC Group will leverage its innovation in automotive technology to provide comprehensive and high-quality transportation services for the events, featuring a diverse range of vehicles to meet various transportation needs [1] Group 2 - GAC Group has a history of supporting sports development in China, having provided quality services for various events such as the Guangzhou Asian Games and international marathons, aligning with the national strategy for a strong sports nation [1]

Core Insights - The Chinese solid-state battery industry is transitioning from laboratory validation to industrialization, with several companies achieving mass production or vehicle application in semi-solid state batteries, while research and pilot testing for all-solid-state batteries are accelerating [1][4] - The entire industry chain is beginning to show profits, with upstream sectors being the first to benefit [1][4] - The solid-state battery concept has gained significant market attention, with the Wande Solid-State Battery Index rising over 11% since September, and several concept stocks experiencing substantial gains [1] Industry Developments - As of September 2025, leading equipment companies like Xian Dao Intelligent, Hai Mu Xing, Ying He Technology, and Li Yuan Heng reported new and existing orders exceeding 30 billion yuan, reflecting a year-on-year increase of 70% to 80% [2] - The lithium battery industry is entering a structural recovery phase, with a notable increase in demand for new technologies such as solid-state batteries, high-voltage lithium iron phosphate, and silicon-carbon anodes [2] - Major battery manufacturers are increasing investments in solid-state battery production, with companies like CATL planning 10-15 GWh capacity by 2025, BYD focusing on sulfide routes, and Guoxuan High-Tech launching a pilot line with a 90% yield [2][3] Vehicle Manufacturers - Dongfeng Motor has implemented semi-solid state battery installations and is set to mass-produce solid-state batteries with energy densities of 350 Wh/kg, aiming for 550 Wh/kg in future models [3] - SAIC Motor's MG4 model has integrated semi-solid state batteries, with plans for all-solid-state battery deliveries starting in 2026 [3] - GAC Group's self-developed solid-state battery has an energy density exceeding 350 Wh/kg, with expectations for mass production in 2026 [3] Market Outlook - Domestic solid-state battery products are expected to undergo small-scale vehicle trials by the end of 2025, with widespread testing planned for 2026-2027, contingent on material availability and equipment readiness [3] - The order volume for leading equipment companies has seen significant growth, with Xian Dao Intelligent reporting 12.4 billion yuan in new orders for the first half of 2025, a nearly 70% increase [3]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within it [20]. Core Insights - The 2025 IAA Mobility event highlighted the competitive dynamics between Chinese and European automakers, with over 100 Chinese companies participating, making China the largest foreign exhibitor [6][1]. - Chinese automakers are accelerating their overseas expansion, focusing on a full-chain strategy that includes products, channels, and supply chains to enhance their market presence in Europe [7][2]. - European automakers are prioritizing cost reduction and efficiency to maintain profitability while facing increasing competition from Chinese brands [8][3]. - The report identifies three key trends: rapid overseas expansion by Chinese OEMs, a shift in competition towards system-level capabilities, and a pragmatic market structure in Europe that includes both PHEVs and entry-level BEVs [9][4]. Summary by Sections Event Overview - The IAA Mobility event took place from September 8-14, 2025, in Munich, featuring 748 exhibitors, with a significant representation from Chinese companies [1][6]. Chinese Automakers' Strategies - BYD plans to start production in Hungary and establish over 1,000 stores in Europe by the end of 2025, expanding to 2,000 by 2026 [7][2]. - XPeng showcased new models and announced a new R&D center in Munich, emphasizing its AI and mobility ecosystem [7][2]. - Leapmotor and GAC also introduced new models targeting the European market, highlighting their commitment to local production and market penetration [7][2]. European Automakers' Responses - BMW aims to reduce EV costs by 40-50% and achieve profitability levels comparable to ICE vehicles by 2026 [8][3]. - Mercedes-Benz and Volkswagen are focusing on maintaining their market positions without engaging in price wars, while Renault and Stellantis are adjusting their strategies to emphasize lower-cost models [8][3]. Key Trends - The report outlines three major trends: the acceleration of Chinese automakers' overseas expansion, the transition of competition towards comprehensive system capabilities, and the emergence of a dual market structure in Europe that accommodates both PHEVs and entry-level BEVs [9][4].

Core Insights - The automotive industry in China is experiencing a trend of "anti-involution," with 17 companies committing to reduce supplier payment terms to within 60 days, aimed at alleviating financial pressure on parts manufacturers [1] - Despite a reduction in total accounts payable and notes to 10,209.03 billion yuan, the average turnover days increased to 192.46 days, indicating a divergence between total amount reduction and extended payment terms [1][2] - BYD, SAIC Motor, and Geely are the top three companies in terms of accounts payable, each exceeding 100 billion yuan [1] Accounts Payable Changes - 14 companies reported a decrease in accounts payable compared to the end of last year, with Changan Automobile, SAIC Motor, and Geely showing the largest reductions of 240.85 billion yuan, 105.91 billion yuan, and 81.24 billion yuan respectively [2] - NIO, Xpeng Motors, and Leap Motor saw increases in accounts payable, with Xpeng Motors rising by 76.07 billion yuan, a 32.96% increase [4] Turnover Days Analysis - Only six companies improved their accounts payable turnover days, with Xpeng Motors achieving the most significant reduction of approximately 63 days, bringing it down to 170 days [5][6] - Companies like SAIC Motor and Changan Automobile also saw improvements, while others like BYD and Ideal Auto experienced increases in turnover days [8] Cash Flow and Payment Terms - Ideal Auto reported a significant increase in cash used in operating activities but a worsening free cash flow, attributed to the adjustment of supplier payment terms to 60 days [9] - The adjustment of payment terms is complex and requires coordination across various departments within companies, posing challenges for timely payments [10][11] Cash Reserves and Coverage - Among 18 companies, only Jiangling Motors and Haima Automobile have cash reserves sufficient to cover their accounts payable [13] - Companies like BYD, Geely, and NIO have cash reserves that fall short of their accounts payable, indicating pressure on short-term liquidity [13]

GUANGZHOU AUTOMOBILE GROUP CO., LTD. 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 二零二五年第三次臨時股東大會記錄日期 廣州汽車集團股份有限公司（「本公司」）計劃於二零二五年九月二十九日（星期一）召開及 舉行二零二五年第三次臨時股東大會（「臨時股東大會」）。 為確定符合資格出席臨時股東大會並於會上投票之本公司普通股股本中每股面值人民幣 1.00元之海外上市外資股（「H股」）的持有人的記錄日期為香港時間二零二五年九月二十四 日（星期三）。為符合資格出席臨時股東大會並於會上投票，H股持有人最遲須於香港時間 二零二五年九月二十四日（星期三）下午四時三十分或之前將所有已填妥有關股份過戶文 件連同有關股票送達本公司H股股份過戶登記處卓佳證券登記有限公司，地址為香港夏愨 道16號遠東金融中心17樓。 有關臨時股東大會的詳情（包括會議日期及地點在內）將載於本公司適時發出之通函及相 關會議通告。 廣州汽車集團股份有限公司 馮興 ...

Core Viewpoint - The Chinese solid-state battery industry is transitioning from laboratory validation to industrialization, with several companies achieving mass production or vehicle application in semi-solid-state batteries, while research and pilot testing for all-solid-state batteries are accelerating [1][5]. Industry Overview - The solid-state battery concept has gained traction, with the Wind Solid-State Battery Index rising over 11% since September. Notable stock performances include a 60% increase for Xian Dao Intelligent and over 30% for companies like Shanghai Xiba and Tian Ci Materials [2]. - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued a plan to support foundational research in solid-state batteries through key national R&D programs [2]. - Market data indicates that leading equipment companies have reported new signed and backlog orders exceeding 30 billion yuan, with year-on-year growth rates of 70% to 80% [2][3]. Technological Developments - The lithium battery industry is entering a structural recovery phase, with a surge in demand for new technologies such as solid-state batteries and high-voltage lithium iron phosphate [3]. - Major battery manufacturers are investing heavily in solid-state battery production, with CATL planning 10-15 GWh capacity by 2025 and BYD focusing on sulfide routes for new platforms by 2026 [3][4]. Vehicle Manufacturers' Progress - Dongfeng Motor has implemented semi-solid-state battery installations and is set to mass-produce solid-state batteries with energy densities of 350 Wh/kg [4]. - SAIC Motor's MG4 model has integrated semi-solid-state batteries, while GAC Group is developing solid-state batteries with energy densities exceeding 350 Wh/kg, expected to be installed in vehicles by 2026 [4]. Market Challenges - Concerns have been raised regarding the lack of ideal solid electrolyte materials, leading to significant uncertainties in technology routes. Many companies are opting for semi-solid-state batteries as a transitional solution, which may hinder the development of all-solid-state battery technologies [5]. - The industry faces challenges in collaboration and policy direction, with a need for enhanced foundational research and coordinated breakthroughs in key materials and processes to achieve high-quality development in the solid-state battery sector [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 GUANGZHOU AUTOMOBILE GROUP CO., LTD. 2238 二零二五年第三次臨時股東大會記錄日期 廣州汽車集團股份有限公司（「本公司」）計劃於二零二五年九月二十九日（星期一）召開及 舉行二零二五年第三次臨時股東大會（「臨時股東大會」）。 為確定符合資格出席臨時股東大會並於會上投票之本公司普通股股本中每股面值人民幣 1.00元之海外上市外資股（「H股」）的持有人的記錄日期為香港時間二零二五年九月二十四 日（星期三）。為符合資格出席臨時股東大會並於會上投票，H股持有人最遲須於香港時間 二零二五年九月二十四日（星期三）下午四時三十分或之前將所有已填妥有關股份過戶文 件連同有關股票送達本公司H股股份過戶登記處卓佳證券登記有限公司，地址為香港夏愨 道16號遠東金融中心17樓。 有關臨時股東大會的詳情（包括會議日期及地點在內）將載於本公司適時發出之通函及相 關會議通告。 承董事會命 廣州汽車 ...

Core Viewpoint - Morgan Stanley reiterates that "anti-involution" will be the thematic trade for the Chinese market over the next 18 to 24 months, with a broader scope than the previous supply-side reform [1] Group 1: Policy Insights - The "anti-involution" policy closely resembles the 2021 regulatory approach aimed at preventing disorderly capital expansion, but it has a wider range, focusing on streamlining local government endorsements and investment subsidies [1] - Three industrial ecosystems are affected by this policy, with renewable energy stocks prioritized due to their superior revenue structure compared to real estate and macro stocks, and stronger policy enforcement compared to e-commerce stocks [1] Group 2: Market Implications - The "anti-involution" policy is crucial for the Chinese stock market, as higher ROI is a prerequisite for the institutionalization process and market expansion of onshore stocks, benefiting large industry leaders [1] - A list of preferred Chinese stocks benefiting from the "anti-involution" policy includes Daqo New Energy, Hengli Petrochemical, CATL, Zhongsheng Holdings, Baosteel, SF Holding, GAC Group, PetroChina, and ZTO Express [1]

Core Viewpoint - GAC Group, once a pillar of the automotive industry in Guangzhou, is now facing significant financial difficulties, reporting a net loss of 2.54 billion yuan in the first half of 2025, marking a drastic decline from a profit of 1.52 billion yuan in the same period last year [1][3][5]. Financial Performance - GAC Group's revenue for the first half of 2025 was 42.17 billion yuan, a decrease of 7.95% year-on-year [3][4]. - The net profit turned into a loss of 2.54 billion yuan, a staggering decline of 267.39% compared to the previous year's profit [3][4]. - The company's non-recurring net loss was 2.94 billion yuan, a drop of 771.11% from the previous year [3][4]. - The net cash flow from operating activities was -10.77 billion yuan, a decline of 508.75% year-on-year [4]. Market Position and Sales - GAC Group's vehicle sales fell by 20.04% in 2024, dropping to 2.003 million units, and further declined by 12.48% in the first half of 2025, totaling 755,000 units [7][8]. - In comparison to 13 other automotive companies, GAC Group had the lowest growth rates in both revenue and net profit [5][6]. Profitability and Margins - The overall gross margin for GAC Group fell to -1.7% in the first half of 2025, indicating a loss of "blood-making" ability [9]. - The gross margin for the passenger vehicle segment dropped to -6.86%, a decrease of 7.9 percentage points from the previous year [9]. Leadership and Strategic Changes - The new chairman, Feng Xingya, took over in early 2025 and initiated a transformation strategy called "Panyu Action," but the results so far have been disappointing [11][15]. - The challenges faced by GAC Group are attributed to long-term issues rather than the actions of the new leadership alone, as the company struggles to adapt to the shift towards electric and autonomous vehicles [13][15].